A new study by SmartAsset, a financial technology company based in New York, shows that Jersey City surges ahead of Irvine, California and Plano, Texas (#2 and #3, respectively) as the most livable city in the country.
Factors taken into account include population density, walkability, crime rates and annual income after housing.
David says that the study’s results confirm what he knew all along: Jersey City features the best of both worlds: the high salaries and job opportunities of Manhattan (with an easy commute) and a much lower cost of living.
The study seems to prove itself every day, as an influx of investors from Manhattan and Brooklyn flock to this side of the river. Even with the uptick in mortgage rates and the Presidential election drama, buyers are seeking more room and affordability.
The Hoboken/Jersey City market status as of now: low inventory and high demand. In fact, properly priced properties are often selling amidst bidding wars.
Brownstones are starting at $1.5M and peaking at around $4M, while two-bedroom condos are starting at about $650k. Particular hotspots include Journal Square and downtown Jersey City.
As a tight-budget alternative, Jersey City Heights is the reasonably priced solution. For instance, a completely updated 2BD/2BTH condo with parking can be had for about $4-450k. Compare that to Hoboken, where the same property may list for $650-$700k.
David adds that, unlike the rest of the country, there has been no downturn in this market and it will remain strong for the foreseeable future.
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