Morganville is in fact a section within Marlboro, NJ and they share schools, tax rates and city administration. Morganville has a seperate zip code and post office. As far as real estate values, they are both considered desireable and hold their values equivalent. The commute to NYC would also be pretty equivalent.
Here is a little history I took from Wikipedia:
Up through World War II Marlboro was rural and composed mostly of dairy, potato, tomato and other farms laced with small hamlets with modest inns or taverns; these included Morganville, Robertsville, Wickatunk, Bradevelt, Topanemus, and Pleasant Valley, with the center being Marlboro Village. The name Morganville still exists as a section of Marlboro with its own ZIP code, as does Wickatunk to a lesser extent; Robertsville, Topanemus and Pleasant Valley are names of significant roads within the township; Bradevelt is used less frequently, but, like the others, appears from time to time on maps and road signs.