This area of New Jersey is referred to as the suburbs, but it is something of a misnomer. In fact, Maplewood, Short Hills and Summit all strive to establish a village atmosphere with an emphasis on esthetically pleasing surroundings, main shopping streets that are pedestrian friendly plus great efforts are made to preserve architectural heritage. All three towns are located in the beautiful Passaic Valley region of New Jersey and are referred to as “gateway” communities to nearby larger cities such as Newark and Manhattan. A commitment has been made on a state, county and local level to preserve parks and open space for the benefit of local residents as well as visitors. All three town’s housing stock is primarily single-family homes that are in large part 3 plus bedrooms, most of them occupied by families.
The township of Maplewood was named one of Money Magazine’s “Best Places to Live” in 2002. There are 8615 homes and over eighty percent are owner occupied. The majority of Maplewood homes were built prior to 1940 and reflect the rich architectural heritage of this area of the country. Styles range from the Victorian Period including Queen Anne and Stick Style to Tudor, Colonial Revival, Italian Renaissance Revival, Shingle Style and Arts and Crafts influenced buildings. The median home value is $222,700.
Maplewood Township offers an especially interesting second mortgage program called PRISM (Pro-Integrative Second Mortgage). It is a non-profit loan program for homebuyers that is designed to encourage and improve neighborhood diversity in particular areas of the community. Those purchasing a home in Maplewood or selling a home for another residential property in Maplewood are eligible to apply. As an added incentive, individuals purchasing homes in specific areas may apply for below-rate, 5-year loan up to $10,000 –2% under current home equity rates. The current rate is about 2.9%.
The PRISM program provides funds for expenses or home improvement projects on new purchases and allows deferred payment for one year. All new homebuyers who meet the following criteria are eligible to apply for the PRISM program: Non-Black buyers making a purchase in the eastern side of the towns or African-American buyers making a purchase in the western portion of the towns (program eligible area information is available from the local community coalition). Requirements are: the property must be the borrower's primary residence; buyers must have 5 percent of their own funds invested in the home. The total of the first mortgage and the PRISM loan must amount to no more than 95% of the purchase price of the home. Purchasers must begin the PRISM application process before closing on the property. Funding for PRISM is provided by the Fund for an OPEN Society, with matching funds from the towns of South Orange and Maplewood and other supporters. The Allegiance Community Bank in South Orange administers the program locally.
Short Hills is part of Millburn Township, which occupies 9.4 square miles in Essex County. It is a town comprised of beautiful neighborhoods on tree-lined streets that cover the "short hills" of the Watchung Mountains. Short Hills contains the sections of Knollwood, Glenwood, Brookhaven, Country Club, Merrywood, Deerfield-Crossroads, Mountaintop, White Oak Ridge, and Old Short Hills Estates.
There is not separate data broken out for the Short Hills area, but the average home value in Millburn is $549,000 per year. Of the Millburn housing stock of 7158, almost all are occupied and approximately 80% are owner occupied. 80% of these are family households and the average length of time residents live in their homes is above the state average. Almost half of the homes were built before 1949.
The City of Summit is 6.1 square miles. It is similar to Maplewood in terms of the age and architectural heritage of the existing housing stock, although the median home price is higher at $469,200. There are 8146 existing homes almost all occupied with over 70% of them owner occupied. Almost half were built before 1939. The length of time owners’ stay in their homes since moving in is above state average, indicating a community with a history of resident continuity and stability.
There’s a reason that for more than 350 years, people have been moving to this area to live, work and raise their families. It is an environment that offers all the benefits of small town living combined with access to the art, culture, economic opportunity and intellectual stimulation of New York City. These desirable communities assure an incomparable quality of life.
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