Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 6,958 people, 2,893 houses or apartments, and a median cost of homes of $639,484, real estate costs in Midland Park are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Single-family detached homes are the single most common housing type in Midland Park, accounting for 67.55% of the borough's housing units. Other types of housing that are prevalent in Midland Park include duplexes, homes converted to apartments or other small apartment buildings ( 17.13%), large apartment complexes or high rise apartments ( 12.13%), and a few row houses and other attached homes ( 3.19%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Midland Park. Owner-occupied housing accounts for 68.22% of Midland Park's homes, and 62.08% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Midland Park's housing was primarily built during this period, from the '40s through the '60s. A full 51.26% of the borough's housing hails from this era. Other housing ages represented in Midland Park include homes built before 1939 ( 24.99%) and housing constructed between 2000 and later ( 13.17%). There's also some housing in Midland Park built between 1970-1999 ( 10.58%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Midland Park, where house values have increased just 47.47%, which is annualized rate of 3.96%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
NeighborhoodScout's data show that during the latest twelve months, Midland Park's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Midland Park's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.
Relative to New Jersey, our data show that Midland Park's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.
$639,484
for New jersey
for nation
2,893
$3,381 / per month