Estimated Monthly Payment — Median New Jersey Home
$4,127
Based on $500,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$500,000
Property Tax
2.49%
Avg. HOA
$300/mo
Median Rent
$1,900/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the New Jersey housing market
New Jersey's housing market is above the national average, with a median home price around $500,000. Newark is the largest metro, with Jersey City a close second. New Jersey has the highest effective property tax rate in the nation — at 2.49%, monthly tax bills can rival principal-and-interest payments themselves. New Jersey's effective property tax rate of 2.49% is one of the highest in the country.
The median New Jersey home costs $500,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,581, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $4,127. First-time buyers in New Jersey can explore programs through New HFA.
Photo by Manisha Raghunath on Unsplash
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FAQ
New Jersey mortgage FAQs
What's the property tax rate in New Jersey?
New Jersey's effective property tax rate averages about 2.49% — one of the highest in the country. On a $500,000 home, that's roughly $1,038/month or $12,450/year.
How much do I need to earn to afford a typical New Jersey home?
Using the 28/36 rule, a buyer would need roughly $155,000–$198,000 in gross annual income to comfortably afford New Jersey's $500,000 median home with 20% down at current rates.
What first-time buyer programs are available in New Jersey?
NJHMFA offers the NJHMFA Down Payment Assistance Program providing $10,000 forgivable second mortgages and the First-Generation Down Payment Assistance Program offering up to $7,000. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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