Total monthly cost of ownership
Cost to Own a Home in Raritan, New Jersey
A $449,000 home here costs
$3,818per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,308. The real number is $1,510 higher every month — 65% 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.
Raritan against Somerset County and New Jersey
| Measure | Raritan | Somerset County |
|---|---|---|
| Median home value | $449,200 | $523,900 |
| Median property tax | $8,983 | $10,001 |
| Effective tax rate | 2.000% | 1.909% |
| Median gross rent | $1,927 | $1,921 |
| Population | 8,192 | 346,203 |
The weather behind that power bill
Raritan sits in Somerset County, which averages a high of 86.2°F in its hottest month and a low of 20.6°F in its coldest, with 45.49" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 859 cooling and 5,385 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Somerset County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Somerset County
Full Somerset County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Raritan?
A $449,000 home in Raritan, New Jersey costs approximately $3,818 per month with 20% down at 6.66%. That is $2,308 principal and interest, $748 property tax, $110 homeowners insurance, $277 utilities and $374 set aside for maintenance.
What is the property tax rate in Raritan?
Raritan has an effective property tax rate of 2.000%, based on a median home value of $449,200 and median real estate taxes of $8,983. That is higher than the Somerset County average of 1.909%.
What is the average home price in Raritan?
The median owner-occupied home value in Raritan, New Jersey is $449,200, against $523,900 across Somerset County.
Is it cheaper to rent or buy in Raritan?
Median gross rent in Raritan is $1,927 a month, against $3,818 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 Raritan — 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.