Mortgage payment estimates, closing cost breakdowns, and homebuying data for Morristown, New Jersey.
Median Home Price
$545K
Population
19K
Avg Monthly Rent
$2,050
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 Morristown.
Morristown vs New Jersey Median
The median home price in Morristown is $545,000, which is 8% above the New Jersey state median of $505,000.
Mortgage Calculator — Morristown, NJ
Pre-filled with Morristown median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $545K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$4,821/mo
Down: $27,250
Loan: $518K
P&I: $3,273
Tax: $1,122
Insurance: $125
PMI: $302
10% Down
$4,633/mo
Down: $54,500
Loan: $491K
P&I: $3,100
Tax: $1,122
Insurance: $125
PMI: $286
20% Down (No PMI)
$4,003/mo
Down: $109,000
Loan: $436K
P&I: $2,756
Tax: $1,122
Insurance: $125
Income needed (28% rule): $172K/year with 20% down, $199K/year with 10% down.
Rent vs Buy in Morristown
Rent
$2,050/mo
vs
Buy (10% down)
$4,633/mo
Price-to-rent ratio: 22.2 — At a ratio above 20, renting may be more economical in Morristown for shorter stays. Buying costs $2,583 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
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.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Morristown.