Here’s What You Need To Earn To Buy A Home In Morris County

Median home prices in over 300 counties, including in Morris County, are not affordable for average wage earners, according to a new report from ATTOM Data. Over the past year, median home prices in Morris County grew and home affordability decreased.

The report, which looked at home affordability for the first quarter of 2018, analyzed 446 counties and found that median home prices were not affordable for average wage earners in 304 counties or in 68 percent of the counties.

In Morris County, the median sales price for a home in the first quarter of 2018 was $372,000, according to ATTOM. Compared to a year ago, the median home price in Morris County grew six percent, according to the report.

According to ATTOM, the annual income needed to buy a median price home in Morris County is $115,105. An average wage earner was not qualified to buy a home in Morris County. According to the report, based on average weekly wages from the Bureau of Labor Statistics, an average wage earner in Morris County has an annual income of $81,653 .

Morris County had a home affordability index of 133 and was more affordable for average wage earners than its historic affordability average.Morris County’s affordability index also decreased five percent when compared to the previous year.

ATTOM collected data from publicly recorded sales deeds and from the bureau of labor statistics. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3-percent down payment, including property taxes, home insurance and mortgage insurance. (Read the full methodology here.)

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