Cost of Ownership · New Jersey

The true cost of owning a home in New Jersey

For a median $427,600 home in New Jersey, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.

As of Jul 5, 2026Methodology true-cost-v3

Lender-approved payment

$3,488/mo

PITI + PMI

True monthly cost

$3,845/mo

everything, incl. upkeep

The gap

+$356/mo

what approval leaves out

Principal & interest$2,415/mo

Property tax$795/mo

Homeowners insurance$118/mo

PMI (LTV > 80%)$160/mo

Maintenance reserve$356/mo

True monthly cost$3,845/mo

Effective property-tax rate

2.23%

Avg. homeowners premium

$1,417/yr

NFIP flood claims on record

202,156

These figures use New Jersey’s median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how New Jersey ranks on property tax and insurance, or browse every state.