The Great Household Deficit: Rising Costs of Homeownership in New Jersey

Katharine Nelson

September 2025

New Jersey homeowners are sinking in monthly bills. In this brief, we explore the sky-high and rapidly rising costs of being a homeowner in New Jersey. This includes both mortgage and non-mortgage housing costs. New Jersey has the highest property taxes, and among the most expensive housing prices in the country. In addition, New Jersey homeowners pay 20 percent more in utility costs than the national average, and are now facing soaring electricity bills related to supply challenges and the new demands of AI data centers. New Jersey’s homeowners’ insurance premiums are also going up much faster than other states, related to private companies’ responses to more extreme weather and construction and labor costs. As these various costs add up, more homeowners – especially those with lower incomes – are sinking into debt and many are deferring home repairs and maintenance.

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The Great Household Deficit: Rising Costs of Homeownership in New Jersey