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 a population of 9,426, 3,203 total housing units (homes and apartments), and a median house value of $820,951, real estate costs in Park Ridge 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 Park Ridge, accounting for 69.95% of the borough's housing units. Other types of housing that are prevalent in Park Ridge include large apartment complexes or high rise apartments ( 12.35%), duplexes, homes converted to apartments or other small apartment buildings ( 10.49%), and a few row houses and other attached homes ( 7.21%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Park Ridge. Owner-occupied housing accounts for 80.18% of Park Ridge's homes, and 62.57% 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. Park Ridge's housing was primarily built during this period, from the '40s through the '60s. A full 41.82% of the borough's housing hails from this era. Other housing ages represented in Park Ridge include homes built between 1970-1999 ( 31.91%) and housing constructed before 1939 ( 18.28%). There's also some housing in Park Ridge built between 2000 and later ( 7.99%).
Park Ridge's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Park Ridge during the period has been just 4.77%, which is lower than 80% of US communities.
Appreciation rates are so strong in Park Ridge that despite a nationwide downturn in the housing market, Park Ridge real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Park Ridge appreciation rates continue to be some of the highest in America, at 10.35%, which is higher than appreciation rates in 88.83% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Park Ridge. Park Ridge appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Park Ridge's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.
$820,951
for New jersey
for nation
3,203
$3,755 / per month