The typical owner-occupied home in Lakewood is worth about $715,500, 57% above the New Jersey median of $454,400 and 2.2 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.40% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $56,968 a year, so the median home costs 12.6 times the median income (4.4 times for New Jersey). 39% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Lakewood at a glance
| Lakewood | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $715,500 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 1.40% | 2.11% | 0.94% |
| Median household income | $56,968 | $103,556 | $80,734 |
| Homes lived in by their owners | 39% | 64% | 65% |
| Owner homes with a mortgage | 66% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $3,281 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 30.4% | 22.9% | 21.0% |
| Median rent | $1,718 | $1,720 | $1,413 |
| Rent as a share of renters' income | 49.1% | 30.9% | 30.6% |
| Median year homes were built | 1993 | 1970 | 1980 |
| Vacant homes | 4.6% | 7.5% | 10.1% |
| Population | 69,585 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Lakewood
At this week's average 30-year rate of 7.11%, buying the median Lakewood home of $715,500 with 20% down costs about $4,983 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $6,175, 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 $213,576 for the 20%-down payment. That payment is 105% of the median Lakewood household income of $56,968; at that income and 20% down, the 28% guideline points to a home of about $191,000.
The median rent here is $1,718 a month, so owning the median home costs about $3,265 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $143,100 |
|---|---|
| Loan amount | $572,400 |
| Principal and interest | $3,851 |
| Property taxes (1.40% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $298 |
| PMI | $0 |
| Total per month | $4,983 |
Change the numbers in the calculator
| Down payment | $25,042 |
|---|---|
| Loan amount | $702,541 |
| Principal and interest | $4,726 |
| Property taxes (1.40% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $298 |
| FHA mortgage insurance | $316 |
| Total per month | $6,175 |
Change the numbers in the calculator
Questions about home buying in Lakewood
What is the median home value in Lakewood?
About $715,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lakewood?
Homeowners pay a median $10,001 a year, which is about 1.40% 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 Lakewood?
For the median home with 20% down at 7.11%, the payment is about $4,983 a month. Keeping that under 28% of gross income takes about $213,576 a year.
More about Lakewood
- Mortgage Refinance in Lakewood
- Debt Relief in Lakewood
- Home Equity Loans in Lakewood
- 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