New Jersey’s Housing Market Is Still Crazy Expensive, Here’s Why
Are you a first-time home buyer in the Garden State right now?
New Jersey is a great place to work and live, it has a lot to offer from parks to beaches to tons of small communities and an amazing culture.
You've been searching high and low for the perfect house to finally call your own, plant some roots, and start your life.
If you're in that boat, join the club.
My wife and I have been looking to buy a house after renting in Jersey for a few years and perhaps you're like us where it seems like everywhere you look you find the perfect home until you see the price tag.
Home Prices In New Jersey Are Some Of The Most Expensive In The Country
Seriously, even if you have a decent amount for a down payment you're monthly payment is still astronomical because of the property taxes.
The average cost of a home in America right now is just shy of $350,000, however in the Garden State the average cost of a home clocks in somewhere in the area of $492,000, according to APP.
Apparently, our close distance to both New York and Philadelphia combined with our high population density is the main drive behind Jersey houses being so expensive.
APP reports though that the housing market has started to slow, but that's mainly because of inflation and the cost of living.
So a new home is still going to cost you a lot.
Is There Any Relief In Sight For Home Buyers In New Jersey?
It's a definite maybe.
APP reports that interest rates are going to have to come down before homes start to get even slightly more affordable.
However once prices come down and more people enter the market, that will again drive the prices up.
I know my wife and I feel stuck between a rock and a hard place as do a lot of potential home buyers in Jersey.
I've found the easiest way to cope with all of this is to head to the boardwalk, grab a cold beer, and look at the ocean.
However, there are still some afforable places to live right here n Ocean and Monmouth County, for now.
The 10 Most Affordable Places To Buy A Home In Ocean And Monmouth County
Gallery Credit: Buehler
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