CALCMONEY // HOME AFFORDABILITY // NJ // ELIZABETH
How much house can you afford in Elizabeth? Based on local median home prices, current NJ mortgage rates, and Elizabeth property tax data.
$425,000
$3,242/mo
$138,955/yr
$68,296
Monthly housing costs of $3,242 represent 67.1% of Elizabeth's median gross monthly income ($4,833/mo). At 67.1%, median-income buyers in Elizabeth are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $425,000 |
| Down Payment (20%) | $85,000 |
| Loan Amount | $340,000 |
| Monthly PI Payment | $2,251 |
| Monthly Property Tax | $815 |
| Monthly Insurance Est. | $177 |
| Total Monthly PITI | $3,242 |
| Housing Cost % of Income | 67.1% |
| Required Income (28% rule) | $138,955/yr |
| Max Affordable Home | $68,296 |
$14,875
$3,997/mo
Elizabeth Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $425,000 | Elizabeth city median |
| Down Payment (20%) | $85,000 | Conventional loan |
| Monthly PITI | $3,242 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $138,955 | Annual gross |
| Max Affordable Home | $68,296 | Based on median income |
| FHA Down (3.5%) | $14,875 | Minimum FHA |
| Housing Cost % of Income | 67.1% | Median income: $58,000/yr |
| Property Tax Rate | 2.3% | $9,775/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Elizabeth is $425,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $340,000, generating a monthly P&I payment of $2,251. Adding property taxes ($815/mo) and homeowners insurance ($177/mo) brings total monthly PITI to $3,242.
Elizabeth's property tax rate of 2.3% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Elizabeth median home, that is $815/month, or $9,775 per year.
New Jersey levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Elizabeth 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 Elizabeth's median income of $58,000/year can afford up to $1,353/month in total housing costs. Based on Elizabeth's mortgage rate of 6.95% and property tax rate of 2.3%, that translates to a maximum affordable home price of approximately $68,296 with 20% down on a 30-year loan.
To afford the median Elizabeth home priced at $425,000, you need an annual gross income of approximately $138,955. Total monthly housing costs (principal and interest of $2,251, property taxes of $815, and insurance of $177) come to $3,242/month, which equals 28% of the required income.
At the median home price of $425,000 and median household income of $58,000, the total monthly housing cost of $3,242 represents 67.1% of gross monthly income. This is well above the standard 28% threshold, making Elizabeth a challenging market for buyers at median income.
A conventional 20% down payment on the median Elizabeth home of $425,000 is $85,000. An FHA loan requires just 3.5% down — $14,875 — but adds mortgage insurance of roughly $291/month, bringing total FHA payments to $3,997/month.
Newark
$415,000 median
NJJersey City
$650,000 median
NJPaterson
$350,000 median
NJTrenton
$225,000 median