Somerset County, New Jersey: What It Costs to Buy a Home
The median home in Somerset County is worth $523,900, property taxes on it run about $10,001 a year (1.91%), the FHA loan limit is $1,249,125, and closing on it means about $5,639 in transfer tax plus $2,316 in title insurance. Each number below opens its own page with the source and a calculator.
| Median home value | $523,900 | Title insurance at this price → |
|---|---|---|
| Property taxes (median paid) | $10,001 a year, 1.91% of value | Property tax page → |
| FHA loan limit (1 unit) | $1,249,125 | Loan limits page → |
| Conforming loan limit (1 unit) | $1,209,750 | Loan limits page → |
| Transfer tax on the median home | $5,639 | New Jersey transfer tax page → |
| Title insurance on the median home | $2,291 owner's + $25 lender's | Title insurance page → |
| Recording fees (deed + mortgage) | $230 | Recording fees page → |
| Closing costs from these items | $8,185 | Closing costs page → |
| Area median income (HUD, family of 4) | $154,800; low-income limit $114,600 | Income limits page → |
Frequently asked questions
How much do homes cost in Somerset County?
The median owner-occupied home in Somerset County is valued at $523,900, per U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25077 (median value of owner-occupied housing units).
How much are property taxes in Somerset County?
The median Somerset County homeowner pays $10,001 a year in real estate taxes, about 1.91% of the median home value ($10,001 for homes with a mortgage), per the Census Bureau's American Community Survey.
What is the FHA loan limit in Somerset County?
$1,249,125 for a one-unit home in 2026 (a high-cost limit above the national floor), per HUD; the conforming limit for Fannie Mae and Freddie Mac loans is $1,209,750, per FHFA.
What does it cost to close on a home in Somerset County?
On the $523,900 median home: transfer tax $5,639, title insurance $2,316 for both policies, recording fees about $230, about $8,185 for those items before lender fees, prepaid taxes and insurance.
What is the area median income in Somerset County?
HUD's FY 2026 median family income for Somerset County (Middlesex-Somerset-Hunterdon, NJ HUD Metro FMR Area) is $154,800. A family of four counts as low income below $114,600 under HUD's 80% tier (adjusted for local housing costs, so it can sit above 80% of the median), which is the line many first-time buyer assistance programs use.
Nearby New Jersey counties
- Ocean County $366,600
- Passaic County $439,400
- Salem County $223,000
- Sussex County $342,800
- Union County $488,800
- Warren County $323,100
Sources
- U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25077 (median value of owner-occupied housing units)
- U.S. Census Bureau, ACS 2019-2023 five-year estimates, table B25103 (median real estate taxes paid)
- HUD, FHA forward mortgage loan limits for calendar year 2026 (CHUMS county limits file, Mortgagee Letter 2025-23)
- FHFA, conforming loan limits for mortgages acquired in calendar year 2026, by county
Figures are computed from the documents above and rounded to the dollar. All sources.
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General information, not financial, tax or legal advice. Figures are medians and schedule computations, not quotes.
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