Total monthly cost of ownership
Cost to Own a Home in Edgewater, New Jersey
A $723,000 home here costs
$5,785per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $248,000 a year.
A standard mortgage calculator would have told you $3,942. The real number is $1,843 higher every month, 47% more than the payment most buyers budget for.
Compare Bergen 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.
Edgewater against Bergen County and New Jersey
| Measure | Edgewater | Bergen County |
|---|---|---|
| Median home value | $723,400 | $593,200 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.382% | 1.686% |
| Median gross rent | $2,645 | $1,863 |
| Population | 14,544 | 954,717 |
The weather behind that power bill
Edgewater sits in Bergen County, which averages a high of 87.0°F in its hottest month and a low of 25.7°F in its coldest, with 46.29" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,255 cooling and 4,735 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Bergen County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bergen County
Full Bergen County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Edgewater 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 Edgewater every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Edgewater I already own here and may sell
Common questions
How much does it cost to own a home in Edgewater?
A $723,000 home in Edgewater, New Jersey costs approximately $5,785 per month with 20% down at 7.24%. That is $3,942 principal and interest, $833 property tax, $177 homeowners insurance, $231 utilities and $603 set aside for maintenance.
What is the property tax rate in Edgewater?
Edgewater has an effective property tax rate of 1.382%, based on a median home value of $723,400 and median real estate taxes of $10,001. That is lower than the Bergen County average of 1.686%.
What is the average home price in Edgewater?
The median owner-occupied home value in Edgewater, New Jersey is $723,400, against $593,200 across Bergen County.
Is it cheaper to rent or buy in Edgewater?
Median gross rent in Edgewater is $2,645 a month, against $5,785 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 Edgewater?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Edgewater, New Jersey at today's rate takes a household income of roughly $248,000 a year. That covers the full $5,785 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Edgewater, 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.