Both Hoboken and Jersey City offer easy access to Manhattan. The adjacent Hudson County hamlets also feature similar entertainment, shopping and dining options. So how might a prospective condo-buyer or renter choose between the cities? The decision is not as easy as one might believe.
Hoboken and Jersey City condos are, to say the least, abundant. A quick internet search will reveal many properties, each spotlighting a different mix of location, culture and amenities.
Consider for example, the new, state-of-the-art Liberty Harbor North complex in Jersey City. In addition to its close proximity to mass transit and numerous residential upgrades, Liberty Harbor North prides itself on “Smart Home” technology, which allows one to remotely monitor and manage home security.
Contrast Liberty Harbor North with a waterfront unit in Hoboken, and parallels between the two listings become even more apparent.
Your decision, however, may very well be made using demographic data. According to figures provided by hudsoncountynj.org, Jersey City’s population of 240,000 is roughly six times that of Hoboken’s. Both cities skew older – 75% of Jersey City residents are at least 18 years of age, 89% of Hoboken’s – and house a significant number of renters (71% in Jersey City, 77% in Hoboken).
Most importantly, Jersey City’s average home values ($285,000) are two-thirds that of neighboring Hoboken’s ($436,000) according to zillow.com. Given the stressed state of New Jersey’s real estate market, now may be the right time to acquire that perfect Jersey City condo.
Maybe you’re interested in a Hoboken or Jersey City condo as a means to generate additional rental income. Should that be the case, bear in mind that each city boasts relatively low rental vacancy rates – 3.3% in Jersey City and 1.7% in Hoboken (hudsoncountynj.org). It is fair to suggest that both rental markets are consistently stable due to the cities’ closeness to Manhattan.
From a broader value perspective, New Jersey home prices have increased by more than 10% over the last five years, and by more than 130% since 1991 according to the Federal Housing Finance Agency’s August 2009 report. In short, New Jersey real estate is an investment with significant appreciation probability.
Ask anyone who has either lived in or visited Hoboken and Jersey City, and he or she will likely offer a list of preferences. Hoboken might have better skyline views, or Jersey City could list more interesting restaurants.
Unlike opinions though, numbers do not vary. And based on potentially discounted values, it may be time to think about purchasing that Jersey City condo.
