“Can your kids, with a college degree and a good job, afford to buy a home in the town they grew up in?” Ghassali asked. “I can tell you that mine can’t.”
the staff of the Ridgewood blog
Montvale NJ, The white-picket-fence dream of the New Jersey suburbs is hitting a harsh reality: it’s becoming more expensive than New York City. As home prices skyrocket and political tensions over affordable housing reach a boiling point, many residents are asking: Where will the next generation live?
The $1 Million Suburban Surge
A startling new report from PropertyShark confirms what North Jersey residents have felt in their wallets for years. Analyzing 387 suburban markets, the data reveals a massive structural shift in the tri-state area.
Between 2016 and 2025, median sales prices in the suburbs surged by 86%—doubling the growth rate seen within New York City itself.
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The Million-Dollar Club: In 2016, only 34 suburban communities had median prices over $1 million. Today, that number has jumped to 98.
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The Death of the Entry-Level Home: There are now zero suburban markets left with median sales prices below $250,000.
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New Jersey Leading the Spike: New Jersey accounts for nearly 75% of the suburban towns where prices have doubled over the last decade.
“Made NJ Unaffordable”: Mayor Mike Ghassali Speaks Out
The price hikes aren’t just market forces; some local leaders say they are the result of failed policy. Montvale Mayor Mike Ghassali recently issued a scathing critique of the state’s approach to affordable housing.
“Just in the last 10 years, the 3rd round of the affordable housing policy… made NJ unaffordable. That’s a fact,” says Ghassali.
The Mayor is taking aim at the Fair Share Housing Center, accusing the organization of using “builder’s remedy” lawsuits to force towns into high-density developments that don’t actually solve the affordability crisis.
“Can your kids, with a college degree and a good job, afford to buy a home in the town they grew up in?” Ghassali asked. “I can tell you that mine can’t.”
The New “Expensive” List: Alpine, Sea Girt, and Beyond
While towns like Alpine ($4.3M) and Sea Girt ($3.9M) continue to top the charts, the most shocking growth is happening in historically affordable areas.
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Irvington saw a staggering 596% increase in median sales prices.
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East Orange and Orange followed closely with 509% and 407% growth, respectively.
What was once a diverse “ecosystem” of housing prices has consolidated into a high-priced market dominated by six- and seven-figure homes. For the 43% of the market now priced between $500,000 and $750,000, the “starter home” is officially a thing of the past.
Key Takeaways for NJ Homeowners
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Inventory is Shrinking: Only 8% of suburban markets remain below the $500k mark.
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Policy Battles: The “Fourth Round” of affordable housing mandates is expected to be a major political flashpoint in 2026.
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Investment Shift: Many buyers who previously looked at Brooklyn or Manhattan are now outbidding locals in the Jersey suburbs, driving prices even higher.
Join the new Saddle River Valley, Ramapo and Pascack Valley Communities Facebook group
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Tags: #NewJerseyRealEstate #AffordableHousing #NorthJersey #NJPolitics #HomeBuying #SuburbanLife #Economy2026
I liked rfk’s idea to assist with down payments
Yes its more expensive. But mortages have been cheap for years around 4 percent. higher now.. but when I bought my most recent home in 1983 the interest rates were 18 percent FIXED for 30 years or 13.75 variable for 30 years. When i did a refi for 9.75/15 yrs it was a great deal at the time. I did pay it off early… but this is the same song and dance we hear from every zip code
For a new game you need a new playbook.
Ridgewood has always been up-market, real estate wise. The majority of the people who buy here are coming from their first or second homes in order to get their kids into the school system. This isn’t news.
Just have daddy get you a nice job on a trading desk.. problem solved..
Democrats