Mortgage payment estimates, closing cost breakdowns, and homebuying data for Elizabeth, New Jersey.
Median Home Price
$425K
Population
137K
Avg Monthly Rent
$1,720
Property Tax Rate
2.47% *
* Property tax shown is the New Jersey state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Elizabeth.
Elizabeth vs New Jersey Median
The median home price in Elizabeth is $425,000, which is 16% below the New Jersey state median of $505,000.
Mortgage Calculator — Elizabeth, NJ
Pre-filled with Elizabeth median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $425K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$3,787/mo
Down: $21,250
Loan: $404K
P&I: $2,552
Tax: $875
Insurance: $125
PMI: $236
10% Down
$3,641/mo
Down: $42,500
Loan: $383K
P&I: $2,418
Tax: $875
Insurance: $125
PMI: $223
20% Down (No PMI)
$3,149/mo
Down: $85,000
Loan: $340K
P&I: $2,149
Tax: $875
Insurance: $125
Income needed (28% rule): $135K/year with 20% down, $156K/year with 10% down.
Rent vs Buy in Elizabeth
Rent
$1,720/mo
vs
Buy (10% down)
$3,641/mo
Price-to-rent ratio: 20.6 — At a ratio above 20, renting may be more economical in Elizabeth for shorter stays. Buying costs $1,921 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Elizabeth is $425,000, 16% below the New Jersey state median of $505,000. With a population of 137,298, Elizabeth is a mid-size city where home prices tend to be more accessible than in many parts of New Jersey.
Property taxes in New Jersey average 2.47% annually. This higher-than-average tax rate means a $425,000 home in Elizabeth would carry roughly $875/month in property taxes alone — plan accordingly. Homeowners insurance in New Jersey runs approximately $1,500 per year. This is within the normal range nationally.
Average rent in Elizabeth is $1,720/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Elizabeth is a higher-cost market. At $425K median, buyers need significant savings or strong income. Down payment assistance through New Jersey's NJHMFA DPA Program program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Elizabeth.