The typical owner-occupied home in New Jersey is worth about $454,400, 37% above the national median of $332,700. Owners pay a median $9,590 a year in property taxes, about 2.11% of their home's value, higher than the national rate of 0.94%. The median household earns $103,556 a year, so the median home costs 4.4 times the median income (4.1 times for the U.S.). 64% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
New Jersey at a glance
| New Jersey | U.S. | |
|---|---|---|
| Median home value | $454,400 | $332,700 |
| Median property tax paid per year | $9,590 | $3,119 |
| Property tax as a share of value | 2.11% | 0.94% |
| Median household income | $103,556 | $80,734 |
| Homes lived in by their owners | 64% | 65% |
| Owner homes with a mortgage | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 22.9% | 21.0% |
| Median rent | $1,720 | $1,413 |
| Rent as a share of renters' income | 30.9% | 30.6% |
| Median year homes were built | 1970 | 1980 |
| Vacant homes | 7.5% | 10.1% |
| Population | 9,343,809 | 334,922,499 |
What a typical home costs per month in New Jersey
At this week's average 30-year rate of 7.11%, buying the median New Jersey home of $454,400 with 20% down costs about $3,434 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,191, 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 $147,160 for the 20%-down payment. That payment is 40% of the median New Jersey household income of $103,556; at that income and 20% down, the 28% guideline points to a home of about $320,000.
The median rent here is $1,720 a month, so owning the median home costs about $1,714 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $90,880 |
|---|---|
| Loan amount | $363,520 |
| Principal and interest | $2,445 |
| Property taxes (2.11% a year) | $799 |
| Homeowners insurance (our estimate, 0.5% a year) | $189 |
| PMI | $0 |
| Total per month | $3,434 |
Change the numbers in the calculator
| Down payment | $15,904 |
|---|---|
| Loan amount | $446,170 |
| Principal and interest | $3,001 |
| Property taxes (2.11% a year) | $799 |
| Homeowners insurance (our estimate, 0.5% a year) | $189 |
| FHA mortgage insurance | $201 |
| Total per month | $4,191 |
Change the numbers in the calculator
Questions about home buying in New Jersey
What is the median home value in New Jersey?
About $454,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Jersey?
Homeowners pay a median $9,590 a year, which is about 2.11% 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 New Jersey?
For the median home with 20% down at 7.11%, the payment is about $3,434 a month. Keeping that under 28% of gross income takes about $147,160 a year.
More about New Jersey
- Mortgage Refinance in New Jersey
- Debt Relief in New Jersey
- Home Equity Loans in New Jersey
- 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