Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Hampshire and New Jersey. Updated for 2026.
New Hampshire wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $430K and lower overall costs, New Hampshire offers meaningful savings compared to New Jersey. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $754/month — that’s $9,048/year or $271K over the life of a 30-year loan. Buying in New Hampshire is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in New Jersey, you need a household income of approximately $181K/year. In New Hampshire, you need $149K/year — less by $32K/year. That $32K income gap means New Hampshire is accessible to a significantly wider range of households.
Home prices in New Hampshire and New Jersey are relatively close, with only a 15% difference ($75K). At similar price points, your decision should focus on the other cost factors: property taxes, insurance, closing costs, and the overall quality of life each state offers. Small percentage differences in tax rates compound over decades of homeownership.
New Hampshire has a moderate property tax advantage at 2.09% versus New Jersey's 2.47%. While the rate gap of 0.38% may seem small, it translates to an annual difference of approximately $3,487 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $28K in savings.
Closing costs are a one-time but significant expense. New Jersey averages $10K in closing costs (2% of purchase price) while New Hampshire averages $7K (1.6%). Much of New Jersey's higher costs come from its 1% transfer tax, which adds $5K to the median home purchase. Budget for these upfront costs — they affect how much cash you need on hand at closing.
Both states offer down payment assistance for first-time buyers. New Hampshire's NHHFA Home Flex Plus provides Up to $20,000 DPA, while New Jersey's NJHMFA DPA Program offers Up to $15,000 forgivable. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: New Hampshire and New Jersey are broadly similar in housing costs, with only $754/month separating them in total PITI payments. In cases like this, your decision should be driven by lifestyle preferences — job opportunities, climate, proximity to family, and quality of life — rather than pure cost savings. Either state offers a reasonable path to homeownership.