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)TIE
+3.2%
Price Change (5Y)TIE
+16.0%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$292,455
Median Home Price
$635,686.02
Median RentBETTER
$2,305.06/mo
Price-to-Rent Ratio
23.0
Property Tax RateTIE
2.49%
Price Change (1Y)TIE
+3.2%
Price Change (5Y)TIE
+16.1%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$535,542
Key Differences
Home Prices
Lakewood's median home price of $527,692.35 is lower than Newark's $635,686.02 by 17%.
Monthly Rent
Renting in Lakewood costs $2,734.71/mo compared to $2,305.06/mo in Newark—a difference of $429.65/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.