South Jersey counties are among the most vulnerable housing markets in the pandemic | Local News

“There are no immediate warning signs hanging over any part of the country, but the pockets are more vulnerable to worsening market conditions,” Teta said in a statement. Atom surveyed 575 counties across the country.

Gloucester County placed 13th. Residents must spend 32% of their income to pay the cost of a single-family home at the median price of $249,999, according to Attom. Costs include mortgage payments, property taxes and insurance. In the summer, 8% of homeowners with loans owed more than their home was worth. One in 995 properties in the county is being filed for foreclosure.

In 31st-ranked Camden County, one in every 606 residential properties has had a foreclosure case filed. Residents need to spend about 26% of their income on a single-family home with a median price of $235,250. For nearly 9% of residential properties, owners owed more than the value of the property this summer.

Burlington County ranked 37th on the Top 50 list. Residents must spend 28% of their income to purchase a single-family home at the median price of $287,500. About 7% of residential property owners are underwater on their mortgages this summer. One in 757 property has a foreclosure filing.

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Ocean County also had an extremely vulnerable housing market, ranking 36th on the list. County residents earning the average county salary are expected to spend 42.6% to purchase a home or condominium at the county’s median price of $389,000 in Q4 2021. The share of homes underwater was 5.2 % in Q3 2021, and approximately one in 1,476 properties in Ocean County in Q4 2021 had a foreclosure filing against it.

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