New Jersey Homes for Sale Under 350K

Homebuyers have to pay a median home price of $520,000 to buy a house in New Jersey, but final expenses depend heavily on your choice of neighborhood. In addition to the purchase price, budget carefully for down payments and some of the highest property taxes in the country.

New Jersey has the highest property tax rate in the country at roughly 1.88% of a home's value, which translates to a statewide average annual tax bill of over $10,000.

This is nearly double the tax rate of neighboring states such as New York and Connecticut.

The exact number depends on your municipality. Some towns bill under $5,000 a year, while others exceed $20,000. This is largely because New Jersey funds most local schools through property taxes rather than state income tax. When comparing two similarly priced properties, always check the actual municipal tax rate.

Camden is your best bet if you want to buy a house in New Jersey without breaking the bank. Median home prices here are around $520,000, and the cost of living is 15% lower than the national average.

Apart from Camden, Atlantic City, Gloucester City, and Trenton are a few more budget-friendly cities you can choose from. Here, median prices are much less than New Jersey's overall median.

New Jersey's cost of living is about 14% higher than the national average, largely because of higher housing costs. Housing costs for buyers are about 34% above the national average, while everyday goods and services are about 9% higher.

Healthcare costs are roughly 6% above the national average, while utilities, food, and transportation each cost about 3% more. These higher expenses can add up quickly, so buyers should consider the full cost of living, not just the home's purchase price, when budgeting for a move to New Jersey.

New Jersey buyers paid an average of $5,410 in closing costs in 2025, including recording fees and taxes. This works out to about 0.92% of the purchase price, which is slightly below the national average. This fee typically covers loan origination, appraisal, title insurance, attorney fees, and prepaid escrow items. Costs can run higher on more complex transactions or larger loans.

Ask your attorney or lender for a Loan Estimate early in the process so you can budget based on real numbers for your specific listing.

Very closely. New Jersey funds K-12 education almost entirely through local property taxes. The state has more than 500 separate school districts. Each district sets its own local tax rate to support its schools. That is a big part of why two towns with similar home prices have very different tax bills.

Older New Jersey homes may have underground oil tanks that can create costly environmental and cleanup issues for buyers. These tanks were common before natural gas became widely available, and some were abandoned when homes converted to other heating systems. If a tank has leaked, the property owner may be responsible for addressing the resulting contamination, even if they did not install or use the tank.

If you're buying a home built before the 1980s, order a tank sweep as part of your inspection. Finding a tank before closing can give you an opportunity to negotiate removal, testing, or cleanup rather than discovering a potential liability later.

Budget around $1,480 per year for homeowners insurance in New Jersey, on average. Your actual premium can vary significantly based on the home's location, age, construction, coverage limits, and claims history. Properties near the coast or older homes may cost more to insure because of greater exposure to storms and other risks.

A standard homeowners policy generally covers risks such as wind, fire, and personal liability. Use the statewide average as a starting point, but get an insurance quote for the specific property before finalizing your home-buying budget.

You may need flood insurance in New Jersey, especially if you're buying near the coast or in a flood-prone area. Standard homeowners insurance generally does not cover flood damage. If a property is in a FEMA-designated Special Flood Hazard Area, such as an A or V zone, your mortgage lender will require flood insurance when the loan is federally regulated or federally backed.

The biggest disadvantages of living in New Jersey are high housing costs, property taxes, and a relatively high cost of living. New Jersey has some of the highest property taxes in the country, which can add significantly to the ongoing cost of homeownership. Traffic is another common drawback, particularly along major commuter routes and in densely populated areas.