How much house can I afford on $120,000 in New Jersey?
About $379,000 with 20% down ($309,000 with an FHA loan), using New Jersey's 1.82% property tax rate.
That is $196,558 less than the typical New Jersey home ($575,123), so on $120,000 you'd look at cheaper areas or a smaller home. The payment of $2,800 covers $2,037 principal and interest, $573 property tax and $189 insurance.
Counties in New Jersey you can afford on $120,000
3 of 21 counties have a typical home value at or below $379,000:
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Camden County | $353,585 | +4.2% | 2.83% |
| Salem County | $297,450 | +3.1% | 2.93% |
| Cumberland County | $273,036 | +0.9% | 2.28% |
Affordable metro areas
Assumes a 30-year fixed loan at 7.11%, property tax of 1.82% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Other salaries in New Jersey
Frequently asked questions
How much house can I afford on $120,000 in New Jersey?
About $379,000 with 20% down at 7.11%, keeping the payment (with New Jersey's 1.82% property tax and insurance) under $2,800 a month.
Is $120,000 enough to buy a house in New Jersey?
Not the typical home: the typical New Jersey home is worth $575,123 (Zillow, September 2026) and $120,000 supports about $379,000. 3 of 21 counties are within budget.