Rent to Own Homes in Jersey City
Part of the city’s renewed popularity is a result of its relative affordability and proximity to New York City. Residents appreciate several commute options, including the ferry and PATH trains that conveniently whisk commuters from the Newport station, once known as the Pavonia Terminal, to Manhattan.
Buying a Home in Jersey City?
Jersey City’s condo market is booming, with dozens of new waterfront and downtown developments giving house hunters have 642 condo units and 421 homes to consider. The average $339,697 sales price of a home in Jersey City is only slightly higher than the average $328,356 sales prices in all of New Jersey. When you compare sales price per square foot, however, Jersey City price of $284 per square foot are far higher than New Jersey’s $177 per square foot.
Popular Neighborhoods in Jersey City?
The Waterfront is one of the best neighborhoods, offering trendy shops, a chic culinary scene and spectacular views of New York City. Millennials, young couples and families looking for a respite from New York City’s high prices also enjoy Van Vorst Park in Historic Downtown. The neighborhood is filled with welcoming brownstones and a Saturday farmer’s market. Those who work in financial services also like the convenience of Exchange Place where office buildings and chic residential towers line the waterfront. Family-friendly The Heights has great NYC skyline and Hudson River views and offers thrilling recreation at Pershing Field.
Buying vs. Rent to Own Homes?
Taking advantage of Jersey City’s relatively affordable homes and condos while they’re still available can be tough if your credit score or down payment is lacking. Rent to own homes’ relaxed financial requirements can help you jump into Jersey City’s housing market. With rent-to-own contracts, you pay today’s price for the house but usually have one to three years to finalize the purchase. In the interim, you pay an option fee and a monthly premium on your rent, both of which are usually applied to the final down payment. You’ll also gain time to repair a credit score and eliminate lingering consumer debt.
Cost of Living in Jersey City?
To most, Jersey City’s cost of living that is 37 percent higher than the national average may seem exorbitant. In comparison to nearby towns, however, Jersey City’s living expenses seem like a bargain. The city’s highest expense is housing, which costs 79 percent more than the national average, followed by utilities and groceries at 35 percent and 22 percent above the national average respectively. Those costs are much lower than nearby New York City, though, where rent is 35 percent higher and groceries are 21 percent more expensive than Jersey City.
Surrounded by important waterways and bolstered by its own unique industries and culture, Jersey City enjoys a convenient location across the water from Manhattan and Brooklyn. The city’s recent redevelopment efforts created thousands of new apartments and condos to enhance Jersey City’s beautiful old brownstones and Victorians, creating a real estate market that is robust and slightly pricey. Many local neighborhoods benefited from this renewal, creating a number of highly coveted regions like the Waterfront. Living in this amenity-filled town is 37 percent more expensive than in other parts of the nation, but it remains an affordable alternative to living in Manhattan.
Summary
Surrounded by important waterways and bolstered by its own unique industries and culture, Jersey City enjoys a convenient location across the water from Manhattan and Brooklyn. The city’s recent redevelopment efforts created thousands of new apartments and condos to enhance Jersey City’s beautiful old brownstones and Victorians, creating a real estate market that is robust and slightly pricey. Many local neighborhoods benefited from this renewal, creating a number of highly coveted regions like the Waterfront. Living in this amenity-filled town is 37 percent more expensive than in other parts of the nation, but it remains an affordable alternative to living in Manhattan.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
Financially, buying apartments, houses or any other types of properties makes sense when compared to renting. You're paying roughly the same amount per month for your mortgage that you would to rent the same type of home. However, there are obstacles that make that process difficult to attain, like minimum down payments and bad credit. Those barriers prevent banks from ending up having to sell foreclosed homes.
Nonetheless, those barriers shouldn’t stop you from owning your own condo or townhouse. Through rent to buy and lease to purchase programs with no credit check, you could start working toward owning a house.
A lot of people who rent to own by owner take advantage of Rent to Own Lab’s free listings. Search our website for cheap lease-purchase or lease-option properties near me and see if rent to own could be the right option.
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