New Jersey vs New York: Mortgage Payment Comparison

Both Expensive, Different Reasons

New Jersey has the highest property taxes in the nation (2.23%) while New York has high home prices plus significant income tax. For mortgage payments, property tax is the bigger factor.

The Numbers ($400K Home)

New Jersey: $743/month property tax + ~$2,100 P&I = $2,843/month PITI
New York: $467/month property tax + ~$2,100 P&I = $2,567/month PITI

That is a $276/month difference ($99,360 over 30 years) — entirely from property taxes.

FHA Limits

New York has a $1,149,825 FHA limit (high-cost area). New Jersey varies by county but caps at $766,550 in many areas.