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City · 22,705 residents · Union County, New Jersey

Summit , New Jersey

In Summit, a typical home is worth $994,500 and typical rent is $2,430 a month. Compared with all of Union County, the typical home value is 88% higher, typical household income is 84% higher, and the share of households that own their home is 11 points higher.

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  • Typical home value

    $994,500

    88% above the county

    119% above New Jersey

    • Summit
    • Union
    • New Jersey

  • Typical rent

    $2,430a month

    40% above the county

    41% above New Jersey

    • Summit
    • Union
    • New Jersey

  • Typical household income

    $190,304a year

    84% above the county

    84% above New Jersey

    • Summit
    • Union
    • New Jersey

  • Households that own their home

    68%

    11 points above the county

    4 points above New Jersey

    • Summit
    • Union
    • New Jersey

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

Market now, with Zillow data

Zillow data
Typical home value
$1,410,689
13.1% more than 12 months ago
Typical rent
$2,977 a month
1.1% more than 12 months ago

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

Summit is in Union 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 Union County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Summit apart

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

  1. The typical household income in Summit is $190,304, 84% more than in Union County as a whole ($103,202).

  2. The typical home in Summit is worth $994,500, 88% more than in Union County as a whole ($529,200).

  3. According to Zillow, in the 12 months to September 2026 the typical home value in Summit rose 13.1%; in New Jersey, it rose 4%.

  4. The typical rent in Summit is $2,430 a month, 40% more than in Union County as a whole ($1,730).

  5. Nearby, in New Providence, the typical home value is $769,900: 23% less than in Summit ($994,500).

  6. Nearby, in New Providence, the typical rent is $1,903: 22% less than in Summit ($2,430).

Sources: U.S. Census Bureau (Average 2020–2024); Zillow (September 2026 data). Zillow data

The homes here

Housing in Summit

What homes there are in Summit, 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 Summit, 6 in 10 homes are single-family detached houses; in Union County, 5.

Year built

By age, homes in Summit look like those in Union County: the typical year built is 1953.

Homes in Summit are bigger: 71% have 3 bedrooms or more; in Union County, 59%.

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

Owners with a mortgage

69%

Union County: 67%

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 Summit rose 12% since 2015–2019, less than in Union County (44%).

Since 2015–2019, the typical rent in Summit rose 29%, less than in Union County (34%).

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

MeasureSummitUnion CountyNew JerseyUnited States
Rental vacancy Unreliable estimate3.1%3.5%5.5%
Homeowner vacancy Unreliable estimate1.0%0.7%0.9%
More than one person per room Unreliable estimate5.8%4.0%3.4%
People per household 2.712.822.622.53
Drive alone 46%61%62%69%
Carpool 3%9%8%9%
Public transit 18%9%8%3%
Walk or bike 6%3%3%3%
Work from home 24%14%17%15%
Other means Unreliable estimate4%2%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

By size, households in Summit look like those in Union County: 2.71 people on average.

Many people here do not commute at all: 24% work from home; in Union County, 14%.

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 Summit?

A typical home costs more than the typical income allows

We start with a typical home in Summit, worth $994,500, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 53% of the typical household income in Summit, which is $190,304 a year. For that payment to be 28% of income, a household would need to earn about $362,841 a year.

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

Your numbers

Local data
$

Starts at the typical home value in Summit. 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 $34,808 (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

$8,466

at 7.18% · 30 years

Loan amount
$976,487
Total interest
$1,404,935
Paid off in
November 2056

Includes $16,795 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $4,440 a month

  • Tight

    $4,440 to $5,709 a month

  • Hard

    more than $5,709 a month

    Your payment · 53%

Compared with the typical household income in Summit ($190,304 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$8,466
Principal & interest$6,615
Property tax$837
Home insurance$414
FHA mortgage insurance (MIP)$600

You need at least $34,808 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

Summit and Union County

Summit is in Union 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).

Summit's own numbers

Typical home value
$994,500
Typical monthly rent
$2,430
Typical yearly household income
$190,304
Households that own their home
68%
Effective property tax rate
1.01%

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

Numbers for all of Union 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)
+58%
Homes in a high flood-risk zone
3.9%

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 Union County.

Everything about Union County

Buying

Buying a home in Summit

A typical home in Summit is worth $994,500: 88% above the county and 119% above New Jersey. With the typical household income in Summit ($190,304 a year), a typical home costs 5.2 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.

  • Summit 5.2 years
  • Union 5.1 years
  • New Jersey 4.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Union County

According to FHFA’s house price index, home prices in Union County rose 84% in the 10 years through 2025.

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

Period County New Jersey U.S.
Last year (2025) +5.5% +6.2% +2.9%
5 years (2020–2025) +58% +63% +47%
10 years (2015–2025) +84% +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

Summit next to Union 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
  • Summit $994,500
  • Union $529,200
  • New Jersey $454,400
  • United States $332,700
Typical monthly rent
  • Summit $2,430
  • Union $1,730
  • New Jersey $1,720
  • United States $1,413
Typical yearly household income
  • Summit $190,304
  • Union $103,202
  • New Jersey $103,556
  • United States $80,734
See the full table
Summit next to Union County and New Jersey
Measure Summit Union County New Jersey U.S.
Typical home value $994,500 $529,200 $454,400 $332,700
Typical monthly rent $2,430 $1,730 $1,720 $1,413
Typical yearly household income $190,304 $103,202 $103,556 $80,734
Households that own their home 68% 57% 64% 65%
Typical yearly property tax $10,001 $10,001 $9,590 $3,119
Effective property tax rate 1.01% 1.89% 2.11% 0.94%
Renters with high rent for their income 45% 51% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Union 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 Summit

For a typical $994,500 home in Summit, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Summit's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $8,466a month

    Least cash to close
    Down payment
    $34,808
    Cash to close
    $64,643
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $600

  • Conventional, 5% down $8,124a month

    Down payment
    $49,725
    Cash to close
    $79,560
    Rate
    7.18%
    Mortgage insurance
    PMI · $472

  • Conventional, 20% down, no PMI $6,641a month

    Down payment
    $198,900
    Cash to close
    $228,735
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $7,561a month

    Down payment
    $149,175
    Cash to close
    $179,010
    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 Summit and for Union County.

Property tax

Effective rate in Summit

1.01%of the home’s value each year

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

  • Summit 1.01%
  • Union 1.89%
  • 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 Union County

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

Homes in the high-risk zone
3.9%
4,874
Of those, with NFIP insurance
49%
County New Jersey U.S.
Homes in the high-risk zone 3.9% 6.7% 3.5%
Of those, with NFIP insurance 49% 63% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Summit

Typical rent in Summit is $2,430 a month: 40% above the county. In Summit, 45% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Union 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 Union 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 Summit

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Summit is in ZIP code 07901.

For 2 bedrooms it is $3,030: $797 more than the fair market rent for Union County ($2,233).

  • 07901 $3,030$3,780

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

Free help

Help to buy or rent in Summit

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 are 2 HUD-approved agencies with an office in Union County; none says it serves in Spanish.

Two women and a girl laugh together at the bus stop.

HUD counseling is free or low-cost

Assistance programs in Summit

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

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

Housing counselors near Summit

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

  • NEIGHBORHOODS FOR A SUSTAINABLE FUTURE fka NHS of Staten Island

    1120 E Saint Georges Ave, Linden · 8 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 3 more
    (908) 808-4035

  • Tri-City Peoples Corporation

    675 S 19th St, Newark · 8 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 10 more
    (097) 367-5448

  • Credit.org - New Jersey Branch

    101 Eisenhower Pkwy, Roseland · 8 miles away · Spanish

    Also serves in other languages.

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

Every agency in Union County All counseling agencies in New Jersey

Help in Spanish near Summit

1 of the 3 agencies on this list says it serves 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 Summit

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

5 other authorities have an office in Union County: see the list Source: HUD

Cities

Other cities in Union County

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

Everything about Union County Housing in New Jersey

Nearby cities

The cities closest to Summit, with the typical home value.

Neighboring counties

If Union 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 Summit.

All guides
A father and mother walk their son by the hand down the sidewalk.

Questions

Housing questions about Summit

Short answers with the numbers for Summit and all of Union 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 Summit?

The typical home value in Summit is $994,500, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Union County it is $529,200.

How much does it cost to rent in Summit?

Typical rent in Summit is $2,430 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Union County is $2,233.

What is the FHA loan limit in Summit?

Summit uses the FHA limit for all of Union 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 Summit?

The typical homeowner in Summit pays $10,001 a year, according to the U.S. Census Bureau. That is 1.01% of the home’s value; in Union County, the rate is 1.89%.

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

There are 2 HUD-approved counseling agencies with an office in Union 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).