The typical owner-occupied home in Red Bank is worth about $504,900, 11% above the New Jersey median of $454,400 and 52% above the national median of $332,700. Owners pay a median $8,971 a year in property taxes, about 1.78% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $97,477 a year, so the median home costs 5.2 times the median income (4.4 times for New Jersey). 50% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Red Bank at a glance
| Red Bank | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $504,900 | $454,400 | $332,700 |
| Median property tax paid per year | $8,971 | $9,590 | $3,119 |
| Property tax as a share of value | 1.78% | 2.11% | 0.94% |
| Median household income | $97,477 | $103,556 | $80,734 |
| Homes lived in by their owners | 50% | 64% | 65% |
| Owner homes with a mortgage | 62% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,809 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 23.6% | 22.9% | 21.0% |
| Median rent | $2,026 | $1,720 | $1,413 |
| Rent as a share of renters' income | 29.5% | 30.9% | 30.6% |
| Median year homes were built | 1958 | 1970 | 1980 |
| Vacant homes | 3.7% | 7.5% | 10.1% |
| Population | 12,862 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Red Bank
At this week's average 30-year rate of 7.11%, buying the median Red Bank home of $504,900 with 20% down costs about $3,677 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,518, 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 $157,565 for the 20%-down payment. That payment is 45% of the median Red Bank household income of $97,477; at that income and 20% down, the 28% guideline points to a home of about $312,000.
The median rent here is $2,026 a month, so owning the median home costs about $1,651 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $100,980 |
|---|---|
| Loan amount | $403,920 |
| Principal and interest | $2,717 |
| Property taxes (1.78% a year) | $749 |
| Homeowners insurance (our estimate, 0.5% a year) | $210 |
| PMI | $0 |
| Total per month | $3,677 |
Change the numbers in the calculator
| Down payment | $17,672 |
|---|---|
| Loan amount | $495,755 |
| Principal and interest | $3,335 |
| Property taxes (1.78% a year) | $749 |
| Homeowners insurance (our estimate, 0.5% a year) | $210 |
| FHA mortgage insurance | $223 |
| Total per month | $4,518 |
Change the numbers in the calculator
Questions about home buying in Red Bank
What is the median home value in Red Bank?
About $504,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Red Bank?
Homeowners pay a median $8,971 a year, which is about 1.78% 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 Red Bank?
For the median home with 20% down at 7.11%, the payment is about $3,677 a month. Keeping that under 28% of gross income takes about $157,565 a year.
More about Red Bank
- Mortgage Refinance in Red Bank
- Debt Relief in Red Bank
- Home Equity Loans in Red Bank
- 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