CALCMONEY // HOME AFFORDABILITY // NJ // EDISON
How much house can you afford in Edison? Based on local median home prices, current NJ mortgage rates, and Edison property tax data.
$480,000
$3,689/mo
$158,101/yr
$200,552
Monthly housing costs of $3,689 represent 46.6% of Edison's median gross monthly income ($7,917/mo). At 46.6%, median-income buyers in Edison are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $480,000 |
| Down Payment (20%) | $96,000 |
| Loan Amount | $384,000 |
| Monthly PI Payment | $2,529 |
| Monthly Property Tax | $960 |
| Monthly Insurance Est. | $200 |
| Total Monthly PITI | $3,689 |
| Housing Cost % of Income | 46.6% |
| Required Income (28% rule) | $158,101/yr |
| Max Affordable Home | $200,552 |
$16,800
$4,539/mo
Edison Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $480,000 | Edison city median |
| Down Payment (20%) | $96,000 | Conventional loan |
| Monthly PITI | $3,689 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $158,101 | Annual gross |
| Max Affordable Home | $200,552 | Based on median income |
| FHA Down (3.5%) | $16,800 | Minimum FHA |
| Housing Cost % of Income | 46.6% | Median income: $95,000/yr |
| Property Tax Rate | 2.4% | $11,520/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Edison is $480,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $384,000, generating a monthly P&I payment of $2,529. Adding property taxes ($960/mo) and homeowners insurance ($200/mo) brings total monthly PITI to $3,689.
Edison's property tax rate of 2.4% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Edison median home, that is $960/month, or $11,520 per year.
New Jersey levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Edison should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Edison's median income of $95,000/year can afford up to $2,217/month in total housing costs. Based on Edison's mortgage rate of 6.9% and property tax rate of 2.4%, that translates to a maximum affordable home price of approximately $200,552 with 20% down on a 30-year loan.
To afford the median Edison home priced at $480,000, you need an annual gross income of approximately $158,101. Total monthly housing costs (principal and interest of $2,529, property taxes of $960, and insurance of $200) come to $3,689/month, which equals 28% of the required income.
At the median home price of $480,000 and median household income of $95,000, the total monthly housing cost of $3,689 represents 46.6% of gross monthly income. This is well above the standard 28% threshold, making Edison a challenging market for buyers at median income.
A conventional 20% down payment on the median Edison home of $480,000 is $96,000. An FHA loan requires just 3.5% down — $16,800 — but adds mortgage insurance of roughly $328/month, bringing total FHA payments to $4,539/month.
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