Total monthly cost of ownership
Cost to Own a Home in Hillsborough, New Jersey
A $411,000 home here costs
$3,629per 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 $155,500 a year.
A standard mortgage calculator would have told you $2,241. The real number is $1,388 higher every month, 62% more than the payment most buyers budget for.
Compare Somerset 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.
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 $163 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
Talk to someone who works this market
These are Hillsborough 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 Hillsborough every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Hillsborough I already own here and may sell
Common questions
How much does it cost to own a home in Hillsborough?
A $411,000 home in Hillsborough, New Jersey costs approximately $3,629 per month with 20% down at 7.24%. That is $2,241 principal and interest, $714 property tax, $101 homeowners insurance, $231 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 $3,629 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 Hillsborough?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Hillsborough, New Jersey at today's rate takes a household income of roughly $155,500 a year. That covers the full $3,629 monthly cost, not just the mortgage payment.
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.