The typical owner-occupied home in Phillipsburg is worth about $193,200, 57% below the New Jersey median of $454,400 and 42% below the national median of $332,700. Owners pay a median $5,140 a year in property taxes, about 2.66% of their home's value, higher than the New Jersey rate of 2.11%. The median household earns $68,324 a year, so the median home costs 2.8 times the median income (4.4 times for New Jersey). 58% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Phillipsburg at a glance
| Phillipsburg | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $193,200 | $454,400 | $332,700 |
| Median property tax paid per year | $5,140 | $9,590 | $3,119 |
| Property tax as a share of value | 2.66% | 2.11% | 0.94% |
| Median household income | $68,324 | $103,556 | $80,734 |
| Homes lived in by their owners | 58% | 64% | 65% |
| Owner homes with a mortgage | 62% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,582 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 21.6% | 22.9% | 21.0% |
| Median rent | $1,167 | $1,720 | $1,413 |
| Rent as a share of renters' income | 31.8% | 30.9% | 30.6% |
| Median year homes were built | 1938 | 1970 | 1980 |
| Vacant homes | 4.6% | 7.5% | 10.1% |
| Population | 15,299 | 9,343,809 | 334,922,499 |
What a typical home costs per month in Phillipsburg
At this week's average 30-year rate of 7.11%, buying the median Phillipsburg home of $193,200 with 20% down costs about $1,548 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,870, 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 $66,364 for the 20%-down payment. That payment is 27% of the median Phillipsburg household income of $68,324; at that income and 20% down, the 28% guideline points to a home of about $199,000.
The median rent here is $1,167 a month, so owning the median home costs about $381 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $38,640 |
|---|---|
| Loan amount | $154,560 |
| Principal and interest | $1,040 |
| Property taxes (2.66% a year) | $428 |
| Homeowners insurance (our estimate, 0.5% a year) | $80 |
| PMI | $0 |
| Total per month | $1,548 |
Change the numbers in the calculator
| Down payment | $6,762 |
|---|---|
| Loan amount | $189,701 |
| Principal and interest | $1,276 |
| Property taxes (2.66% a year) | $428 |
| Homeowners insurance (our estimate, 0.5% a year) | $80 |
| FHA mortgage insurance | $85 |
| Total per month | $1,870 |
Change the numbers in the calculator
Questions about home buying in Phillipsburg
What is the median home value in Phillipsburg?
About $193,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Phillipsburg?
Homeowners pay a median $5,140 a year, which is about 2.66% 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 Phillipsburg?
For the median home with 20% down at 7.11%, the payment is about $1,548 a month. Keeping that under 28% of gross income takes about $66,364 a year.
More about Phillipsburg
- Mortgage Refinance in Phillipsburg
- Debt Relief in Phillipsburg
- Home Equity Loans in Phillipsburg
- 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