There is one thing New Jersey does better than the other 49 states: charge property taxes. The Garden State is frequently ranked at or near the top of the annual list of property tax costs in the nation.
So how do New Jersey’s 8.6 million residents afford the skyrocketing expense of living between New York and Philadelphia? Well, according to the Bureau of Economic Analysis, Jersey workers are paid more than most. The Garden State’s per capita income was second only to Connecticut’s in 2008 (www.bea.gov).
But certainly very few residents can match Tony Soprano’s huge bank balance and constantly-rising North Jersey property tax bill – so they rent.
According to the 2008 census, 65 percent of New Jersey residents own homes. One can then infer that more than three million citizens rent homes, condominiums and apartments in New Jersey.
While New Jersey doesn’t boast a city that will rank near the top of anyone’s “Most Expensive Places to Live” list, ask around – the Garden State isn’t cheap. Within shouting distance of Manhattan, which is frequently noted as the nation’s most expensive city, New Jersey expenses push most bank accounts to the brink.
Yet as stated, a significant portion of the population ignores the siren song of home ownership and the tax advantages that go with it in favor of renting apartments in New Jersey. Sure homeowners can deduct annual interest paid on mortgages from their federal tax returns, but as the recent housing crisis has illustrated, monthly bank payments aren’t all they’re cracked up to be.
Stylish and affordable apartments in New Jersey can be found in many areas. From chic Hudson County hamlets like Hoboken and Jersey City, to a Monmouth County hot spot like Red Bank, New Jersey offers options that will suit any renter’s taste.
And who can resist the Jersey Shore? Millions of New Jersey residents live within minutes of the state’s many beachside towns. Whether you’re a fan of Cape May’s famed boardwalk or Sandy Hook’s natural serenity, the Jersey Shore presents thousands of apartment rental opportunities.
Go ahead and ask any renter to list the best part of signing that lease. Their obligation ends when the contract indicates it does. So just in case you don’t love your apartment in New Jersey, change may be only a few months away.
