Sussex Home Values Drop Almost 17% Since 2008

New Jerseyans pay $2,342 in housing compared to national median of $1,460, according to an NJ Spotlight report.

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 Sussex County, the median home value in 2012 was $270,600, which is 16.9 percent less than values in 2008. The monthly home cost, including a mortgage payment, was $2,273 for Sussex 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.

Roll Back Our Tax December 14, 2013 at 02:54 PM
In Hopatcong there are over 600 foreclosures now when back in July of 2013 there was about 500.. http://hopatcong-sparta.patch.com/groups/opinion/p/foreclosures-in-hopatcong ...That's about a little over 10% of the residential homes. Home values are down about 50% since 2008 in Hopatcong. Sussex county average 17%. Difference 33%.... http://www.zillow.com/local-info/NJ-Hopatcong-home-value/r_52570/#metric=mt%3D34%26dt%3D1%26tp%3D6%26rt%3D8%26r%3D52570%26el%3D0 ..Here's the clincher. While schools performance declined teachers received raises all while taxes have increased 5-6 percent every year since Mayor Petillo took office in December of 2007. School taxes make up 53% of borough budget. My theory is those who have something to gain with the Mayor keep voting her back into office despite her lack of ethics.


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