In this blog, we will cover and discuss the New Jersey Housing Market. New Jersey has the highest property tax rate in the nation but that is not slowing down home sales and home prices. New Jersey Housing Market is expected to be stronger than expected in 2022. New Jersey Housing Market has been growing year after year since 2013 despite high property taxes. New Jersey has the highest property taxes in the nation followed by Illinois.
New Jersey Housing Market Is Skyrocketing With New Residents and Businesses Migrating From Neighboring New York
New Jersey is attracting tens of thousands of residents fleeing New York. New York finances are a mess. Governor Cuomo, NYC Bill de Blasio, and newcomer Democrats such as Alexandra Ocasio-Cortez may be great talkers and crowd pleasers, but they do not seem to know how to run a government. Alexandra Ocasio-Cortez (AOC) recently ruined the relocation of Amazon’s second-world headquarters relocation possibilities to Queens. This cost the state nearly 40,000 high-paying jobs. New York faces a $2.3 billion dollar shortfall. Tens of thousands of residents are leaving New York to other states with a low cost of living.
Why New Yorkers Migrate To New Jersey
Many who work in New York are moving to New Jersey due to the lower cost of living. Property taxes are higher in New Jersey but home prices are more reasonable. New Jersey does not face the financial disaster New York does. Despite having the highest property taxes in the nation, New Jersey’s demand for homes is stronger than ever. In this blog, we will discuss the New Jersey Housing Market and how strong it is for 2021.
New Jersey Housing Market Expected To Be Stronger Than Expected
The New Jersey Housing Market has enjoyed countless New York residents moving to their state. Now with the financial mess New York is in, more and more home buyers are crossing the border to New Jersey from New York. To add the fuel to the fire, the demand is increasing due to lower mortgage rates and lenders launching new loan programs like NON-QM loans, bank statement loans for self-employed borrowers, and other alternative financing programs. There is more demand for housing in New Jersey than there is inventory. This is creating a stronger than expected demand on the New Jersey Housing Market for 2021. Housing prices are still lower in New Jersey versus New York. Many wage earners from New York are leaving the state for New Jersey. You can get more house for the money in the state of New Jersey versus New York.
What Locals Say About New Jersey
Alex Carlucci, an Associate Contributing Editor, and Loan officer at Gustan Cho Associates, grew up in New Jersey. Alex has strong ties there. Gustan Cho Associates is a lender licensed in multiples states with no overlays on government and conventional loans licensed in New Jersey.
A large percentage of our borrowers at Gustan Cho Associates are New Jersey homebuyers. We have seen a sharp increase in buyers applying for mortgages throughout the state of New Jersey. Despite the state having the highest property taxes in the nation, the housing market in New Jersey remains strong. There are more buyers than an inventory of homes throughout the state of New Jersey.