Median Home Price
$635,686.02
Median Rent
$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
Median Home PriceBETTER
$574,942.32
Median RentBETTER
$2,281.68/mo
Price-to-Rent RatioBETTER
21.0
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 DifferenceBETTER
$449,588
Key Differences
Home Prices
Newark's median home price of $635,686.02 is higher than Passaic's $574,942.32 by 11%.
Monthly Rent
Renting in Newark costs $2,305.06/mo compared to $2,281.68/mo in Passaic—a difference of $23.38/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.