Total monthly cost of ownership
Cost to Own a Home in Caldwell, New Jersey
A $563,000 home here costs
$4,794per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $205,500 a year.
A standard mortgage calculator would have told you $3,118. The real number is $1,675 higher every month, 54% more than the payment most buyers budget for.
Compare Essex County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Caldwell against Essex County and New Jersey
| Measure | Caldwell | Essex County |
|---|---|---|
| Median home value | $563,000 | $494,400 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.776% | 2.023% |
| Median gross rent | $1,937 | $1,459 |
| Population | 8,898 | 854,130 |
The weather behind that power bill
Caldwell sits in Essex County, which averages a high of 85.2°F in its hottest month and a low of 22.9°F in its coldest, with 44.88" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 973 cooling and 5,272 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Essex County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Essex County
Full Essex County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Caldwell averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Caldwell every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Caldwell I already own here and may sell
Common questions
How much does it cost to own a home in Caldwell?
A $563,000 home in Caldwell, New Jersey costs approximately $4,794 per month with 20% down at 7.4%. That is $3,118 principal and interest, $833 property tax, $138 homeowners insurance, $235 utilities and $469 set aside for maintenance.
What is the property tax rate in Caldwell?
Caldwell has an effective property tax rate of 1.776%, based on a median home value of $563,000 and median real estate taxes of $10,001. That is lower than the Essex County average of 2.023%.
What is the average home price in Caldwell?
The median owner-occupied home value in Caldwell, New Jersey is $563,000, against $494,400 across Essex County.
Is it cheaper to rent or buy in Caldwell?
Median gross rent in Caldwell is $1,937 a month, against $4,794 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Caldwell?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Caldwell, New Jersey at today's rate takes a household income of roughly $205,500 a year. That covers the full $4,794 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Caldwell, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for New Jersey.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.