The typical owner-occupied home in Mendham is worth about $819,800, 80% above the New Jersey median of $454,400 and 2.5 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.22% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $211,944 a year, so the median home costs 3.9 times the median income (4.4 times for New Jersey). 86% of occupied homes here are lived in by their owners, and 71% of those owners still have a mortgage.
Mendham at a glance
| Mendham | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $819,800 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 1.22% | 2.11% | 0.94% |
| Median household income | $211,944 | $103,556 | $80,734 |
| Homes lived in by their owners | 86% | 64% | 65% |
| Owner homes with a mortgage | 71% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 23.4% | 22.9% | 21.0% |
| Median rent | $3,501 | $1,720 | $1,413 |
| Rent as a share of renters' income | 27.9% | 30.9% | 30.6% |
| Median year homes were built | 1972 | 1970 | 1980 |
| Vacant homes | 2.9% | 7.5% | 10.1% |
| Population | 4,973 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Mendham
At this week's average 30-year rate of 7.11%, buying the median Mendham home of $819,800 with 20% down costs about $5,587 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $7,084, 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 $239,440 for the 20%-down payment. That payment is 32% of the median Mendham household income of $211,944; at that income and 20% down, the 28% guideline points to a home of about $726,000.
The median rent here is $3,501 a month, so owning the median home costs about $2,086 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $163,960 |
|---|---|
| Loan amount | $655,840 |
| Principal and interest | $4,412 |
| Property taxes (1.22% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $342 |
| PMI | $0 |
| Total per month | $5,587 |
Change the numbers in the calculator
| Down payment | $28,693 |
|---|---|
| Loan amount | $804,951 |
| Principal and interest | $5,415 |
| Property taxes (1.22% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $342 |
| FHA mortgage insurance | $494 |
| Total per month | $7,084 |
Change the numbers in the calculator
Questions about home buying in Mendham
What is the median home value in Mendham?
About $819,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mendham?
Homeowners pay a median $10,001 a year, which is about 1.22% 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 Mendham?
For the median home with 20% down at 7.11%, the payment is about $5,587 a month. Keeping that under 28% of gross income takes about $239,440 a year.
More about Mendham
- Mortgage Refinance in Mendham
- Debt Relief in Mendham
- Home Equity Loans in Mendham
- 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