Total monthly cost of ownership
Cost to Own a Home in Palermo, New Jersey
A $394,000 home here costs
$3,272per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,026. The real number is $1,246 higher every month — 62% 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.
Palermo against Cape May County and New Jersey
| Measure | Palermo | Cape May County |
|---|---|---|
| Median home value | $393,900 | $395,000 |
| Median property tax | $6,531 | $5,233 |
| Effective tax rate | 1.658% | 1.325% |
| Median gross rent | — | $1,345 |
| Population | 2,667 | 95,236 |
The weather behind that power bill
Palermo sits in Cape May County, which averages a high of 85.5°F in its hottest month and a low of 28.5°F in its coldest, with 43.84" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 1,176 cooling and 4,332 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Cape May County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cape May County
Full Cape May County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Palermo?
A $394,000 home in Palermo, New Jersey costs approximately $3,272 per month with 20% down at 6.66%. That is $2,026 principal and interest, $544 property tax, $97 homeowners insurance, $277 utilities and $328 set aside for maintenance.
What is the property tax rate in Palermo?
Palermo has an effective property tax rate of 1.658%, based on a median home value of $393,900 and median real estate taxes of $6,531. That is higher than the Cape May County average of 1.325%.
What is the average home price in Palermo?
The median owner-occupied home value in Palermo, New Jersey is $393,900, against $395,000 across Cape May County.
Is it cheaper to rent or buy in Palermo?
Rent data is not published for Palermo at this level of detail.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Palermo — 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.