Total monthly cost of ownership
Cost to Own a Home in Morris Plains, New Jersey
A $610,000 home here costs
$5,048per 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 $216,500 a year.
A standard mortgage calculator would have told you $3,326. The real number is $1,722 higher every month, 52% more than the payment most buyers budget for.
Compare Morris 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.
Morris Plains against Morris County and New Jersey
| Measure | Morris Plains | Morris County |
|---|---|---|
| Median home value | $609,700 | $557,000 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.640% | 1.796% |
| Median gross rent | $2,686 | $1,860 |
| Population | 6,214 | 510,375 |
The weather behind that power bill
Morris Plains sits in Morris County, which averages a high of 85.2°F in its hottest month and a low of 22.9°F in its coldest, with 44.88" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 973 cooling and 5,272 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Morris County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Morris County
Full Morris County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Morris Plains 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 Morris Plains every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Morris Plains I already own here and may sell
Common questions
How much does it cost to own a home in Morris Plains?
A $610,000 home in Morris Plains, New Jersey costs approximately $5,048 per month with 20% down at 7.24%. That is $3,326 principal and interest, $834 property tax, $149 homeowners insurance, $231 utilities and $508 set aside for maintenance.
What is the property tax rate in Morris Plains?
Morris Plains has an effective property tax rate of 1.640%, based on a median home value of $609,700 and median real estate taxes of $10,001. That is lower than the Morris County average of 1.796%.
What is the average home price in Morris Plains?
The median owner-occupied home value in Morris Plains, New Jersey is $609,700, against $557,000 across Morris County.
Is it cheaper to rent or buy in Morris Plains?
Median gross rent in Morris Plains is $2,686 a month, against $5,048 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 Morris Plains?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Morris Plains, New Jersey at today's rate takes a household income of roughly $216,500 a year. That covers the full $5,048 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Morris Plains, 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.