Total monthly cost of ownership
Cost to Own a Home in Lake Mohawk, New Jersey
A $419,000 home here costs
$3,801per 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 $163,000 a year.
A standard mortgage calculator would have told you $2,284. The real number is $1,517 higher every month, 66% more than the payment most buyers budget for.
Compare Sussex 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.
Lake Mohawk against Sussex County and New Jersey
| Measure | Lake Mohawk | Sussex County |
|---|---|---|
| Median home value | $418,800 | $342,800 |
| Median property tax | $10,001 | $8,462 |
| Effective tax rate | 2.388% | 2.468% |
| Median gross rent | $1,838 | $1,503 |
| Population | 9,116 | 145,117 |
The weather behind that power bill
Lake Mohawk sits in Sussex County, which averages a high of 83.6°F in its hottest month and a low of 18.0°F in its coldest, with 40.95" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 639 cooling and 6,048 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Sussex County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sussex County
Full Sussex County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Lake Mohawk 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 Lake Mohawk every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake Mohawk I already own here and may sell
Common questions
How much does it cost to own a home in Lake Mohawk?
A $419,000 home in Lake Mohawk, New Jersey costs approximately $3,801 per month with 20% down at 7.24%. That is $2,284 principal and interest, $834 property tax, $103 homeowners insurance, $231 utilities and $349 set aside for maintenance.
What is the property tax rate in Lake Mohawk?
Lake Mohawk has an effective property tax rate of 2.388%, based on a median home value of $418,800 and median real estate taxes of $10,001. That is lower than the Sussex County average of 2.468%.
What is the average home price in Lake Mohawk?
The median owner-occupied home value in Lake Mohawk, New Jersey is $418,800, against $342,800 across Sussex County.
Is it cheaper to rent or buy in Lake Mohawk?
Median gross rent in Lake Mohawk is $1,838 a month, against $3,801 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 Lake Mohawk?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake Mohawk, New Jersey at today's rate takes a household income of roughly $163,000 a year. That covers the full $3,801 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake Mohawk, 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.