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Fanwood borough, NJ

ZIP 07023 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Wealthy AreaLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 07023

Median Home Value
$610,600
Median Rent
$2,368
Affordability Snapshot
$168,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$3,922/mo PITI).

16%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

3.5x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

21.5 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 07023 in Fanwood borough, NJ, a household would need roughly $168,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $3,922. That is roughly in line with the local median household income ($176,667). Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Mostly owner-occupied, low vacancy — stable housing market.

Heating Fuel
Housing Metrics
Owner Occupied
86.5%+32% vs US avg
x
Vacancy Rate
0.3%-98% vs US avg
x
Broadband Access
97.7%+12% vs US avg
x
4+ Bedrooms
11.0%-26% vs US avg
x
Built Pre-1939
7.5%-41% vs US avg
x
Built Post-2014
0.4%-95% vs US avg
x
Rent Burden >30%
47.1%-5% vs US avg
x
Mortgage-Free
26.9%-30% vs US avg
x
$610,600
Home Value
$2,368
Rent
1954
Year Built
2008
Moved In

Residents have lived here since ~2008 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached84.8%
  • 1-unit attached4.5%
  • 2-9 units3.4%
  • 10+ units6.6%
  • Mobile home & other0.8%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$610,600
Median rent$2,368
Owner-occupied86.5%
Vacant0.3%
Price-to-income3.5x
Est. income to buy$168,000