West Milford, NJ—07421
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 $469,000, with a year-over-year change of 0.9%. This indicates that home prices in West Milford, NJ are flat. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $469,000 | 0.9% |
| Single Family | $469,000 | 0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $380,000 | 1.1% |
3 Bed | $501,000 | 2.7% |
4 Bed | $606,000 | 3.8% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — West Milford, NJ
As of July '25, Rentcast reports the average rent in West Milford, NJ is $2,580, with a year-over-year rent change of 4.9%. Per bedroom, the median rent as of July '25 in West Milford, NJ is 1-bedrooms: $950, 2-bedrooms: $2,210, 3-bedrooms: $3,450, 4-bedrooms: $3,700. The most common rental property sizes in West Milford, NJ are 2-bedroom and 3-bedroom, accounting for 37.2% and 31.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,580 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $950 | $950 |
| 2 Bed Rent | $2,200 | $2,210 |
| 3 Bed Rent | $3,100 | $3,450 |
| 4 Bed Rent | $3,700 | $3,700 |
% 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 64. This is a increase of 3.0% 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 | $457,000 | 8.0% |
Listing Count | 41 | 27.0% |
| Listings as % of Homes | 1.2% | 27.0% |
Days on Market | 64 | 3.0% |
Demographics — West Milford, NJ
As of the latest ACS Survey released in 2023, West Milford, NJ has a population of 7,660, which has increased by 4.1% over the past 5 years. West Milford, NJ is a moderately popular place for families, as children make up 19.9% of the population. The area has a moderately educated workforce, with 38.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,660 | 4.1% |
% Under 18 | 19.9% | -2.9% |
% Seniors | 13.5% | 19.5% |
% WFH | 21.4% | 365.2% |
% w/ College Degree | 38.0% | 27.1% |
As of the latest ACS Survey released in 2023, West Milford, NJ is a predominantly white area, with 85.9% of the population identifying as white. The white population has grown by 4.6% in the last 5 years. The second most common race or ethnicity in West Milford, NJ is hispanic, making up 8.8% of the population. Foreign-born residents account for 12.7% of the population in West Milford, NJ, and this percentage has increased by 81.4% 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 | 85.9% | 4.6% |
% Black | 0.7% | -61.1% |
% Hispanic | 8.8% | 27.5% |
% Asian | 1.1% | -54.2% |
% Foreign Born | 12.7% | 81.4% |
Mortgage and Risk — West Milford, NJ
According to HUD data as of 2023, there were 195 mortgage originations in West Milford, NJ, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in West Milford, NJ. Investor activity is low, as 2.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 195 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 2.0% |
% Second Loans | 6.0% |
% Cash Out Refinance | 11.0% |
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 5.6%. 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, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 16 |
Total Units Section 8 | 16 |
% Rentals under Section 8 | 5.6% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1,510 | $950 | $2,460 |
| 2 Bedroom | $630 | $2,200 | $2,830 |
| 3 Bedroom | $390 | $3,100 | $3,490 |
| 4 Bedroom | $680 | $3,700 | $4,380 |
Affordability — West Milford, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $469,000 |
| Median Household Income | $132,000 |