Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Jersey and Washington. Updated for 2026.
New Jersey and Washington are evenly matched across major housing cost categories. Your decision may come down to other factors like job market, climate, or lifestyle preferences. Use the calculators below to model your specific scenario.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
Buying in Washington saves you approximately $103/month ($1,236/year) compared to New Jersey, based on median home prices with identical loan terms.
Home prices in New Jersey and Washington are relatively close, with only a 13% 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.
Property taxes are dramatically different: Washington charges 0.98% while New Jersey charges 2.47%, a gap of 1.49 percentage points. On the respective median homes, this means New Jersey homeowners pay roughly $12,474 per year in property taxes versus $5,684 in Washington. Over 30 years of homeownership, this difference alone can add up to six figures. Retirees on fixed incomes should weigh this heavily.
Both states offer down payment assistance for first-time buyers. New Jersey's NJHMFA DPA Program provides Up to $15,000 forgivable, while Washington's WSHFC Home Advantage offers Up to $10,000 DPA. 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 Washington's 0.98% means Washington homeowners save approximately $6,790 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.