Total monthly cost of ownership
Cost to Own a Home in Olivet, New Jersey
A $299,000 home here costs
$2,912per 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 $125,000 a year.
A standard mortgage calculator would have told you $1,630. The real number is $1,281 higher every month, 79% more than the payment most buyers budget for.
Compare Salem County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Olivet from a five-year rolling sample, and with about 1,647 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Salem County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Olivet against Salem County and New Jersey
| Measure | Olivet | Salem County |
|---|---|---|
| Median home value | $299,000 | $223,000 |
| Median property tax | $8,737 | $6,757 |
| Effective tax rate | 2.922% | 3.030% |
| Median gross rent | — | $1,185 |
| Population | 1,647 | 64,973 |
The weather behind that power bill
Olivet sits in Salem County, which averages a high of 86.8°F in its hottest month and a low of 25.6°F in its coldest, with 45.33" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,229 cooling and 4,647 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Salem County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Salem County
Full Salem County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Olivet 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 Olivet every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Olivet I already own here and may sell
Common questions
How much does it cost to own a home in Olivet?
A $299,000 home in Olivet, New Jersey costs approximately $2,912 per month with 20% down at 7.24%. That is $1,630 principal and interest, $728 property tax, $73 homeowners insurance, $231 utilities and $249 set aside for maintenance.
What is the property tax rate in Olivet?
Olivet has an effective property tax rate of 2.922%, based on a median home value of $299,000 and median real estate taxes of $8,737. That is lower than the Salem County average of 3.030%.
What is the average home price in Olivet?
The median owner-occupied home value in Olivet, New Jersey is $299,000, against $223,000 across Salem County.
Is it cheaper to rent or buy in Olivet?
Rent data is not published for Olivet at this level of detail.
What salary do you need to buy a home in Olivet?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Olivet, New Jersey at today's rate takes a household income of roughly $125,000 a year. That covers the full $2,912 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Olivet, 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.