How much is a home worth in ZIP code 07040?

The typical home in 07040 is worth $959,486, based on the Zillow Home Value Index.

Are home values rising in 07040?

Home values in 07040 are up 4.7% over the past year, and up 7.4% a year over five years.

What is the typical rent in 07040?

A typical home in 07040 rents for about $2,758 a month, a gross rental yield of 3.4%.

What is the property tax rate in 07040?

The effective property tax rate in 07040 is 2.4% — roughly $22,705 a year on a typical home.

ZIP code 07040 has a population of 25,613 and a median household income of $173,500.

HousingHandbookReference data

…

U.S. ZIP Code · NJ07040

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

Typical home value

$959,486^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +4.7%
5-year / yr: +7.4%
10-year / yr: +6.5%

Relative price

vs U.S.: +237.8%
vs metro: +31.5%
vs state: +68.5%

Price history

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

The typical home in 07040 is worth $959,486 — 31.5% above the New York-Newark-Jersey City, NY-NJ median. Over the past year, values have risen 4.7%. Homes here rent for a typical $2,758 a month — a 3.4% gross rental yield. The effective property tax rate is 2.4%.

#Rent & investment

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

Monthly rent: $2,758^[2]
Gross yield: 3.4%^[2]
Cap rate: 2.1%^[2]

#Property tax

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

Effective tax rate: 2.4%^[3]
Typical annual tax: $22,705^[3]

#Climate risk

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

Overall risk: Relatively High^[4]
Riverine flood: Relatively High
Coastal flood: Relatively Moderate
Wildfire: Very Low
Drought: Very Low
Heat wave: Relatively High
Hurricane: Relatively Moderate
Tornado: Relatively High
Earthquake: Relatively Moderate
Winter weather: Very High

#Who lives here

Population: 25,613^[3]
Median household income: $173,500^[3]

#Migration

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

Net migration: -3,761^[5]
Moved in: 19,593
Moved out: 23,354

Schools

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

Public schools: 6
Elementary: 4
Middle: 1
High: 1

Columbia High School
High · Grades 9–12 · South Orange-Maplewood School District
1,933 students
Maplewood Middle School
Middle · Grades 6–8 · South Orange-Maplewood School District
733 students
Clinton Elementary School
Elementary · Grades PK–5 · South Orange-Maplewood School District
572 students
Tuscan Elementary School
Elementary · Grades K–5 · South Orange-Maplewood School District
547 students
Delia Bolden Elementary School
Elementary · Grades 3–5 · South Orange-Maplewood School District
481 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 yield3.4%

Net yield (after ~40% expenses)2.1%

Annual rent$33,100

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$4,852

Loan principal$767,589

Down payment$191,897

Total interest paid$979,017

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 ratio2.74

Monthly cost to own$7,546

Monthly rent$2,758

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: 81st percentile^[1]
Rental yield: 11th percentile^[2]
Property tax: 95th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 07040?: The typical home in 07040 is worth $959,486, based on the Zillow Home Value Index.
Are home values rising in 07040?: Home values in 07040 are up 4.7% over the past year, and up 7.4% a year over five years.
What is the typical rent in 07040?: A typical home in 07040 rents for about $2,758 a month, a gross rental yield of 3.4%.
What is the property tax rate in 07040?: The effective property tax rate in 07040 is 2.4% — roughly $22,705 a year on a typical home.
Who lives in 07040?: ZIP code 07040 has a population of 25,613 and a median household income of $173,500.

#Comparable ZIPs

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

07702 vs 07040 →
Shrewsbury, NJ
Typical home
$962,789
Gross yield
—
10546 vs 07040 →
Millwood CDP, NY
Typical home
$954,015
Gross yield
—
11570
Rockville Centre, NY
Typical home
$965,206
Gross yield
4.3%
11768
Fort Salonga CDP, NY
Typical home
$950,924
Gross yield
—
08510
NJ
Typical home
$949,652
Gross yield
—
11040
North New Hyde Park CDP, NY
Typical home
$970,431
Gross yield
5.0%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

Compare ZIPs

Pit ZIP 07040 against any other ZIP — full side-by-side table.

Compare 07040 →

#Jump to section

U.S. ZIP Code · NJ07040

Get more data on ZIPs like this

Get more data on ZIPs like this