07940, Madison, NJ

The 7940 zip code of Madison, NJ has a median home value of $269,000 and a median home equity of $144,000. This is significantly higher than the statewide median home value of $175,600 and the national median home equity of $141,200. The 7940 zip code also has a significantly higher than average percentage of homes with a mortgage at 97%. This indicates that homeowners in this zip code are more likely to have access to ample funds to maintain or improve their homes.

One reason for the high home values in the 7940 zip code is likely the high concentration of affluent residents. The percentage of households earning over $100,000 is almost double the statewide average and almost triple the national average. Additionally, nearly half (47%) of all households in this zip code are owner-occupied while only 27% are renter-occupied. This indicates that many homeowners in this area have been able to purchase and maintain their homes for an extended period of time.

Despite these high values, there are still many opportunities for homeowners in the 7940 zip code to find affordable housing options. Approximately one-third (32%)of all households in this area earn less than $50,000 per year while only 7% earn over $150,000 per year. Additionally, approximately one-fifth (21%)of all households own their homes outright which provides significant financial stability and security for homeowners during times when market conditions may be challenging.