[record scratch]<\/i><\/p>\n
Yep. Lady Liberty, that classic NYC icon, is within the borders of Jersey City<\/a>. So yeah. It\u2019s close<\/i>.<\/p>\n And the market keeps heating up. New Yorkers, in search of the next cool place to live, have plundered the once-affordable neighborhoods of Brooklyn and started exploring westward into New Jersey. The median home value<\/a> in Jersey City is $373,700, and you can expect that to climb.<\/p>\n Nestled between the Hackensack and Hudson rivers, the layout of Jersey City resembles a human heart. That makes sense \u2014 it throbs with the pride and resilience New Jersey is famous for. Its six historic wards are further divided into countless smaller neighborhoods, which can be daunting for a newcomer.<\/p>\n So we had a heart-to-heart with top-performing real estate agent Michael Klein<\/a>, who\u2019s spent 17 years matching buyers with homes in Jersey City and the surrounding area. He walked us through some of the challenges and rewards of buying a home here.<\/p>\n Klein is adamant that Jersey City is too big and varied for a quick summary. \u201cIt\u2019s one of the most diverse areas<\/a>, from what I understand, in the United States.\u201d The schools buzz with 75 different languages, the wards are dotted with cultural enclaves, and the city defies easy categorization.<\/p>\n But we have to start somewhere, so \u2026<\/p>\n Here\u2019s a rundown of Jersey City, ward by ward.<\/p>\n The most sought-after neighborhood in the city is also the most expensive. Historic Downtown real estate prices are about 46% higher than the city average<\/a>, and Klein says you can expect to pay within 5% of a home\u2019s asking price. But a median-priced home between $630,000<\/a> and $690,00<\/a> treats you to the breathtaking waterfront, beautifully restored brownstones, and countless arts destinations, from ballet<\/a> to galleries<\/a> to rock concerts<\/a>.<\/p>\n Klein estimates that in Downtown, the market is \u201cprobably [composed] of 85% condos\u201d and \u201cprobably only 5% single-family homes.\u201d<\/p>\n Looking for a fixer-upper? Look elsewhere. Downtown\u2019s prices make it less likely you\u2019ll find a bargain waiting for you to work your magic. (And the few projects in the area generally get snatched up by professional flippers before they\u2019re listed.)<\/p>\n You might find that fixer-upper in this neighborhood, named for the former headquarters of the Jersey Journal<\/a> newspaper. Its new residential construction is surrounded by established condos and historic brownstones.<\/p>\n The city\u2019s Transportation Center<\/a> is here, allowing quick access on the PATH trains (Port Authority Trans-Hudson) to anywhere from Newark to Midtown Manhattan. This rests upon what Klein calls the \u201cgood infrastructure\u201d of the area: small, local shops and services anchoring a neighborhood ripe for potential.<\/p>\n \u201cJournal Square is actually still starting to go through a change and may be coming into fruition somewhere over the next 10 years.\u201d<\/p><\/blockquote>\n But for now (as of February 2021), real estate prices are 15% lower than the city average, so if you want to buy a house in Jersey City, it\u2019s a good time to harness this area.<\/p>\n This neighborhood features absolutely jaw-dropping Victorian and Edwardian mansions that have been divided up into (rarely available) apartments. But there are also many condo developments and not-quite-discovered microneighborhoods among the cafes and row homes.<\/p>\n West Side also contains the beautiful Lincoln Park, the \u201cjewel of the Hudson County Park System<\/a>.\u201d The paths brim with locals playing tennis, softball, or soccer \u2014 or just ambling around with a dog and spying on osprey and egrets. If Manhattan is in Jersey City\u2019s backyard, then Lincoln Park is a front lawn full of active, socializing neighbors.<\/p>\n The north end of the city truly feels like the top, with beautiful views over the Hudson River Palisades.<\/p>\n This area beckons with multi-family houses and a hip, urban scene, alongside stately, historic homes and burgeoning condo developments. Enjoy a meal or a gourmet cake at the Argentine-inspired Dulce de Leche Bakery<\/a>, pick up some specialty kicks at the Sneaker Room<\/a>, or just take in some of the ward\u2019s vibrant murals<\/a>.<\/p>\n The Central Avenue Shopping District is a \u00be-mile stretch<\/a> of dozens of storefront businesses. A recently approved budget<\/a> aims to improve its streets and sidewalks so it\u2019s easier to visit them.<\/p>\n This neighborhood, at the southern end of the city, is considered vulnerable and underserved. The I Love Greenville<\/a> initiative seeks to improve the livability for existing residents, with an eye toward resisting (or mitigating) gentrification.<\/p>\n Obviously, it\u2019s not a forbidden<\/i> neighborhood to buy in, but the focus of the community is less on attracting outside buyers and more on nurturing the roots of the families there now.<\/p>\n This neighborhood (\u201cBeLa\u201d for short) keeps getting more rewarding, with attractive real estate prices (12% lower<\/a> than the city average) and an ongoing influx of cool stuff.<\/p>\n For example: BeLa\u2019s Berry Lane Park<\/a> opened in 2016 as a way to transform this formerly junkyard-dotted area into a thriving public space. Its most recent addition: the largest skatepark in New Jersey<\/a> (created with help from Tony Hawk!!!).<\/p>\n If your taste in tricks is more intellectual, the Liberty Science Center<\/a> awaits in nearby Liberty State Park<\/a> to fill young people\u2019s heads with scientific and technological possibilities.<\/p>\n When is the best time to buy a house in Jersey City? \u201cWintertime, there\u2019s usually less on the market,\u201d Klein says, \u201cbut there\u2019s also usually [fewer] buyers, so it could be a potentially better time to have a negotiation.\u201d So if you\u2019re prepared \u2014 and you\u2019d prefer a smaller and more manageable selection \u2014 you could use the winter to your advantage.<\/p>\n In 2012, Hurricane Sandy laid bare the city\u2019s vulnerabilities, flooding much of the city and knocking out electricity. The City Planning Division is brainstorming how best to anticipate the next one<\/a>, and while direct hits are still relatively rare, a team of scientists recently increased the odds of landfall from 2% to 3%<\/a>. That may seem slight, but a homeowner in this area should prepare<\/a>.<\/p>\n \u201cCodes have changed drastically,\u201d Klein says. For example, if a new structure is built in a flood zone, the ground floor may be forbidden from holding a residence. Instead, it might be reserved for storage, nudging the lowest inhabited floor up one story. Electrical panels have to be a certain height in relation to sea level as well.<\/p>\n \u201cYou\u2019d need to be aware of water penetration issues,\u201d says Marshal Datkowitz of Optimal Home Inspections<\/a>. \u201cThere\u2019s a lot of older housing stock, so the inspection usually is going to entail a lot more \u2014 how can I put it? \u2014 \u2018issues.\u2019 We\u2019re talking about a housing stock that could easily be 120 years old.\u201d<\/p>\n Keep in mind that the flood-prep codes only apply to new structures; they don\u2019t require older buildings to be updated. So be prepared to ask about the age and preparedness of homes during your search.<\/p>\n You can get from Jersey City to Lower Manhattan on the PATH<\/a> subway in 11 minutes. (It\u2019s tough to get anywhere within<\/i> Manhattan in 11 minutes.) There\u2019s also a reliable ferry<\/a>, and, if you insist on driving, the nearby Holland Tunnel<\/a>.<\/p>\n Plus, a fun little tax benefit: NYC levies a city tax of about 4.9% on its residents. But if you work in Manhattan and live in Jersey City, that doesn\u2019t apply to you<\/a>. More of that Manhattan paycheck stays in your pocket.<\/p>\n This isn\u2019t just a dormitory for Manhattan\u2019s workforce. There\u2019s plenty to do and see here (did we mention the Tony Hawk skate park?!!) and plenty of in-city transportation options to get there.<\/p>\n![\"Street](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/02\/buying-a-home-new-jersey-street--666x381.png\")
<\/a>A city with a heartbeat<\/h2>\n
Ward to the wise<\/h2>\n
Downtown<\/h3>\n
Journal Square<\/h3>\n
West Side<\/h3>\n
The Heights<\/h3>\n
Greenville<\/h3>\n
Bergen-Lafayette<\/h3>\n
![\"New](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/02\/buying-a-home-new-jersey-winter--666x381.png\")
<\/a>What else do you need to know?<\/h2>\n
Winter brings a cooler market \u2014 and that might be good<\/h3>\n
As Jersey City\u2019s real estate heats up, so does the planet<\/h3>\n
Lots of your neighbors will work in Manhattan \u2026<\/h3>\n
\u2026 but they\u2019ll play in Jersey City<\/h3>\n
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\nThese electric trains run along the east side of the city and across the middle through Bergen-Lafayette and West Side.<\/li>\n
\nThe city\u2019s bus routes are run by NJ Transit, though many residents don\u2019t feel it has successfully accommodated a growing population. This has led to Jersey City thinking outside the bus with …<\/li>\n
\nA brand-new success story<\/a>, this is billed as an \u201con-demand public bus service,\u201d providing affordable ridesharing that connects areas previously underserved by existing bus lines.<\/li>\n<\/ul>\n![\"New](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/02\/buying-a-home-new-jersey-neighboorhood--666x381.png\")
<\/a>OK, so you want in on this. What next?<\/h2>\n
Figure out your budget<\/h3>\n