08204, Cape May, NJ

The 8204 zip code of Cape May, NJ has a median home value of $213,000 and a median home equity of $128,000. This is significantly higher than the statewide median home value of $146,500 and the national median home equity of $141,700. The 8204 zip code also has a significantly higher than average rate of homeownership at 88%. This indicates that most households in this zip code are owner-occupied.

One reason for the high level of homeownership in the 8204 zip code is likely due to its relatively low cost of living. The average monthly housing costs in this zip code are only $1,527 compared to the statewide average of $2,584 and the national average of $2,868. Additionally, Cape May is one of only a few counties in New Jersey without any state or local taxes. This makes it an affordable place to live regardless of your income level.

Despite its high level of homeownership and low costofliving, there are some indications that the market for homes in the 8204 zipcode may be cooling off slightly. Between January 2017 and January 2018 alone there was a 9% decrease in homes sold within this zipcode compared to the same period last year. Additionally, between October 2017 and October 2018 there was a 10% decrease in homes sold within this zipcode when compared to October 2016. However, despite these slight decreases it is still possible to find properties for sale within thiszipcode at reasonable prices so long as you are prepared to invest some time searching through listings.