How Expensive is it to be a Homeowner in New Jersey?

Recent Census data shows New Jersey is the third most expensive state to be a homeowner, according to Real estate website

New Jersey homeowners are the third biggest spenders when it comes to housing costs. The average cost to the homeowner was $22,200 per year, which is 24.75% of the state median income of $89,703. New York is second with 24.8%, while New Jersey is third with 24.75%.

Housing costs included mortgage repayments, various insurances, property taxes, utility bills, fuel bills, mobile home costs, and condominium fees.

California is the state where homeowners spend the largest percentage of their income on housing costs. The average annual cost for a homeowner with a mortgage in California is $24,252, which is 28.84% of the state median income of $84,097.

West Virginia costs the least to be a homeowner, with residents spending 13.75% of the median income on housing costs. Nevada has the lowest median age of housing structures at 28 years.

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