From the Star Ledger:
Only about 19 percent of the homes for sale in Bergen County are within reach of the average middle-class family, a recent survey shows, while in Salem County, the number skyrockets to 92 percent.
Real estate company Trulia compared the price of an average home for sale in each New Jersey county with the local median household income. It arrived at the affordability percentage based on whether the total monthly payment for the home was 31 percent or less than the household income.
According to Trulia, a family with a median household income of $56,000 in Bergen can afford a home priced at $274,000 – a scarcity in one of the country’s most expensive counties. By contrast, there are plenty of homes for $319,000 – the perfect price for a family earning $62,000 in Salem County.
The calculations assumed a 4.5 percent 30-year mortgage, and took into account property taxes and insurance.