The general rule to remember when renting is that you pay for location. If a place is highly populated due to its atmosphere and nearby attractions, demand for it is going to be high. When something is in high demand, the price to live there increases, and Jersey City is no exception. Which is why Howmuch.net has recently named Jersey City among the top five most expensive places to rent an apartment in the country.
Ask anyone what they love about Jersey City and they’ll rattle off a list that seems never-ending. Bars, restaurants, and the stunning views will definitely be included. It is home to some of New Jersey’s most notable places and busiest attractions that add to its exciting ambiance. With every turn, Jersey City’s bright lights lead you to a new adventure. What isn’t so fun is how much it costs to live there. Let’s talk about what led Jersey City to rank as the fifth most expensive city in the country to rent.
The Demographics
Population has a direct relationship with rent. Higher demand means higher prices because a place continues to become desirable to people. As the second most populated area in New Jersey, the endless possibilities of everyday life is impressive. However, it captivates a particular group.
A recent study reported people have begun to move out of Jersey to escape to someplace warmer and less hectic such as Florida, but a third of those moving out are retired people over the age of 65. Jersey City is not the ideal place for retired workers, but actually a social haven for younger demographics. Jersey City has some of the most popular bars and eateries in New Jersey, so there’s a reason why most people who live there are young. 42.7 percent of the cities’ population are under 40 and Data USA reports the average age to live in the city is between 29-39. For nightlife enthusiasts, Jersey City is the place to be.
Rentals are more popular in younger demographics who have yet to commit to owning a home. The influx of younger people in Jersey City is due to the variety of social activities available on a daily basis. Thus, an increase in rent.
The Transportation
A one-way ride from Journal Square to New York Penn Station or The World Trade Center is only $2.75. The most common form of transportation for Jersey City residents is public transportation. New Jersey has been named the ninth worst state to drive in, so this checks out. 52.6 percent of travelers prefer public transportation because of how inexpensive it is, and it takes an average of 25-35 minutes of traveling time which is definitely on the lesser side. The transit options complement the proximity to New York City. It’s no surprise that a city in close range to New York is an expensive place to live.
The increase in rent has to do with high demand. Since the commute is short and affordable, more Jerseyans will prefer to travel from Jersey City as opposed to other places in the state.
It’s Not “New York” Expensive
New York City is the most expensive place to live in the United States. While the average monthly rent in Jersey City is $3,821, it’s a staggering $4,927 in New York. If we’re talking demographics again, most young people from the ages 29-39 cannot afford to pay nearly $5,000 a month for the same two-room apartment they can find in Jersey City. New York has a plethora of attractions and it’s the place to be for jobs and social life, however, for most people, it’s far too expensive. Jersey City offers the activities and entertainment that New York can for a discount price. If it’s not as fulfilling, New York City is a short distance away. For most people, paying for a quick ride to New York City is the smarter option, instead of paying $1,000 more to live there.
It all boils down to paying for the area. Jersey City’s pros outweigh the cons and it’s a place of high demand, thus resulting in an increase of rent.
Have additional thoughts on why Jersey City was among the top five most expensive places to rent an apartment? Let us know in the comments below.
Main image by Edward Mer
