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City · 10,650 residents · Morris County, New Jersey

Budd Lake , New Jersey

In Budd Lake, a typical home is worth $456,100 and typical rent is $1,402 a month. Compared with all of Morris County, typical rent is 26% lower and the typical home value is 22% lower.

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  • Typical home value

    $456,100

    22% below the county

    About the same as New Jersey

    • Budd Lake
    • Morris
    • New Jersey

  • Typical rent

    $1,402a month

    26% below the county

    18% below New Jersey

    • Budd Lake
    • Morris
    • New Jersey

  • Typical household income

    $114,154a year

    17% below the county

    10% above New Jersey

    • Budd Lake
    • Morris
    • New Jersey

  • Households that own their home

    75%

    1 points above the county

    11 points above New Jersey

    • Budd Lake
    • Morris
    • New Jersey

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$538,856
2.3% more than 12 months ago
Typical rent
$2,299 a month
10.2% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Budd Lake is in Morris County. The FHA loan limit ($1,249,125 for a one-unit home), the fair market rents and the help on this page are those of all of Morris County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Budd Lake apart

What this place has that others do not, from public data, most unusual first.

  1. The typical rent in Budd Lake is $1,402 a month, 26% less than in Morris County as a whole ($1,904).

  2. Nearby, in Hackettstown, the typical home value is $361,600: 21% less than in Budd Lake ($456,100).

  3. The typical home in Budd Lake is worth $456,100, 22% less than in Morris County as a whole ($582,500).

  4. The typical household income in Budd Lake is $114,154, 17% less than in Morris County as a whole ($137,326).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Budd Lake

What homes there are in Budd Lake, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Budd Lake, 7 in 10 homes are single-family detached houses; in Morris County, 7.

Year built

Homes in Budd Lake are newer: the typical year built is 1975; in Morris County, 1971.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,884 a month

Morris County: $3,295 a month

Without a mortgage

$1,248 a month

Morris County: $1,385 a month

Owners with a mortgage

71%

Morris County: 65%

The typical cost for an owner with a mortgage in Budd Lake is $2,884 a month, less than in Morris County ($3,295); without one, $1,248.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Budd Lake rose 34% since 2015–2019, more than in Morris County (28%).

Since 2015–2019, the typical rent in Budd Lake rose 15%, less than in Morris County (24%).

The typical household income in Budd Lake rose 26% over that time; home values changed +34% and rent +15%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureBudd LakeMorris CountyNew JerseyUnited States
Rental vacancy Unreliable estimate3.3%3.5%5.5%
Homeowner vacancy Unreliable estimate0.5%0.7%0.9%
More than one person per room Unreliable estimate1.7%4.0%3.4%
People per household 2.872.622.622.53
Drive alone 73%66%62%69%
Carpool 7%6%8%9%
Public transit Unreliable estimate3%8%3%
Walk or bike Unreliable estimate2%3%3%
Work from home 19%22%17%15%
Other means Unreliable estimate1%2%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Budd Lake has 2.87 people, more than in Morris County (2.62).

In Budd Lake, 73% of workers drive alone to work; in Morris County, 66%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Budd Lake?

A typical home costs more than the typical income allows

We start with a typical home in Budd Lake, worth $456,100, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 45% of the typical household income in Budd Lake, which is $114,154 a year. For that payment to be 28% of income, a household would need to earn about $182,484 a year.

The calculator's FHA and conventional loan limits are those of all of Morris County.

Your numbers

Local data
$

Starts at the typical home value in Budd Lake. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $15,964 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$4,258

at 7.18% · 30 years

Loan amount
$447,838
Total interest
$644,334
Paid off in
November 2056

Includes $7,702 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,664 a month

  • Tight

    $2,664 to $3,425 a month

  • Hard

    more than $3,425 a month

    Your payment · 45%

Compared with the typical household income in Budd Lake ($114,154 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$4,258
Principal & interest$3,034
Property tax$832
Home insurance$190
FHA mortgage insurance (MIP)$202

You need at least $15,964 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Budd Lake and Morris County

Budd Lake is in Morris County, New Jersey. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Budd Lake's own numbers

Typical home value
$456,100
Typical monthly rent
$1,402
Typical yearly household income
$114,154
Households that own their home
75%
Effective property tax rate
2.19%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Morris County

FHA limit, one-unit home
$1,249,125
Conventional limit, one unit
$1,209,750
HUD fair market rent, 2 bedrooms
$2,233
Price change over 5 years (FHFA)
+53%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Morris County.

Everything about Morris County

Buying

Buying a home in Budd Lake

A typical home in Budd Lake is worth $456,100: 22% below the county and about the same as New Jersey. With the typical household income in Budd Lake ($114,154 a year), a typical home costs 4.0 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Budd Lake 4.0 years
  • Morris 4.2 years
  • New Jersey 4.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Morris County

According to FHFA’s house price index, home prices in Morris County rose 68% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Morris County.

Period County New Jersey U.S.
Last year (2025) +5.9% +6.2% +2.9%
5 years (2020–2025) +53% +63% +47%
10 years (2015–2025) +68% +88% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Budd Lake next to Morris County, New Jersey and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Budd Lake $456,100
  • Morris $582,500
  • New Jersey $454,400
  • United States $332,700
Typical monthly rent
  • Budd Lake $1,402
  • Morris $1,904
  • New Jersey $1,720
  • United States $1,413
Typical yearly household income
  • Budd Lake $114,154
  • Morris $137,326
  • New Jersey $103,556
  • United States $80,734
See the full table
Budd Lake next to Morris County and New Jersey
Measure Budd Lake Morris County New Jersey U.S.
Typical home value $456,100 $582,500 $454,400 $332,700
Typical monthly rent $1,402 $1,904 $1,720 $1,413
Typical yearly household income $114,154 $137,326 $103,556 $80,734
Households that own their home 75% 74% 64% 65%
Typical yearly property tax $10,001 $10,001 $9,590 $3,119
Effective property tax rate 2.19% 1.72% 2.11% 0.94%
Renters with high rent for their income 40% 45% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Morris County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Budd Lake

For a typical $456,100 home in Budd Lake, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Budd Lake's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $4,258a month

    Least cash to close
    Down payment
    $15,964
    Cash to close
    $29,647
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $202

  • Conventional, 5% down $4,174a month

    Down payment
    $22,805
    Cash to close
    $36,488
    Rate
    7.18%
    Mortgage insurance
    PMI · $217

  • Conventional, 20% down, no PMI $3,494a month

    Down payment
    $91,220
    Cash to close
    $104,903
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,916a month

    Down payment
    $68,415
    Cash to close
    $82,098
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Budd Lake and for Morris County.

Property tax

Effective rate in Budd Lake

2.19%of the home’s value each year

$10,001 a year for the typical owner in Budd Lake.

  • Budd Lake 2.19%
  • Morris 1.72%
  • New Jersey 2.11%

What New Jersey publishes ANCHOR, Senior Freeze and Stay NJ: one combined application (New Jersey Division of Taxation)

Exemptions and deadlines in New Jersey

Flood risk in Morris County

FEMA does not publish these numbers by city: they are for all of Morris County.

FEMA’s maps count no homes in the high-risk zone in Morris County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Budd Lake

Typical rent in Budd Lake is $1,402 a month: 26% below the county. In Budd Lake, 40% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Morris County, by unit size. To pay the 2-bedroom one ($2,233 a month) without spending more than 30% of your income, you would need to earn $42.94 an hour working full time.

HUD fair market rent for all of Morris County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,637 $31.48 $65,480
1 bedroom $1,850 $35.58 $74,000
2 bedrooms $2,233 $42.94 $89,320
3 bedrooms $2,785 $53.56 $111,400
4 bedrooms $3,188 $61.31 $127,520

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Budd Lake

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Budd Lake is in ZIP code 07828.

For 2 bedrooms it is $2,050: $183 less than the fair market rent for Morris County ($2,233).

  • 07828 $2,050$2,560

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Budd Lake when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Budd Lake

HUD lists one building with rents for lower incomes in Budd Lake.

  • NewBridge HMC 12 Ringenbach Ln, Budd Lake 07828 4 low-income homes · For people with disabilities

See all 45 buildings in Morris County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Budd Lake

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Morris County; none says it serves in Spanish.

An older woman smiles in front of her apartment building.

HUD counseling is free or low-cost

Assistance programs in Budd Lake

No down payment, repair or rent-help program on our list is for Budd Lake or Morris County. The ones below are statewide in New Jersey: they work in Budd Lake the same as in the rest of the state.

Which programs do I qualify for? All programs in New Jersey

Housing counselors near Budd Lake

The HUD-approved agencies closest to the center of Budd Lake, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Housing Partnership for Morris County

    2 E Blackwell St Ste 12, Dover · 9 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    (973) 659-9222

  • Credit.org - New Jersey Branch

    101 Eisenhower Pkwy, Roseland · 22 miles away · Spanish

    Also serves in other languages.

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 4 more
    (800) 431-8157

  • Central Jersey Housing Resource Center, Inc.

    92 E Main St, Somerville · 22 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 7 more
    (908) 446-0036

Every agency in Morris County All counseling agencies in New Jersey

Help in Spanish near Budd Lake

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Budd Lake

HUD’s record names them for Budd Lake or Morris County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Morris County Housing Authority Public housing and Section 8 vouchers (973) 540-0389

4 other authorities have an office in Morris County: see the list Source: HUD

Cities

Other cities in Morris County

These cities are also in Morris County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Morris County Housing in New Jersey
See 14 more cities in Morris County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Budd Lake, with the typical home value.

Neighboring counties

If Morris County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Budd Lake.

All guides
A father smiles as he carries his baby on his shoulders outdoors.

Questions

Housing questions about Budd Lake

Short answers with the numbers for Budd Lake and all of Morris County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Budd Lake?

The typical home value in Budd Lake is $456,100, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Morris County it is $582,500.

How much does it cost to rent in Budd Lake?

Typical rent in Budd Lake is $1,402 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Morris County is $2,233.

What is the FHA loan limit in Budd Lake?

Budd Lake uses the FHA limit for all of Morris County (2026): $1,249,125 for a one-unit home and $2,402,625 for a four-unit home.

How much property tax do owners pay in Budd Lake?

The typical homeowner in Budd Lake pays $10,001 a year, according to the U.S. Census Bureau. That is 2.19% of the home’s value; in Morris County, the rate is 1.72%.

Where can I find free help to buy or rent in Budd Lake?

There is 1 HUD-approved counseling agency with an office in Morris County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).