Total monthly cost of ownership
Cost to Own a Home in Upper Montclair, New Jersey
A $968,000 home here costs
$7,474per 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 $320,500 a year.
A standard mortgage calculator would have told you $5,362. The real number is $2,112 higher every month, 39% more than the payment most buyers budget for.
Compare Essex County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Upper Montclair against Essex County and New Jersey
| Measure | Upper Montclair | Essex County |
|---|---|---|
| Median home value | $968,200 | $494,400 |
| Median property tax | $10,001 | $10,001 |
| Effective tax rate | 1.033% | 2.023% |
| Median gross rent | $2,290 | $1,459 |
| Population | 12,279 | 854,130 |
The weather behind that power bill
Upper Montclair sits in Essex County, which averages a high of 85.2°F in its hottest month and a low of 22.9°F in its coldest, with 44.88" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 973 cooling and 5,272 heating degree days, which is what sets the $167 electricity line above.
See the full climate breakdown for Essex County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Essex County
Full Essex County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Upper Montclair 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 Upper Montclair every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Upper Montclair I already own here and may sell
Common questions
How much does it cost to own a home in Upper Montclair?
A $968,000 home in Upper Montclair, New Jersey costs approximately $7,474 per month with 20% down at 7.4%. That is $5,362 principal and interest, $833 property tax, $237 homeowners insurance, $235 utilities and $807 set aside for maintenance.
What is the property tax rate in Upper Montclair?
Upper Montclair has an effective property tax rate of 1.033%, based on a median home value of $968,200 and median real estate taxes of $10,001. That is lower than the Essex County average of 2.023%.
What is the average home price in Upper Montclair?
The median owner-occupied home value in Upper Montclair, New Jersey is $968,200, against $494,400 across Essex County.
Is it cheaper to rent or buy in Upper Montclair?
Median gross rent in Upper Montclair is $2,290 a month, against $7,474 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 Upper Montclair?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Upper Montclair, New Jersey at today's rate takes a household income of roughly $320,500 a year. That covers the full $7,474 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Upper Montclair, 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.