Total monthly cost of ownership
Cost to Own a Home in Union, New Jersey
A $452,000 home here costs
$4,060per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $174,000 a year.
A standard mortgage calculator would have told you $2,504. The real number is $1,556 higher every month, 62% more than the payment most buyers budget for.
Compare Union County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Union from a five-year rolling sample, and with about 3,284 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 Union 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.
Union against Union County and New Jersey
| Measure | Union | Union County |
|---|---|---|
| Median home value | $451,500 | $488,800 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 2.215% | 2.046% |
| Median gross rent | $1,695 | $1,664 |
| Population | 3,284 | 572,549 |
The weather behind that power bill
Union sits in Union County, which averages a high of 85.9°F in its hottest month and a low of 25.1°F in its coldest, with 50.39" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,123 cooling and 4,856 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Union County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Union County
Full Union County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Union 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 Union every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Union?
A $452,000 home in Union, New Jersey costs approximately $4,060 per month with 20% down at 7.4%. That is $2,504 principal and interest, $834 property tax, $111 homeowners insurance, $235 utilities and $377 set aside for maintenance.
What is the property tax rate in Union?
Union has an effective property tax rate of 2.215%, based on a median home value of $451,500 and median real estate taxes of $10,001. That is higher than the Union County average of 2.046%.
What is the average home price in Union?
The median owner-occupied home value in Union, New Jersey is $451,500, against $488,800 across Union County.
Is it cheaper to rent or buy in Union?
Median gross rent in Union is $1,695 a month, against $4,060 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Union?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Union, New Jersey at today's rate takes a household income of roughly $174,000 a year. That covers the full $4,060 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Union, 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.