Cost of homeownership in New Jersey
State averages from Census ACS, energy costs from DOE EIA, and appreciation from FHFA. County-level detail is below.
Home price trend
FHFA House Price Index, quarterly.
Most expensive counties
- 1.Bergen County$561,500
- 2.Morris County$531,800
- 3.Monmouth County$519,300
- 4.Somerset County$489,500
- 5.Hudson County$486,900
- 6.Hunterdon County$478,600
- 7.Essex County$466,500
- 8.Union County$458,000
- 9.Passaic County$413,500
- 10.Middlesex County$411,900
Most affordable counties
- 1.Somerset County19.2%
- 2.Hunterdon County19.7%
- 3.Burlington County19.9%
- 4.Salem County19.9%
- 5.Gloucester County20.0%
- 6.Morris County20.1%
- 7.Camden County20.2%
- 8.Mercer County20.3%
- 9.Monmouth County20.5%
- 10.Cape May County20.5%
DOE EIA residential average.
Residential baseline.
IRS SOI, state-level avg.
All counties in New Jersey
Frequently asked questions
How much does it cost to own a home in New Jersey?
Based on Census ACS, the state average home value in New Jersey is $378,657, with median annual property tax around $8,423. Your actual cost depends on county and property.
What is the property tax in New Jersey?
Property tax rates vary by county. New Jersey's state average sits at roughly $8,423 per year on a median home. See county-level pages for local rates.
How fast are home prices appreciating in New Jersey?
FHFA House Price Index data shows New Jersey appreciating 5.2% over the last year and 58.3% over the last five years.
Is homeownership high in New Jersey?
New Jersey's homeownership rate is 68.1% (Census ACS). The share of owner-occupied units varies widely across counties.