Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Florida and New Jersey. Updated for 2026.
Metric
Florida
New Jersey
Median Home Price
$395K
$505K
Property Tax Rate
0.86%
2.47%
Avg Closing Costs
$7K
$10K
Closing Cost %
1.8%
2.0%
Transfer Tax
0.7%
1%
Homeowners Insurance
$4,200/yr
$1,500/yr
First-Time Buyer Program
Florida Hometown Heroes
Up to 5% as 0% deferred loan
NJHMFA DPA Program
Up to $15,000 forgivable
Verdict
Florida wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $395K and lower overall costs, Florida offers meaningful savings compared to New Jersey. Both states offer first-time buyer programs — explore the state pages for full details.