Monmouth Home Values Drop 14% Since 2008

New Jerseyans paid the highest monthly mortgage amount in the nation as the four-year decline in home values reached 17 percent, NJ Spotlight reported.

In 2008, the median value of a home in New Jersey was $377,000. By 2012, the median value was $312,000, according to the report. New Jerseyans paid a median monthly mortgage payment of $2,342--nearly a $1,000 more than the national median of $1,460.

In Monmouth County, the median home value in 2012 was $373,500, which is 14 percent less than values in 2008. The monthly home cost, including a mortgage payment, was $2,487 for Monmouth residents in 2012, according to the report.

NJ Spotlight noted that one estimate put the number of New Jersey households spending a third or more of their income on housing cost at a staggering 51 percent.