Rent vs Buy Calculator — Newark, NJ
Prefilled with Newark estimates: a ~$480,000 home (about $96,000 for 20% down) versus ~$2,200/mo rent. New Jersey's effective property tax of 2.23% — well above the U.S. average (~1.1%) — adds roughly $10,704/yr, and typical homeowners insurance runs about $1,300/yr. Adjust every field to your actual home below.
Is it better to rent or buy in Newark?
There's no universal answer — it hinges on how long you'll stay, what you'd earn investing the down payment instead, and New Jersey's tax and insurance costs. Property tax is the biggest local lever: at 2.23% on a $480,000 home that's about $10,704 every year, before insurance and maintenance. Use the break-even readout above to see the year buying pulls ahead, and the appreciation rate that flips the decision.
What makes Newark, NJ different
- Median home price estimate: $480,000
- Typical monthly rent estimate: $2,200
- New Jersey effective property tax: 2.23% (~$10,704/yr here)
- New Jersey avg. homeowners insurance: $1,300/yr
Starting estimates as of 2026-01 — see the methodology & sources.