Union City, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Union City Neighborhoods Since 2000




Union City, NJ Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Union City Housing Market Information

With a population of 69,156, 23,029 total housing units (homes and apartments), and a median house value of $395,508, real estate costs in Union City are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Large apartment complexes or high rise apartments are the single most common housing type in Union City, accounting for 50.83% of the city's housing units. Other types of housing that are prevalent in Union City include duplexes, homes converted to apartments or other small apartment buildings ( 40.74%), single-family detached homes ( 5.08%), and a few row houses and other attached homes ( 3.30%). 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.

Union City is dominated by renter-occupied one, two, or no bedrooms apartments. 81.75% of Union City'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. Union City's housing was primarily built during this period, from the '40s through the '60s. A full 36.56% of the city's housing hails from this era. Other housing ages represented in Union City include homes built before 1939 ( 32.48%) and housing constructed between 1970-1999 ( 19.13%). There's also some housing in Union City built between 2000 and later ( 11.83%).

Vacant housing appears to be an issue in Union City. Fully 10.79% of the housing stock is classified as vacant. Left unchecked, vacant Union City homes and apartments can be a drag on the real estate market, holding Union City 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.

Union City Home Appreciation Rates

Real estate appreciation rates in Union City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.45% during the period.

Appreciation rates are so strong in Union City that despite a nationwide downturn in the housing market, Union City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Union City appreciation rates continue to be some of the highest in America, at 16.26%, which is higher than appreciation rates in 99.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Union City. Union City 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 Union City'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 Union City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Union City - 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 Union City real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$395,508

Union City, NJ HOME PRICES

Value Range
> $1,346,000 0.7
$1,010,001 - $1,346,000 0.8
$673,001 - $1,010,000 5.8
$539,001 - $673,000 14.9
$404,001 - $539,000 23.5
$269,001 - $404,000 37.0
$135,001 - $269,000 14.4
$67,001 - $135,000 1.1
$0 - $67,000 2.1

Average for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
9.68006562756358 41.869918699187

Number Of Homes And Apartments:
23,029

Union City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
128.44% 4.91% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,582 / per month

Homeownership Rate

Homeownership
Owners 18.25
Renters 81.75
Vacant 10.79

Housing Market Details

 

Age of Homes

AGE OF Union City HOMES
2000 or Newer 11.8
1970 - 1999 19.1
1940 - 1969 36.6
1939 or Older 32.5

Types of Homes

TYPE OF Union City HOMES
Single-Family 5.1
Townhomes 3.3
Small Apt. Buildings 40.7
Apt. Complexes 50.8
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Union City HOMES
No Bedroom 7.58
1 Bedroom 26.73
2 Bedrooms 40.04
3 Bedrooms 22.03
4 Bedrooms 2.82
5 or more bedrooms 0.79