Mortgage payment estimates, closing cost breakdowns, and homebuying data for Millville, New Jersey.
Median Home Price
$225K
Population
28K
Avg Monthly Rent
$1,120
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 Millville.
Millville vs New Jersey Median
The median home price in Millville is $225,000, which is 55% below the New Jersey state median of $505,000.
Mortgage Calculator — Millville, NJ
Pre-filled with Millville median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$2,064/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $463
Insurance: $125
PMI: $125
10% Down
$1,986/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $463
Insurance: $125
PMI: $118
20% Down (No PMI)
$1,726/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $463
Insurance: $125
Income needed (28% rule): $74K/year with 20% down, $85K/year with 10% down.
Rent vs Buy in Millville
Rent
$1,120/mo
vs
Buy (10% down)
$1,986/mo
Price-to-rent ratio: 16.7 — A ratio between 15-20 means the rent vs buy decision in Millville 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 Millville is $225,000, 55% below the New Jersey state median of $505,000. With a population of 28,400, Millville is a smaller market 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 $225,000 home in Millville would carry roughly $463/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 Millville is $1,120/month. The price-to-rent ratio in Millville is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Millville offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New Jersey's NJHMFA DPA Program program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Millville.