New Hope vs. Lambertville: Cost of Ownership Guide

Thinking about a home in New Hope or just across the bridge in Lambertville? On the surface, the towns feel like twins, but the long-term cost to own can look very different once you factor in taxes, fees, insurance, and flood risk. You want a clear, side-by-side view so your monthly budget and long-term plans stay on track. In this guide, you will see how each cost category compares, plus simple examples you can adapt to any property. Let’s dive in.

What drives total cost of ownership

Owning a home costs more than the mortgage. Your full budget should include:

• Purchase price and market trends
• Property taxes and school levies
• Transfer and closing costs when you buy or sell
• Homeowners insurance and any flood insurance
• Utilities, HOA dues, and routine maintenance
• State income taxes and commuting costs

These pieces add up differently in New Hope, PA and Lambertville, NJ. Here is how.

Home prices today

Recent market snapshots show similar, high-demand price points in both river towns. As of late summer 2025, median sale prices were around 721,000 in New Hope and 645,400 in Lambertville. Small markets can swing month to month, so always use a fresh CMA for a specific property.

Property taxes

New Jersey’s effective property tax burden ranks among the highest in the country, while Pennsylvania’s average is lower. State effective-rate figures are only a starting point, but they illustrate the gap:

• Pennsylvania average effective rate example about 1.19 percent
• New Jersey average effective rate often in the 1.8 to 2.2 percent range

You can review state-level context in the Tax Foundation’s effective-rate tables for a quick comparison of averages across states. Keep in mind, your actual bill depends on local assessment and millage.

Local note: In New Hope, most of your bill is driven by the New Hope-Solebury School District portion, with a smaller borough share. In Lambertville, South Hunterdon Regional School District and municipal levies apply. Check the current assessment and millage before you write your budget.

Reference: See the Tax Foundation’s state property tax data for effective-rate context.

Tax Foundation state property tax data

Transfer and closing costs

The two states handle transfer charges differently, which affects buyer closing costs and seller net proceeds.

• Pennsylvania: The statutory realty transfer tax is 1.0 percent of the sale price. Local custom determines how buyer and seller split it, so confirm in your agreement. Review the Pennsylvania Department of Revenue’s tax rates page for the statutory rate.
• New Jersey: Sellers pay a graduated Realty Transfer Fee based on price tiers. On higher-priced homes, this fee can materially reduce seller net compared with a similar sale in PA. See the NJ Division of Taxation’s Realty Transfer Fee page for schedules and exemptions.

PA Department of Revenue tax rates

NJ Realty Transfer Fee overview

Insurance and flood risk

Both towns border the Delaware River. If a home is in a FEMA Special Flood Hazard Area, lenders typically require flood insurance. Premiums vary widely by elevation, mitigation features, and claims history. Start with the borough’s FEMA flood information page, then request an elevation certificate and quotes.

• Homeowners insurance costs vary by ZIP code, rebuild cost, age, and claims history. State averages are moderate compared with national extremes, but you should obtain property-specific quotes.
• Flood insurance may be required for properties in mapped flood zones. Verify before you fall in love with a riverfront view.

New Hope FEMA flood information

Bankrate on homeowners insurance costs

Utilities and maintenance

Budget realistically for ongoing costs beyond principal and interest.

• Electricity: Regional prices often land in the mid-to-high teens to low 20s cents per kWh, and supplier choice can change your bill. Budget conservatively and review recent statements for the property.
• Water, sewer, and trash: Rates are set locally. Ask for a recent billing history to estimate.
• HOA or condo dues: Amenities and coverage vary. Review budgets, reserves, and any pending special assessments.
• Maintenance: A practical planning rule is 1 to 2 percent of home value annually, with 2 to 4 percent for older, larger, or luxury homes. Many owners in higher-cost markets set aside about 2 percent to stay ahead of repairs and replacements.

Solar.com on average electric bills

Bankrate on hidden costs of homeownership

State income taxes

Your state of residence affects after-tax affordability.

• Pennsylvania has a flat personal income tax of 3.07 percent. Some municipalities also levy a local earned income tax.
• New Jersey uses graduated brackets. Higher incomes can face higher marginal rates, and the state offers property tax relief programs that can reduce net cost for eligible residents.

Review each state’s official pages before finalizing your plan.

PA personal income tax rates

NJ income tax tables and guidance

Commute and tolls

If your routine crosses the river, include tolls and travel time in your monthly budget. The local truss bridge connects the downtowns and is toll supported, while the US 202 bridge collects a southbound toll. The regional toll authority posts current rates and E-ZPass details.

Delaware River Joint Toll Bridge Commission information

Two simple planning examples

These examples use the research medians and state effective-rate context to illustrate scale. Replace each line with your actual assessment, quotes, and utility bills for a specific property.

Example A: New Hope purchase around 721,000

• Property taxes using a 1.19 percent state effective-rate illustration: about 8,575 per year
• Maintenance reserve at 2 percent of value: about 14,420 per year
• Plus homeowners insurance, utilities, any HOA dues, and flood insurance if required

Example B: Lambertville purchase around 645,400

• Property taxes using a 1.9 percent mid-range state effective-rate illustration: about 12,263 per year
• Maintenance reserve at 2 percent of value: about 12,908 per year
• Plus homeowners insurance, utilities, any HOA dues, and flood insurance if required

What it means: Even when the purchase price is similar, New Jersey’s higher effective property tax burden often raises the recurring cost of ownership relative to a comparable home in Pennsylvania. Flood zone status can also swing annual costs for both towns.

What to verify for any address

Use this checklist during due diligence so your budget matches reality:

• Current assessed value and millage for the exact property
• Borough and school district taxes for the current year
• FEMA flood zone status, elevation certificate, and flood quotes if applicable
• Homeowners insurance quotes from multiple carriers
• HOA documents, budgets, reserves, and any special assessments
• Who pays which transfer fees in your contract, including the NJ Realty Transfer Fee if selling in NJ
• Utility billing history for electricity, gas, water, sewer, and trash
• Commute tolls and parking costs you will pay each month

Buying or selling on either side of the river is a lifestyle choice and a financial decision. If you want a property-specific cost picture, local documents, and a simple 12-month budget you can trust, reach out to Monique Altomonte for one-on-one guidance.

FAQs

Are property taxes higher in Lambertville than New Hope?

• On average, New Jersey’s effective property tax burden is higher than Pennsylvania’s, so comparable homes in Lambertville often carry larger annual tax bills, though your actual bill depends on assessment and local millage.

Who pays transfer taxes in Pennsylvania and New Jersey?

• In Pennsylvania there is a 1.0 percent realty transfer tax and local custom determines how parties split it, while in New Jersey the seller typically pays a graduated Realty Transfer Fee based on the sale price.

Do I need flood insurance in New Hope or Lambertville?

• If the property is inside a FEMA Special Flood Hazard Area and you use a mortgage, your lender will usually require flood insurance, so verify the flood map, get an elevation certificate, and request quotes before you commit.

How should I budget for maintenance on a river-town home?

• A practical starting point is 1 to 2 percent of home value per year for routine upkeep and expected repairs, with a higher 2 to 4 percent range for older or more complex properties.

How do state income taxes affect affordability between PA and NJ?

• Pennsylvania’s flat 3.07 percent rate and New Jersey’s graduated brackets can change your after-tax budget, so review each state’s official guidance and talk to your tax professional if you are moving across state lines.