A typical Rainbow Lakes home is worth roughly $607,000
Home prices around Rainbow Lakes have risen about 50% over the past 5 years.
Only 2 sales in April 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
Home prices up 50% in 5 years
The federal house price index for the ZIP codes around Rainbow Lakes rose 50% over the past 5 years, slower than across New Jersey (63%). Last year prices rose 5.7%. Carrying the Census median home value forward with that index puts the typical Rainbow Lakes home at roughly $607,000 today.
Carrying the Census median forward with the index puts a typical home at about $607K.
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Rainbow Lakes, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
A typical home costs 6.5 years of income
More than across New Jersey (5.6 years). Try your own numbers below.
That’s $291K short of a typical Rainbow Lakes home.
A two-bedroom rents for about $2,530 a month here, $1,630 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Rainbow Lakes’s typical property tax (1.93% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $2,530
Renters already here pay a median of $2,022, so moving in tends to cost more than staying put.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Newark, NJ HUD Metro FMR Area): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
67% of Rainbow Lakes households own their home
Half of Rainbow Lakes’s homes were built before 1959.
New Jersey: 64% own.
U.S. Census Bureau, American Community Survey 2020-2024.
Rainbow Lakes vs. its neighbors
Rainbow Lakes is the 2nd priciest of 4 neighboring towns. Tap one to see its housing page.
Compare more
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Rainbow Lakes | $607K* | +5.7%† | $2,530 | — | $93,051 |
| Mountain Lakes | $1.22M | +6.9% | $2,490 | 3 | $250,000+ |
| Parsippany-Troy Hills Township | $536K* | +6.5%† | $2,710 | 153 | $112,327 |
| Parsippany | $555K* | +7.1%† | $2,580 | — | $99,405 |
Typical value: Zillow Home Value Index; * Census median home value where Zillow has none. † FHFA price index change where Zillow has none. Rent: HUD Fair Market Rent. New homes: Census building permits.
Neighbors talk housing
What Rainbow Lakes buyers, sellers and renters are saying.
Your answer becomes a post in Town Square.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center, April 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers. The calculator is an estimate, not a loan offer.