The typical owner-occupied home in Spotswood is worth about $369,900, 19% below the New Jersey median of $454,400 and 11% above the national median of $332,700. Owners pay a median $9,619 a year in property taxes, about 2.60% of their home's value, higher than the New Jersey rate of 2.11%. The median household earns $105,060 a year, so the median home costs 3.5 times the median income (4.4 times for New Jersey). 86% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Spotswood at a glance
| Spotswood | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $369,900 | $454,400 | $332,700 |
| Median property tax paid per year | $9,619 | $9,590 | $3,119 |
| Property tax as a share of value | 2.60% | 2.11% | 0.94% |
| Median household income | $105,060 | $103,556 | $80,734 |
| Homes lived in by their owners | 86% | 64% | 65% |
| Owner homes with a mortgage | 49% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,735 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 20.9% | 22.9% | 21.0% |
| Median rent | $1,079 | $1,720 | $1,413 |
| Rent as a share of renters' income | 34.3% | 30.9% | 30.6% |
| Median year homes were built | 1967 | 1970 | 1980 |
| Vacant homes | 1.1% | 7.5% | 10.1% |
| Population | 8,171 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Spotswood
At this week's average 30-year rate of 7.11%, buying the median Spotswood home of $369,900 with 20% down costs about $2,946 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,562, 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 $126,268 for the 20%-down payment. That payment is 34% of the median Spotswood household income of $105,060; at that income and 20% down, the 28% guideline points to a home of about $308,000.
The median rent here is $1,079 a month, so owning the median home costs about $1,867 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $73,980 |
|---|---|
| Loan amount | $295,920 |
| Principal and interest | $1,991 |
| Property taxes (2.60% a year) | $801 |
| Homeowners insurance (our estimate, 0.5% a year) | $154 |
| PMI | $0 |
| Total per month | $2,946 |
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| Down payment | $12,946 |
|---|---|
| Loan amount | $363,200 |
| Principal and interest | $2,443 |
| Property taxes (2.60% a year) | $801 |
| Homeowners insurance (our estimate, 0.5% a year) | $154 |
| FHA mortgage insurance | $164 |
| Total per month | $3,562 |
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Questions about home buying in Spotswood
What is the median home value in Spotswood?
About $369,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spotswood?
Homeowners pay a median $9,619 a year, which is about 2.60% 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 Spotswood?
For the median home with 20% down at 7.11%, the payment is about $2,946 a month. Keeping that under 28% of gross income takes about $126,268 a year.
More about Spotswood
- Mortgage Refinance in Spotswood
- Debt Relief in Spotswood
- Home Equity Loans in Spotswood
- 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