Total monthly cost of ownership
Cost to Own a Home in Phillipsburg, New Jersey
A $181,000 home here costs
$1,835per 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 $78,500 a year.
A standard mortgage calculator would have told you $987. The real number is $848 higher every month, 86% more than the payment most buyers budget for.
Compare Warren 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.
Phillipsburg against Warren County and New Jersey
| Measure | Phillipsburg | Warren County |
|---|---|---|
| Median home value | $180,700 | $323,100 |
| Median property tax | $5,053 | $8,156 |
| Effective tax rate | 2.796% | 2.524% |
| Median gross rent | $1,118 | $1,368 |
| Population | 15,251 | 110,238 |
The weather behind that power bill
Phillipsburg sits in Warren County, which averages a high of 84.1°F in its hottest month and a low of 18.0°F in its coldest, with 48.21" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 650 cooling and 6,050 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Warren County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Warren County
Full Warren County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Phillipsburg 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 Phillipsburg every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Phillipsburg I already own here and may sell
Common questions
How much does it cost to own a home in Phillipsburg?
A $181,000 home in Phillipsburg, New Jersey costs approximately $1,835 per month with 20% down at 7.24%. That is $987 principal and interest, $422 property tax, $44 homeowners insurance, $231 utilities and $151 set aside for maintenance.
What is the property tax rate in Phillipsburg?
Phillipsburg has an effective property tax rate of 2.796%, based on a median home value of $180,700 and median real estate taxes of $5,053. That is higher than the Warren County average of 2.524%.
What is the average home price in Phillipsburg?
The median owner-occupied home value in Phillipsburg, New Jersey is $180,700, against $323,100 across Warren County.
Is it cheaper to rent or buy in Phillipsburg?
Median gross rent in Phillipsburg is $1,118 a month, against $1,835 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 Phillipsburg?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Phillipsburg, New Jersey at today's rate takes a household income of roughly $78,500 a year. That covers the full $1,835 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Phillipsburg, 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.