How much is a home worth in ZIP code 07054?

The typical home in 07054 is worth $735,080, based on the Zillow Home Value Index.

Are home values rising in 07054?

Home values in 07054 are up 2.9% over the past year, and up 6.4% a year over five years.

What is the typical rent in 07054?

A typical home in 07054 rents for about $2,774 a month, a gross rental yield of 4.5%.

What is the property tax rate in 07054?

The effective property tax rate in 07054 is 2.0% — roughly $14,475 a year on a typical home.

ZIP code 07054 has a population of 29,480 and a median household income of $104,214.

HousingHandbookReference data

…

U.S. ZIP Code · NJ07054

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

Typical home value

$735,080^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +2.9%
5-year / yr: +6.4%
10-year / yr: +4.9%

Relative price

vs U.S.: +158.8%
vs metro: ≈ metro median
vs state: +29.1%

Price history

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

The typical home in 07054 is worth $735,080. Over the past year, values have risen 2.9%. Homes here rent for a typical $2,774 a month — a 4.5% 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: $2,774^[2]
Gross yield: 4.5%^[2]
Cap rate: 2.7%^[2]

#Property tax

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

Effective tax rate: 2.0%^[3]
Typical annual tax: $14,475^[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: 29,480^[3]
Median household income: $104,214^[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: 8
Elementary: 5
Middle: 2
High: 1

Brooklawn Middle School
Middle · Grades 6–8 · Parsippany-Troy Hills Township School District
942 students
Parsippany High School
High · Grades 9–12 · Parsippany-Troy Hills Township School District
937 students
Central Middle School
Middle · Grades 6–8 · Parsippany-Troy Hills Township School District
731 students
Eastlake Elementary School
Elementary · Grades PK–5 · Parsippany-Troy Hills Township School District
396 students
Northvail Elementary School
Elementary · Grades K–5 · Parsippany-Troy Hills Township School District
392 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 yield4.5%

Net yield (after ~40% expenses)2.7%

Annual rent$33,284

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$3,717

Loan principal$588,064

Down payment$147,016

Total interest paid$750,043

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 ratio2.00

Monthly cost to own$5,536

Monthly rent$2,774

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: 56th percentile^[1]
Rental yield: 33rd percentile^[2]
Property tax: 68th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 07054?: The typical home in 07054 is worth $735,080, based on the Zillow Home Value Index.
Are home values rising in 07054?: Home values in 07054 are up 2.9% over the past year, and up 6.4% a year over five years.
What is the typical rent in 07054?: A typical home in 07054 rents for about $2,774 a month, a gross rental yield of 4.5%.
What is the property tax rate in 07054?: The effective property tax rate in 07054 is 2.0% — roughly $14,475 a year on a typical home.
Who lives in 07054?: ZIP code 07054 has a population of 29,480 and a median household income of $104,214.

#Comparable ZIPs

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

08867 vs 07054 →
NJ
Typical home
$735,042
Gross yield
—
07853 vs 07054 →
Long Valley CDP, NJ
Typical home
$735,659
Gross yield
—
08833
Lebanon, NJ
Typical home
$733,919
Gross yield
—
11422
New York, NY
Typical home
$733,824
Gross yield
—
07470
Preakness CDP, NJ
Typical home
$737,181
Gross yield
4.1%
11421
New York, NY
Typical home
$732,941
Gross yield
3.8%

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#Jump to section

U.S. ZIP Code · NJ07054

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