Home Prices in New Jersey are Skyrocketing!

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Author: Nancy Woodward

Article source: http://www.articlealley.com/. Used with author's permission.

Home prices in New Jersey have been skyrocketing for some time now. Unfortunately, the average income has not been doing so. In 1995, the median single-family home in the Atlantic City area was approximately four times the average annual income in the area. It price is now more than eight times the average income in the area.

Home prices are just too expense for many workers, especially the first time buyers. Average income in Atlantic County was approximately $32,000 a year in 2004. The average income for the State of New Jersey at that time was $$41,000 a year. So many people are looking for houses at inflated prices while they live on lower personal incomes. Prices of homes rose 22.5% in 2005, while wages rose 3.6% . This translates to workers in South Jersey are spending a larger portion of their income on housing costs.

Here are a few ways to increase the chances of starting out:

1.