Hopatcong a Top Place for Homeownership, Study Shows

Website ranks borough among top-10 places to own a home in state.

As part of its state-by-state series, consumer advocacy site NerdWallet has analyzed the federal data and found the best places for homeownership in New Jersey—and Hopatcong made the top-10.

"Homeownership in New Jersey can be expensive but our analysis found affordable places across the state, including areas close to Philadelphia and New York City," said Maggie Clark, an analyst with NerdWallet. "Moderate home values and high homeownership rates make these cities a good bet for homebuyers."

The data used in this study comes from the U.S. Census American Community Survey 5-year Estimates. The specific sections used to derive each factor can be found in the "Methodology" section at the bottom of the study, along with more details about how each factor was weighted.

South Jersey's Williamstown, a suburb of Philadelphia, topped the list while Hopatcong was ranked eighth.

"The most affordable place on our list is the borough of Hopatcong, where homeowners pay only 30 percent of their median monthly household income on their monthly mortgage and utility bills," according to NerdWallet.

"The city, located just over 50 miles west of Manhattan, has a 92.2 percent homeownership rate, the second highest on our list. Residents here enjoy activities at Lake Hopatcong, including the annual Hopatcong Days and Lake Hopatcong Grand Prix."

What do you think about Hopatcong's top-10 ranking? Tell us in the comments.

BeachBum June 19, 2014 at 07:57 AM
The only thing Hopatcong has going for it is the lake - Negatives = Depressed town with NO image, No business, High Foreclosure rate, Vacant business's, Huge drug and crime rate, Horrible school system (Rates 2 out of 10) Thank god for other district options, Numerous residents who show zero pride in their properties or homes (junk yards) High sewer fees
Clay Thomas June 19, 2014 at 09:46 AM
Other than that, it's great place to purchase a home!
selma reichert June 19, 2014 at 12:19 PM
All of the above are true. Real estate taxes are sooo high that even the wealthy are selling homes and moving elsewhere. The extreme taxes are affecting the sales of homes since people think twice before purchasing a home with little benefits and a overhead starting with taxes that are higher than most mortages . Add to this the need to maintain waterfront areas if you are lakefront and the area is a total loser. Our dream was to retire here but that is not attainable in Hopatcong. People are leaving in a mass exodus. How can a study be so incorrect ?
Roll Back Our Tax June 19, 2014 at 03:17 PM
This is why the study is correct.... http://hopatcong-sparta.patch.com/groups/opinion/p/foreclosures-in-hopatcong ...the average price of a home in Hopatcong is now $185,000.
Roll Back Our Tax June 19, 2014 at 03:39 PM
And yes the "mas exodus" is beginning... http://hopatcong-sparta.patch.com/groups/opinion/p/as-the-mass-exodus-begins


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