07865, Port Murray, NJ

Home equity is a measure of the value of a home minus the outstanding mortgage balance. In Port Murray, NJ, the average home equity was $166,000 in 2016. This represents a decrease from $174,000 in 2015 and $183,000 in 2014. The reason for this decline is likely due to increased interest rates and decreased housing values across the country.

Despite this downward trend, home prices remain high relative to incomes in Port Murray. The median household income was just over $75,000 in 2016, which means that the average home price was more than six times the median household income. This ratio has remained relatively stable over time; it was 5.5 times the median household income in 2000 and 5.7 times the median household income in 2010.

While there are many factors that contribute to home prices and home equity, one important factor is location. In Port Murray, NJ, homes are located near some of the best schools and recreational opportunities available. Additionally, many homes are situated on large lots that provide plenty of room for expansion or additions. As a result of these factors as well as low interest rates and historically low inflation rates (which reduce real estate costs), homeownership remains an attractive option for many residents in Port Murray