Real Estate Investing in Parsippany, New Jersey (07054)
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Should you buy in 07054 (Parsippany, 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 Parsippany, NJ (07054)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 07054 Parsippany
The 07054 ZIP in Parsippany, NJ is a local-operator market. Outside capital chasing a $747K entry has to pair deep knowledge with the discount.
The investment case in 07054 is resilient only for operators who understand what they are buying. A $747K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Nearby ZIPs in Parsippany have seen price recovery that 07054 has not matched. Morris County data supports the view that the spread is structural rather than temporary.
On the rental side, 30,139 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
The right play in 07054 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Parsippany:
Property Strategy for 07054
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $501,864 | $2,580 | 3.7% | +7.8% | $250,932 |
| 3BR | $664,683 | $3,230 | 3.5% | +8.3% | $221,561 |
| 4BR | $777,293 | $3,670 | 3.4% | +8.4% | $194,323 |
| 5BR | $861,398 | — | — | +8.6% | $172,280 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 07054 Compare?
| Metric | 07054 | Parsippany | New Jersey |
|---|---|---|---|
| Home Value | $746,635 | $746,635 | $559,826 |
| 5-Year CAGR | 6.7% | 6.7% | 8.4% |
| Avg Rent | $2,809 | $2,809 | - |
| Cap Rate | 2.9% | 2.9% | - |
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 07054 (Parsippany, NJ). Anonymous, moderated, never written by AI.
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Property managers serving Morris County
Manage rentals here? List your business →Denali Property Management New Jersey specializes in condo management. summary from their website
PMI Prime Property Services offers residential, association, and commercial property management in Northern New Jersey, including marketing, tenant screening, and maintenance. summary from their website
Alliance Property Management LLC provides property management services. 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 | $746,635 |
| Monthly Rent | $2,809 |
| Price-to-Rent | 22.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 2.9% |
| 5-Year IRR | 9.7% |
📈 Home Appreciation
| 1-Year | +5.9% ▲ |
| 3-Year CAGR | +6.8% ▲ |
| 5-Year CAGR | +6.7% ▲ |
| 10-Year CAGR | +5.3% ▲ |
🏠 Rent Trends
| 1-Year | +6.3% ▲ |
| 3-Year CAGR | +4.7% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.9%). 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 07054
Population: 30,139
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 07054
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Bee Meadow School
Memorial Junior School
Whippany Park High School
Salem Drive School
Knollwood Elementary School
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 monthly rent should investors expect in Parsippany, NJ?
Average rent in Parsippany, NJ is approximately $2,809/mo per month. Against $747K home values that yields a reasonable rent-to-price ratio.
Is it easy to find good tenants in Parsippany, NJ?
The renter base in Parsippany, NJ is reasonable for the $2,809/mo price point. Screening well and pricing to market typically yields even-keeled tenants.
How does Parsippany, NJ rate as a rental market?
Parsippany, NJ scores 3.0/5 for investability. Home values sit at $747K and rents near $2,809/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
How tight is the rental market in Parsippany, NJ?
Parsippany, NJ carries elevated vacancy risk. Expect predictable absorption at market rents of $2,809/mo.
Is Parsippany, NJ better for rentals, flips, or BRRRR?
For Parsippany, NJ, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
You know 07054 now. You don’t know where it ranks.
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How 07054 ranks in New York-Newark-Jersey City, NY-NJ-PA
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