Total monthly cost of ownership
Cost to Own a Home in Silver Lake (Cumberland County), New Jersey
A $305,000 home here costs
$2,891per 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 $124,000 a year.
A standard mortgage calculator would have told you $1,663. The real number is $1,228 higher every month, 74% more than the payment most buyers budget for.
Compare Cumberland County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Silver Lake (Cumberland County) from a five-year rolling sample, and with about 1,447 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Cumberland County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Silver Lake (Cumberland County) against Cumberland County and New Jersey
| Measure | Silver Lake (Cumberland County) | Cumberland County |
|---|---|---|
| Median home value | $304,800 | $205,600 |
| Median property tax | $8,011 | $5,048 |
| Effective tax rate | 2.628% | 2.455% |
| Median gross rent | — | $1,254 |
| Population | 1,447 | 152,915 |
The weather behind that power bill
Silver Lake (Cumberland County) sits in Cumberland County, which averages a high of 86.1°F in its hottest month and a low of 23.8°F in its coldest, with 43.37" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,050 cooling and 4,933 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Cumberland County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cumberland County
Full Cumberland County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Silver Lake (Cumberland County) 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 Silver Lake (Cumberland County) every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Silver Lake (Cumberland County) I already own here and may sell
Common questions
How much does it cost to own a home in Silver Lake (Cumberland County)?
A $305,000 home in Silver Lake (Cumberland County), New Jersey costs approximately $2,891 per month with 20% down at 7.24%. That is $1,663 principal and interest, $668 property tax, $75 homeowners insurance, $231 utilities and $254 set aside for maintenance.
What is the property tax rate in Silver Lake (Cumberland County)?
Silver Lake (Cumberland County) has an effective property tax rate of 2.628%, based on a median home value of $304,800 and median real estate taxes of $8,011. That is higher than the Cumberland County average of 2.455%.
What is the average home price in Silver Lake (Cumberland County)?
The median owner-occupied home value in Silver Lake (Cumberland County), New Jersey is $304,800, against $205,600 across Cumberland County.
Is it cheaper to rent or buy in Silver Lake (Cumberland County)?
Rent data is not published for Silver Lake (Cumberland County) at this level of detail.
What salary do you need to buy a home in Silver Lake (Cumberland County)?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Silver Lake (Cumberland County), New Jersey at today's rate takes a household income of roughly $124,000 a year. That covers the full $2,891 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Silver Lake (Cumberland County), 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.