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Palermo

Learn about the people, housing, costs and businesses in Palermo, New Jersey

Median Home$430,610
Median Rent$1,821/month
Population3,069
Leading IndustriesPublic Administration · Education · Manufacturing30% public administration
Home Value Growth⬆⬆⬆+29.8% over 2 years
Retirees27% of residentsabove average nationally
Homeowners95% of occupied units
NotableHigh Incomes$110k/year · top 12% nationally
NotableAmenity Score72/100 · highly walkable area
Palermo
NJ

Frequently Asked Questions

What are today's mortgage rates in Palermo?

As of today, the 30-year fixed mortgage rate for Palermo is approximately 7.266% (7.316% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Palermo?

The median home value in Palermo is $431k. The median monthly rent is $1,821. Annual property taxes average $7k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Palermo?

Home values in Palermo have increased 29.8% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Palermo?

Based on a typical all-in ownership cost of $1,839/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $79k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Palermo is $110k/year.

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What industries drive the economy in Palermo?

The largest employment sectors in Palermo are public administration (30%) and retail (12%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.