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.