Total monthly cost of ownership
Cost to Own a Home in Groveville, New Jersey
A $348,000 home here costs
$3,356per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $144,000 a year.
A standard mortgage calculator would have told you $1,912. The real number is $1,444 higher every month, 75% more than the payment most buyers budget for.
Compare Mercer County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Groveville from a five-year rolling sample, and with about 3,007 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Mercer County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Groveville against Mercer County and New Jersey
| Measure | Groveville | Mercer County |
|---|---|---|
| Median home value | $347,900 | $351,000 |
| Median property tax | $10,001 | $8,804 |
| Effective tax rate | 2.875% | 2.508% |
| Median gross rent | $1,207 | $1,515 |
| Population | 3,007 | 383,286 |
The weather behind that power bill
Groveville sits in Mercer County, which averages a high of 86.0°F in its hottest month and a low of 24.3°F in its coldest, with 45.63" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,050 cooling and 4,977 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Mercer County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mercer County
Full Mercer County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Groveville 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 Groveville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Groveville I already own here and may sell
Common questions
How much does it cost to own a home in Groveville?
A $348,000 home in Groveville, New Jersey costs approximately $3,356 per month with 20% down at 7.32%. That is $1,912 principal and interest, $834 property tax, $85 homeowners insurance, $235 utilities and $290 set aside for maintenance.
What is the property tax rate in Groveville?
Groveville has an effective property tax rate of 2.875%, based on a median home value of $347,900 and median real estate taxes of $10,001. That is higher than the Mercer County average of 2.508%.
What is the average home price in Groveville?
The median owner-occupied home value in Groveville, New Jersey is $347,900, against $351,000 across Mercer County.
Is it cheaper to rent or buy in Groveville?
Median gross rent in Groveville is $1,207 a month, against $3,356 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 Groveville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Groveville, New Jersey at today's rate takes a household income of roughly $144,000 a year. That covers the full $3,356 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Groveville, 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.