Many people renting in New York City find themselves wondering if it's time to make the switch to homeownership in New Jersey. The answer is a resounding yes, and here's why.

Affordability

Hoboken is located just across the Hudson River from Manhattan and offers a more affordable alternative for those who want to live close to the city but are unable to afford the high cost of living in New York City. According to a recent report, the median monthly rent for a one-bedroom apartment in Manhattan is around $3,000. In contrast, the median home price in Hoboken is $729,000, which can result in lower monthly payments when factoring in a mortgage, property taxes, and homeowner's insurance. Buying a home in New Jersey is generally more affordable than renting in New York City. 

Housing Variety

Additionally, the greater Hoboken offers a wide range of housing options to fit different lifestyles and budgets. From historic brownstones to modern luxury condos, there's something for everyone. And with easy access to New York City via public transportation or ferry, living in New Jersey doesn't mean sacrificing the excitement and opportunities of the city.

Growth Opportunity

Another benefit of homeownership in New Jersey is the potential for long-term financial gain. Real estate has historically been a sound investment, and owning a home can provide the opportunity for equity growth over time. This can result in significant financial gains when it comes time to sell, providing a source of wealth that renting simply can't offer.

Of course, buying a home is a significant investment, and it's essential to do your research and work with a trusted real estate professional to ensure that you're making a sound financial decision.

So if you're currently renting in New York City and wondering if it's time to switch to homeownership in New Jersey, shoot us an email at jill@jillbiggsgroup.com or give us a call at (973) 495-6038!