Total monthly cost of ownership
Cost to Own a Home in Chester, New Jersey
A $640,000 home here costs
$5,091per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,290. The real number is $1,800 higher every month — 55% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Chester against Morris County and New Jersey
| Measure | Chester | Morris County |
|---|---|---|
| Median home value | $640,400 | $557,000 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.562% | 1.796% |
| Median gross rent | $1,337 | $1,860 |
| Population | 1,359 | 510,375 |
The weather behind that power bill
Chester sits in Morris 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 $209 electricity line above.
See the full climate breakdown for Morris County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Morris County
Full Morris County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Chester?
A $640,000 home in Chester, New Jersey costs approximately $5,091 per month with 20% down at 6.66%. That is $3,290 principal and interest, $833 property tax, $157 homeowners insurance, $277 utilities and $533 set aside for maintenance.
What is the property tax rate in Chester?
Chester has an effective property tax rate of 1.562%, based on a median home value of $640,400 and median real estate taxes of $10,001. That is lower than the Morris County average of 1.796%.
What is the average home price in Chester?
The median owner-occupied home value in Chester, New Jersey is $640,400, against $557,000 across Morris County.
Is it cheaper to rent or buy in Chester?
Median gross rent in Chester is $1,337 a month, against $5,091 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chester — 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.