New Jersey Housing Info

The median home price in New Jersey is $269,000, with over 75,000 homes currently for sale—this does not include the large number of rent to own homes that are currently on the market. The median house price in the Northeast New Jersey specifically is $231,600. Jersey City is often referred to as Manhattan’s honorary “Sixth Borough” as it is so close in proximity and offers an easy communte. Newark is currently undergoing plans for new development of homes that includes presevervation and rehabilitation of existing housing to provide unique types of housing for those across a varied income range.

New Jersey’s Neighborhoods

Newark is the state’s biggest metropolis. In this urban neighborhood you will find a vast array of entertainment. There is always a show to catch at the beautiful NJ Performing Arts Center, or if you’re a sports fan head on over to the Prudential Center where the NJ Devils play. The 2010 Census shows this busling city has nearly 110,000 housing units—many of which support rent to own plans. In 2011, the population of Newark was at 278,000 with the median age being just 32. The median home price in 2012 was pegged at about $140,000, with the median rent price at $938.

Jersey City is also another well known and populated neighborhood in New Jersey. This city was the first destination for over 12 million immigrants entering into the U.S. between 1892 and 1954 while nearby Ellis Island was in operation. Due to this, Jersey City is still bursting with the flavors and influences of the international population that live there. The population of Jersey City is 247,000, with the median resident age being 33. Last year the median home price flucuated between $300,000-$350,000, but better deals can be found with rent to own options.

New Jersey Economy

New Jersey has shown tremendous job growth over the past several years, and this is only supposed to increase over the next 5 years. New Jersey also recognized as the global epicenter of the pharmaceutical industry. Fifteen of out the twenty-five major pharmaceutical companies have their headquarters here. Another leading industry in New Jersey is their Transportation, Logistics, and Distribution (TDL). In 2009, the TDL accounted for 11.9% of New Jersey’s private sector workers which was much higher than the national average at 8.9%. Currently, New Jersey’s unemployment rate is 9.6 % however job growth has continued to show an increase over the past year.