Compare Monmouth, NJ mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Monmouth.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Monmouth. Plus, shopping lenders is free and there is no obligation.
December 1, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Monmouth. Understand how much you need to earn to afford a home in Monmouth, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Monmouth fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Monmouth is right for you.
The median home value for Monmouth, NJ is $541,120
Based on current mortgage rates and a 10% down payment, you need to make $88,660 per year to buy the median priced home in Monmouth
With this income, you could qualify for a $487,008 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Monmouth is $2,053
The median household income for Monmouth, NJ is $111,189
Based on this income, you can afford a home valued at approximately $678,621
The home price you can afford to buy based on household income in Monmouth is 125% of the median home value which means housing prices are average. Monmouth ranks 15 out of 21 counties in New Jersey and 2,840 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Monmouth, NJ is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monmouth below.
Conforming loan limits for Monmouth, NJ
FHA loan limits for Monmouth, NJ