The typical owner-occupied home in Chatham is worth about $984,900, 2.2 times the New Jersey median of $454,400 and 3.0 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.02% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $241,500 a year, so the median home costs 4.1 times the median income (4.4 times for New Jersey). 83% of occupied homes here are lived in by their owners, and 74% of those owners still have a mortgage.
Chatham at a glance
| Chatham | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $984,900 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 1.02% | 2.11% | 0.94% |
| Median household income | $241,500 | $103,556 | $80,734 |
| Homes lived in by their owners | 83% | 64% | 65% |
| Owner homes with a mortgage | 74% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 18.4% | 22.9% | 21.0% |
| Median rent | $2,250 | $1,720 | $1,413 |
| Rent as a share of renters' income | 22.2% | 30.9% | 30.6% |
| Median year homes were built | 1951 | 1970 | 1980 |
| Vacant homes | 1.3% | 7.5% | 10.1% |
| Population | 9,407 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Chatham
At this week's average 30-year rate of 7.11%, buying the median Chatham home of $984,900 with 20% down costs about $6,548 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $8,347, 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 $280,626 for the 20%-down payment. That payment is 33% of the median Chatham household income of $241,500; at that income and 20% down, the 28% guideline points to a home of about $848,000.
The median rent here is $2,250 a month, so owning the median home costs about $4,298 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $196,980 |
|---|---|
| Loan amount | $787,920 |
| Principal and interest | $5,300 |
| Property taxes (1.02% a year) | $837 |
| Homeowners insurance (our estimate, 0.5% a year) | $410 |
| PMI | $0 |
| Total per month | $6,548 |
Change the numbers in the calculator
| Down payment | $34,472 |
|---|---|
| Loan amount | $967,061 |
| Principal and interest | $6,505 |
| Property taxes (1.02% a year) | $837 |
| Homeowners insurance (our estimate, 0.5% a year) | $410 |
| FHA mortgage insurance | $594 |
| Total per month | $8,347 |
Change the numbers in the calculator
Questions about home buying in Chatham
What is the median home value in Chatham?
About $984,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Chatham?
Homeowners pay a median $10,001 a year, which is about 1.02% 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 Chatham?
For the median home with 20% down at 7.11%, the payment is about $6,548 a month. Keeping that under 28% of gross income takes about $280,626 a year.
More about Chatham
- Mortgage Refinance in Chatham
- Debt Relief in Chatham
- Home Equity Loans in Chatham
- 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