How much is a home worth in ZIP code 07005?

The typical home in 07005 is worth $719,877, based on the Zillow Home Value Index.

Are home values rising in 07005?

Home values in 07005 are up 3.3% over the past year, and up 5.7% a year over five years.

What is the typical rent in 07005?

A typical home in 07005 rents for about $2,630 a month, a gross rental yield of 4.4%.

What is the property tax rate in 07005?

The effective property tax rate in 07005 is 2.0% — roughly $14,613 a year on a typical home.

ZIP code 07005 has a population of 15,307 and a median household income of $132,629.

HousingHandbookReference data

…

U.S. ZIP Code · NJ07005

Morris County · New York-Newark-Jersey City, NY-NJ

Typical home value

$719,877^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +3.3%
5-year / yr: +5.7%
10-year / yr: +4.5%

Relative price

vs U.S.: +153.4%
vs metro: -1.3%
vs state: +26.4%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 07005 is worth $719,877 — 1.3% below the New York-Newark-Jersey City, NY-NJ median. Over the past year, values have risen 3.3%. Homes here rent for a typical $2,630 a month — a 4.4% gross rental yield. The effective property tax rate is 2.0%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $2,630^[2]
Gross yield: 4.4%^[2]
Cap rate: 2.6%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 2.0%^[3]
Typical annual tax: $14,613^[3]

#Climate risk

FEMA National Risk Index ratings for Morris County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively Moderate^[4]
Riverine flood: Relatively High
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: Relatively Moderate
Heat wave: Relatively Moderate
Hurricane: Relatively Moderate
Tornado: Relatively Moderate
Earthquake: Relatively Low
Winter weather: Very High

#Who lives here

Population: 15,307^[3]
Median household income: $132,629^[3]

#Migration

Household moves in and out of Morris County over a year, from IRS tax-return data.

Net migration: -1,398^[5]
Moved in: 12,996
Moved out: 14,394

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 5
Elementary: 3
Middle: 1
High: 1

Boonton High School
High · Grades 9–12 · Boonton Town Public School District
656 students
John Hill School
Middle · Grades 3–8 · Boonton Town Public School District
546 students
Rockaway Valley School
Elementary · Grades PK–8 · Boonton Township School District
407 students
School Street School
Elementary · Grades PK–2 · Boonton Town Public School District
317 students
Intervale Elementary School
Elementary · Grades K–5 · Parsippany-Troy Hills Township School District
276 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield4.4%

Net yield (after ~40% expenses)2.6%

Annual rent$31,560

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$3,640

Loan principal$575,901

Down payment$143,975

Total interest paid$734,530

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio2.08

Monthly cost to own$5,458

Monthly rent$2,630

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 41st percentile^[1]
Rental yield: 27th percentile^[2]
Property tax: 73rd percentile^[3]

Frequently asked

How much is a home worth in ZIP code 07005?: The typical home in 07005 is worth $719,877, based on the Zillow Home Value Index.
Are home values rising in 07005?: Home values in 07005 are up 3.3% over the past year, and up 5.7% a year over five years.
What is the typical rent in 07005?: A typical home in 07005 rents for about $2,630 a month, a gross rental yield of 4.4%.
What is the property tax rate in 07005?: The effective property tax rate in 07005 is 2.0% — roughly $14,613 a year on a typical home.
Who lives in 07005?: ZIP code 07005 has a population of 15,307 and a median household income of $132,629.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

10530 vs 07005 →
Hartsdale CDP, NY
Typical home
$719,849
Gross yield
—
07410 vs 07005 →
Fair Lawn, NJ
Typical home
$720,028
Gross yield
—
11756
Levittown CDP, NY
Typical home
$720,626
Gross yield
4.9%
11764
Miller Place CDP, NY
Typical home
$720,629
Gross yield
—
08514
Cream Ridge CDP, NJ
Typical home
$720,870
Gross yield
—
08751
Dover Beaches South CDP, NJ
Typical home
$718,553
Gross yield
—

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#Jump to section

U.S. ZIP Code · NJ07005

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