About nine million people currently live in New Jersey. That’s a big population for a relatively small space, making it the most densely populated state in the country. Some are compelled to live here because of a job or family, but most New Jerseyans choose to live in the state because they love it.
Why? Is it the Jersey Shore’s 130 miles of coastline towns and cities with boardwalks, parks, restaurants, and beaches that attract everyone in the summer? Or is it the quieter, less congested 18-mile Long Beach Island?
A better question is: what’s not to love? You could easily find 50+ more reasons to live here including 24-hour diners, nature walks in the Pine Barrens, and Atlantic City Casinos.
Also known as the Garden State, New Jersey is situated in the middle of some of the biggest cities in the US, so it has become a state of suburbs. Many people retreat from big city life to the more serene and affordable environment found in New Jersey.
In recent years, there has been a surge of interest in the New Jersey real estate market, compared to the early days of the 2010s.
This growth won’t stop anytime soon and there are three big reasons why.
#1. The Booming Economy
After the 2008 Recession, as other states sprung back to life, New Jersey took its time.
Many reports agree that the state didn’t even really begin to recover until 2014 — five years after the recession took hold.
The 2008 Recession brought with it a steep decline in wages, job growth, and the employment rate. In fact, New Jersey’s income level still lags behind other averages around the United States.
However, things are changing quickly. As existing businesses regain their ground in the cities, some new companies prefer to operate in smaller regions of the state, employing residents and helping spur growth statewide.
As of June 2019, the unemployment rate is at a record low of 3.5%, signifying a burgeoning economy. From May 2018 – 2019, the state added 6,600 jobs in professional services, trade, and manufacturing — putting it 24th in the country for job growth.
Additionally, there are major projects breaking ground that are designed to facilitate the continuous flow of residents from cities like Philadelphia and New York City. In a few years, when they are complete, growth is set to skyrocket throughout the state.
While it may have been bent by the Recession, the Garden State is proving it wasn’t broken.
#2. Proximity to New York City
Many people dream of working in New York City. However, rents are high and home prices are even higher.
To save money, many people choose to live outside the city, where they can easily commute to work — getting the best of both worlds.
The New Jersey real estate market offers the ideal situation for these individuals.
Weehawken is a quick commute to the Big Apple. Located just across the river from Hudson Yards, it simultaneously offers a suburban feel and great views of the Manhattan skyline.
Other commuter-friendly locations are Short Hills in Millburn Township, and Alpine in Bergen County, which is the easternmost community in New Jersey, located just 15 miles north of Midtown Manhattan.
Other prime locations for commuters include Englewood Cliffs, Rumson, Fair Haven, Ho-Ho-Kus, Tenafly, and Millburn. Most of these are considered New York City suburbs, but buyers can pay much less by choosing the New Jersey side of the Hudson River.
#3. Great Public Transit Options
Ideally situated between two major metropolitan centers — Philadelphia and New York City — New Jersey offers numerous options for regional transportation.
A statewide mass transit system links the New Jersey real estate market to Philadelphia and New York City by road, rail, air, and water.
With these diverse options available, residents have access to everything their counterparts in Philadelphia and New York City have. The compromise of living outside the city is compensated by a great transportation system.
Final Thoughts: Why You Should Invest in the New Jersey Real Estate Market
The New Jersey real estate market is the obvious choice for people who want the bustle and excitement of big city life without the high rents or home prices. With an extensive public transportation system, it’s easy to have it all.
You can have your dream job in the city while you enjoy the booming economy of New Jersey that will boost your home’s equity. Whether it’s to rent or buy, 2020 will see people continuing to flock to the Garden State asking the same question:
What’s not to love about the beautiful, suburb state of New Jersey?