It’s no secret that Hoboken has a vibrant real estate market—we report on it weekly.
Confirming our take, financial technology company SmartAsset has released the rankings from its third annual Healthiest Housing Markets Study and Hoboken made the list—coming in at #3 in the state of New Jersey.
SmartAsset.com defines a healthy housing market is being both stable and affordable; homeowners in a healthy market should be able to easily sell their homes, with a low risk of losing money over the long run. In order to find the healthiest housing markets in the country, they looked at: stability, affordability, fluidity and risk of loss.
Stability was measure by two equally weighted indicators: the number of years people remain in their homes and the percentage of homeowners with negative equity (as homeowners with negative equity are more likely to go into foreclosure). Risk looked at the percentage of homes that decreased in value. Market fluidity took into account the average time a listed home spends on the market. Finally, affordability was determined by looking at the monthly cost of owning a home as a percentage of household income in each county and city.
As we mentioned in our recent feature, the market here in Hoboken has been robust since the 1990’s—however, recent developments catering to a luxury demand indicate a sharp turn for Hoboken.
“Manhattan’s and Brooklyn’s ever-rising prices are certainly a big contributor,” says Darrell Simmons, of the renowned real estate website JerseyDigs.com. “NYC’ers have become more receptive to New Jersey.”
With our city having one of the healthiest markets in the Garden State, combined with an enviable geographic location, Hoboken’s attractiveness as a real estate investment will most certainly continue to climb ever upward.