The typical owner-occupied home in Milltown is worth about $458,800, about the same as the New Jersey median of $454,400 and 38% above the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 2.18% of their home's value, close to the New Jersey rate of 2.11%. The median household earns $140,960 a year, so the median home costs 3.3 times the median income (4.4 times for New Jersey). 82% of occupied homes here are lived in by their owners, and 77% of those owners still have a mortgage.
Milltown at a glance
| Milltown | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $458,800 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 2.18% | 2.11% | 0.94% |
| Median household income | $140,960 | $103,556 | $80,734 |
| Homes lived in by their owners | 82% | 64% | 65% |
| Owner homes with a mortgage | 77% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,875 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 22.1% | 22.9% | 21.0% |
| Median rent | $1,204 | $1,720 | $1,413 |
| Rent as a share of renters' income | 31.9% | 30.9% | 30.6% |
| Median year homes were built | 1963 | 1970 | 1980 |
| Vacant homes | 4.1% | 7.5% | 10.1% |
| Population | 7,059 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Milltown
At this week's average 30-year rate of 7.11%, buying the median Milltown home of $458,800 with 20% down costs about $3,494 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,258, 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 $149,732 for the 20%-down payment. That payment is 30% of the median Milltown household income of $140,960; at that income and 20% down, the 28% guideline points to a home of about $432,000.
The median rent here is $1,204 a month, so owning the median home costs about $2,290 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $91,760 |
|---|---|
| Loan amount | $367,040 |
| Principal and interest | $2,469 |
| Property taxes (2.18% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $191 |
| PMI | $0 |
| Total per month | $3,494 |
Change the numbers in the calculator
| Down payment | $16,058 |
|---|---|
| Loan amount | $450,490 |
| Principal and interest | $3,030 |
| Property taxes (2.18% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $191 |
| FHA mortgage insurance | $203 |
| Total per month | $4,258 |
Change the numbers in the calculator
Questions about home buying in Milltown
What is the median home value in Milltown?
About $458,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Milltown?
Homeowners pay a median $10,001 a year, which is about 2.18% 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 Milltown?
For the median home with 20% down at 7.11%, the payment is about $3,494 a month. Keeping that under 28% of gross income takes about $149,732 a year.
More about Milltown
- Mortgage Refinance in Milltown
- Debt Relief in Milltown
- Home Equity Loans in Milltown
- 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