Hoboken Real Estate & Community Guide

There’s a reason why Hoboken is sometimes referred to as New York City’s sixth borough. Just across the Hudson River, this vibrant city is less than 4 miles by PATH train from the World Trade Center in Lower Manhattan.

Many people who work in Manhattan live in Hoboken, NJ. They enjoy the short commute and the small, close-knit community feel. This 1.97-square-mile city offers many choices for dining, entertainment, and shopping.

If you’re looking at Hoboken homes for sale or rent, this is your complete guide.

What We’ll be Covering

Living in Hoboken

The Hoboken, NJ Real Estate Market

Should You Buy or Rent a Home in Hoboken?

The Pros and Cons of Renting in Hoboken

The Pros and Cons of Buying a Home in Hoboken

Buying Hoboken Homes: An Overview

Finding the Right Hoboken, NJ Real Estate Agent

Frequently Asked Questions

Living in Hoboken

The Hudson River waterfront is the heart of Hoboken. It features large parks, a long promenade, and many fun activities.

The best part is the amazing views of New York City’s famous skyline. The city’s compact size makes for excellent walkability, with many top restaurants, retail centers, and attractions just a short walk or bike ride away. A full calendar of family-friendly events and gatherings fosters a strong sense of community as well.

Getting to Know the Hoboken, NJ Real Estate Market

One of the most sought-after types of properties in Hoboken, NJ, is the historic brownstones. Many of these homes have been updated for modern comfort. That said, you’ll find apartments, townhouses, and single-family houses in the city, too. 

Apartments vs. condominiums vs. co-ops - what’s the difference? Apartments refer to multiple units in a building, while condos and co-ops refer to shared ownership. An apartment, townhome, and multi-family home can all be shared ownership managed by a co-op board or homeowners association.

The desirable location and excellent quality of life can come at a premium, however. As per Realtor.com data, the median selling price of a home in Hoboken is around $800,000 (with real estate taxes in Hudson County set at 2.09%). 

Competition for properties can also be tight, and bidding wars are common, especially at lower price points.

To succeed in a competitive market, homebuyers should hire a local real estate agent in Hoboken, NJ. But being local isn't everything. An agent should also have a strong record of winning multiple offers, closing deals, and negotiating the best prices. 

Should You Buy or Rent a Home in Hoboken?

Both are viable options, as you’ll see below.

The Pros and Cons of Renting in Hoboken

The pros? Hoboken apartments for rent might be a good option if you want to give the local lifestyle a try before committing to buying or prefer not to take on the responsibility of owning a property. Renting might also be a consideration if you’re waiting for more favorable mortgage interest rates — especially given the high asking prices in the city.

The downside? Hoboken real estate for rent will almost certainly rise in the future. As a renter, you’ll be paying without gaining any equity in the home you live in.

For example, Zillow says a homeowner who bought in 2017 has likely seen their property value rise by a little under 13%. For a median-priced home in Hoboken, NJ, this means more than $100,000 in equity! The gain also slightly outpaces the average rate of return over the same period for the S&P 500 (12.19%). On the other hand, data from Zumper and Redfin shows that renters faced a 50% increase in prices during this time.

The Pros and Cons of Buying a Home in Hoboken

The Upside. To own a home in Hoboken is to own an asset whose value will grow over time. As a homeowner, you have more freedom to customize your home. Real estate is also a cornerstone of generational wealth you can pass on to your friends or family.

Investing in Hoboken, NJ, real estate needs a down payment. Aim for at least 20% to get the best mortgage interest rates.

Special loan programs are available for some homebuyers through the Road Home to NJ program. However, unlike renters, you’ll also be in charge of home maintenance. You may also have a little less flexibility in moving quickly that renters enjoy.

Buying Hoboken Homes: An Overview

If you decide buying is the right move, it pays to understand the home-buying process. Here’s a quick guide to get you up to speed:

Getting pre-approved for a mortgage shows sellers that you can easily finance your home purchase. This gives you an advantage in Hoboken’s fiercely competitive housing market.

Pro Tip: If you know competition in your price range will be tough, get your mortgage underwritten before making an offer. This sends the seller the message - "I can close," which can help you win multiple offers.

Finding a real estate agent: While working with a Hoboken, NJ, real estate agents are technically not required, they can give you insights into the city’s different neighborhoods. They also may have access to listings that are not publicly available on online listing sites. Their negotiation skills also help you save money on your home.

Shortlisting and viewing properties: Be clear with your agent about which home features you want and which are must-haves. During your visit, use this checklist to take note of important features.

Making an offer: Putting together an offer is the first step to closing the deal. To improve your chances, your agent can help you build a compelling and competitive offer.

Home inspection and appraisal: If the seller accepts your offer, you’re given a chance to conduct due diligence before completing the purchase. This includes inspecting the home for potentially deal-breaking issues and requesting an appraisal to ensure you’re not paying more than the house’s actual worth.

Negotiating the price: Depending on the results of the inspection — and whether the seller will shoulder repair costs if issues are found — you can renegotiate the asking price.

Closing the deal: If you go ahead with the purchase, remember to consider closing costs. These include title insurance, property taxes, and attorney fees. Once everything clears, the title will be transferred to you, and you’ll receive the keys to your new home.

Finding the Right Hoboken, NJ Real Estate Agent

Buying a home is a complex process. Fortunately, you don’t have to embark on this journey alone. Real estate agents can help you find the right home in the right neighborhood at the right price.

What value does an agent bring to the table?

Offers local knowledge: A real estate agent understands the latest market trends. They can create comparable market reports (CMA) to help you make your buying decision.

Saves you money: You might pay agents a commission, but they often save you more by negotiating the best price for your property.

They also make sure the 20 -30 documents required before you close are filed and procedures are followed. This helps prevent anything from being missed. You won’t face delays or make mistakes. This is another way they can save you money.

Teaches you about buying a home: The best agents don’t just finish a deal. They help 

buyers feel confident in making the right choices.

Points out issues with a property: Experienced agents have seen it all and are quick to spot red flags that homebuyers are likely to miss.

It’s important to interview several agents before choosing one. Below are some questions that will help you determine if they have the experience and skills you’re looking for:

How long have you been an agent? 

Simply put, no substitute exists for real estate experience.

Are you more of a buyer or seller agent? 

This gives an indication of which side the agent specializes in more.

How many deals have you closed in the last three months? 

Beware of agents who have long gaps in their sales records.

Do you have references I can call? 

Talking to past clients can give you valuable insight into how an agent works with clients.

How do you determine the offer price for a home? 

This question seeks to gauge an agent’s mastery of the Hoboken market.

What will you do if there’s a bidding war for a home? 

How will the agent make your offer stand out? What pricing strategy will they employ?

How does your commission work? 

Will part or all of your commission come from the seller’s side?

Frequently Asked Questions

What are the Zip Codes for Hoboken?

The primary ZIP code for Hoboken, NJ, real estate for sale or rent is 07030.

Is Hoboken a good place to live?

Niche.com gives the city an A+ rating and has named it the #1 place to live in Hudson County. Hoboken is a popular choice for young professionals and families, offering a vibrant urban lifestyle with easy access to New York City. It's known for its diverse community, waterfront parks, excellent schools, and thriving arts scene. 

What areas of Hoboken are booming?

The waterfront area is due for an upgrade, enhancing its scenery and recreational offerings. Neighborhoods like Castle Point, Southwest Hoboken, Washington Street, and downtown are popular with buyers. This is due to their closeness to restaurants, entertainment, and local attractions.

Is Real Estate in Hoboken, NJ, a good investment?

Real estate in Hoboken can be a good investment. It has a strong rental market and is close to New York City. The schools are excellent, and property values keep going up.

Talking to a trusted real estate agent is important. They can provide the most accurate and current information.

How much cheaper is Hoboken compared to New York?

BestPlaces.net says that housing is 37.2% cheaper in Hoboken compared to NYC, while the overall cost of living is 31.7% less expensive.

Get Ahead by Working with the Best

There’s more to know about the Hoboken real estate market, and the Jill Biggs Group can lend its expertise. With 69 agents, 20 years of experience, and $2.5+ billion in properties sold, the team is a household name in Hoboken real estate. Take a look at over 200 Jill Biggs Group Reviews.

Our experienced team will be more than happy to help you find your home in this ideal community. Feel free to reach out for any assistance you need.