Total monthly cost of ownership
Cost to Own a Home in Somers Point, New Jersey
A $278,000 home here costs
$2,585per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,429. The real number is $1,156 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.
Somers Point against Atlantic County and New Jersey
| Measure | Somers Point | Atlantic County |
|---|---|---|
| Median home value | $277,500 | $272,700 |
| Median property tax | $6,932 | $6,749 |
| Effective tax rate | 2.498% | 2.475% |
| Median gross rent | $1,308 | $1,325 |
| Population | 10,461 | 274,704 |
The weather behind that power bill
Somers Point sits in Atlantic County, which averages a high of 86.6°F in its hottest month and a low of 25.1°F in its coldest, with 45.96" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,136 cooling and 4,701 heating degree days, which is what sets the $209 electricity line above.
See the full climate breakdown for Atlantic County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Atlantic County
Full Atlantic County cost breakdown · Every county in New Jersey
Common questions
How much does it cost to own a home in Somers Point?
A $278,000 home in Somers Point, New Jersey costs approximately $2,585 per month with 20% down at 6.66%. That is $1,429 principal and interest, $579 property tax, $68 homeowners insurance, $277 utilities and $232 set aside for maintenance.
What is the property tax rate in Somers Point?
Somers Point has an effective property tax rate of 2.498%, based on a median home value of $277,500 and median real estate taxes of $6,932. That is higher than the Atlantic County average of 2.475%.
What is the average home price in Somers Point?
The median owner-occupied home value in Somers Point, New Jersey is $277,500, against $272,700 across Atlantic County.
Is it cheaper to rent or buy in Somers Point?
Median gross rent in Somers Point is $1,308 a month, against $2,585 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 Somers Point — 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.