The typical owner-occupied home in Carteret is worth about $405,800, 11% below the New Jersey median of $454,400 and 22% above the national median of $332,700. Owners pay a median $7,750 a year in property taxes, about 1.91% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $96,862 a year, so the median home costs 4.2 times the median income (4.4 times for New Jersey). 55% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Carteret at a glance
| Carteret | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $405,800 | $454,400 | $332,700 |
| Median property tax paid per year | $7,750 | $9,590 | $3,119 |
| Property tax as a share of value | 1.91% | 2.11% | 0.94% |
| Median household income | $96,862 | $103,556 | $80,734 |
| Homes lived in by their owners | 55% | 64% | 65% |
| Owner homes with a mortgage | 60% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,602 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 24.5% | 22.9% | 21.0% |
| Median rent | $2,032 | $1,720 | $1,413 |
| Rent as a share of renters' income | 27.9% | 30.9% | 30.6% |
| Median year homes were built | 1960 | 1970 | 1980 |
| Vacant homes | 5.9% | 7.5% | 10.1% |
| Population | 25,496 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Carteret
At this week's average 30-year rate of 7.11%, buying the median Carteret home of $405,800 with 20% down costs about $2,999 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,675, 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 $128,522 for the 20%-down payment. That payment is 37% of the median Carteret household income of $96,862; at that income and 20% down, the 28% guideline points to a home of about $306,000.
The median rent here is $2,032 a month, so owning the median home costs about $967 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $81,160 |
|---|---|
| Loan amount | $324,640 |
| Principal and interest | $2,184 |
| Property taxes (1.91% a year) | $646 |
| Homeowners insurance (our estimate, 0.5% a year) | $169 |
| PMI | $0 |
| Total per month | $2,999 |
Change the numbers in the calculator
| Down payment | $14,203 |
|---|---|
| Loan amount | $398,450 |
| Principal and interest | $2,680 |
| Property taxes (1.91% a year) | $646 |
| Homeowners insurance (our estimate, 0.5% a year) | $169 |
| FHA mortgage insurance | $179 |
| Total per month | $3,675 |
Change the numbers in the calculator
Questions about home buying in Carteret
What is the median home value in Carteret?
About $405,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Carteret?
Homeowners pay a median $7,750 a year, which is about 1.91% 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 Carteret?
For the median home with 20% down at 7.11%, the payment is about $2,999 a month. Keeping that under 28% of gross income takes about $128,522 a year.
More about Carteret
- Mortgage Refinance in Carteret
- Debt Relief in Carteret
- Home Equity Loans in Carteret
- 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