Total monthly cost of ownership
Cost to Own a Home in Hillsborough, New Jersey
A $411,000 home here costs
$3,547per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,113. The real number is $1,435 higher every month — 68% 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.
Hillsborough against Somerset County and New Jersey
| Measure | Hillsborough | Somerset County |
|---|---|---|
| Median home value | $411,400 | $523,900 |
| Median property tax | $8,576 | $10,001 |
| Effective tax rate | 2.085% | 1.909% |
| Median gross rent | $1,898 | $1,921 |
| Population | 22,302 | 346,203 |
The weather behind that power bill
Hillsborough sits in Somerset County, which averages a high of 86.2°F in its hottest month and a low of 20.6°F in its coldest, with 45.49" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 859 cooling and 5,385 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Somerset County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Somerset County
Full Somerset County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Hillsborough?
A $411,000 home in Hillsborough, New Jersey costs approximately $3,547 per month with 20% down at 6.66%. That is $2,113 principal and interest, $714 property tax, $101 homeowners insurance, $277 utilities and $343 set aside for maintenance.
What is the property tax rate in Hillsborough?
Hillsborough has an effective property tax rate of 2.085%, based on a median home value of $411,400 and median real estate taxes of $8,576. That is higher than the Somerset County average of 1.909%.
What is the average home price in Hillsborough?
The median owner-occupied home value in Hillsborough, New Jersey is $411,400, against $523,900 across Somerset County.
Is it cheaper to rent or buy in Hillsborough?
Median gross rent in Hillsborough is $1,898 a month, against $3,547 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 Hillsborough — 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.