Elizabeth, NJ real estate: the numbers, explained.

Home values in Elizabeth

Zillow Home Value Index (all homes, middle tier, smoothed, seasonally adjusted) for the Zillow region “Elizabeth”, September 30 of each year. Source: Zillow Research.

Zillow’s Home Value Index for Elizabeth was $552,348 as of September 30, 2026, up 2.9% from a year earlier and up 43.5% over five years. Over ten years the index rose 157.2%. ZHVI models a typical home value. It isn’t the price of any specific house.

The NJ Division of Taxation’s 2026 Average Residential Statistics show an average residential sale price of $589,276 across 306 sales used in that report. Averages can be pulled up or down by a few sales, which is one reason it can differ from Zillow’s index.

The Census Bureau’s survey puts the median value of owner-occupied homes, as estimated by owners, at $449,300 (2020–2024 average), compared with a Union County town median of $533,300.

Elizabeth property taxes

Elizabeth’s 2025 general tax rate was 2.017 per $100 of assessed value, and its effective tax rate was 2.113%, about the same as the Union County town median of 2.113% and about the same as the statewide municipal median of 2.141%. That ranks it #11 lowest of 21 Union County municipalities by effective rate. The average residential tax bill was $9,727 on an average assessment of $482,259 across 15,299 residential properties.

Applied to the typical home value of $552,348, the effective rate implies roughly $11,671 a year ($973 a month) in property tax. The Division publishes the effective rate for comparing towns, not for computing a specific bill, so use it as a ballpark.

What it costs to own vs. rent

For a $552,348 home with 20% down ($110,470) and a 30-year fixed loan at 7.18%, Freddie Mac’s national average for the week of November 5, 2026, principal and interest come to about $2,993 a month. With estimated property tax that’s about $3,966, before insurance, any HOA fee and utilities. For comparison, the Census median gross rent in Elizabeth is $1,523 and Zillow’s observed rent index (asking rents, Sept. 2026) is $2,230, up 0.9% in a year.

Run my numbers for ElizabethRent vs buy here

Who lives in Elizabeth

About 137,302 people live in Elizabeth. 25.6% of occupied homes are owner-occupied (county town median 68.3%), so renters are a large part of the market and rentals turn over often. 13.8% of housing units are single-family detached houses. The median resident age is 35.8, and 14.6% of adults 25 and older hold a bachelor’s degree or higher. Median household income is $66,555, lower than the county town median of $119,464.

The median home in Elizabeth was built in 1957. Much of the housing predates 1978, so buyers should plan for older-home checks: lead-based paint disclosure, an oil-tank sweep if the house ever had oil heat, knob-and-tube or older electrical, galvanized plumbing, and a sewer-line scope. See the NJ inspection checklist.

Commuting from Elizabeth

Workers in Elizabeth average 26.7 minutes each way (those who don’t work from home), shorter than the Union County town median of 31.5 minutes. 11% commute by public transportation, so transit is a real option for some commuters and 6.3% work from home.

Schools

I don’t republish unofficial school scores. For Elizabeth, start with the New Jersey Department of Education’s School Performance Reports, then confirm the exact school assignment for any address with the district, since some NJ towns send students to regional or neighboring high schools. See how to research NJ schools.

Downtown, food and things to do

The best way to judge Elizabeth’s restaurants, parks and weekend life is in person. Visit on a weeknight and a Saturday morning, check the town recreation calendar and walk the blocks you’d live on. My town scouting checklist shows what to look for.

My take for buyers, sellers and renters

• Renters: with 74.4% of homes renter-occupied, Elizabeth has a deep rental market. Line up documents before touring. The move-in calculator shows the cash you’ll need.
• Buyers: taxes run above the county median, so budget on the tax bill, not just the price. Ask for the current bill on every listing.
• Sellers: values are up 43.5% in five years, so many owners have significant equity. See your number in the seller net sheet.

Nearby towns at a similar price