Total monthly cost of ownership
Cost to Own a Home in Palmyra, New Jersey
A $217,000 home here costs
$2,143per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,116. The real number is $1,028 higher every month — 92% 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.
Palmyra against Burlington County and New Jersey
| Measure | Palmyra | Burlington County |
|---|---|---|
| Median home value | $216,600 | $326,700 |
| Median property tax | $6,188 | $7,902 |
| Effective tax rate | 2.857% | 2.419% |
| Median gross rent | $1,680 | $1,669 |
| Population | 7,447 | 464,226 |
The weather behind that power bill
Palmyra sits in Burlington County, which averages a high of 87.0°F in its hottest month and a low of 24.6°F in its coldest, with 42.79" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,074 cooling and 4,880 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Burlington County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Burlington County
Full Burlington County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Palmyra?
A $217,000 home in Palmyra, New Jersey costs approximately $2,143 per month with 20% down at 6.66%. That is $1,116 principal and interest, $517 property tax, $53 homeowners insurance, $277 utilities and $181 set aside for maintenance.
What is the property tax rate in Palmyra?
Palmyra has an effective property tax rate of 2.857%, based on a median home value of $216,600 and median real estate taxes of $6,188. That is higher than the Burlington County average of 2.419%.
What is the average home price in Palmyra?
The median owner-occupied home value in Palmyra, New Jersey is $216,600, against $326,700 across Burlington County.
Is it cheaper to rent or buy in Palmyra?
Median gross rent in Palmyra is $1,680 a month, against $2,143 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 Palmyra — 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.