New Jersey Mortgage Calculator
Median home prices, property taxes, and monthly payment estimates for New Jersey homeowners.
New Jersey at a Glance
- Median Home Price
- $510,000
- Property Tax Rate
- 2.23%
- Median Household Income
- $99,781
- Annual Property Tax
- $11,373
Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)
Monthly Mortgage Payment in New Jersey
Based on the New Jersey median home price of $510,000 at 6.7% interest (30-year fixed):
| Payment Breakdown | 20% Down | 5% Down |
|---|---|---|
| Loan Amount | $408,000 | $484,500 |
| Principal and Interest | $2,633 | $3,126 |
| Property Tax (NJ) | $948 | $948 |
| Homeowners Insurance | $125 | $125 |
| PMI | $0 | $202 |
| Total Monthly | $3,705 | $4,401 |
How Much House Can You Afford in New Jersey?
Using the 28/36 rule (housing costs under 28% of gross income):
- With 20% down, you need ~$158,806/year to afford New Jersey's median home
- With 5% down, you need ~$188,614/year
- New Jersey's median household income is $99,781
New Jersey insight: New Jersey has a high property tax rate of 2.23% — among the highest in the US.
New Jersey Housing Market Overview
New Jersey has the highest property taxes in the United States, with an effective rate of 2.23%. The median home price of $510,000 is complemented by annual taxes of $11,373 on a median home. Northern NJ (Hudson, Bergen counties) sees medians exceeding $600,000, while South Jersey (Camden, Gloucester) offers more value at $300,000–$350,000. Inventory is at 2.5 months. The median household income of $99,781 yields a price-to-income ratio of 5.1. NJ Transit proximity to NYC drives demand in northern counties. The state has experienced suburban sprawl and is now seeing renewed urban interest in Jersey City and Newark.
First-Time Homebuyer Programs in New Jersey
The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers the First-Time Homebuyer Mortgage program, providing 30-year fixed-rate mortgages with down payment assistance of up to $15,000 as a forgivable grant. The Police and Fireman's Retirement System Mortgage program offers below-market rates for first responders. NJHMFA also administers the Homeward Bound program for buyers in targeted census tracts, providing up to $25,000 in assistance. The Mortgage Credit Certificate (MCC) program offers a 20% federal tax credit on mortgage interest. Local programs include Jersey City's Affordable Housing Trust Fund ($30,000 grants) and Newark's First Time Homebuyer Program ($20,000). Income limits: Bergen County caps at $120,000 for a two-person household; Camden County caps at $95,000.
Tips for Homebuyers in New Jersey
1) New Jersey's 2.23% property tax is the nation's highest—on a $510,000 home, taxes are ~$948/month, more than many mortgage payments. 2) Coastal flood insurance is essential in Atlantic, Monmouth, and Cape May counties; rates range $1,000–$3,000/year. 3) Homes near NYC transit (NJ Transit, PATH) command 20–30% premiums but offer commuter savings. 4) Buy in fall/winter for less competition and potential price reductions. 5) Radon is common in northern NJ's glacial soils; always test and budget $800–$1,500 for mitigation. 6) Underground oil tanks are a legacy issue in pre-1980 homes; removal costs $2,000–$4,000, and leaking tanks can trigger $50,000+ remediation.
New Jersey Mortgage FAQ
What is the median home price in New Jersey?
The median home price in New Jersey is approximately $510,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.
What is the property tax rate in New Jersey?
The effective property tax rate in New Jersey is approximately 2.23% (Tax Foundation). On a $510,000 home, that is about $11,373/year in property taxes.
How much income do I need to buy a home in New Jersey?
Using the 28/36 rule with 20% down at 6.7%, you would need about $158,806/year to afford the median New Jersey home at $510,000. With 5% down (including PMI), about $188,614.
What will my monthly mortgage payment be in New Jersey?
On New Jersey's median home price of $510,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $3,705. With 5% down including PMI, about $4,401.
Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.