Total monthly cost of ownership
Cost to Own a Home in Cranford, New Jersey
A $550,000 home here costs
$4,531per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,828. The real number is $1,704 higher every month — 60% 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.
Cranford against Union County and New Jersey
| Measure | Cranford | Union County |
|---|---|---|
| Median home value | $550,000 | $488,800 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.818% | 2.046% |
| Median gross rent | $2,312 | $1,664 |
| Population | 1,783 | 572,549 |
The weather behind that power bill
Cranford sits in Union County, which averages a high of 85.9°F in its hottest month and a low of 25.1°F in its coldest, with 50.39" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,123 cooling and 4,856 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Union County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Union County
Full Union County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Cranford?
A $550,000 home in Cranford, New Jersey costs approximately $4,531 per month with 20% down at 6.66%. That is $2,828 principal and interest, $833 property tax, $135 homeowners insurance, $277 utilities and $458 set aside for maintenance.
What is the property tax rate in Cranford?
Cranford has an effective property tax rate of 1.818%, based on a median home value of $550,000 and median real estate taxes of $10,001. That is lower than the Union County average of 2.046%.
What is the average home price in Cranford?
The median owner-occupied home value in Cranford, New Jersey is $550,000, against $488,800 across Union County.
Is it cheaper to rent or buy in Cranford?
Median gross rent in Cranford is $2,312 a month, against $4,531 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 Cranford — 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.