This might eventually clarify many things. Surprisingly, the city in New Jersey has become the most expensive place to live in America, especially when it comes to rent.
This didn’t happen quickly and it has actually taken several years to happen. This could easily become a difficult trivia question. If you ask anyone in America, “Where is the highest rent in the entire country?”
I believe that no one would answer this question: The answer is New Jersey. According to a website called Rent …, the most expensive city is not New York City, Los Angeles, San Francisco, Boston, or any other big city. It is Jersey City, New Jersey. The average monthly rent in Jersey City is $5,500. See how this compares to:
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- New York City, $5,000, which has now topped $5,000 for the first time in its history.
- Boston, Massachusetts comes in next at $4,878.
- Palo Alto, California = $4,672.
- Glendale, California = $4,472.
- Coral Gables, California = $4,310.
- Hoboken, New Jersey = $4,264.
- Redmond, Washington state = $4,222.
Our real estate expert, Jo Ann Daly from RE MAX Platinum Properties in Ventnor City, New Jersey, says that several factors came together at the same time to cause this.
- People were on the move during the COVID-19 pandemic.
- High inflation.
- Inventory supply remains extraordinarily low.
Daly mentioned on the radio last Thursday that rents will stay at or around these levels for a while because there is a limited supply of available properties. Here is what another real estate professional told the New York Post to support our local expert Daly:
“Rental prices in the United States have increased significantly during the pandemic. This is due to a rise in inflation and more people moving away from their city offices to work remotely,” explained Jon Leckie, a researcher at Rent, in a recent statement to the New York Times.
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Daly has been saying the exact same thing to our listeners for over two years. Even though it can be explained logically, it’s still hard to believe that New Jersey has the highest rent prices in the entire United States. However, another reason why people are leaving some of the larger cities with high rent records is because they want to be near the big cities, but also want to move away from them.
The current winning locations are:
- Near big cities
- Near big tech hubs
- Luxury waterfront areas
New Jersey has achieved its most recent record. However, holding this record may not be considered good.
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