Real Estate Investing in Fort Lee, New Jersey (07024)
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Should you buy in 07024 (Fort Lee, NJ)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Fort Lee, NJ (07024)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 07024 Fort Lee
Investors eyeing 07024 need to respect the fundamentals at play. Home values of $603K come alongside slower price movement and elevated management overhead.
For an experienced owner, 07024 can be a a credible choice for hunting ground — but the discount at $603K reflects genuine risk that outside investors often underestimate.
Regionally, 07024 sits on the difficult end of the NJ spectrum. The an appealing option for read — for disciplined operators — is that pricing reflects the difficulty.
A significant renter share of 42% in 07024 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The 07024 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Fort Lee:
Property Strategy for 07024
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $279,489 | $2,880 | 7.4% | +3.0% | $279,489 |
| 2BR | $469,450 | $3,310 | 5.1% | +5.1% | $234,725 |
| 3BR | $923,077 | $4,040 | 3.2% | +7.5% | $307,692 |
| 4BR | $1,130,145 | $5,150 | 3.3% | +8.2% | $282,536 |
| 5BR | $1,602,639 | — | — | +8.3% | $320,528 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 07024 Compare?
| Metric | 07024 | Fort Lee | New Jersey |
|---|---|---|---|
| Home Value | $603,256 | $603,256 | $559,826 |
| 5-Year CAGR | 5.3% | 5.3% | 8.4% |
| Avg Rent | $3,530 | $3,530 | - |
| Cap Rate | 4.6% | 4.6% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 07024 (Fort Lee, NJ). Anonymous, moderated, never written by AI.
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Property managers serving Bergen County
Manage rentals here? List your business →First National Realty Management, LLC offers tenant services including registration, maintenance requests, and notary services. summary from their website
MEM Property Management Corporation offers property management, construction, collection, and insurance services, helping clients enjoy their homes. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $603,256 |
| Monthly Rent | $3,530 |
| Price-to-Rent | 14.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.0% |
| Cap Rate | 4.6% |
| 5-Year IRR | 9.9% |
📈 Home Appreciation
| 1-Year | +8.2% ▲ |
| 3-Year CAGR | +5.9% ▲ |
| 5-Year CAGR | +5.3% ▲ |
| 10-Year CAGR | +4.3% ▲ |
🏠 Rent Trends
| 1-Year | +0.3% ▲ |
| 3-Year CAGR | +2.6% ▲ |
| 5-Year CAGR | +5.5% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 07024
Population: 39,785
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 07024
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Anna C. Scott Elementary School
Donald A. Quarles Early Childhood Center
Dr. John Grieco Elementary School
Dr. Leroy McCloud Elementary School
Eleanor Van Gelder
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What is it like being a landlord in Fort Lee, NJ?
NJ law tenant-protective for landlords, and Fort Lee inherits those rules. Investors should still review local ordinances for rental licensing.
Should investors consider Fort Lee, NJ?
With a 3.0/5 investability score, Fort Lee, NJ ranks as a solid market for rental property investors. Median prices of $603K and rents of $3,530/mo drive the underlying numbers.
How viable is house hacking in Fort Lee, NJ?
The house hack math a challenging in Fort Lee, NJ. Owner-occupant buyers benefit from the $3,530/mo rents and $603K home values.
How much is rent in Fort Lee, NJ?
Fort Lee, NJ rentals go for roughly $3,530/mo a month. That puts gross yield in solid territory relative to $603K acquisition costs.
Are homes affordable in Fort Lee, NJ?
Fort Lee, NJ median home values land near $603K. That is reasonable territory for investors looking at $3,530/mo-per-month rentals.
You know 07024 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 07024 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 07024 ranks in New York-Newark-Jersey City, NY-NJ-PA
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