Boonton, NJ—07005
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Boonton, NJ
As of Oct '25, the median home price in Boonton, NJ is $695,000, with a year-over-year change of 2.3%. This indicates that home prices in Boonton, NJ are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $695,000 | 2.3% |
| Single Family | $701,000 | 2.0% |
| Condos | $547,000 | 2.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $524,000 | 4.0% |
3 Bed | $649,000 | 3.5% |
4 Bed | $806,000 | 3.5% |
| 5 Bed | $1,076,000 | 3.0% |
% of Housing Stock
Rental Trends — Boonton, NJ
As of July '25, Rentcast reports the average rent in Boonton, NJ is $3,160, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Boonton, NJ is studios: $2,210, 1-bedrooms: $1,800, 2-bedrooms: $2,580, 3-bedrooms: $3,940, 4-bedrooms: $4,400. The most common rental property sizes in Boonton, NJ are 3-bedroom and 2-bedroom, accounting for 38.3% and 25.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,850 | $3,160 |
| Studio Rent | $2,210 | $2,210 |
| 1 Bed Rent | $1,800 | $1,800 |
| 2 Bed Rent | $2,600 | $2,580 |
| 3 Bed Rent | $3,700 | $3,940 |
| 4 Bed Rent | $4,000 | $4,400 |
% of Rental Stock
Property Listings — Boonton, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Boonton, NJ is 39. This is a decrease of -14.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 8.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $782,000 | 16.0% |
Listing Count | 49 | 13.0% |
| Listings as % of Homes | 0.5% | 13.0% |
Days on Market | 39 | -14.0% |
Demographics — Boonton, NJ
As of the latest ACS Survey released in 2023, Boonton, NJ has a population of 15,200, which has remained stable by 1.0% over the past 5 years. Boonton, NJ is a moderately popular place for families, as children make up 22.1% of the population. The area has a highly educated workforce, with 55.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,200 | 1.0% |
% Under 18 | 22.1% | 0.5% |
% Seniors | 18.1% | 24.0% |
% WFH | 19.0% | 295.8% |
% w/ College Degree | 55.6% | 4.9% |
As of the latest ACS Survey released in 2023, Boonton, NJ is a predominantly white area, with 72.9% of the population identifying as white. The white population has shrunk by 2.5% in the last 5 years. The second most common race or ethnicity in Boonton, NJ is hispanic, making up 12.0% of the population. Foreign-born residents account for 13.7% of the population in Boonton, NJ, and this percentage has decreased by 13.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.9% | -2.5% |
% Black | 4.2% | 31.2% |
% Hispanic | 12.0% | 18.8% |
% Asian | 7.5% | -22.7% |
% Foreign Born | 13.7% | -13.3% |
Mortgage and Risk — Boonton, NJ
According to HUD data as of 2023, there were 204 mortgage originations in Boonton, NJ, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Boonton, NJ. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 204 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Boonton, NJ
As of 2024, the percent of homes in Boonton, NJ under the Section 8 program is 15.4%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Boonton, NJ, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 269 |
Total Units Section 8 | 260 |
% Rentals under Section 8 | 15.4% |
% Occupied Section 8 | 98.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $130 | $1,800 | $1,930 |
| 2 Bedroom | -$260 | $2,600 | $2,340 |
| 3 Bedroom | -$750 | $3,700 | $2,950 |
| 4 Bedroom | -$650 | $4,000 | $3,350 |
Affordability — Boonton, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.7 |
| Median Home Price | $695,000 |
| Median Household Income | $126,000 |