The typical owner-occupied home in Newark is worth about $337,500, 20% below the Maryland median of $419,900 and about the same as the national median of $332,700. Owners pay a median $2,241 a year in property taxes, about 0.66% of their home's value, lower than the Maryland rate of 0.97%. The median household earns $92,361 a year, so the median home costs 3.7 times the median income (4.1 times for Maryland). 90% of occupied homes here are lived in by their owners, and 77% of those owners still have a mortgage.
Newark at a glance
| Newark | Maryland | U.S. | |
|---|---|---|---|
| Median home value | $337,500 | $419,900 | $332,700 |
| Median property tax paid per year | $2,241 | $4,093 | $3,119 |
| Property tax as a share of value | 0.66% | 0.97% | 0.94% |
| Median household income | $92,361 | $103,678 | $80,734 |
| Homes lived in by their owners | 90% | 68% | 65% |
| Owner homes with a mortgage | 77% | 71% | 61% |
| Median monthly costs, owners with a mortgage | $2,531 | $2,347 | $1,963 |
| Those costs as a share of the owners' income | 33.4% | 20.5% | 21.0% |
| Median rent | – | $1,705 | $1,413 |
| Median year homes were built | 2012 | 1979 | 1980 |
| Vacant homes | 0.0% | 7.7% | 10.1% |
| Population | 244 | 6,206,011 | 334,922,499 |
What a typical home costs per month in Newark
At this week's average 30-year rate of 7.11%, buying the median Newark home of $337,500 with 20% down costs about $2,143 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,705, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $91,824 for the 20%-down payment. That payment is 28% of the median Newark household income of $92,361; at that income and 20% down, the 28% guideline points to a home of about $339,000.
| Down payment | $67,500 |
|---|---|
| Loan amount | $270,000 |
| Principal and interest | $1,816 |
| Property taxes (0.66% a year) | $186 |
| Homeowners insurance (our estimate, 0.5% a year) | $141 |
| PMI | $0 |
| Total per month | $2,143 |
Change the numbers in the calculator
| Down payment | $11,812 |
|---|---|
| Loan amount | $331,387 |
| Principal and interest | $2,229 |
| Property taxes (0.66% a year) | $186 |
| Homeowners insurance (our estimate, 0.5% a year) | $141 |
| FHA mortgage insurance | $149 |
| Total per month | $2,705 |
Change the numbers in the calculator
Questions about home buying in Newark
What is the median home value in Newark?
About $337,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Newark?
Homeowners pay a median $2,241 a year, which is about 0.66% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Newark?
For the median home with 20% down at 7.11%, the payment is about $2,143 a month. Keeping that under 28% of gross income takes about $91,824 a year.
More about Newark
- Mortgage Refinance in Newark
- Debt Relief in Newark
- Home Equity Loans in Newark
- 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