Mortgage payment estimates, closing cost breakdowns, and homebuying data for Newark, New Jersey.
Median Home Price
$385K
Population
312K
Avg Monthly Rent
$1,650
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 Newark.
Newark vs New Jersey Median
The median home price in Newark is $385,000, which is 24% below the New Jersey state median of $505,000.
Mortgage Calculator — Newark, NJ
Pre-filled with Newark median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $385K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$3,443/mo
Down: $19,250
Loan: $366K
P&I: $2,312
Tax: $792
Insurance: $125
PMI: $213
10% Down
$3,310/mo
Down: $38,500
Loan: $347K
P&I: $2,190
Tax: $792
Insurance: $125
PMI: $202
20% Down (No PMI)
$2,864/mo
Down: $77,000
Loan: $308K
P&I: $1,947
Tax: $792
Insurance: $125
Income needed (28% rule): $123K/year with 20% down, $142K/year with 10% down.
Rent vs Buy in Newark
Rent
$1,650/mo
vs
Buy (10% down)
$3,310/mo
Price-to-rent ratio: 19.4 — A ratio between 15-20 means the rent vs buy decision in Newark 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 Newark is $385,000, 24% below the New Jersey state median of $505,000. With a population of 311,549, Newark is a mid-size city 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 $385,000 home in Newark would carry roughly $792/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 Newark is $1,650/month. The price-to-rent ratio in Newark is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Newark presents moderate affordability. The $385K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Newark.