How much is a home worth in ZIP code 07042?

The typical home in 07042 is worth $935,195, based on the Zillow Home Value Index.

Are home values rising in 07042?

Home values in 07042 are up 5.8% over the past year, and up 6.0% a year over five years.

What is the typical rent in 07042?

A typical home in 07042 rents for about $2,982 a month, a gross rental yield of 3.8%.

What is the property tax rate in 07042?

The effective property tax rate in 07042 is 2.1% — roughly $19,529 a year on a typical home.

ZIP code 07042 has a population of 27,326 and a median household income of $122,847.

HousingHandbookReference data

…

U.S. ZIP Code · NJ07042

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

Typical home value

$935,195^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +5.8%
5-year / yr: +6.0%
10-year / yr: +5.8%

Relative price

vs U.S.: +229.2%
vs metro: +28.2%
vs state: +64.2%

Price history

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

The typical home in 07042 is worth $935,195 — 28.2% above the New York-Newark-Jersey City, NY-NJ median. Over the past year, values have risen 5.8%. Homes here rent for a typical $2,982 a month — a 3.8% gross rental yield. The effective property tax rate is 2.1%.

#Rent & investment

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

Monthly rent: $2,982^[2]
Gross yield: 3.8%^[2]
Cap rate: 2.3%^[2]

#Property tax

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

Effective tax rate: 2.1%^[3]
Typical annual tax: $19,529^[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: 27,326^[3]
Median household income: $122,847^[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: 11
Elementary: 7
Middle: 3
High: 1

Montclair High School
High · Grades 9–12 · Montclair Public School District
1,961 students
Buzz Aldrin Middle School
Middle · Grades 6–8 · Montclair Public School District
607 students
Hillside Elementary School
Elementary · Grades 3–5 · Montclair Public School District
581 students
Glenfield Middle School
Middle · Grades 6–8 · Montclair Public School District
521 students
Charles H. Bullock School
Elementary · Grades K–5 · Montclair Public School District
428 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 yield3.8%

Net yield (after ~40% expenses)2.3%

Annual rent$35,788

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$4,729

Loan principal$748,156

Down payment$187,039

Total interest paid$954,231

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 ratio2.39

Monthly cost to own$7,137

Monthly rent$2,982

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: 46th percentile^[1]
Rental yield: 17th percentile^[2]
Property tax: 78th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 07042?: The typical home in 07042 is worth $935,195, based on the Zillow Home Value Index.
Are home values rising in 07042?: Home values in 07042 are up 5.8% over the past year, and up 6.0% a year over five years.
What is the typical rent in 07042?: A typical home in 07042 rents for about $2,982 a month, a gross rental yield of 3.8%.
What is the property tax rate in 07042?: The effective property tax rate in 07042 is 2.1% — roughly $19,529 a year on a typical home.
Who lives in 07042?: ZIP code 07042 has a population of 27,326 and a median household income of $122,847.

#Comparable ZIPs

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

11220 vs 07042 →
New York, NY
Typical home
$934,397
Gross yield
3.4%
11946 vs 07042 →
Hampton Bays CDP, NY
Typical home
$936,479
Gross yield
—
07922
New Providence, NJ
Typical home
$929,941
Gross yield
4.4%
07756
Ocean Grove CDP, NJ
Typical home
$929,255
Gross yield
3.2%
10016
New York, NY
Typical home
$929,127
Gross yield
6.4%
07310
Jersey City, NJ
Typical home
$927,884
Gross yield
5.5%

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#Jump to section

U.S. ZIP Code · NJ07042

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