The typical owner-occupied home in Cape May Point is worth about $1,050,000, 2.3 times the New Jersey median of $454,400 and 3.2 times the national median of $332,700. Owners pay a median $5,303 a year in property taxes, about 0.51% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $86,125 a year, so the median home costs 12.2 times the median income (4.4 times for New Jersey). 98% of occupied homes here are lived in by their owners, and 28% of those owners still have a mortgage.
Cape May Point at a glance
| Cape May Point | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $1,050,000 | $454,400 | $332,700 |
| Median property tax paid per year | $5,303 | $9,590 | $3,119 |
| Property tax as a share of value | 0.51% | 2.11% | 0.94% |
| Median household income | $86,125 | $103,556 | $80,734 |
| Homes lived in by their owners | 98% | 64% | 65% |
| Owner homes with a mortgage | 28% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,500 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 23.0% | 22.9% | 21.0% |
| Median rent | – | $1,720 | $1,413 |
| Median year homes were built | 1967 | 1970 | 1980 |
| Vacant homes | 87.2% | 7.5% | 10.1% |
| Population | 138 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Cape May Point
At this week's average 30-year rate of 7.11%, buying the median Cape May Point home of $1,050,000 with 20% down costs about $6,534 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $8,453, 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 $280,049 for the 20%-down payment. That payment is 91% of the median Cape May Point household income of $86,125; at that income and 20% down, the 28% guideline points to a home of about $323,000.
| Down payment | $210,000 |
|---|---|
| Loan amount | $840,000 |
| Principal and interest | $5,651 |
| Property taxes (0.51% a year) | $446 |
| Homeowners insurance (our estimate, 0.5% a year) | $438 |
| PMI | $0 |
| Total per month | $6,534 |
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| Down payment | $36,750 |
|---|---|
| Loan amount | $1,030,982 |
| Principal and interest | $6,935 |
| Property taxes (0.51% a year) | $446 |
| Homeowners insurance (our estimate, 0.5% a year) | $438 |
| FHA mortgage insurance | $633 |
| Total per month | $8,453 |
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Questions about home buying in Cape May Point
What is the median home value in Cape May Point?
About $1,050,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cape May Point?
Homeowners pay a median $5,303 a year, which is about 0.51% 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 Cape May Point?
For the median home with 20% down at 7.11%, the payment is about $6,534 a month. Keeping that under 28% of gross income takes about $280,049 a year.
More about Cape May Point
- Mortgage Refinance in Cape May Point
- Debt Relief in Cape May Point
- Home Equity Loans in Cape May Point
- 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