The typical owner-occupied home in Norwood is worth about $709,100, 56% above the New Jersey median of $454,400 and 2.1 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.41% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $178,311 a year, so the median home costs 4.0 times the median income (4.4 times for New Jersey). 79% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Norwood at a glance
| Norwood | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $709,100 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 1.41% | 2.11% | 0.94% |
| Median household income | $178,311 | $103,556 | $80,734 |
| Homes lived in by their owners | 79% | 64% | 65% |
| Owner homes with a mortgage | 63% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $3,740 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 22.9% | 21.0% |
| Median rent | $2,094 | $1,720 | $1,413 |
| Rent as a share of renters' income | 38.5% | 30.9% | 30.6% |
| Median year homes were built | 1986 | 1970 | 1980 |
| Vacant homes | 1.7% | 7.5% | 10.1% |
| Population | 5,724 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Norwood
At this week's average 30-year rate of 7.11%, buying the median Norwood home of $709,100 with 20% down costs about $4,945 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $6,126, 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 $211,919 for the 20%-down payment. That payment is 33% of the median Norwood household income of $178,311; at that income and 20% down, the 28% guideline points to a home of about $597,000.
The median rent here is $2,094 a month, so owning the median home costs about $2,851 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $141,820 |
|---|---|
| Loan amount | $567,280 |
| Principal and interest | $3,816 |
| Property taxes (1.41% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $295 |
| PMI | $0 |
| Total per month | $4,945 |
Change the numbers in the calculator
| Down payment | $24,818 |
|---|---|
| Loan amount | $696,256 |
| Principal and interest | $4,684 |
| Property taxes (1.41% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $295 |
| FHA mortgage insurance | $314 |
| Total per month | $6,126 |
Change the numbers in the calculator
Questions about home buying in Norwood
What is the median home value in Norwood?
About $709,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Norwood?
Homeowners pay a median $10,001 a year, which is about 1.41% 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 Norwood?
For the median home with 20% down at 7.11%, the payment is about $4,945 a month. Keeping that under 28% of gross income takes about $211,919 a year.
More about Norwood
- Mortgage Refinance in Norwood
- Debt Relief in Norwood
- Home Equity Loans in Norwood
- 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