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City · 5,612 residents · Morris County, New Jersey

Towaco , New Jersey

In Towaco, a typical home is worth $701,300. Compared with all of Morris County, typical household income is 50% higher, the typical home value is 20% higher, and the share of households that own their home is 19 points higher.

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  • Typical home value

    $701,300

    20% above the county

    54% above New Jersey

    • Towaco
    • Morris
    • New Jersey

  • Typical household income

    $205,636a year

    50% above the county

    99% above New Jersey

    • Towaco
    • Morris
    • New Jersey

  • Households that own their home

    93%

    19 points above the county

    29 points above New Jersey

    • Towaco
    • Morris
    • New Jersey

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

Towaco 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 Towaco apart

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

  1. The typical household income in Towaco is $205,636, 50% more than in Morris County as a whole ($137,326).

  2. Nearby, in Lake Hiawatha, the typical home value is $428,600: 39% less than in Towaco ($701,300).

  3. 93% of households in Towaco own their home, against 74% in Morris County.

  4. The typical home in Towaco is worth $701,300, 20% more than in Morris County as a whole ($582,500).

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

The homes here

Housing in Towaco

What homes there are in Towaco, 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

Detached houses, standing on their own, make up 87% of homes here, against 65% in Morris County.

Year built

In Towaco, 90% of homes have 3 bedrooms or more, more than in Morris County (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

$3,929 a month

Morris County: $3,295 a month

Without a mortgage

$1,348 a month

Morris County: $1,385 a month

Owners with a mortgage

52%

Morris County: 65%

Owning costs more in Towaco: with a mortgage, the typical cost is $3,929 a month; in Morris County, $3,295. Without one, $1,348.

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 boundaries of Towaco changed since 2015–2019, so the Census does not compare its figures from then and now. In Morris County, the typical home value rose 28%.

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

MeasureTowacoMorris 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 2.712.622.622.53
Drive alone 65%66%62%69%
Carpool Unreliable estimate6%8%9%
Public transit Unreliable estimate3%8%3%
Walk or bike Unreliable estimate2%3%3%
Work from home 25%22%17%15%
Other means Unreliable estimate1%2%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

By size, households in Towaco look like those in Morris County: 2.71 people on average.

In Towaco, 25% of workers work from home, more than in Morris County (22%).

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 Towaco?

A typical home is tight for the typical income

We start with a typical home in Towaco, worth $701,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 36% of the typical household income in Towaco, which is $205,636 a year. For that payment to be 28% of income, a household would need to earn about $261,553 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 Towaco. 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 $24,546 (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

$6,103

at 7.18% · 30 years

Loan amount
$688,597
Total interest
$990,730
Paid off in
November 2056

Includes $11,843 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $4,798 a month

  • Tight

    $4,798 to $6,169 a month

    Your payment · 36%

  • Hard

    more than $6,169 a month

Compared with the typical household income in Towaco ($205,636 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$6,103
Principal & interest$4,665
Property tax$836
Home insurance$292
FHA mortgage insurance (MIP)$310

You need at least $24,546 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

Towaco and Morris County

Towaco 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).

Towaco's own numbers

Typical home value
$701,300
Typical yearly household income
$205,636
Households that own their home
93%
Effective property tax rate
1.43%

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 Towaco

A typical home in Towaco is worth $701,300: 20% above the county and 54% above New Jersey. With the typical household income in Towaco ($205,636 a year), a typical home costs 3.4 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.

  • Towaco 3.4 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

Towaco 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
  • Towaco $701,300
  • Morris $582,500
  • New Jersey $454,400
  • United States $332,700
Typical yearly household income
  • Towaco $205,636
  • Morris $137,326
  • New Jersey $103,556
  • United States $80,734
See the full table
Towaco next to Morris County and New Jersey
Measure Towaco Morris County New Jersey U.S.
Typical home value $701,300 $582,500 $454,400 $332,700
Typical yearly household income $205,636 $137,326 $103,556 $80,734
Households that own their home 93% 74% 64% 65%
Typical yearly property tax $10,001 $10,001 $9,590 $3,119
Effective property tax rate 1.43% 1.72% 2.11% 0.94%
Renters with high rent for their income 63% 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 Towaco

For a typical $701,300 home in Towaco, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Towaco's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $6,103a month

    Least cash to close
    Down payment
    $24,546
    Cash to close
    $45,585
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $310

  • Conventional, 5% down $5,974a month

    Down payment
    $35,065
    Cash to close
    $56,104
    Rate
    7.18%
    Mortgage insurance
    PMI · $333

  • Conventional, 20% down, no PMI $4,929a month

    Down payment
    $140,260
    Cash to close
    $161,299
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $5,577a month

    Down payment
    $105,195
    Cash to close
    $126,234
    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 Towaco and for Morris County.

Property tax

Effective rate in Towaco

1.43%of the home’s value each year

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

  • Towaco 1.43%
  • 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 Towaco

The Census Bureau publishes no typical rent for Towaco. Below are the fair market rents for Morris County. In Towaco, 63% 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 Towaco

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Towaco is in ZIP code 07082.

For 2 bedrooms it is $2,670: $437 more than the fair market rent for Morris County ($2,233).

  • 07082 $2,670$3,330

A ZIP code counts for Towaco 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 Towaco

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 man and his daughter go over papers with a professional.

HUD counseling is free or low-cost

Assistance programs in Towaco

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

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

Housing counselors near Towaco

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

  • Credit.org - New Jersey Branch

    101 Eisenhower Pkwy, Roseland · 7 miles away · Spanish

    Also serves in other languages.

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

  • Housing Authority of the City of Paterson

    60 Van Houten St, Paterson · 9 miles away

    • Budget and financial counseling
    • Pre-purchase counseling
    • and 1 more
    (973) 345-5085

  • Paterson Task Force for Community Action, Inc

    191 Market St, Paterson · 9 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    973-279-2333-135

Every agency in Morris County All counseling agencies in New Jersey

Help in Spanish near Towaco

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 Towaco

HUD’s record names them for Towaco 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 Towaco, 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 Towaco.

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

Questions

Housing questions about Towaco

Short answers with the numbers for Towaco 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 Towaco?

The typical home value in Towaco is $701,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Morris County it is $582,500.

What is the FHA loan limit in Towaco?

Towaco 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 Towaco?

The typical homeowner in Towaco pays $10,001 a year, according to the U.S. Census Bureau. That is 1.43% of the home’s value; in Morris County, the rate is 1.72%.

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

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).