The typical owner-occupied home in Elizabeth is worth about $449,300, about the same as the New Jersey median of $454,400 and 35% above the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 2.23% of their home's value, higher than the New Jersey rate of 2.11%. The median household earns $66,555 a year, so the median home costs 6.8 times the median income (4.4 times for New Jersey). 26% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Elizabeth at a glance
| Elizabeth | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $449,300 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 2.23% | 2.11% | 0.94% |
| Median household income | $66,555 | $103,556 | $80,734 |
| Homes lived in by their owners | 26% | 64% | 65% |
| Owner homes with a mortgage | 62% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $2,916 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 32.2% | 22.9% | 21.0% |
| Median rent | $1,523 | $1,720 | $1,413 |
| Rent as a share of renters' income | 32.0% | 30.9% | 30.6% |
| Median year homes were built | 1957 | 1970 | 1980 |
| Vacant homes | 5.8% | 7.5% | 10.1% |
| Population | 137,302 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Elizabeth
At this week's average 30-year rate of 7.11%, buying the median Elizabeth home of $449,300 with 20% down costs about $3,440 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,189, 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 $147,435 for the 20%-down payment. That payment is 62% of the median Elizabeth household income of $66,555; at that income and 20% down, the 28% guideline points to a home of about $203,000.
The median rent here is $1,523 a month, so owning the median home costs about $1,917 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $89,860 |
|---|---|
| Loan amount | $359,440 |
| Principal and interest | $2,418 |
| Property taxes (2.23% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $187 |
| PMI | $0 |
| Total per month | $3,440 |
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| Down payment | $15,726 |
|---|---|
| Loan amount | $441,162 |
| Principal and interest | $2,968 |
| Property taxes (2.23% a year) | $835 |
| Homeowners insurance (our estimate, 0.5% a year) | $187 |
| FHA mortgage insurance | $199 |
| Total per month | $4,189 |
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Questions about home buying in Elizabeth
What is the median home value in Elizabeth?
About $449,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elizabeth?
Homeowners pay a median $10,001 a year, which is about 2.23% 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 Elizabeth?
For the median home with 20% down at 7.11%, the payment is about $3,440 a month. Keeping that under 28% of gross income takes about $147,435 a year.
More about Elizabeth
- Mortgage Refinance in Elizabeth
- Debt Relief in Elizabeth
- Home Equity Loans in Elizabeth
- 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