CALCMONEY // HOME AFFORDABILITY // NJ // JERSEY CITY
How much house can you afford in Jersey City? Based on local median home prices, current NJ mortgage rates, and Jersey City property tax data.
$650,000
$4,780/mo
$204,859/yr
$108,660
Monthly housing costs of $4,780 represent 70.0% of Jersey City's median gross monthly income ($6,833/mo). At 70.0%, median-income buyers in Jersey City are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $650,000 |
| Down Payment (20%) | $130,000 |
| Loan Amount | $520,000 |
| Monthly PI Payment | $3,442 |
| Monthly Property Tax | $1,067 |
| Monthly Insurance Est. | $271 |
| Total Monthly PITI | $4,780 |
| Housing Cost % of Income | 70.0% |
| Required Income (28% rule) | $204,859/yr |
| Max Affordable Home | $108,660 |
$22,750
$5,934/mo
Jersey City Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $650,000 | Jersey City city median |
| Down Payment (20%) | $130,000 | Conventional loan |
| Monthly PITI | $4,780 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $204,859 | Annual gross |
| Max Affordable Home | $108,660 | Based on median income |
| FHA Down (3.5%) | $22,750 | Minimum FHA |
| Housing Cost % of Income | 70.0% | Median income: $82,000/yr |
| Property Tax Rate | 1.97% | $12,805/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Jersey City is $650,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $520,000, generating a monthly P&I payment of $3,442. Adding property taxes ($1,067/mo) and homeowners insurance ($271/mo) brings total monthly PITI to $4,780.
Jersey City's property tax rate of 1.97% is near the national average, adding a standard increment to monthly housing costs. On the Jersey City median home, that is $1,067/month, or $12,805 per year.
New Jersey levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Jersey City 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 Jersey City's median income of $82,000/year can afford up to $1,913/month in total housing costs. Based on Jersey City's mortgage rate of 6.95% and property tax rate of 1.97%, that translates to a maximum affordable home price of approximately $108,660 with 20% down on a 30-year loan.
To afford the median Jersey City home priced at $650,000, you need an annual gross income of approximately $204,859. Total monthly housing costs (principal and interest of $3,442, property taxes of $1,067, and insurance of $271) come to $4,780/month, which equals 28% of the required income.
At the median home price of $650,000 and median household income of $82,000, the total monthly housing cost of $4,780 represents 70.0% of gross monthly income. This is well above the standard 28% threshold, making Jersey City a challenging market for buyers at median income.
A conventional 20% down payment on the median Jersey City home of $650,000 is $130,000. An FHA loan requires just 3.5% down — $22,750 — but adds mortgage insurance of roughly $444/month, bringing total FHA payments to $5,934/month.