Total monthly cost of ownership
Cost to Own a Home in Wharton, New Jersey
A $348,000 home here costs
$3,231per 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 $138,500 a year.
A standard mortgage calculator would have told you $1,897. The real number is $1,334 higher every month, 70% more than the payment most buyers budget for.
Compare Morris 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.
Wharton against Morris County and New Jersey
| Measure | Wharton | Morris County |
|---|---|---|
| Median home value | $348,100 | $557,000 |
| Median property tax | $8,735 | $10,001 |
| Effective tax rate | 2.509% | 1.796% |
| Median gross rent | $1,886 | $1,860 |
| Population | 7,254 | 510,375 |
The weather behind that power bill
Wharton sits in Morris 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 $163 electricity line above.
See the full climate breakdown for Morris County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Morris County
Full Morris County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Wharton 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 Wharton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Wharton I already own here and may sell
Common questions
How much does it cost to own a home in Wharton?
A $348,000 home in Wharton, New Jersey costs approximately $3,231 per month with 20% down at 7.24%. That is $1,897 principal and interest, $728 property tax, $85 homeowners insurance, $231 utilities and $290 set aside for maintenance.
What is the property tax rate in Wharton?
Wharton has an effective property tax rate of 2.509%, based on a median home value of $348,100 and median real estate taxes of $8,735. That is higher than the Morris County average of 1.796%.
What is the average home price in Wharton?
The median owner-occupied home value in Wharton, New Jersey is $348,100, against $557,000 across Morris County.
Is it cheaper to rent or buy in Wharton?
Median gross rent in Wharton is $1,886 a month, against $3,231 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 Wharton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Wharton, New Jersey at today's rate takes a household income of roughly $138,500 a year. That covers the full $3,231 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Wharton, 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.