New Jersey says it needs
up to 406,500 new homes.

New Jersey needs 350,500 to 406,500 new homes over the next 10 years, according to a housing strategy report from Gov. Mikie Sherrill's administration. The report says that many would close the state's housing gap, make room for new families and keep pace with expected economic growth. At the current pace, it projects the state will build an estimated 22,000 to 28,000 homes a year, short of that goal.

A large part of the plan is building on land the state already owns. NJ Transit has identified 800 acres of underused property, and an inventory of other state property found 2,300 more acres that might be suitable for housing. The report puts the potential on state land at 37,200 to 42,800 new homes.

The report calls for more townhouses, duplexes and other starter homes. It says added state funding for down payment assistance will help about 3,000 first-time and first-generation buyers.

On cost, the report says the average monthly payment on a typical New Jersey home is now nearly $4,000, almost double what it was five years ago, and that property taxes rose an average of $475 last year. It also says building housing in New Jersey can take three to five years.

Plans like these can take years to turn into homes for sale. If you are working toward a first home in South Jersey, we can walk you through what is on the market now.