Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Maryland and New Jersey. Updated for 2026.
Metric
Maryland
New Jersey
Median Home Price
$420K
$505K
Property Tax Rate
1.09%
2.47%
Avg Closing Costs
$11K
$10K
Closing Cost %
2.5%
2.0%
Transfer Tax
1.5%
1%
Homeowners Insurance
$1,700/yr
$1,500/yr
First-Time Buyer Program
MD Mortgage Program
Up to $25,000 DPA
NJHMFA DPA Program
Up to $15,000 forgivable
Verdict
New Jersey wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, Maryland has a lower total cost when combining home price, closing costs, and insurance. Both states offer first-time buyer programs — explore the state pages for full details.