Jersey City recently made headlines in the real estate market news when it ranked #1 in the country as the city with highest rents. With an average monthly rent of $5,500, Jersey City ranks higher than cities known for expensive rentals including NYC, Miami, San Francisco and Boston.
Also interesting to note is that Jersey City has a low number of homeowners under the age of 35. The city is known as a renter’s market: 70% of all residents are renters and a mere 30% are homeowners. Of the homeowners, “young people” under 35 are underrepresented owning a small percentage of homes. 200 cities were analyzed in the study and Jersey City landed third from the bottom, ahead of only Paterson, NJ and Fullerton, CA. Many residents arrive in Jersey City and view it as a stepping stone to the suburbs, but we see JC as a great opportunity to avoid high rents and look to buy.