Mortgage payment estimates, closing cost breakdowns, and homebuying data for Morristown, New Jersey.
Pre-filled with Morristown 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 Morristown prices.
The median home price in Morristown is $545,000, 8% above the New Jersey state median of $505,000. With a population of 19,411, Morristown 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 $545,000 home in Morristown would carry roughly $1,122/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 Morristown is $2,050/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.
Morristown is a higher-cost market. At $545K median, buyers need significant savings or strong income. Down payment assistance through New Jersey's NJHMFA DPA Program program becomes especially important.