Total monthly cost of ownership
Cost to Own a Home in Ridgewood, New Jersey
A $883,000 home here costs
$6,603per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $4,540. The real number is $2,063 higher every month — 45% 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.
Ridgewood against Bergen County and New Jersey
| Measure | Ridgewood | Bergen County |
|---|---|---|
| Median home value | $882,700 | $593,200 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.133% | 1.686% |
| Median gross rent | $2,340 | $1,863 |
| Population | 26,076 | 954,717 |
The weather behind that power bill
Ridgewood sits in Bergen County, which averages a high of 87.0°F in its hottest month and a low of 25.7°F in its coldest, with 46.29" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,255 cooling and 4,735 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Bergen County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bergen County
Full Bergen County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Ridgewood?
A $883,000 home in Ridgewood, New Jersey costs approximately $6,603 per month with 20% down at 6.66%. That is $4,540 principal and interest, $834 property tax, $216 homeowners insurance, $277 utilities and $736 set aside for maintenance.
What is the property tax rate in Ridgewood?
Ridgewood has an effective property tax rate of 1.133%, based on a median home value of $882,700 and median real estate taxes of $10,001. That is lower than the Bergen County average of 1.686%.
What is the average home price in Ridgewood?
The median owner-occupied home value in Ridgewood, New Jersey is $882,700, against $593,200 across Bergen County.
Is it cheaper to rent or buy in Ridgewood?
Median gross rent in Ridgewood is $2,340 a month, against $6,603 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 Ridgewood — 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.