West Milford, NJ—07480
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in West Milford, NJ
Home Price Trends — West Milford, NJ
As of Oct '25, the median home price in West Milford, NJ is $479,000, with a year-over-year change of 2.0%. This indicates that home prices in West Milford, 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 | $479,000 | 2.0% |
| Single Family | $501,000 | 1.8% |
| Condos | $305,000 | 2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $293,000 | 4.3% |
2 Bed | $354,000 | 3.2% |
3 Bed | $514,000 | 3.6% |
4 Bed | $622,000 | 4.2% |
| 5 Bed | $747,000 | 4.0% |
% of Housing Stock
Rental Trends — West Milford, NJ
As of July '25, Rentcast reports the average rent in West Milford, NJ is $2,480, with a year-over-year rent change of 12.7%. Per bedroom, the median rent as of July '25 in West Milford, NJ is 1-bedrooms: $2,030, 2-bedrooms: $2,420, 3-bedrooms: $3,000, 4-bedrooms: $3,500. The most common rental property sizes in West Milford, NJ are 1-bedroom and 2-bedroom, accounting for 47.1% and 40.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,480 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,200 | $2,030 |
| 2 Bed Rent | $2,200 | $2,420 |
| 3 Bed Rent | $3,000 | $3,000 |
| 4 Bed Rent | $3,500 | $3,500 |
% of Rental Stock
Property Listings — West Milford, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in West Milford, NJ is 36. This is a increase of 39.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $415,000 | 6.0% |
Listing Count | 99 | 23.0% |
| Listings as % of Homes | 0.9% | 23.0% |
Days on Market | 36 | 39.0% |
Demographics — West Milford, NJ
As of the latest ACS Survey released in 2023, West Milford, NJ has a population of 14,400, which has decreased by -12.0% over the past 5 years. West Milford, NJ is a moderately popular place for families, as children make up 18.4% of the population. The area has a moderately educated workforce, with 39.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,400 | -12.0% |
% Under 18 | 18.4% | -12.4% |
% Seniors | 24.8% | 37.8% |
% WFH | 17.7% | 160.3% |
% w/ College Degree | 39.8% | 3.9% |
As of the latest ACS Survey released in 2023, West Milford, NJ is a predominantly white area, with 81.4% of the population identifying as white. The white population has shrunk by 3.8% in the last 5 years. The second most common race or ethnicity in West Milford, NJ is hispanic, making up 10.7% of the population. Foreign-born residents account for 12.8% of the population in West Milford, NJ, and this percentage has increased by 43.8% 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 | 81.4% | -3.8% |
% Black | 3.0% | 87.5% |
% Hispanic | 10.7% | 0.0% |
% Asian | 1.9% | 0.0% |
% Foreign Born | 12.8% | 43.8% |
Mortgage and Risk — West Milford, NJ
According to HUD data as of 2023, there were 332 mortgage originations in West Milford, NJ, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in West Milford, NJ. Investor activity is low, as 0.0% 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 | 332 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 0.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — West Milford, NJ
As of 2024, the percent of homes in West Milford, NJ under the Section 8 program is 4.4%. 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 West Milford, 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 | 27 |
Total Units Section 8 | 27 |
% Rentals under Section 8 | 4.4% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$470 | $2,200 | $1,730 |
| 2 Bedroom | -$220 | $2,200 | $1,980 |
| 3 Bedroom | -$560 | $3,000 | $2,440 |
| 4 Bedroom | -$420 | $3,500 | $3,080 |
Affordability — West Milford, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $479,000 |
| Median Household Income | $114,000 |