Madison Park, NJ Real Estate & Homes For Sale

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Madison Park Real Estate Market Facts

$276,100Median home price
13% lower than New Jersey
$1,145Median rent asked
6% lower than New Jersey
28.8%Home owners
55% lower than New Jersey
2.7People per home
1% lower than New Jersey

The above shows an overview of the real estate market in Madison Park, NJ. Note how the median home price for Madison Park, NJ runs $276,100, which is 13% lower than the average property price for New Jersey. So you’re going to get real estate in Madison Park, NJ that is on-average more affordable than what you’ll find in the rest of New Jersey. As for rent, the median for Madison Park, NJ runs $1,145, which is comparatively 6% lower than the average rent for New Jersey. For Madison Park, NJ, about 28.8% of the population consist of home owners with about 2.7 people living in each property on average. Whether you’re looking for condos or townhomes that are low-maintenance and affordable or sprawling mansions, Madison Park, NJ offers a wide variety of real estate. To find your perfect home in Madison Park, NJ, filter your choice by price, location, and number of beds and baths using the search area above.

Madison Park Home Affordability

$276,100Median home price
13% lower than New Jersey
$67,109Median home income
9% lower than New Jersey
4.1xHome price to income ratio
4% lower than New Jersey

When deciding where to purchase Madison Park, NJ real estate, home affordability is one of the top deciding factors. One way that you can calculate the affordability of your next home is to use this formula: median home price to median household income ratio. In Madison Park, NJ the median home price is $276,100 and $67,109 is the median household income. As a result, the home price to income ratio in Madison Park, NJ is 4.1x, which is 4% lower than the New Jersey average. In order to determine the home affordability ratio, you would divide the median home price by the median home income. If you find that in Madison Park, NJ the home price to income ratio is lower than average, that means that in general, housing is more affordable. While there more than just one factor in deciding home affordability, you can use the home affordability calculator below as an additional tool when deciding how much you can and should pay for real estate in Madison Park, NJ.

Madison Park Affordability Calculator

You can afford a home up to:

Debt-to-income ratio

Monthly income breakdown

Monthly income
Monthly payment
Debt payment
Income taxes
Remainder

When looking for real estate in Madison Park, NJ, finding one that won't strain your budget is imperative. That's when the home affordability calculator comes in handy. It allows you to calculate the cost of a property in Madison Park, NJ, not only by considering your income, but debts and down payment amounts as well. You can personalize the home affordability calculator even further by adding in additional factors like length of mortgage term, property taxes, home insurance costs, mortgage rate, and HOA dues. The calculator will come up with an estimated cost of home ownership and display an amount that would fit within your budget. Knowing this figure will help you find a home that you can afford in Madison Park, NJ and keep you from looking at places that are out of financial reach. Therefore, you can avoid disappointment and emotional attachment to homes you would not be able to afford. Additionally, this tool allows you to balance your budget because it also calculates the amount of money left over for savings and other expenses.

Madison Park Mortgage Calculator

Your monthly payment will be:

Monthly payment breakdown

Monthly payment
Mortgage
PMI fees
Property tax
Home insurance
HOA dues

If I buy a real estate in Madison Park, NJ, what can I expect to pay monthly? There are a number of different factors that will go in to determining your monthly cost. While most people understand how significant the overall price of the house goes into determining the payment amount, it's also important to know that there are a variety of other variables to consider. These include things such as property taxes, private mortgage insurance (PMI), home owner's association dues, interest rate, and how much of a down payment has been made on the house. Understanding these is a great way to reduce overall payment. For example, you can reduce the private mortgage insurance by making a down payment of 20%. The mortgage calculator above will have all of these variables already filled out with default data, but you can customize it to give you a much more accurate reading. Generally speaking, you want to keep your debt to income ratio at about 36% when calculating your monthly house payment, which means paying no more than 36% of your monthly salary towards your housing and other debts.

Madison Park Demographics

6,800Population
4,073People / sq mile
40.2Median age
1.1:1Male/Female ratio

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Zarephath, NJ	8	$0	100%
Rossmoor, NJ	2,904	$90,600	51%
Clearbrook Park, NJ	3,114	$155,000	16%
Concordia, NJ	3,156	$166,500	10%
Keansburg, NJ	9,904	$183,000	1%
Madison Park, NJ	6,800	$276,100	49%

Cities with similar population

City, State	Population	Home Price	National Avg.
Fort Myers Beach, FL	6,801	$367,800	99%
Kirtland, OH	6,802	$271,400	47%
Piñon Hills, CA	6,796	$172,700	6%
Nevada, IA	6,796	$123,400	33%
Mount Ivy, NY	6,792	$224,300	21%
Madison Park, NJ	6,800	$276,100	49%

Source: The Madison Park, NJ housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).