Garfield, NJ—07026
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Garfield, NJ
As of Oct '25, the median home price in Garfield, NJ is $567,000, with a year-over-year change of 3.5%. This indicates that home prices in Garfield, NJ are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $567,000 | 3.5% |
| Single Family | $573,000 | 2.7% |
| Condos | $479,000 | 4.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $508,000 | 3.5% |
3 Bed | $580,000 | 3.9% |
4 Bed | $604,000 | 3.2% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Garfield, NJ
As of July '25, Rentcast reports the average rent in Garfield, NJ is $2,370, with a year-over-year rent change of 2.2%. Per bedroom, the median rent as of July '25 in Garfield, NJ is studios: $2,160, 1-bedrooms: $1,800, 2-bedrooms: $2,270, 3-bedrooms: $2,800, 4-bedrooms: $3,040. The most common rental property sizes in Garfield, NJ are 2-bedroom and 1-bedroom, accounting for 48.4% and 24.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,370 |
| Studio Rent | $1,930 | $2,160 |
| 1 Bed Rent | $1,800 | $1,800 |
| 2 Bed Rent | $2,250 | $2,270 |
| 3 Bed Rent | $2,700 | $2,800 |
| 4 Bed Rent | $2,850 | $3,040 |
% of Rental Stock
Property Listings — Garfield, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Garfield, NJ is 24. This is a decrease of -27.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $514,000 | -14.0% |
Listing Count | 22 | -3.0% |
| Listings as % of Homes | 0.1% | -3.0% |
Days on Market | 24 | -27.0% |
Demographics — Garfield, NJ
As of the latest ACS Survey released in 2023, Garfield, NJ has a population of 32,500, which has increased by 2.5% over the past 5 years. Garfield, NJ is a moderately popular place for families, as children make up 19.6% of the population. The area has a poorly educated workforce, with 24.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,500 | 2.5% |
% Under 18 | 19.6% | -14.4% |
% Seniors | 14.5% | 30.6% |
% WFH | 6.8% | 1,260.0% |
% w/ College Degree | 24.3% | 22.1% |
As of the latest ACS Survey released in 2023, Garfield, NJ is a predominantly hispanic area, with 45.4% of the population identifying as hispanic. The hispanic population has grown by 24.7% in the last 5 years. The second most common race or ethnicity in Garfield, NJ is white, making up 44.4% of the population. Foreign-born residents account for 47.3% of the population in Garfield, NJ, and this percentage has increased by 13.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 44.4% | -20.0% |
% Black | 6.0% | 42.9% |
% Hispanic | 45.4% | 24.7% |
% Asian | 3.9% | 44.4% |
% Foreign Born | 47.3% | 13.7% |
Mortgage and Risk — Garfield, NJ
According to HUD data as of 2023, there were 185 mortgage originations in Garfield, NJ, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Garfield, NJ. Investor activity is low, as 4.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 185 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 4.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Garfield, NJ
As of 2024, the percent of homes in Garfield, NJ under the Section 8 program is 7.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Garfield, NJ, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 866 |
Total Units Section 8 | 411 |
% Rentals under Section 8 | 7.0% |
% Occupied Section 8 | 96.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$200 | $1,800 | $1,600 |
| 2 Bedroom | -$420 | $2,250 | $1,830 |
| 3 Bedroom | -$450 | $2,700 | $2,250 |
| 4 Bedroom | $0 | $2,850 | $2,850 |
Affordability — Garfield, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.4 |
| Median Home Price | $567,000 |
| Median Household Income | $75,700 |