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 10,991 people, 4,298 houses or apartments, and a median cost of homes of $560,111, real estate costs in West Milford 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 West Milford, accounting for 72.13% of the town's housing units. Other types of housing that are prevalent in West Milford include large apartment complexes or high rise apartments ( 17.72%), row houses and other attached homes ( 9.31%).
Dwellings in West Milford tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 48.95% of the homes in West Milford have two or fewer bedrooms.
There is a lot of housing in West Milford built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in West Milford built between 1940-1969 ( 41.34%). A lesser amount of the housing stock also hails from before 1939 ( 8.90%). There's also some housing in West Milford built between 2000 and later ( 5.85%).
Real estate appreciation rates in West Milford's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.03% during the period.
Appreciation rates are so strong in West Milford that despite a nationwide downturn in the housing market, West Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Milford appreciation rates continue to be some of the highest in America, at 10.84%, which is higher than appreciation rates in 90.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Milford. West Milford 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 West Milford's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.
$560,111
for New jersey
for nation
4,298
$3,279 / per month