NJ among 5 most expensive states for home ownership

New Jersey ranks as the fourth-most expensive state to buy an average home in the 2014 Coldwell Banker Home Listing Report.

Using four-bedroom, two-bathroom data from thousands of markets across the country, the report calculated the nationwide average at $295,317. In New Jersey, the same home went for $440,354.

Chatham Township in Morris County came in as the most expensive New Jersey market, with an average price tag of more than $892,000, followed by Bernards Township in Somerset County and Madison in Morris County.

"All the top 10 locations are in the suburbs, which generally offer larger homes, bigger lot size and close vicinity either to highways or public transportation," said Tracy Devine, regional vice president of Coldwell Banker Residential Brokerage in New Jersey.

Devine suggested New Jersey's location plays a major role in its ranking among the states, with its proximity to New York City and Philadelphia adding to the employment, entertainment and shopping options.

The top 10 most expensive New Jersey markets can be found in the central and northern sections of the state.

Buying a home in East Orange, Essex County ranked as the most affordable at $120,000, ahead of Newark in Essex County and Roselle in Union County.

Nationwide, according to the report, the city with the highest average listing price was Los Altos, Calif. -- $1,963,100. Cleveland, Ohio posted a price under $65,000.