23 Aug 2014
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Sussex Home Values Drop Almost 17% Since 2008

New Jerseyans pay $2,342 in housing compared to national median of $1,460, according to an NJ Spotlight report.

Sussex Home Values Drop Almost 17% Since 2008

New Jerseyans  paid the highest monthly mortgage amount in the nation as the four-year decline in home values reached 17 percent, NJ Spotlight reported.

In 2008, the median value of a home in New Jersey was $377,000. By 2012, the median value was $312,000, according to the report. New Jerseyans paid a median monthly mortgage payment of $2,342--nearly a $1,000 more than the national median of $1,460.

In Sussex County, the median home value in 2012 was $270,600, which is 16.9 percent less than values in 2008. The monthly home cost, including a mortgage payment, was $2,273 for Sussex residents in 2012, according to the report.

NJ Spotlight noted that one estimate put the number of New Jersey households spending a third or more of their income on housing cost at a staggering 51 percent.

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