Summit, NJ housing market
Typical home value
$1.41M
▲ 13.1% 1 yr
Typical rent
$2,977/mo
▲ 1.1% 1 yr
Gross rent yield
2.5%
U.S. 6.3%
5-year home value change
+45%
U.S. +20%
Key takeaways
- 1The typical home in Summit is worth $1,410,689, up 13.1% over the past year and up 45% over five years.
- 2Typical rent is $2,977 a month (+1.1% YoY), a gross rent yield of 2.5% (below the New York, NY metro's 5.8%).
- 3With 20% down at 7.32%, principal and interest on the typical home is about $7,752/mo, $4,775 more than typical rent.
- 4Zillow forecasts the New York, NY metro's home values to change +2.8% over the next 12 months.
Market temperature (New York, NY metro)
Neutral market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 55/100, #79 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Summit compares
| Measure | Summit | New York, NY metro | United States |
|---|---|---|---|
| Typical home value | $1,410,689 | $730,949 | $366,157 |
| Home value, 1-yr change | +13.1% | +4.9% | +1.2% |
| Typical rent | $2,977 | $3,546 | $1,932 |
| Rent, 1-yr change | +1.1% | +4.2% | +2.7% |
| Gross rent yield | 2.5% | 5.8% | 6.3% |
| Price-to-rent ratio | 39.5 | 17.2 | 15.8 |
| Mortgage P&I, typical home | $7,752 | $4,017 | $2,012 |
Run the numbers
Rental property calculator
Cash flow on a typical Summit rental, pre-filled.
Rent vs buy in Summit
Which costs less over the years you'll stay.
Mortgage calculator
Monthly payment on a $1.41M home.
Other cities in the New York, NY metro
New York, NY
$826K home$4,089 rent
▲ 4.3% 1 yr
Newark, NJ
$480K home$2,111 rent
▼ 1.0% 1 yr
Jersey City, NJ
$657K home$3,101 rent
▲ 0.4% 1 yr
Yonkers, NY
$702K home$2,765 rent
▲ 7.3% 1 yr
Paterson, NJ
$541K home$1,889 rent
▲ 5.0% 1 yr
Elizabeth, NJ
$552K home$2,230 rent
▲ 2.9% 1 yr
Toms River, NJ
$463K home$3,026 rent
▲ 3.8% 1 yr
Edison, NJ
$636K home$2,787 rent
▲ 2.2% 1 yr
City figures are Zillow's typical home value (ZHVI) and observed rent (ZORI). Gross yield is before expenses. Data refreshed Oct 26, 2026.