Total monthly cost of ownership
Cost to Own a Home in Dover, New Jersey
A $347,000 home here costs
$3,015per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,784. The real number is $1,231 higher every month — 69% 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.
Dover against Morris County and New Jersey
| Measure | Dover | Morris County |
|---|---|---|
| Median home value | $347,100 | $557,000 |
| Median property tax | $6,959 | $10,001 |
| Effective tax rate | 2.005% | 1.796% |
| Median gross rent | $1,743 | $1,860 |
| Population | 18,420 | 510,375 |
The weather behind that power bill
Dover 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 Dover?
A $347,000 home in Dover, New Jersey costs approximately $3,015 per month with 20% down at 6.66%. That is $1,784 principal and interest, $580 property tax, $85 homeowners insurance, $277 utilities and $289 set aside for maintenance.
What is the property tax rate in Dover?
Dover has an effective property tax rate of 2.005%, based on a median home value of $347,100 and median real estate taxes of $6,959. That is higher than the Morris County average of 1.796%.
What is the average home price in Dover?
The median owner-occupied home value in Dover, New Jersey is $347,100, against $557,000 across Morris County.
Is it cheaper to rent or buy in Dover?
Median gross rent in Dover is $1,743 a month, against $3,015 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 Dover — 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.