Total monthly cost of ownership
Cost to Own a Home in Medford Lakes, New Jersey
A $368,000 home here costs
$3,399per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,892. The real number is $1,507 higher every month — 80% 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.
Medford Lakes against Burlington County and New Jersey
| Measure | Medford Lakes | Burlington County |
|---|---|---|
| Median home value | $368,200 | $326,700 |
| Median property tax | $10,001 | $7,902 |
| Effective tax rate | 2.716% | 2.419% |
| Median gross rent | $2,136 | $1,669 |
| Population | 4,267 | 464,226 |
The weather behind that power bill
Medford Lakes sits in Burlington County, which averages a high of 87.0°F in its hottest month and a low of 24.6°F in its coldest, with 42.79" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,074 cooling and 4,880 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Burlington County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Burlington County
Full Burlington County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Medford Lakes?
A $368,000 home in Medford Lakes, New Jersey costs approximately $3,399 per month with 20% down at 6.66%. That is $1,892 principal and interest, $833 property tax, $90 homeowners insurance, $277 utilities and $307 set aside for maintenance.
What is the property tax rate in Medford Lakes?
Medford Lakes has an effective property tax rate of 2.716%, based on a median home value of $368,200 and median real estate taxes of $10,001. That is higher than the Burlington County average of 2.419%.
What is the average home price in Medford Lakes?
The median owner-occupied home value in Medford Lakes, New Jersey is $368,200, against $326,700 across Burlington County.
Is it cheaper to rent or buy in Medford Lakes?
Median gross rent in Medford Lakes is $2,136 a month, against $3,399 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 Medford Lakes — 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.