Total monthly cost of ownership
Cost to Own a Home in Packanack Lake, New Jersey
A $594,000 home here costs
$4,944per 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 $212,000 a year.
A standard mortgage calculator would have told you $3,238. The real number is $1,705 higher every month, 53% more than the payment most buyers budget for.
Compare Passaic 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.
Packanack Lake against Passaic County and New Jersey
| Measure | Packanack Lake | Passaic County |
|---|---|---|
| Median home value | $594,000 | $439,400 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.684% | 2.276% |
| Median gross rent | $3,500+ | $1,553 |
| Population | 6,126 | 518,289 |
The weather behind that power bill
Packanack Lake sits in Passaic County, which averages a high of 84.3°F in its hottest month and a low of 19.9°F in its coldest, with 48.2" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 837 cooling and 5,635 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Passaic County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Passaic County
Full Passaic County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Packanack Lake 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 Packanack Lake every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Packanack Lake I already own here and may sell
Common questions
How much does it cost to own a home in Packanack Lake?
A $594,000 home in Packanack Lake, New Jersey costs approximately $4,944 per month with 20% down at 7.24%. That is $3,238 principal and interest, $834 property tax, $146 homeowners insurance, $231 utilities and $495 set aside for maintenance.
What is the property tax rate in Packanack Lake?
Packanack Lake has an effective property tax rate of 1.684%, based on a median home value of $594,000 and median real estate taxes of $10,001. That is lower than the Passaic County average of 2.276%.
What is the average home price in Packanack Lake?
The median owner-occupied home value in Packanack Lake, New Jersey is $594,000, against $439,400 across Passaic County.
Is it cheaper to rent or buy in Packanack Lake?
Median gross rent in Packanack Lake is above $3,500 (the Census reporting cap) a month, against $4,944 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 Packanack Lake?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Packanack Lake, New Jersey at today's rate takes a household income of roughly $212,000 a year. That covers the full $4,944 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Packanack Lake, 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.