“The Brick City”
Discover Newark's Real Estate
Newark is a city located in the state of New Jersey. It is the state’s most populated area. With a population of about 282,090 in 2018, it is ranked the country’s 73rd most populated municipality. This city is among the country’s main rail, shipping, and air centers.
Culture, History, and Business
The first signs of settlements came in 1666 by Puritans from the New Haven Colony. This has established the city of Newark among the oldest American cities. Located at the mouth of the River Passaic, Newark’s waterfront played a very integral role I the city’s history as it became an important part of New Jersey and the Port of New York. Today, the Port Newark-Elizabeth is the main container shipping terminal of the United States East Coast busiest seaport.
Several new organizations are also taking an interest in building their offices and branches in the city because of the reasonable tax rates of the city. Overall, the economy of Newark is showing good signs of expansion. Some of the big companies with headquarters in the city include Panasonic Corporation of North America, Public Service Enterprise Group, Prudential Financial, and The Manischewitz Company.
Education has also contributed immensely to the economy of the city with notable universities like Essex County College, New Jersey Medical School, New Jersey Institute of Technology, and Rutgers University sitting within the city and attracting over 80,000 students to the city. Local venues for tourist attractions include New Jersey Performing Arts Center, concerts at the Prudential Center, the Newark Museum, Newark Symphony Hall, and Gothic-style Cathedral Basilica of The Sacred Heart.
Real Estate Appeal
The median house price in Newark is $269,700. In the recent few years, there has been a significant rise in property prices, making the housing a little costlier compared to the past. However, it is still cheap compared to neighboring cities such as New York. Recent data shows that the rental yields at the city center are at a rate of 18.91% while outside the city center is 20.86%. The cost of renting a one-bedroom in the city center and outside the city is $1550 and $1143.75, respectively. Similarly, the cost of renting a three-bedroom in the city center and outside the city is $2228.57 and $2025, respectively. The cost of an apartment in the city center is $1626.37 per sq. meter while outside the city center cost $1187.62 per sq. meter. It is also estimated that the costs of the homes will not get stagnant and are expected to go up at a very high rate in the upcoming years. This means that now is a good time to invest in this city’s property market.
For details of why you should consider investing and the hottest neighborhoods, see our subsequent related articles.
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