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 about Scout's Real Estate Data
With a population of 54,306, 18,663 total housing units (homes and apartments), and a median house value of $646,351, real estate costs in Wayne 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.
Single-family detached homes are the single most common housing type in Wayne, accounting for 67.13% of the township's housing units. Other types of housing that are prevalent in Wayne include large apartment complexes or high rise apartments ( 17.61%), row houses and other attached homes ( 9.18%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.07%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wayne. Owner-occupied housing accounts for 74.70% of Wayne's homes, and 61.99% have either three or four bedrooms, which is average sized relative to America.
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. Wayne's housing was primarily built during this period, from the '40s through the '60s. A full 53.01% of the township's housing hails from this era. Other housing ages represented in Wayne include homes built between 1970-1999 ( 34.04%) and housing constructed before 1939 ( 7.35%). There's also some housing in Wayne built between 2000 and later ( 5.60%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Wayne, where house values have increased just 41.53%, which is annualized rate of 3.53%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Wayne appreciation rates have trailed the rest of the nation. In the last twelve months, Wayne's appreciation rate has been 10.57%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wayne were at 3.84%, which equates to an annual appreciation rate of 16.28%.
Relative to New Jersey, our data show that Wayne's latest annual appreciation rate is higher than 50% 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 township. Individual neighborhoods within Wayne differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wayne - 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 Wayne real estate investment or home purchase decisions.
Very High for Nation
High for NJ