Median Home Price
$614,241.42
Median Rent
$2,589.68/mo
Price-to-Rent RatioBETTER
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
$574,942.32
Median RentBETTER
$2,281.68/mo
Price-to-Rent Ratio
21.0
Property Tax RateTIE
2.49%
Price Change (1Y)BETTER
+3.2%
Price Change (5Y)BETTER
+16.1%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$449,588
Key Differences
Home Prices
Elizabeth's median home price of $614,241.42 is higher than Passaic's $574,942.32 by 7%.
Monthly Rent
Renting in Elizabeth costs $2,589.68/mo compared to $2,281.68/mo in Passaic—a difference of $308/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.