Manalapan Ranked As #41 In NJ For First-Time Homebuyers

Manalapan has been ranked as one of the top 100 communities in New Jersey for first-time homebuyers by the niche publication, Nerdwallet.

It was ranked as number 41 in the state.

Nerdwallet said it evaluated all New Jersey municipalities with populations of 10,000 or more and based its scores on value appreciation, housing cost and prosperity.

The median price of a home in Manalapan in 2013 was $433,400, and assuming a personal savings rate of 4.8 percent, it would take 26.95 years to save up for a 20 percent down payment for a home in the township, the website said.

“By following the Consumer Financial Protection Bureau’s recommendation that homeowners shouldn’t allocate more than 28 percent of their monthly income to housing costs, we determined that a first-time homebuyer in New Jersey could afford to spend $1,824 a month,’’ the website said.

Monroe in Middlesex County, Lower Township in Cape May County and Florence Township in Burlington County were ranked as the top three in the state.