Mortgage payment estimates, closing cost breakdowns, and homebuying data for Somerville, New Jersey.
Median Home Price
$445K
Population
12K
Avg Monthly Rent
$1,720
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 Somerville.
Somerville vs New Jersey Median
The median home price in Somerville is $445,000, which is 12% below the New Jersey state median of $505,000.
Mortgage Calculator — Somerville, NJ
Pre-filled with Somerville median home price and New Jersey tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $445K home using New Jersey's 2.47% tax rate and $1,500/yr insurance.
5% Down
$3,960/mo
Down: $22,250
Loan: $423K
P&I: $2,672
Tax: $916
Insurance: $125
PMI: $247
10% Down
$3,806/mo
Down: $44,500
Loan: $401K
P&I: $2,531
Tax: $916
Insurance: $125
PMI: $234
20% Down (No PMI)
$3,291/mo
Down: $89,000
Loan: $356K
P&I: $2,250
Tax: $916
Insurance: $125
Income needed (28% rule): $141K/year with 20% down, $163K/year with 10% down.
Rent vs Buy in Somerville
Rent
$1,720/mo
vs
Buy (10% down)
$3,806/mo
Price-to-rent ratio: 21.6 — At a ratio above 20, renting may be more economical in Somerville for shorter stays. Buying costs $2,086 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 Somerville is $445,000, 12% below the New Jersey state median of $505,000. With a population of 12,098, Somerville 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 $445,000 home in Somerville would carry roughly $916/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 Somerville is $1,720/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.
Somerville is a higher-cost market. At $445K 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 Somerville.