Total monthly cost of ownership
Cost to Own a Home in Hoboken, New Jersey
A $872,000 home here costs
$6,834per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $293,000 a year.
A standard mortgage calculator would have told you $4,830. The real number is $2,004 higher every month, 41% more than the payment most buyers budget for.
Compare Hudson 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.
Hoboken against Hudson County and New Jersey
| Measure | Hoboken | Hudson County |
|---|---|---|
| Median home value | $872,100 | $508,600 |
| Median property tax | $9,948 | $9,413 |
| Effective tax rate | 1.141% | 1.851% |
| Median gross rent | $2,819 | $1,811 |
| Population | 58,340 | 710,478 |
The weather behind that power bill
Hoboken sits in Hudson County, which averages a high of 86.9°F in its hottest month and a low of 25.5°F in its coldest, with 46.6" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,270 cooling and 4,701 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Hudson County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hudson County
Full Hudson County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Hoboken 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 Hoboken every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Hoboken I already own here and may sell
Common questions
How much does it cost to own a home in Hoboken?
A $872,000 home in Hoboken, New Jersey costs approximately $6,834 per month with 20% down at 7.4%. That is $4,830 principal and interest, $829 property tax, $214 homeowners insurance, $235 utilities and $727 set aside for maintenance.
What is the property tax rate in Hoboken?
Hoboken has an effective property tax rate of 1.141%, based on a median home value of $872,100 and median real estate taxes of $9,948. That is lower than the Hudson County average of 1.851%.
What is the average home price in Hoboken?
The median owner-occupied home value in Hoboken, New Jersey is $872,100, against $508,600 across Hudson County.
Is it cheaper to rent or buy in Hoboken?
Median gross rent in Hoboken is $2,819 a month, against $6,834 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 Hoboken?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Hoboken, New Jersey at today's rate takes a household income of roughly $293,000 a year. That covers the full $6,834 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Hoboken, 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.