A Crisis Once Limited to Low-Income Families Is Now Mainstream
For decades, the housing affordability conversation centered on low-income households. Rising prices, limited inventory, and stagnant wages hit them first and hardest. But a new report from the National Housing Conference makes it clear: the middle class is now in the crosshairs.
According to the study “Priced Out: When a Good Job Isn’t Enough,” families with stable incomes, often in professions once considered secure, are finding themselves unable to buy or even rent homes that would have been within reach just five years ago.
In 2019, 37 percent of tracked occupations could afford to buy a home with a 10 percent down payment. By 2024, that number plummeted to just 14 percent. On the rental side, nearly half of tracked jobs can no longer cover the cost of a modest two-bedroom apartment.
Why This Hits Home in New Jersey
New Jersey is already one of the most expensive housing markets in the nation. But in North Jersey, the problem is magnified by a combination of high property taxes, limited buildable land, and constant demand from buyers commuting into New York City.
Take Bergen County as an example. The median home price is now hovering near $855,000, according to 2025 New Jersey MLS data, up more than 30 percent compared to just five years ago. A household needs to earn well over six figures to comfortably afford a median-priced home, yet many professionals fall well short of that threshold.
Consider nurses. A registered nurse in Bergen County earns roughly $95,000 on average. That sounds like a solid income until you run the numbers. With today’s mortgage rates, a nurse would need to earn closer to $125,000 just to comfortably afford a modest home in towns like Paramus, Hackensack, or Fair Lawn. Renting is not much better. A two-bedroom apartment in Fort Lee or Englewood can easily run $3,000 a month, leaving little room for savings or student loan payments.
This is why so many younger professionals and even families with good jobs are leaving New Jersey altogether. They see more affordable options in states like Pennsylvania, the Carolinas, or Florida, where their paychecks stretch further.
The Broader Middle-Class Picture
The affordability crisis is not unique to Bergen County. Nationwide, even professions like teachers, firefighters, and mid-level managers are being priced out of markets once considered attainable.
In places like Seattle, not even dentists earning over $200,000 could qualify for a typical home in 2024. In Houston, fewer than 30 out of nearly 300 occupations could afford to purchase with a 10 percent down payment. The squeeze is happening everywhere.
But in New Jersey, the situation is particularly severe because of the dual pressure of high home prices and property taxes. While salaries here are higher than in many states, the gap between income growth and housing costs keeps widening.
What This Means for Homeowners in Bergen County
If you are a homeowner in North Jersey, this affordability squeeze creates a double-edged sword. On one hand, demand is softening as fewer buyers qualify for mortgages. On the other hand, inventory is still tight, and people who can afford to buy are willing to pay a premium for move-in-ready homes.
This creates a unique opportunity for sellers. If you own a home in Bergen County, you may still be sitting on substantial equity gains. But waiting too long could expose you to a cooling market as affordability continues to erode.
For homeowners facing financial hardship, such as rising taxes, costly repairs, or mortgage strain, the current market can be an exit ramp. Selling now may allow you to capture peak value before more middle-class buyers exit the market.
Bottom Line
The American dream of homeownership is slipping further out of reach for middle-class families, including nurses and other essential professionals. In Bergen County and across North Jersey, affordability pressures are reshaping who can buy, who can rent, and who is leaving New Jersey altogether.
If you are considering selling, it is critical to understand how these affordability trends affect your home’s value and buyer pool. At New Jersey House Partners, we help homeowners evaluate their options, whether that means a traditional listing on the MLS or a quick investor cash offer.
👉 Thinking about selling your Bergen County home? Contact NJ House Partners today for a free property analysis and explore all your options.