Study ranks best places to own a home in New Jersey

Research group Smartasset recently published a study for the best counties to own a home in New Jersey.Research group Smartasset recently published a study for the best counties to own a home in New Jersey.

In its research, the group compared the cost of buying a typical home or rental in each county for a household earning $100,000 per year.

Results on the best places to own a home are based on a 4.5 percent mortgage rate and a closing cost of $2,000 with a 20 percent down payment. Smartasset said it also ranked the counties by the shortest amount of time to breakeven.

1. Gloucester: average mortgage payment: $848; average home price: $303,141; Time to breakeven: 1 year

2. Cumberland: average mortgage payment: $642; average home price: $259,642; Time to breakeven: 1.2 years

3. Camden: average mortgage payment: $778; average home price: $304,859; Time to breakeven: 1.3

4. Atlantic: average mortgage payment: $892; average home price: $408,105; Time to breakeven: 1.5

5. Essex: average mortgage payment: $1,409; average home price: $593,666; Time to breakeven: 2

6. Middlesex: average mortgage payment: $1,278; average home price: $558,495; Time to breakeven: 2.4

7. Ocean: average mortgage payment: $1,038; average home price: $423,460; Time to breakeven: 2.5

8. Warren: average mortgage payment: $1,009; average home price: $374,759; Time to breakeven: 2.5

9. Sussex: average mortgage payment: $1,069; average home price: $399,275; Time to breakeven: 2.7

10. Burlington: average mortgage payment: $968; average home price: $307,519; Time to breakeven: 2.8

Smartasset said the average mortgage payment in New Jersey is $1,192 and the average home price is $477,301. Time to breakeven averages at 2.8 years.