Home Affordability in Elizabeth, NJ
The median home price in Elizabeth is $420,000 with a median household income of $42,735. Housing is significantly stretched relative to local incomes.
Median Home Price
$420,000
Median Income
$42,735
Price-to-Income Ratio
9.8x
Est. Affordable Home
$166,000
Property Tax Rate
2.75%
Annual Property Tax
$11,550
Sales Tax Rate
6.63%
Cost of Living Index
115
Buying a Home in Elizabeth
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $42,735 in Elizabeth can afford a monthly housing payment of approximately $997. This translates to a home price of roughly $166,000, which is below the median home price of $420,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Elizabeth would be approximately $11,550 per year ($963/month) at the effective rate of 2.75%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $12,600 | $407,400 | Yes |
| 5% | $21,000 | $399,000 | Yes |
| 10% | $42,000 | $378,000 | Yes |
| 20% | $84,000 | $336,000 | No |
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