The typical owner-occupied home in Shrewsbury is worth about $811,400, 79% above the New Jersey median of $454,400 and 2.4 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.23% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $178,958 a year, so the median home costs 4.5 times the median income (4.4 times for New Jersey). 86% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Shrewsbury at a glance
| Shrewsbury | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $811,400 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 1.23% | 2.11% | 0.94% |
| Median household income | $178,958 | $103,556 | $80,734 |
| Homes lived in by their owners | 86% | 64% | 65% |
| Owner homes with a mortgage | 66% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $3,782 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 21.0% | 22.9% | 21.0% |
| Median rent | $3,472 | $1,720 | $1,413 |
| Rent as a share of renters' income | 51.0% | 30.9% | 30.6% |
| Median year homes were built | 1969 | 1970 | 1980 |
| Vacant homes | 2.2% | 7.5% | 10.1% |
| Population | 4,179 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Shrewsbury
At this week's average 30-year rate of 7.11%, buying the median Shrewsbury home of $811,400 with 20% down costs about $5,536 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $7,019, 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 $237,276 for the 20%-down payment. That payment is 37% of the median Shrewsbury household income of $178,958; at that income and 20% down, the 28% guideline points to a home of about $612,000.
The median rent here is $3,472 a month, so owning the median home costs about $2,064 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $162,280 |
|---|---|
| Loan amount | $649,120 |
| Principal and interest | $4,367 |
| Property taxes (1.23% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $338 |
| PMI | $0 |
| Total per month | $5,536 |
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| Down payment | $28,399 |
|---|---|
| Loan amount | $796,704 |
| Principal and interest | $5,359 |
| Property taxes (1.23% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $338 |
| FHA mortgage insurance | $489 |
| Total per month | $7,019 |
Change the numbers in the calculator
Questions about home buying in Shrewsbury
What is the median home value in Shrewsbury?
About $811,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Shrewsbury?
Homeowners pay a median $10,001 a year, which is about 1.23% 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 Shrewsbury?
For the median home with 20% down at 7.11%, the payment is about $5,536 a month. Keeping that under 28% of gross income takes about $237,276 a year.
More about Shrewsbury
- Mortgage Refinance in Shrewsbury
- Debt Relief in Shrewsbury
- Home Equity Loans in Shrewsbury
- 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