4 Reasons Why You Should Buy a Home in Essex County
The median home value in Essex County is $319,000. In the past year, housing values in the county have risen 15.2%! Most market watchers including Zillow, Lending Tree, and Forbes all predict a continued increase on home values in Essex. A 15.2 percent increase should raise an eyebrow to any type of buyer, from a multi-million dollar investor to a family looking to buy their first home. With forecasts predicting a continued rise in prices there are still great incentives to the prospective buyer. The upward movement of home values is a complicated and sometimes unexplainable paradox, but here are four following reasons why buying a home in Essex may be right for you.
Vicinity to New York City can be both a blessing and a curse, but in the case of Essex County proximity to NYC greatly favors the value of real estate. With New York City only being a short drive away, potential buyers wanting to stay close to family and friends, but far enough where they can escape the city lights serves as a great incentive. Those also looking for immediacy to NYC to serve possibly as a weekend getaway or even having the option to attend professional sporting events, concerts, nightlife, restaurants, and plays would benefit from the location of Essex County. There are also multiple international airports which have direct flights to hundreds of destinations.
The baby-boomers are nearing retirement age. Many of the “boomers” in NYC and the surrounding suburbs will be looking for a place to retire and settle down. The effects of this potential swath of buyers has not yet been felt. When the “boomers” begin to migrate towards appealing areas within Essex, prices will increase drastically. This coupled with the fact the boomers who do buy will be looking to make that home a final destination which could ultimately drive speculation about price. Thus, there will undoubtedly be a much higher demand than supply, only increasing the market value with the added perceived value.
New Jersey has some of the highest education standards in the country. Students continually score in the highest percentile for Math and Science. Education standards and scores have been a point-of-concern for many parents as higher education becomes more expensive and the need to earn a scholarship is perhaps greater than in any time previous. World renowned institutions such as Princeton and Rutgers call New Jersey home. There are more than 60 private and public colleges in New Jersey in total offering students a variety of potential careers and disciplines of study. Globalization means greater competition and with greater competition means that employers can now be as selective as ever. Education lays the foundation for our future. The bottom line is that children educated in New Jersey are better prepared for the 21st century. New Jersey also offers generous grants to students of need.
As mentioned previously housing prices have, in the past year sky rocketed which can loosely be attributed to the economy getting stronger and gaining steam. While unemployment remains higher in New Jersey then in neighboring states, Essex County enjoys one of the lowest unemployment rates in the region. There are vast swaths of companies in New Jersey from large corporate multinationals to small entrepreneurial ventures to tech star-ups! As for the multinationals five fortune 500 giants including Medco Health Solutions, Johnson & Johnson, Honeywell, Merck, and Prudential Financial call New Jersey home! Despite rigorous amounts of bureaucracy, there have been many successful entrepreneurial ventures in the state of late. Including You Move Me: a moving company which has two locations in New Jersey as well as a horde of other blue collar services companies which cannot be outsourced! For a list of tech start ups click here. There are plenty of companies and plenty of potential jobs. With the following factors listed prices should not only remain steady, but housing prices in Essex County should only continue to appreciate for the foreseeable future.