The typical owner-occupied home in Palmyra is worth about $234,800, 48% below the New Jersey median of $454,400 and 29% below the national median of $332,700. Owners pay a median $6,282 a year in property taxes, about 2.68% of their home's value, higher than the New Jersey rate of 2.11%. The median household earns $89,574 a year, so the median home costs 2.6 times the median income (4.4 times for New Jersey). 71% of occupied homes here are lived in by their owners, and 74% of those owners still have a mortgage.
Palmyra at a glance
| Palmyra | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $234,800 | $454,400 | $332,700 |
| Median property tax paid per year | $6,282 | $9,590 | $3,119 |
| Property tax as a share of value | 2.68% | 2.11% | 0.94% |
| Median household income | $89,574 | $103,556 | $80,734 |
| Homes lived in by their owners | 71% | 64% | 65% |
| Owner homes with a mortgage | 74% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,923 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 22.4% | 22.9% | 21.0% |
| Median rent | $1,696 | $1,720 | $1,413 |
| Rent as a share of renters' income | 33.9% | 30.9% | 30.6% |
| Median year homes were built | 1957 | 1970 | 1980 |
| Vacant homes | 3.0% | 7.5% | 10.1% |
| Population | 7,485 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Palmyra
At this week's average 30-year rate of 7.11%, buying the median Palmyra home of $234,800 with 20% down costs about $1,886 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,277, 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 $80,821 for the 20%-down payment. That payment is 25% of the median Palmyra household income of $89,574; at that income and 20% down, the 28% guideline points to a home of about $260,000.
The median rent here is $1,696 a month, so owning the median home costs about $190 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $46,960 |
|---|---|
| Loan amount | $187,840 |
| Principal and interest | $1,264 |
| Property taxes (2.68% a year) | $524 |
| Homeowners insurance (our estimate, 0.5% a year) | $98 |
| PMI | $0 |
| Total per month | $1,886 |
Change the numbers in the calculator
| Down payment | $8,218 |
|---|---|
| Loan amount | $230,547 |
| Principal and interest | $1,551 |
| Property taxes (2.68% a year) | $524 |
| Homeowners insurance (our estimate, 0.5% a year) | $98 |
| FHA mortgage insurance | $104 |
| Total per month | $2,277 |
Change the numbers in the calculator
Questions about home buying in Palmyra
What is the median home value in Palmyra?
About $234,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palmyra?
Homeowners pay a median $6,282 a year, which is about 2.68% 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 Palmyra?
For the median home with 20% down at 7.11%, the payment is about $1,886 a month. Keeping that under 28% of gross income takes about $80,821 a year.
More about Palmyra
- Mortgage Refinance in Palmyra
- Debt Relief in Palmyra
- Home Equity Loans in Palmyra
- 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