Español

Este sitio también está en español. Leer en español

City · 20,453 residents · Morris County, New Jersey

Morristown , New Jersey

In Morristown, a typical home is worth $567,600 and typical rent is $2,274 a month. Compared with all of Morris County, typical rent is 19% higher, typical household income is 12% lower, and the share of households that own their home is 38 points lower.

WhatsApp

  • Typical home value

    $567,600

    3% below the county

    25% above New Jersey

    • Morristown
    • Morris
    • New Jersey

  • Typical rent

    $2,274a month

    19% above the county

    32% above New Jersey

    • Morristown
    • Morris
    • New Jersey

  • Typical household income

    $121,340a year

    12% below the county

    17% above New Jersey

    • Morristown
    • Morris
    • New Jersey

  • Households that own their home

    37%

    38 points below the county

    27 points below New Jersey

    • Morristown
    • Morris
    • New Jersey

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

Market now, with Zillow data

Zillow data
Typical home value
$906,303
6.5% more than 12 months ago
Typical rent
$3,119 a month
1.6% more than 12 months ago

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

Morristown 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 Morristown apart

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

  1. 37% of households in Morristown own their home, against 74% in Morris County.

  2. The typical rent in Morristown is $2,274 a month, 19% more than in Morris County as a whole ($1,904).

  3. Morristown has the 23rd smallest share of rent-burdened renters of the 249 cities in New Jersey with more than 5,000 people (37%).

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

The homes here

Housing in Morristown

What homes there are in Morristown, 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

Many people here live in apartments: 5 in 10 homes; in Morris County, 2.

Year built

In Morristown, half of the homes were built before 1970; in Morris County, before 1971.

There are fewer big homes in Morristown than in Morris County: 32% have 3 bedrooms or more, against 65%.

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

$2,984 a month

Morris County: $3,295 a month

Without a mortgage

$1,424 a month

Morris County: $1,385 a month

Owners with a mortgage

69%

Morris County: 65%

In Morristown, 69% of owners have a mortgage, and their typical cost is $2,984 a month, against $3,295 in Morris County. Without one it drops to $1,424.

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

Homes in Morristown gained value more slowly than in Morris County: 20% since 2015–2019, against 28%.

Rents in Morristown rose faster than in Morris County: 32% since 2015–2019, against 24%.

To compare: typical income in Morristown rose 26%; the home, +20%; the rent, +32%.

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

MeasureMorristownMorris 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 2.212.622.622.53
Drive alone 62%66%62%69%
Carpool 10%6%8%9%
Public transit 2%3%8%3%
Walk or bike 6%2%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

Households in Morristown are smaller: 2.21 people on average; in Morris County, 2.62.

More people walk or bike to work in Morristown: 6%, against 2% in Morris County.

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 Morristown?

A typical home costs more than the typical income allows

We start with a typical home in Morristown, worth $567,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 50% of the typical household income in Morristown, which is $121,340 a year. For that payment to be 28% of income, a household would need to earn about $218,379 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 Morristown. 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 $19,866 (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

$5,096

at 7.18% · 30 years

Loan amount
$557,319
Total interest
$801,852
Paid off in
November 2056

Includes $9,585 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,831 a month

  • Tight

    $2,831 to $3,640 a month

  • Hard

    more than $3,640 a month

    Your payment · 50%

Compared with the typical household income in Morristown ($121,340 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$5,096
Principal & interest$3,775
Property tax$833
Home insurance$237
FHA mortgage insurance (MIP)$251

You need at least $19,866 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

Morristown and Morris County

Morristown 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).

Morristown's own numbers

Typical home value
$567,600
Typical monthly rent
$2,274
Typical yearly household income
$121,340
Households that own their home
37%
Effective property tax rate
1.76%

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 Morristown

A typical home in Morristown is worth $567,600: 3% below the county and 25% above New Jersey. With the typical household income in Morristown ($121,340 a year), a typical home costs 4.7 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.

  • Morristown 4.7 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

Morristown 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
  • Morristown $567,600
  • Morris $582,500
  • New Jersey $454,400
  • United States $332,700
Typical monthly rent
  • Morristown $2,274
  • Morris $1,904
  • New Jersey $1,720
  • United States $1,413
Typical yearly household income
  • Morristown $121,340
  • Morris $137,326
  • New Jersey $103,556
  • United States $80,734
See the full table
Morristown next to Morris County and New Jersey
Measure Morristown Morris County New Jersey U.S.
Typical home value $567,600 $582,500 $454,400 $332,700
Typical monthly rent $2,274 $1,904 $1,720 $1,413
Typical yearly household income $121,340 $137,326 $103,556 $80,734
Households that own their home 37% 74% 64% 65%
Typical yearly property tax $10,001 $10,001 $9,590 $3,119
Effective property tax rate 1.76% 1.72% 2.11% 0.94%
Renters with high rent for their income 37% 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 Morristown

For a typical $567,600 home in Morristown, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Morristown's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $5,096a month

    Least cash to close
    Down payment
    $19,866
    Cash to close
    $36,894
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $251

  • Conventional, 5% down $4,991a month

    Down payment
    $28,380
    Cash to close
    $45,408
    Rate
    7.18%
    Mortgage insurance
    PMI · $270

  • Conventional, 20% down, no PMI $4,145a month

    Down payment
    $113,520
    Cash to close
    $130,548
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $4,670a month

    Down payment
    $85,140
    Cash to close
    $102,168
    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 Morristown and for Morris County.

Property tax

Effective rate in Morristown

1.76%of the home’s value each year

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

  • Morristown 1.76%
  • 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 Morristown

Typical rent in Morristown is $2,274 a month: 19% above the county. In Morristown, 37% 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 Morristown

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Morristown is in ZIP code 07960.

For 2 bedrooms it is $3,340: $1,107 more than the fair market rent for Morris County ($2,233).

  • 07960 $3,340$4,170

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Morristown 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 Morristown

HUD lists 5 buildings with rents for lower incomes in Morristown. These are the largest.

  • Morris Mews 103 Ketch Rd, Morristown 07960 100 low-income homes · For older adults
  • Abbett Avenue Apartments 38 Abbett Ave, Morristown 12 low-income homes · In service since 2008
  • Mcail Liberty House 81 Ketch Rd, Morristown 07960 10 low-income homes · For people with disabilities
  • Morris Shelter Transitional Housing 1 Jean St, Morristown 10 low-income homes · In service since 1997
  • Litc#06917 Abbett Avenue Apartments 38 Abbett Ave, Morristown 07960 12 homes · In service since 2008

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

Free help

Help to buy or rent in Morristown

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.

A man listens closely, seated at a meeting table.

HUD counseling is free or low-cost

Assistance programs in Morristown

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

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

Housing counselors near Morristown

The HUD-approved agencies closest to the center of Morristown, 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 · 7 miles away

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

  • Credit.org - New Jersey Branch

    101 Eisenhower Pkwy, Roseland · 9 miles away · Spanish

    Also serves in other languages.

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

  • Consumer Credit and Budget Counseling, DBA National Foundation for Debt Management

    26 Park St Ste 2000, Montclair · 14 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    (727) 755-8558

Every agency in Morris County All counseling agencies in New Jersey

Help in Spanish near Morristown

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 Morristown

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

  • Morristown Housing Authority Public housing and Section 8 vouchers (973) 538-6343
  • Morris County Housing Authority Public housing and Section 8 vouchers (973) 540-0389

3 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 Morristown, 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 Morristown.

All guides
A man and two girls read a book together on the sofa.

Questions

Housing questions about Morristown

Short answers with the numbers for Morristown 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 Morristown?

The typical home value in Morristown is $567,600, 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 Morristown?

Typical rent in Morristown is $2,274 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 Morristown?

Morristown 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 Morristown?

The typical homeowner in Morristown pays $10,001 a year, according to the U.S. Census Bureau. That is 1.76% of the home’s value; in Morris County, the rate is 1.72%.

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

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).