Total monthly cost of ownership
Cost to Own a Home in Little Silver, New Jersey
A $871,000 home here costs
$6,753per 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 $289,500 a year.
A standard mortgage calculator would have told you $4,749. The real number is $2,004 higher every month, 42% more than the payment most buyers budget for.
Compare Monmouth 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.
Little Silver against Monmouth County and New Jersey
| Measure | Little Silver | Monmouth County |
|---|---|---|
| Median home value | $870,700 | $566,500 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.149% | 1.765% |
| Median gross rent | $3,500+ | $1,771 |
| Population | 6,096 | 643,615 |
The weather behind that power bill
Little Silver sits in Monmouth County, which averages a high of 86.5°F in its hottest month and a low of 22.9°F in its coldest, with 48.57" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 1,017 cooling and 4,988 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Monmouth County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Monmouth County
Full Monmouth County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Little Silver 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 Little Silver every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Little Silver I already own here and may sell
Common questions
How much does it cost to own a home in Little Silver?
A $871,000 home in Little Silver, New Jersey costs approximately $6,753 per month with 20% down at 7.24%. That is $4,749 principal and interest, $834 property tax, $213 homeowners insurance, $231 utilities and $726 set aside for maintenance.
What is the property tax rate in Little Silver?
Little Silver has an effective property tax rate of 1.149%, based on a median home value of $870,700 and median real estate taxes of $10,001. That is lower than the Monmouth County average of 1.765%.
What is the average home price in Little Silver?
The median owner-occupied home value in Little Silver, New Jersey is $870,700, against $566,500 across Monmouth County.
Is it cheaper to rent or buy in Little Silver?
Median gross rent in Little Silver is above $3,500 (the Census reporting cap) a month, against $6,753 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 Little Silver?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Little Silver, New Jersey at today's rate takes a household income of roughly $289,500 a year. That covers the full $6,753 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Little Silver, 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.