Renters Local

Rental Insights for ZIP Code 07016 (Cranford, NJ)

Housing Rentals in ZIP Code 07016 (Cranford, NJ)

07016 ZIP Code in New Jersey

Learn About Housing Rentals in ZIP Code 07016

ZIP Code 07016 is primarily located in Cranford, NJ in Union County. The estimated median housing rent in this region of New Jersey is $1,705 per month. About 21.0% of housing units in this Union County ZIP Code are occupied by renters, while the region has an approximate rental vacancy rate of 3.5%.

The median rent in ZIP Code 07016 of $1,705 per month is 28% higher than the aggregate New Jersey median monthly rent of $1,334, and is 61% higher than the $1,062 the median monthly rent in the U.S. overall. Approximately 31.3% of renters in ZIP Code 07016 pay between $1,500 and $1,999 per month for housing. That is 42% higher than in New Jersey overall, in which 22.0% of total state residents pay between $1,500 and $1,999 per month for housing. Just 7.8% of renters in this Cranford, NJ region pay between $2,500 and $2,999 per month for rent.

ZIP Code 07016 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 07016

See the chart below for a comparison of monthly rental costs in ZIP Code 07016, New Jersey, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 07016 along with those in the state of New Jersey and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 07016

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 07016 New Jersey U.S.
Less than $500 8.1% 8.0% 9.4%
$500 to $999 10.4% 16.0% 36.2%
$1,000 to $1,499 18.6% 38.7% 30.0%
$1,500 to $1,999 31.3% 22.0% 14.0%
$2,000 to $2,499 15.8% 8.5% 5.6%
$2,500 to $2,999 7.8% 3.6% 2.4%
$3,000 or more 7.9% 3.1% 2.4%

Rent Cost vs. Income in ZIP Code 07016

Renters in ZIP Code 07016 use an estimated 29.46% of their income to cover their monthly rent payments. That is about 3% lower than in New Jersey overall. The estimate for New Jersey overall is 30.35% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 07016 renters use about 1% less of their income to cover rent expense. Household income figures for ZIP Code 07016 come in higher than in New Jersey as a whole. The median annual household income in ZIP Code 07016 of $129,781 sits approximately 57% higher than the overall New Jersey median income of $82,545 and approximately 107% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 07016

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 07016, New Jersey, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 07016 along with the same calculations in the state of New Jersey and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 07016

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 07016 New Jersey U.S.
Less than 15.0 percent 12.3% 12.1% 13.1%
15.0 to 19.9 percent 13.5% 12.4% 12.9%
20.0 to 24.9 percent 13.9% 12.6% 12.9%
25.0 to 29.9 percent 8.4% 11.6% 11.6%
30.0 to 34.9 percent 16.3% 9.0% 9.1%
35.0 percent or more 35.6% 42.4% 40.5%

Household Income in ZIP Code 07016

See the table below for the regional comparison of annual household income in ZIP Code 07016.

Income ZIP 07016 New Jersey U.S.
Less than $10,000 2.2% 4.9% 6.0%
$10,000 to $14,999 2.0% 3.2% 4.3%
$15,000 to $24,999 4.8% 7.1% 8.9%
$25,000 to $34,999 5.1% 6.9% 8.9%
$35,000 to $49,999 4.4% 9.4% 12.3%
$50,000 to $74,999 10.6% 14.6% 17.2%
$75,000 to $99,999 11.1% 12.1% 12.7%
$100,000 to $149,999 17.2% 17.7% 15.1%
$150,000 to $199,999 16.4% 10.1% 6.8%
$200,000 or more 26.3% 14.0% 7.7%

Household Income in ZIP Code 07016

See the chart below for a comparison of annual household income figures in ZIP Code 07016, New Jersey, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 07016 alongside the same figures for the state of New Jersey and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 07016

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 07016.

ZIP 07016 New Jersey U.S.
Median Housing Rent $1,705 $1,334 $1,062
Renter-Occupied Housing Units 21.0% 36.1% 36.0%
Rental Vacancy Rate 3.5% 4.8% 6.0%
Average Size of Renter-Occupied Unit 1.97 2.50 2.49
Average # of Bedrooms Per Unit 3.1 2.75 2.75
Percent of Income Spent on Rent 29.46% 30.35% 29.83%
Per Capita Income $58,454 $42,745 $34,103
Median Household Income $153,949 $114,691 $88,607
Living Below the Poverty Line 1.2% 7.2% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 07016

In ZIP Code 07016 (Cranford, NJ), and estimated 21.0% of housing units are occupied by renters. This region has an approximate rental vacany rate of 3.5%.

The per capita income in 07016 is estimated at $58,454, which goes along with an estimated median household income of $153,949. About 1.2% of residents in this Union County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 1.97 occupants, while the units have an aggregate average size of 3.1 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 29.46% of their income on housing rental costs.

Rental FAQs for ZIP Code 07016

1

What is the median monthly rent in ZIP Code 07016?

Median rent for housing in ZIP Code 07016 in Union County in New Jersey is approximately $1,705 per month.
2

Is it expensive to rent in ZIP Code 07016?

Rent in ZIP Code 07016 is higher than average in the state of New Jersey overall. The median monthly rent of $1,705 in ZIP Code 07016 is approximately 28% higher than the New Jersey median of $1,334. Additionally, median rent in this Cranford, NJ region ($1,705) is about 61% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 07016?

High-priced rentals are more common in ZIP Code 07016 than in New Jersey overall. The percentage of rentals in ZIP Code 07016 that cost $3,000 or more per month (7.9%) is about 155% higher than the New Jersey rate of 3.1% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 229% lower than the aforementioned 07016 rate of 7.9%.
4

Are affordable rentals common in ZIP Code 07016?

Affordable rentals are less common in ZIP Code 07016 than in New Jersey overall. The percentage of housing rentals in ZIP Code 07016 costing $999 or less per month (18.5%) is approximately 23% lower than the New Jersey rate of 24% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 59% higher than the previously mentioned 07016 rate of 18.5%.
5

What is the most common cost range that rentals fall into in ZIP Code 07016?

The most common range for rental cost in ZIP Code 07016 is between $1,500 and $1,999 per month. About 31.3% of renters in 07016 pay in this range for monthly rent. In comparison, approximately 22.0% of renters in the state of New Jersey fall in the between $1,500 and $1,999 range, and 14.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 07016 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 07016 is lower than the rental vacancy rate in the state of New Jersey overall. Rental vacancy of 3.5% in ZIP Code 07016 is about 27% lower than the New Jersey rate of 4.8%. Looking more broadly, rental vacancy in this Cranford, NJ region (3.5%) is an estimated 42% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 07016? How does it compare to other New Jersey regions?

Median household income in ZIP Code 07016 is higher than in the state of New Jersey overall. Annual household income of $129,781 in ZIP Code 07016 is about 57% higher than the New Jersey median of $82,545. Additionally, median household income in this Cranford, NJ region ($129,781) is approximately 107% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 07016 spend on housing costs?

Renters in ZIP Code 07016 spend a lower amount of their income on rent costs than do renters in New Jersey overall. Renters in ZIP Code 07016 spend an estimated 29.46% of their income on rent payments, which is about 3% lower than the overall New Jersey estimated rate of 30.35%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 1% higher than the ZIP Code 07016 estimated rate of 29.46%.
9

Do renters in ZIP Code 07016 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 07016 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 07016 spending 30 percent or more of their income on rent costs (51.9%) is approximately 1% higher than the New Jersey rate of 51.4% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 5% lower than the aforementioned 07016 rate of 51.9%.
10

What is the average household size of renter-occupied units in ZIP Code 07016?

The average household size of renter-occupied units in ZIP Code 07016 is lower than in the state of New Jersey overall. Annual household size of 1.97 in ZIP Code 07016 is about 21% lower than the New Jersey median of 2.50. Additionally, median household size in this Cranford, NJ region (1.97) is approximately 21% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other New Jersey ZIP Codes