Newark is often overlooked when considering the move to NJ and buying a home. But this city is much more than only a transportation hub in New Jersey. After decades of neglect and a bad reputation the city is bouncing back and developing. The economy is booming and it is becoming more desirable. With this in mind, we should consider the real estate trends in Newark.
Newark – the city
Newark has a long history and a great reputation. However, it has suffered a decline during the 20th century. The city was once a cultural and industrial hub. After its decline, it is now experiencing a renaissance. A reinvestment process is increasing the interest in Newark and its population is steadily rising. This is why Bluebell Relocation Services and other movers are getting very busy with the influx of people.
Here are some of the characteristics of Newark that make it desirable:
- The largest city in NJ
- Close to NYC
- Great amenities
- Good schooling
- Rich History
The largest city
Newark is the largest city in New Jersey. It provides an urban feel of the big city with less hustle and bustle than in NYC.
The city has a great location,. It is at the center of New Jersey making it perfect for a major transportation hub of the state. It is also on the mainline to New York and Manhattan. The commute is easy and fast making it desirable for those commuting to the city. This is also the reason why more companies are moving here as well.
The city offers great amenities. With its cultural diversity, it offers a great social experience. This is also reflected in the food and art in the area. At the same time, the city has some great cultural locations. Performing Arts Center, Newark museum, and other cultural location are centered in Newark
Newark has a large educational system and a network of schools. However, the scores and graduation rates are not that high. But, Newark is also home to the Rutgers-Newark, NJ institute of technology, University for dentistry and medicine, and Hall University school of law.
Newark has a rich and diverse history and ethnic culture. The city presents its gothic, colonial, Artdeco, and renaissance architecture that gives it its charm and artistic feel. It is one of the oldest cities in the state and it celebrates its diversity and culture. Newark museum features an assortment of ethnic collections and exhibitions. The city is also host to a number of different heritage festivals.
Newark Real estate trends
With the Newark renaissance and reinvestment process in full swing real estate market is experiencing certain changes. The city is moving closer to the river adapting more and more residential buildings. In previous years the market is experiencing growth. With more and more people looking to relocate to Newark, even interstate the prices are on the rise. The trends show that real estate prices are rising and have a tendency to keep on rising.
This is causing massive investment in real estate with the expectation that there will be considerable return in the long run. This is also causing local relocation for those that already own homes in Newark. They are looking for good real estate investment in the imp
So, Newark real estate market is on the rise. The trend is to invest in real estate in the foreseeable future due to favorable prices increase in the future. Here are the reasons and trends that are influencing such growth.
- Adequate returns
- Rental market
- Housing market
At the moment the real estate market is very affordable. The homes are more affordable than anywhere in New Jersey. At the same time, they are affordable in comparison to the rental prices in NYC. This is why there is a huge local relocation trend in NJ and why professional, local assistance is the best option for local moves.
Millennials consider Newark very attractive. It is affordable and the real estate is cheap. It has a great location and a transportation system that connects it to NYC easily. At the same time, the city is walkable and easy to navigate. This makes it perfect for families with children.
The investment in real estate is showing a great rate of return over time. This is why the market is growing. In the foreseeable future, the market is predicted to grow further making a home acquisition a good choice of investment.
The rental market in Newark is also strong. Two-thirds of the residents are renters. They live in older buildings with two to four apartments. However, these apartments are much more affordable than in NYC. At the same time, renters are more protected by law in Newark and the rent control is not as severe as in NY.
The housing market in Newark is on the rebound. After a decline during the sixties through eighties, the market is finally healing. Local demand for housing is on the rise. At the same time, the market is experiencing the added demand from those coming out of state. More and more people are looking for quality movers to handle their Newark move across the country stress-free. This is the main reason why the property market is on the rise. Property appreciation is predicted to rise in the years to come.
So, Newark is proving to be a great place to invest in real estate. Real estate trends mirror the reinvestment effort in Newark. Buying property in the largest city in NJ might be a good idea for the first time buyers.