Median Home Price
$614,241.42
Median RentBETTER
$2,589.68/mo
Price-to-Rent Ratio
19.8
Property Tax RateTIE
2.49%
Price Change (1Y)
+2.2%
Price Change (5Y)
+11.1%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$499,645
Median Home PriceBETTER
$527,692.35
Median Rent
$2,734.71/mo
Price-to-Rent RatioBETTER
16.1
Property Tax RateTIE
2.49%
Price Change (1Y)BETTER
+3.2%
Price Change (5Y)BETTER
+16.0%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$292,455
Key Differences
Home Prices
Elizabeth's median home price of $614,241.42 is higher than Lakewood's $527,692.35 by 16%.
Monthly Rent
Renting in Elizabeth costs $2,589.68/mo compared to $2,734.71/mo in Lakewood—a difference of $145.03/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.