From Patch:
NJ Most ‘Vulnerable’ Housing Market In The Nation: Report
When much of the economy shut down because of COVID-19, the good times rolled for many home sellers in New Jersey. But the state’s strong housing market appears headed toward a decline, with several counties among the most vulnerable homebuying sectors in the nation, according to a new report from real estate data curator ATTOM.
In fact, the nation’s three most vulnerable housing markets are in New Jersey, according to the report. Passaic, Essex and Atlantic counties top the rankings, in that order, based on factors such as home affordability, unemployment, local wages and the prevalence of foreclosures.
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The New York and Philadelphia metro areas, which include much of New Jersey, were among the nation’s most vulnerable housing markets, according to ATTOM. That includes Bergen, Essex, Ocean, Passaic, Sussex, Union, Camden and Gloucester counties.
Major homeownership costs — such as mortgage payments, property taxes and insurance — consumed high percentages of local wages in the nation’s most vulnerable counties.
ATTOM measured local wages against the expenses of median-priced, single-family homes in their respective areas for the first quarter of the year. Three New Jersey counties ranked worst in that regard:
- San Joaquin County, California: 48.9 percent of average local wages needed for major homeownership costs
- Bergen County: 48.3 percent
- Solano County, California: 46.6 percent
- Passaic County: 46.5 percent
- Ocean County: 42.5 percent