The typical owner-occupied home in Ocean City is worth about $840,500, 85% above the New Jersey median of $454,400 and 2.5 times the national median of $332,700. Owners pay a median $6,040 a year in property taxes, about 0.72% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $101,782 a year, so the median home costs 8.3 times the median income (4.4 times for New Jersey). 73% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Ocean City at a glance
| Ocean City | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $840,500 | $454,400 | $332,700 |
| Median property tax paid per year | $6,040 | $9,590 | $3,119 |
| Property tax as a share of value | 0.72% | 2.11% | 0.94% |
| Median household income | $101,782 | $103,556 | $80,734 |
| Homes lived in by their owners | 73% | 64% | 65% |
| Owner homes with a mortgage | 52% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $3,242 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 23.5% | 22.9% | 21.0% |
| Median rent | $1,683 | $1,720 | $1,413 |
| Rent as a share of renters' income | 38.5% | 30.9% | 30.6% |
| Median year homes were built | 1984 | 1970 | 1980 |
| Vacant homes | 73.2% | 7.5% | 10.1% |
| People below the poverty line | 9.8% | 9.7% | 12.5% |
| Population | 11,261 | 9,343,809 | 334,922,499 |
Household budgets and debt in Ocean City
In Ocean City, the typical owner with a mortgage spends 23.5% of household income on housing and the typical renter spends 38.5%. Above 30% is generally considered cost-burdened, which leaves less room for other debts.
9.8% of residents live below the federal poverty line, compared with 9.7% in New Jersey.
If debts are getting hard to manage, the usual options, from mildest to most serious, are: a budget and a call to your lenders to ask for a hardship plan; a debt management plan through a nonprofit credit counselor, which can lower interest rates; a debt consolidation loan or, for homeowners, a cash-out refinance or home equity loan; debt settlement, where a company negotiates to pay less than you owe; and bankruptcy.
Under the Federal Trade Commission's rules, debt settlement companies can't charge a fee until they have settled at least one of your debts. Settling can hurt your credit and forgiven debt may be taxable, so compare it with credit counseling first. Time limits for collectors to sue differ by state and by type of debt; check with your state attorney general or a lawyer before relying on one.
Homeowners can sometimes pay off high-interest debt with their home's equity. With the median Ocean City home worth $840,500 and 48% of owners mortgage-free, many owners have equity to draw on, but it turns unsecured debt into debt secured by your home.
Questions about debt relief in Ocean City
What is the median home value in Ocean City?
About $840,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Ocean City?
Homeowners pay a median $6,040 a year, which is about 0.72% of the median home value. Your bill depends on your home's assessed value and local rates.
How much of their income do Ocean City households spend on housing?
With a median household income of $101,782, owners with a mortgage spend a median 23.5% on housing and renters 38.5%.
More about Ocean City
- Mortgage Refinance in Ocean City
- Home Buying in Ocean City
- Home Equity Loans in Ocean City
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data