"Homeownership in New Jersey can be expensive but our analysis found affordable places across the state, including areas close to Philadelphia and New York City," said Maggie Clark, an analyst with NerdWallet. "Moderate home values and high homeownership rates make these cities a good bet for homebuyers."
The data used in this study comes from the U.S. Census American Community Survey 5-year Estimates. The specific sections used to derive each factor can be found in the "Methodology" section at the bottom of the study, along with more details about how each factor was weighted.
South Jersey's Williamstown, a suburb of Philadelphia, topped the list while Paramus ranked ninth.
"With an $8,497 median monthly household income, residents in Paramus make the most of the communities in our top 10, and Paramus is the place to spend it," according to NerdWallet. "The borough, with its three major malls and two highways lined with retailers, is known as the place to shop. People come from all over New Jersey, New York, Connecticut and Pennsylvania to shop in Paramus, which generates over $5 billion in sales every year."
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