Rent vs Buy Calculator - Bergen County NJ
Compare the true cost of renting vs buying in Bergen County. See break-even point, equity growth, and long-term financial impact with local market data.
Bergen County Market Data
Buying in Bergen County
- Median Home Price: $749,714
- Property Tax: 2.2% annually ($12K/year avg)
- Appreciation: 3-4% historical average
- Closing Costs: 4% of price (NJ higher than national)
- Monthly Payment: ~$4,800 (PITI + maintenance)
Renting in Bergen County
- Median Rent (2BR): $2,500/month
- Annual Increase: 2-3% average
- Security Deposit: 1 month rent typically
- Utilities: Usually tenant responsibility
- No Equity: All payments go to landlord
Key Factors to Consider
Favor Buying If:
- • Staying 5+ years in Bergen County
- • Stable job and income
- • Want to lock in housing costs
- • Family growing, need space/stability
- • Strong local appreciation expected
Favor Renting If:
- • Staying <3 years
- • Job/life situation uncertain
- • Don't have down payment saved
- • Don't want maintenance responsibility
- • Need maximum flexibility
Frequently Asked Questions
Is it better to rent or buy in Bergen County?
Buying is typically better if staying 5+ years. Break-even is usually 5-7 years with Bergen County's median prices. Buying builds equity, locks in costs, and benefits from 3-4% annual appreciation. Rent increases 2-3% annually, making buying more attractive long-term.
How much does it cost to buy in Bergen County?
Median home: $749K. With 10% down ($75K) + 4% closing costs ($30K) = $105K cash needed upfront. Monthly: $4,800 including mortgage, property tax ($1,000/mo avg), insurance, maintenance. Bergen County has highest property taxes in the nation at 2.2% of home value.
What if I can't afford 20% down?
Most buyers don't put 20% down. Options: FHA (3.5% down), Conventional (3-5% down with PMI), VA (0% down for veterans). With 5% down on $749K home, you need $37K + $30K closing = $67K total. PMI adds ~$300/mo until 20% equity. CMG Home Loans can help find the best program for your situation.
How much does rent increase per year?
Bergen County rent increases 2-3% annually. $2,500/mo today becomes $3,200/mo in 10 years (2.5% annual). Over 30 years, you'd pay $1.2M in rent with zero equity vs $1.7M in mortgage payments but own a $1.8M home (with 3% appreciation). Fixed mortgage protects against rent inflation.
Ready to Buy in Bergen County?
Get pre-approved and start building equity instead of paying your landlord's mortgage. CMG Home Loans specializes in Bergen County home financing.
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