Housing

The East Side of the city has seen a housing boom in the last ten years, with over 500 units built since 2006, some of which are currently under construction. The housing market is heating up, withA�monthly rents and median home values increasing steadily.

One unique aspect of Asbury Park’s housing market is the low percentage of homeownership, at about 15%, compared to 65% in New Jersey. This could be due to the city’s role as a vacation and second-home destination.

After decades of inactivity along Springwood Avenue, development is starting to occur. Multiple housing projects, including the redevelopment of the Boston Way public housing site, are about ready to begin construction.

To join this working group, click here.

top issues identified by working group

  • Absentee landlords and homeowners
  • Long-term housing affordability
  • Mixed income communities
REGIONAL HOMEOWNERSHIP RATES (%)
Housing Market Indicators

0
...is the median year built of the city's housing stock.
0%
...of renters pay more than 35% of their income on rent.
0%
...rental vacancy rate
0%
...ownership unit vacancy rate
REGIONAL MEDIAN HOME VALUES ($)
owned vs. rented vs. vacant properties (%)
  • Own
  • Rent
  • Vacant
Median Monthly Rent, Past 5 Years
monthly-rent
Median Home Value, Past 5 Years
median-home-values
Recent East Side Developments

Monroe Condominiums

North Beach Condominiums

The Mercury

Vive Townhomes

Upcoming West Side Developments

Turf Club Homes

Boston Way Redevelopment

Westside Village

Municipal Complex Development

The Community Says

  • ABSENTEE LANDLORDS are a pervasive problem in the West Side
  • AFFORDABLE HOUSING AND WORKFORCE HOUSING would help stabilize the neighborhood and enable long-term residents to stay put
  • HOMEOWNERSHIP OPPORTUNITIES are desirable among many residents
  • FUNDING FOR FACADE IMPROVEMENTS would help homeowners who want to improve their properties

Feedback from a September 29, 2016 community listening session

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