The Commercial Coastal City
Discover Jersey City's Real Estate
A city decorated with a mesmerizing waterfront and beautiful skyline and makes for an ideal location to live. Jersey City offers residents a good standard of living, great employment opportunities, and affordable real estate, which in turn creates a suitable market for investors.
Culture, History, and Business
It is a fast-growing city, be it in terms of population or economy. It is a part of the New York Metropolitan area and serves as a fantastic savior against the high rents of New York City. Being close to the sea and surrounded by the Hudson River, Hackensack River, and the Upper New York Bay. Also, the city offers plenty of fascinating locations in the city to hang out. Not to mention the ferries serve as excellent water transport. Its waterfronts have been recently redeveloped, adding a new shine to the city’s landscape.
Financial services, shipping and logistics, and retail are the main pillars of the economy of the city. However, a third of the city’s businesses are into the financial services sector. Securities enterprise, banking, and insurance come next. Being on the coastline, the city is also blessed with a flourishing port. It serves as the intermodal freight transport junction that comes with a container terminal. Hence, granting the town a name in the shipping industry. Jersey City also has a thriving retail market scene. The Journal Square, Newport Mall, Danforth, etc. are major shopping hubs.
Real Estate Appeal
Jersey City is fast emerging as an alternative to New York City. There is a consistently increasing demand for houses, and the prices are skyrocketing. Albeit, the median price of a home in the city is close to $490,000, while the average rent is like $2,500. The appreciation rates are also towards a constant hike, and there’s almost no downside to investing in a property here. The city has also been neutral to the decrease in property prices of the nearby cities and perhaps is an ideal investment if you are looking for long term returns.
The city is constantly working towards refurbishing its various quarters and is also encouraging the advent of more businesses and employment opportunities in its precincts. Many old warehouses are being converted into apartments and condos or being replaced by contemporary structures. The property taxes are relatively lower than in New York and its other suburbs. Also, if you choose to live here, the income tax returns will also not dig a hole in your pocket.
Does Jersey sound like a nice place to invest in? Follow our subsequent articles to find out the various benefits of investing in this city as well as the best value areas.
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