Total monthly cost of ownership
Cost to Own a Home in Silver Lake CDP (Cumberland County), New Jersey
A $305,000 home here costs
$2,842per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,568. The real number is $1,274 higher every month — 81% 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.
Silver Lake CDP (Cumberland County) against Cumberland County and New Jersey
| Measure | Silver Lake CDP (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 CDP (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 $209 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
Common questions
How much does it cost to own a home in Silver Lake CDP (Cumberland County)?
A $305,000 home in Silver Lake CDP (Cumberland County), New Jersey costs approximately $2,842 per month with 20% down at 6.66%. That is $1,568 principal and interest, $668 property tax, $75 homeowners insurance, $277 utilities and $254 set aside for maintenance.
What is the property tax rate in Silver Lake CDP (Cumberland County)?
Silver Lake CDP (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 CDP (Cumberland County)?
The median owner-occupied home value in Silver Lake CDP (Cumberland County), New Jersey is $304,800, against $205,600 across Cumberland County.
Is it cheaper to rent or buy in Silver Lake CDP (Cumberland County)?
Rent data is not published for Silver Lake CDP (Cumberland County) at this level of detail.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Silver Lake CDP (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.