The typical owner-occupied home in Pitman is worth about $279,300, 39% below the New Jersey median of $454,400 and 16% below the national median of $332,700. Owners pay a median $8,231 a year in property taxes, about 2.95% of their home's value, higher than the New Jersey rate of 2.11%. The median household earns $98,489 a year, so the median home costs 2.8 times the median income (4.4 times for New Jersey). 74% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Pitman at a glance
| Pitman | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $279,300 | $454,400 | $332,700 |
| Median property tax paid per year | $8,231 | $9,590 | $3,119 |
| Property tax as a share of value | 2.95% | 2.11% | 0.94% |
| Median household income | $98,489 | $103,556 | $80,734 |
| Homes lived in by their owners | 74% | 64% | 65% |
| Owner homes with a mortgage | 72% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,066 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 20.7% | 22.9% | 21.0% |
| Median rent | $1,521 | $1,720 | $1,413 |
| Rent as a share of renters' income | 32.1% | 30.9% | 30.6% |
| Median year homes were built | 1945 | 1970 | 1980 |
| Vacant homes | 4.2% | 7.5% | 10.1% |
| Population | 8,856 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Pitman
At this week's average 30-year rate of 7.11%, buying the median Pitman home of $279,300 with 20% down costs about $2,306 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,771, 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 $98,832 for the 20%-down payment. That payment is 28% of the median Pitman household income of $98,489; at that income and 20% down, the 28% guideline points to a home of about $278,000.
The median rent here is $1,521 a month, so owning the median home costs about $785 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $55,860 |
|---|---|
| Loan amount | $223,440 |
| Principal and interest | $1,503 |
| Property taxes (2.95% a year) | $687 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| PMI | $0 |
| Total per month | $2,306 |
Change the numbers in the calculator
| Down payment | $9,776 |
|---|---|
| Loan amount | $274,241 |
| Principal and interest | $1,845 |
| Property taxes (2.95% a year) | $687 |
| Homeowners insurance (our estimate, 0.5% a year) | $116 |
| FHA mortgage insurance | $124 |
| Total per month | $2,771 |
Change the numbers in the calculator
Questions about home buying in Pitman
What is the median home value in Pitman?
About $279,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Pitman?
Homeowners pay a median $8,231 a year, which is about 2.95% 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 Pitman?
For the median home with 20% down at 7.11%, the payment is about $2,306 a month. Keeping that under 28% of gross income takes about $98,832 a year.
More about Pitman
- Mortgage Refinance in Pitman
- Debt Relief in Pitman
- Home Equity Loans in Pitman
- 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