The median home value in ZIP Code 07078 (Short Hills, NJ) is $1,391,900. Approximately 90.2% of homes in this region are owner-occupied units, and the estimated homeowner vacancy rate is currently 0.2%.
The average occupancy of owner-occupied units in ZIP Code 07078 is 3.27 occupants, while owner-occupied units have an aggregate average size of 4.36 bedrooms per housing unit.
In the 07078 ZIP Code, an estimated 9.8% of all housing units are occupied by renters. This ZIP-defined region has is an estimated rental vacany rate of 0.0%.
Among renter-occupied units in this ZIP, the average occupancy is 2.80 occupants, while renters in this Essex County region spend an average of 0% of their income on housing rental costs.
See the table below for a regional snapshot of data related to both owner-occupied housing and rentals in ZIP Code 07078.
| ZIP 07078 | New Jersey | U.S. | |
|---|---|---|---|
| Median Home Value | $1,391,900 | $584,141 | $356,002 |
| Owner-Occupied Housing Units | 90.2% | 63.9% | 64.0% |
| Homeowner Vacancy Rate | 0.2% | 1.6% | 1.6% |
| Average Size of Owner-Occupied Unit | 3.27 | 2.80 | 2.70 |
| Average # of Bedrooms Per Unit | 4.36 | 2.75 | 2.75 |
| Median Housing Rent | $0 | $1,334 | $1,062 |
| Renter-Occupied Housing Units | 9.8% | 36.1% | 36.0% |
| Rental Vacancy Rate | 0.0% | 4.8% | 6.0% |
| Average Size of Renter-Occupied Unit | 2.80 | 2.50 | 2.49 |
| Percent of Income Spent on Rent | 0% | 30.35% | 29.83% |
The median home value in ZIP Code 07078 is $1,391,900. That median value is about 315% higher than the median home value of $335,600 in New Jersey overall, and is 540% higher than the $217,500 the median home value in the entire U.S. Approximately 79.3% of homes in ZIP Code 07078 are valued $1,000,000 or more. That is 2103% higher than in the state of New Jersey, in which 3.6% of homes are valued at $1,000,000 or more, and is about 2232% higher than in the U.S. overall (3.4% of homes valued at $1,000,000 or more). The home value range that the smallest portion of ZIP Code 07078 homes fall into is $100,000 to $149,999 (0.0% of homes).
This chart visualizes the breakdown of home values in ZIP Code 07078, New Jersey, and also in the U.S. overall.
See the table below for a regional comparison of home values in ZIP Code 07078.
| Home Value | ZIP 07078 | New Jersey | U.S. |
|---|---|---|---|
| Less than $50,000 | 0.7% | 2.2% | 6.9% |
| $50,000 to $99,999 | 0.0% | 2.9% | 12.0% |
| $100,000 to $149,999 | 0.0% | 5.6% | 13.3% |
| $150,000 to $199,999 | 1.2% | 9.6% | 14.0% |
| $200,000 to $299,999 | 0.4% | 22.4% | 19.6% |
| $300,000 to $499,999 | 1.7% | 33.8% | 19.3% |
| $500,000 to $999,999 | 16.5% | 20.0% | 11.4% |
| $1,000,000 or more | 79.3% | 3.6% | 3.4% |
Approximately 30.2% of homes in this Short Hills, NJ region were built in 1939 or earlier. This amount of homes built in 1939 or earlier in ZIP Code 07078 is about 65% higher than percentage of homes built in this time period in New Jersey overall (18.3% of homes), and is 140% higher the percentage (12.6% of homes) in the U.S. as a whole. Additionally, an esimated 22.8% of local homes were built in 1950 to 1959. On the other end of the scale, just 2.0% of homes in this Essex County ZIP Code were built in 1990 to 1999 in ZIP Code 07078. In comparison, 9.6% of homes in New Jersey overall were built in 1990 to 1999, while 13.9% of all U.S. homes were built in this time period.
A detailed regional comparison of home ages in ZIP Code 07078.
| Year Built | ZIP 07078 | New Jersey | U.S. |
|---|---|---|---|
| 2014 or later | 2.7% | 1.6% | 2.5% |
| 2010 to 2013 | 3.6% | 1.7% | 2.7% |
| 2000 to 2009 | 5.6% | 9.0% | 14.0% |
| 1990 to 1999 | 2.0% | 9.6% | 13.9% |
| 1980 to 1989 | 3.7% | 11.7% | 13.4% |
| 1970 to 1979 | 5.2% | 12.7% | 15.2% |
| 1960 to 1969 | 15.4% | 13.4% | 10.6% |
| 1950 to 1959 | 22.8% | 14.8% | 10.3% |
| 1940 to 1949 | 8.9% | 7.2% | 4.9% |
| 1939 or earlier | 30.2% | 18.3% | 12.6% |
See the chart below for details on the age of homes in ZIP Code 07078, New Jersey, and also in the U.S. overall. Data here refers to years that homes were built.
Frequently asked questions about housing in this Short Hills, NJ ZIP Code. Answers to questions about both owner-occupied housing and rental housing in 07078.
