A study recently conducted by the Trulia real estate company shows that the top five counties for homes within reach of the middle class are in the southern region of the state, nj.com reports.
Salem County is home to most of the affordable homes for the middle class, at 92 percent. Camden County came in second with 86 percent and Gloucester County was third at 78 percent. Cumberland County was home to 74 percent, followed by Burlington County, at 72.
Mercer County was No. 6, at 70. Ocean County was home to 66 percent, Middlesex was home to 63 percent of these homes, and Atlantic County claimed 51 percent.
The least affordable was Bergen County, at 19. Cape May County’s percentage was also low, at 37 percent.
The percentage was determined by determining if the total payment for the individual home each month was 31 percent or less than the income of the residents living in the home, according to the report.
According to Trulia’s calculations, the maximum affordable
home price in Camden, Gloucester and Burlinton counties is $272,000.
The calculations were based on a 30-year mortgage at 4.5 percent and included insurance and property taxes, according to nj.com.
In Camden County, the average size of a home is 1,376 feet, according to the report.
In Gloucester County, it’s 1,536 feet; in Burlington County, the average size is 1,497 feet.
Ocean County and Middlesex County are tied among those with the highest maximum price of a home, at $326,000, according to nj.com.
The average size of an Ocean County home is 1,437 feet, while the average size of a Middlesex County home is 1,432 feet.
The average size of a Mercer County home is 1,316 feet, with a maximum price of $278,000.
The average size of a home in Atlantic County is 1,248 feet, with a maximum price of $218,000.
The median square foot of a home in Cape May County is 1,040 feet, and the maximum price of a home is $270,000.
For Trulia’s full national report, click here.