In 2022, Perth Amboy home values rose 7%, which is a greater increase than the state average increase of 6.8%. The typical Perth Amboy home value in 2022 was $397,496, which is below the state average home value of $451,704. There were 67% of NJ zip codes with a typical home value of more than $400,000.
High mortgage rates, like the 6.3% current average 30-year fixed rate mortgage, makes price and affordability a market factor in our city. Neighborhoods with lower home values are popular with investors who either renovate them to sell at a higher price or rent them.
As Perth Amboy home values are rising, rents are rising and above average. The 2020 census reported that the median rent in Perth Amboy was $1453, higher than rent in Bayonne at $1394, where the median income is $20,000 higher. The current average fair market rent for a NJ one bedroom is $1257 and a two bedroom is $1583. The 2023 average rent in Perth Amboy is $1570 for a one bedroom and $2225 for a two bedroom.
Its interesting to look at how our neighborhood is promoted. Zillow rates neighborhoods with 3 scores. Perth Amboy has a very walkable score, a good transit score and a somewhat bikeable score. If we invested our money into our Bike Plan that has been developed but never implemented, and also connected to the Middlesex Greenway, we could increase our Bike Score and improve the quality of life for residents of our City. Also we could attract people to visit and call Perth Amboy home that want communities that have bike options for recreation and transportation. Once the $43 million train station renovation is completed, will our Transit Score increase? Hopefully.
Implementing the Bike Plan can help Perth Amboy address the parking crisis, reduce traffic, improve public safety and improve the environment and public health.
Community leaders and public officials met at Proprietary House to discuss the United States Semiquincentennial, July 4, 2026 250th anniversary of America’s independence. Proprietary House has received $3 million from the State in preparation for the festivities. The Proprietary House hosted Heritage Tourism consultant Cheryl Hargrove to discuss with the community their ideas about Proprietary House. Read More