Jersey City Real Estate Continues to Skyrocket Here’s Why…

Who knew one of the nation’s hottest real estate markets is just across the river from New York City? People are flocking to Jersey City to take advantage of its reasonable property prices and high quality of living. Nicknamed ‘Wall Street West,’ the city is home to one of the largest banking centers in the country. With its rising property values, rapidly growing economy, and convenient location, now is the perfect time to invest in Jersey City real estate. Read on to learn why Jersey City’s real estate value is skyrocketing.

While New York City real estate is declining, Jersey City is experiencing a real estate boom. Hudson County realtors are seeing an influx of buyers and renters from New York City. Weary New Yorkers, sick of astronomical rents and limited parking spaces, are moving across the river in search of more living space and reasonable prices.

Just twenty minutes from The Big Apple, Jersey City offers a small city feel with easy commuting opportunities. Sometimes referred to as New York’s 6th borough, some areas of Jersey City–filled with quaint brownstones and tree-lined streets–even resemble Brooklyn. 

Jersey City has experienced an 18% increase in population over the last decade. Its high quality of living and employment opportunities attract buyers and renters from across the country. This new demand is increasing property values. According to the Zillow Home Value Index, Jersey City home values increased 4.6% over the last year. And, over the past five years, the city has seen an overall 30.4% increase. 

Jersey City’s median home value is $635,000 compared to a national average of $371,000. The 4.8-month housing supply in the city, well above the 1.1-month national average, means there are plenty of investment opportunities. Besides this, rental rates are also on the rise–a 10% increase year over year–a great sign for those looking to rent out NJ properties. 

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Jersey City boasts rapidly growing employment sectors, including professional and business services, education and health services, and leisure and hospitality. Overall year-to-year growth has been an impressive 8.45% across all industries. It’s no wonder WalletHub recently ranked Jersey City one of the top 100 cities for jobs. 

The city’s ‘Wall Street West’ is expected to expand over the next decade. Jersey City has awarded over $5 billion in corporate tax subsidies since 2010. These subsidies have attracted significant firms such as J.P. Morgan Chase & Co., New York Life Insurance Co., Fidelity Global Brokerage Group, and RBC Capital Markets. Tax incentives are still on offer to encourage other big players to relocate over the next decade or so. 

Home to gorgeous Liberty State Park and lively Powerhouse Arts District, Jersey City offers residents plenty of quality urban spaces to explore. City officials have already acted on plans to create more open and green spaces for residents, with additional projects in the works to add more. And already approved infrastructure bills include a $19M investment in energy infrastructure and $1 billion in water and sewage infrastructure expansion over the next decade. 

With its rising property values and rapidly expanding economy, now is the right time to invest in Jersey City real estate. And it’s likely to stay that way for some time: according to Business Insider, it’s expected to be one of the hottest markets for the next ten years. Here are key highlights of the Jersey City real estate market forecasts:

• More businesses will require workers to return to the office over the next few years, making Jersey City an attractive option for those who would rather commute to New York City.
• As more New Yorkers flow into Jersey City, property values will increase, and inventory will shrink. This will also create an influx of workers looking to rent.
• Jersey City’s rental market will stay strong. Currently, more than 70% of households in the city are renter occupied. As NYC rent prices skyrocket, this number is likely to grow.
• More major finance companies will relocate to Jersey City to take advantage of its tax incentives. Experts believe the area will become the next fintech hub, which will bolster the local economy and increase the number of workers living in the city.

Ready to buy your next home or investment property in Jersey City? At Casa Real Properties, we have years of experience helping clients find the ultimate investment properties across New Jersey. Our expert agents understand the Jersey City real estate market and can provide invaluable advice on the best locations and properties. Contact us today to get started on securing your dream property in New Jersey.