Massachusetts vs New Jersey: Mortgage & Housing Costs
Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Massachusetts and New Jersey. Updated for 2026.
Metric
Massachusetts
New Jersey
Median Home Price
$595K
$505K
Property Tax Rate
1.2%
2.47%
Avg Closing Costs
$10K
$10K
Closing Cost %
1.6%
2.0%
Transfer Tax
0.456%
1%
Homeowners Insurance
$2,200/yr
$1,500/yr
First-Time Buyer Program
MassHousing DPA
Up to $50,000 DPA loan
NJHMFA DPA Program
Up to $15,000 forgivable
Verdict
Massachusetts 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.