Mortgage payment estimates, closing cost breakdowns, and homebuying data for Hoboken, New Jersey.
Median Home Price
$725K
Population
60K
Avg Monthly Rent
$3,050
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 Hoboken.
Hoboken vs New Jersey Median
The median home price in Hoboken is $725,000, which is 44% above the New Jersey state median of $505,000.
Mortgage Calculator — Hoboken, NJ
Pre-filled with Hoboken median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $725K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$6,372/mo
Down: $36,250
Loan: $689K
P&I: $4,353
Tax: $1,492
Insurance: $125
PMI: $402
10% Down
$6,122/mo
Down: $72,500
Loan: $653K
P&I: $4,124
Tax: $1,492
Insurance: $125
PMI: $381
20% Down (No PMI)
$5,283/mo
Down: $145,000
Loan: $580K
P&I: $3,666
Tax: $1,492
Insurance: $125
Income needed (28% rule): $226K/year with 20% down, $262K/year with 10% down.
Rent vs Buy in Hoboken
Rent
$3,050/mo
vs
Buy (10% down)
$6,122/mo
Price-to-rent ratio: 19.8 — A ratio between 15-20 means the rent vs buy decision in Hoboken depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Hoboken is $725,000, 44% above the New Jersey state median of $505,000. With a population of 60,419, Hoboken is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in New Jersey average 2.47% annually. This higher-than-average tax rate means a $725,000 home in Hoboken would carry roughly $1,492/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 Hoboken is $3,050/month. The price-to-rent ratio in Hoboken is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Hoboken is a higher-cost market. At $725K 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 Hoboken.