Shore Affordability

The National Association of Homebuilders & Wells Fargo released their third quarter affordability statistics yesterday.. I briefly discussed the fact that Northern NJ made the top ten over at my blog, but I want to take a closer look at what is happening to affordability at the shore.

NAHB Third Quarter Affordability

First a bit of a primer on how this data is broken down. The federal government defines a set of areas called Metropolitan Statistical Areas (MSAs). The MSAs we are interested here are the following:

Edison, NJ MSA
Somerset Co.
Middlesex Co.
Monmouth Co.
Ocean Co.

Atlantic City, NJ MSA
Atlantic Co.

Ocean City, NJ MSA
Cape May Co.

Third Quarter Affordability
170 MSAs from across the country were ranked from most to least affordable (the higher the number the less affordable)

Atlantic City MSA - Ranked 121
Edison MSA - Ranked 130
Newark-Union MSA - Ranked 140
New York-White Plains-Wayne - Ranked 161

Caveat Emptor,
Grim