Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Jersey and Oregon. Updated for 2026.
Oregon wins 6 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $480K and lower overall costs, Oregon 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.
Buying in Oregon saves you approximately $828/month ($9,936/year) compared to New Jersey, based on median home prices with identical loan terms.
Home prices in New Jersey and Oregon are relatively close, with only a 5% difference ($25K). 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.
Property taxes are dramatically different: Oregon charges 0.93% while New Jersey charges 2.47%, a gap of 1.54 percentage points. On the respective median homes, this means New Jersey homeowners pay roughly $12,474 per year in property taxes versus $4,464 in Oregon. Over 30 years of homeownership, this difference alone can add up to six figures. Retirees on fixed incomes should weigh this heavily.
Closing costs are a one-time but significant expense. New Jersey averages $10K in closing costs (2% of purchase price) while Oregon averages $7K (1.4%). 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 Jersey's NJHMFA DPA Program provides Up to $15,000 forgivable, while Oregon's OHCS Oregon Bond offers Cash Advantage up to $15K. 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: property taxes are the defining difference here. New Jersey's 2.47% rate versus Oregon's 0.93% means Oregon homeowners save approximately $8,010 every year on taxes alone. Over a 30-year mortgage, that difference compounds into tens of thousands of dollars — making it the most important cost factor in this comparison.