The typical owner-occupied home in Morristown is worth about $567,600, 25% above the New Jersey median of $454,400 and 71% above the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.76% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $121,340 a year, so the median home costs 4.7 times the median income (4.4 times for New Jersey). 37% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Morristown at a glance
| Morristown | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $567,600 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 1.76% | 2.11% | 0.94% |
| Median household income | $121,340 | $103,556 | $80,734 |
| Homes lived in by their owners | 37% | 64% | 65% |
| Owner homes with a mortgage | 69% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,984 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 20.0% | 22.9% | 21.0% |
| Median rent | $2,274 | $1,720 | $1,413 |
| Rent as a share of renters' income | 26.9% | 30.9% | 30.6% |
| Median year homes were built | 1970 | 1970 | 1980 |
| Vacant homes | 3.1% | 7.5% | 10.1% |
| Population | 20,453 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Morristown
At this week's average 30-year rate of 7.11%, buying the median Morristown home of $567,600 with 20% down costs about $4,124 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,069, 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 $176,726 for the 20%-down payment. That payment is 41% of the median Morristown household income of $121,340; at that income and 20% down, the 28% guideline points to a home of about $390,000.
The median rent here is $2,274 a month, so owning the median home costs about $1,850 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $113,520 |
|---|---|
| Loan amount | $454,080 |
| Principal and interest | $3,055 |
| Property taxes (1.76% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $236 |
| PMI | $0 |
| Total per month | $4,124 |
Change the numbers in the calculator
| Down payment | $19,866 |
|---|---|
| Loan amount | $557,319 |
| Principal and interest | $3,749 |
| Property taxes (1.76% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $236 |
| FHA mortgage insurance | $251 |
| Total per month | $5,069 |
Change the numbers in the calculator
Questions about home buying in Morristown
What is the median home value in Morristown?
About $567,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morristown?
Homeowners pay a median $10,001 a year, which is about 1.76% 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 Morristown?
For the median home with 20% down at 7.11%, the payment is about $4,124 a month. Keeping that under 28% of gross income takes about $176,726 a year.
More about Morristown
- Mortgage Refinance in Morristown
- Debt Relief in Morristown
- Home Equity Loans in Morristown
- 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