How Much House Can I Afford in New Jersey?
Find out how much house you can afford in New Jersey with 2.49% property tax. Uses 28/36 rule with New Jersey-specific data.
How This Calculator Works
Calculation methodology and assumptions
Calculates home affordability in New Jersey using the 28/36 rule. Maximum 28% of gross monthly income for housing (PITI). Includes New Jersey's effective property tax rate of 2.49% and average home insurance of $1,360/year. Median home price in New Jersey: $470,000.
Key State Information
New Jersey housing market: Median home price $470,000 | Property tax rate 2.49% | Avg home insurance $1,360/yr | Median household income $89,296. Homes are expensive relative to income.
Frequently Asked Questions
How much house can I afford on the median income in New Jersey?
With New Jersey's median household income of $89,296 and a 10% down payment, you can typically afford a home priced around $312,536-$401,832 depending on debts and interest rates. The median home in New Jersey costs $470,000.
What is the property tax rate in New Jersey?
New Jersey's effective property tax rate is 2.49%. On a $470,000 home, that's approximately $11,703/year or $975/month.
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