07901, Summit, NJ

The 7901 zip code of Summit, NJ has a median home value of $269,500. This is higher than the statewide median home value of $217,500 and the national median home value of $177,000. The zip code also has a lower than average percentage of homeowners with mortgages at 66%. This indicates that most homeowners in this zip code are able to borrow against their homes equity to finance their purchase.

The 7901 zip code also has a high percentage of owner-occupied homes (77%), which is higher than the statewide average (64%) and the national average (63%). This indicates that many residents in this area are able to benefit from rising home prices by owning their homes rather than renting them. Additionally, the percentage of renter-occupied homes in this zip code is low at just 12%. This indicates that most residents in this area are able to afford to buy a home even if they do not have access to a mortgage.