Mortgage payment estimates, closing cost breakdowns, and homebuying data for Elizabeth, New Jersey.
Pre-filled with Elizabeth median home price and New Jersey tax/insurance rates. Adjust for your property.
Estimated closing costs based on New Jersey rates and fees applied to Elizabeth prices.
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.