The story of this market
The typical home in ZIP 08242 sells for about $436,000, or $207 per square foot.
Prices are up +4.2% from a year ago, so sellers still have some momentum. Homes take about 42 days to sell. HUD's fair market rent for a two-bedroom is $1,305 a month.
ZIP 08242 — Rio Grande
The housing market in 08242 remains stable with moderate price appreciation driven by limited inventory and steady demand for residential property. While interest rates have influenced buyer activity, the area's appeal as a coastal community continues to support home values and rental demand.
This ZIP is well-suited for families seeking suburban-style housing, retirees attracted to the coastal climate, and commuters working in the regional tourism or service sectors.
Median prices moved up 4.2% year over year.
Homes spend a median of 42 days on market with 3.8 months of supply — a fast-moving market.
12% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.1% · poverty 9.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 8.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 4.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 08242, Cape May County, NJ
Crime rates in Rio Grande are generally consistent with regional averages for Cape May County, with property crime being the primary concern; overall safety is considered moderate compared to larger urban centers in New Jersey.
Schools serving the area are part of the Middle Township Public School District, which generally maintains satisfactory performance ratings and provides a stable educational environment for local families.
The area faces moderate risk from coastal storm surges and flooding due to its proximity to the Atlantic coast, necessitating standard flood insurance coverage for many residential properties.
Economic momentum is driven by the tourism-heavy economy of Cape May County and steady residential development, including new construction projects like those on Scotty Blvd.
Property taxes are assessed at the municipal level by Middle Township, with rates influenced by school district levies and county-wide requirements; no specific local income tax surcharges apply.
Commuters primarily rely on the Garden State Parkway for travel toward employment hubs in Atlantic City or northern Cape May County, with limited public transit options available.
Residents have access to local parks and shopping centers along the Route 9 corridor, with proximity to the beaches and recreational amenities of the Wildwoods and Cape May.
The rental market is tight due to seasonal demand and limited inventory, with rents trending upward; there is a notable presence of long-term rentals alongside seasonal housing stock.
The economy is anchored by the tourism, hospitality, and retail sectors, with significant employment provided by businesses serving the Cape May resort area.
The area is served by the Garden State Parkway and Route 9, which act as the primary arteries for regional transit and commuting.
Development is focused on residential infill and commercial expansion along the main highway corridors to support the growing population.
The Cape May County Board of Taxation oversees assessments, with properties generally reassessed to maintain market value parity.
Parcels are subject to Middle Township municipal taxes, Cape May County taxes, and the Middle Township School District levy.
Property insurance premiums are influenced by coastal hazard exposure, with flood insurance often required for properties in low-lying zones.
New Jersey is a judicial foreclosure state, requiring court intervention for the foreclosure process.
New Jersey requires sellers to provide a comprehensive property condition disclosure statement to buyers.
Data retrieved from Census Reporter and data.census.gov profiles for ZCTA 08242.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Major retail hub serving the local community.
Provides recreational space for walking and cycling.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.