Total monthly cost of ownership
Cost to Own a Home in Newark, New Jersey
A $338,000 home here costs
$2,978per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,738. The real number is $1,240 higher every month — 71% 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.
Newark against Essex County and New Jersey
| Measure | Newark | Essex County |
|---|---|---|
| Median home value | $337,800 | $494,400 |
| Median property tax | $7,178 | $10,001 |
| Effective tax rate | 2.125% | 2.023% |
| Median gross rent | $1,330 | $1,459 |
| Population | 307,188 | 854,130 |
The weather behind that power bill
Newark sits in Essex 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 $209 electricity line above.
See the full climate breakdown for Essex County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Essex County
Full Essex County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Newark?
A $338,000 home in Newark, New Jersey costs approximately $2,978 per month with 20% down at 6.66%. That is $1,738 principal and interest, $599 property tax, $83 homeowners insurance, $277 utilities and $282 set aside for maintenance.
What is the property tax rate in Newark?
Newark has an effective property tax rate of 2.125%, based on a median home value of $337,800 and median real estate taxes of $7,178. That is higher than the Essex County average of 2.023%.
What is the average home price in Newark?
The median owner-occupied home value in Newark, New Jersey is $337,800, against $494,400 across Essex County.
Is it cheaper to rent or buy in Newark?
Median gross rent in Newark is $1,330 a month, against $2,978 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 Newark — 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.