Mortgage payment estimates, closing cost breakdowns, and homebuying data for Newark, New Jersey.
Pre-filled with Newark median home price and New Jersey tax/insurance rates. Adjust for your property.
Estimated closing costs based on New Jersey rates and fees applied to Newark prices.
The median home price in Newark is $385,000, 24% below the New Jersey state median of $505,000. With a population of 311,549, Newark is a mid-size city where home prices tend to be more accessible than in many parts of New Jersey.
Property taxes in New Jersey average 2.47% annually. This higher-than-average tax rate means a $385,000 home in Newark would carry roughly $792/month in property taxes alone — plan accordingly. Homeowners insurance in New Jersey runs approximately $1,500 per year. This is within the normal range nationally.
Average rent in Newark is $1,650/month. The price-to-rent ratio in Newark is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Newark presents moderate affordability. The $385K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.