Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 129,007, 39,433 total housing units (homes and apartments), and a median house value of $302,229, Elizabeth real estate prices are well above average cost compared to national prices.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Elizabeth, accounting for 47.86% of the city's housing units. Other types of housing that are prevalent in Elizabeth include large apartment complexes or high rise apartments ( 33.97%), single-family detached homes ( 13.86%), and a few row houses and other attached homes ( 4.18%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Elizabeth is dominated by renter-occupied one, two, or no bedrooms apartments. 74.99% of Elizabeth's dwellings are rentals.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Elizabeth's housing was primarily built during this period, from the '40s through the '60s. A full 49.19% of the city's housing hails from this era. Other housing ages represented in Elizabeth include homes built before 1939 ( 22.52%) and housing constructed between 1970-1999 ( 16.11%). There's also some housing in Elizabeth built between 2000 and later ( 12.18%).
Vacant housing appears to be an issue in Elizabeth. Fully 10.83% of the housing stock is classified as vacant. Left unchecked, vacant Elizabeth homes and apartments can be a drag on the real estate market, holding Elizabeth real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Elizabeth over the last then years, as home values have seen a decline of 23.04% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Elizabeth home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.
Appreciation rates are so strong in Elizabeth that despite a nationwide downturn in the housing market, Elizabeth real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elizabeth appreciation rates continue to be some of the highest in America, at 7.75%, which is higher than appreciation rates in 85.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elizabeth. Elizabeth appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.
Relative to New Jersey, our data show that Elizabeth's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Elizabeth differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elizabeth - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Elizabeth real estate investment or home purchase decisions.
|$829,001 - $1,105,000||1.9|
|$553,001 - $829,000||2.3|
|$442,001 - $553,000||4.2|
|$332,001 - $442,000||20.4|
|$221,001 - $332,000||40.1|
|$111,001 - $221,000||25.1|
|$55,001 - $111,000||2.7|
|$0 - $55,000||3.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Elizabeth HOMES|
|2000 or Newer||12.2|
|1970 - 1999||16.1|
|1940 - 1969||49.2|
|1939 or Older||22.5|
|TYPE OF Elizabeth HOMES|
|Small Apt. Buildings||47.9|
|SIZE OF Elizabeth HOMES|
|5 or more bedrooms||2.10|