California vs New Jersey: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between California and New Jersey. Updated for 2026.
Metric
California
New Jersey
Median Home Price
$785K
$505K
Property Tax Rate
0.73%
2.47%
Avg Closing Costs
$9K
$10K
Closing Cost %
1.2%
2.0%
Transfer Tax
0.11%
1%
Homeowners Insurance
$2,200/yr
$1,500/yr
First-Time Buyer Program
CalHFA Dream For All
Up to 20% shared appreciation loan
NJHMFA DPA Program
Up to $15,000 forgivable
Verdict
California wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. However, New Jersey has a lower total cost when combining home price, closing costs, and insurance. Both states offer first-time buyer programs — explore the state pages for full details.