Mortgage Calculator & Closing Costs: Jersey City, NJ
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Jersey City, New Jersey.
Median Home Price
$575K
Population
292K
Avg Monthly Rent
$2,650
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 Jersey City.
Jersey City vs New Jersey Median
The median home price in Jersey City is $575,000, which is 14% above the New Jersey state median of $505,000.
Mortgage Calculator — Jersey City, NJ
Pre-filled with Jersey City median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $575K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$5,080/mo
Down: $28,750
Loan: $546K
P&I: $3,453
Tax: $1,184
Insurance: $125
PMI: $319
10% Down
$4,881/mo
Down: $57,500
Loan: $518K
P&I: $3,271
Tax: $1,184
Insurance: $125
PMI: $302
20% Down (No PMI)
$4,216/mo
Down: $115,000
Loan: $460K
P&I: $2,908
Tax: $1,184
Insurance: $125
Income needed (28% rule): $181K/year with 20% down, $209K/year with 10% down.
Rent vs Buy in Jersey City
Rent
$2,650/mo
vs
Buy (10% down)
$4,881/mo
Price-to-rent ratio: 18.1 — A ratio between 15-20 means the rent vs buy decision in Jersey City 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 Jersey City is $575,000, 14% above the New Jersey state median of $505,000. With a population of 292,449, Jersey City is a mid-size city 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 $575,000 home in Jersey City would carry roughly $1,184/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 Jersey City is $2,650/month. The price-to-rent ratio in Jersey City is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Jersey City is a higher-cost market. At $575K 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 Jersey City.