Cost of Ownership · New Jersey
The true cost of owning a home in New Jersey
For a median $454,400 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.
Lender-approved payment
$3,694/mo
PITI + PMI
True monthly cost
$4,073/mo
everything, incl. upkeep
The gap
+$379/mo
what approval leaves out
Effective property-tax rate
2.11%
Avg. homeowners premium
$1,417/yr
NFIP flood claims on record
202,156
Closing costs in New Jersey
Median closing costs and lender origination charges on real home-purchase loans in New Jersey, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$7,494
Typically $5,537–$11,839
Median origination charges
$3,007
Typically $1,295–$6,397
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $5,537 | $7,494 | $11,839 | 66,239 |
| All | $5,408 | $7,763 | $12,157 | 66,438 |
| < $250k | $4,140 | $5,154 | $7,389 | 8,751 |
| < $250k | $4,167 | $5,762 | $7,890 | 13,031 |
| $250k–$500k | $5,284 | $7,163 | $11,415 | 29,469 |
| $250k–$500k | $5,359 | $8,384 | $12,604 | 32,697 |
| $500k–$750k | $6,016 | $8,855 | $16,113 | 14,562 |
| $500k–$750k | $6,193 | $8,116 | $15,190 | 17,938 |
| > $750k | $7,225 | $9,015 | $14,292 | 10,081 |
| > $750k | $6,989 | $8,833 | $14,410 | 6,148 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in New Jersey
- What are the median closing costs in New Jersey?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in New Jersey are about $7,494, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in New Jersey?
- The effective property-tax rate in New Jersey is about 2.11%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in New Jersey?
- A median $454,400 home in New Jersey costs about $4,073 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $3,694. Every figure is from public data.
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.