Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Jersey and New York. Updated for 2026.
Metric
New Jersey
New York
Median Home Price
$505K
$430K
Property Tax Rate
2.47%
1.72%
Avg Closing Costs
$10K
$12K
Closing Cost %
2.0%
2.8%
Transfer Tax
1%
0.8%
Homeowners Insurance
$1,500/yr
$2,100/yr
First-Time Buyer Program
NJHMFA DPA Program
Up to $15,000 forgivable
SONYMA Achieving the Dream
Up to $15,000 DPAL
Verdict
New Jersey and New York are evenly matched across major housing cost categories. Your decision may come down to other factors like job market, climate, or lifestyle preferences. Use the calculators below to model your specific scenario.