Home Buying in 08859>Question Details

Balaji, Home Buyer in Parlin, NJ

Why are home prices in New Jersey so high?

Asked by Balaji, Parlin, NJ Wed Sep 1, 2010

I can barely manage a 300k townhome with Garage at a decent location, whereas for 300k i can get a mansion at Charlotte, NC

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Answers

11
Ed Carbone’s answer
In addition to access to two big cities, NYC and Philly, the N.J. Schools are the best in the country and people want a good education for their children. Also, there is much less space to build on, therefor existing houses go up in value.
0 votes Thank Flag Link Tue May 1, 2012
BEST ANSWER
Demand.

More people want to live in New Jersey than in Charlotte. Not that Charlotte isn't a great place to live, but more people want to live in New Jersey. As a result--supply and demand--there's a greater demand, and therefore people are willing to pay more.
0 votes Thank Flag Link Fri Sep 24, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
We make these difficult choices because we have to and because we have Gov. Christie! Regards,
0 votes Thank Flag Link Thu Apr 26, 2012
Typical liberal.
Flag Thu May 1, 2014
Liberal much? I guess someone has to be.
Flag Thu May 1, 2014
....Charlotte and many other areas of the country. That's the tri-state area - access to NYC is the driver and the demand that comes with it.

Best,
Jeanne Feenick
Unwavering Commitment to Service
0 votes Thank Flag Link Thu Apr 26, 2012
Location is key. Many people that live in New Jersey enjoy living near the cities of New York City and Philadelphia and what they have to offer. Many people are willing to pay for that advantage. In addition, New Jersey is also a very densely populated state and as a result that causes a supply and demand effect versus the big supply of housing in North Carolina. The housing markets in both states are very different respectively.
0 votes Thank Flag Link Wed Apr 25, 2012
We are in large part of commuting suburb of NYC - so you were right to award the "best answer" the response that highlights "demand". Pretty simple stuff, but it is hard to swallow isn't it when you visit other areas, like North Carolina and see so much home for the same $$. I suppose you could curtail all travel until you are ready to move from the area ;-)

Just kidding, just kidding, enjoy your travel and your townhome, and from time to time, take a trip into NYC and enjoy what we all pay so much to be near.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Wed Sep 29, 2010
Because there are more high paying jobs near NJ than near Charlotte NC.
0 votes Thank Flag Link Wed Sep 29, 2010
New Jersey pretty much has it all, plus no real natural disasters like Earthquakes,Tornados, and severe Hurricanes.
0 votes Thank Flag Link Fri Sep 24, 2010
Simplest answer? We are commutable to two of the greatest cities in the world: Philadelphia and NYC. Also, we are the most densely populated. Three of the wealthiest counties in the country are also here: Somerset, Hunterdon, and Morris. Hope that helps.
0 votes Thank Flag Link Tue Sep 7, 2010
Because we are conveniently located to NY. Where there's money to be made, the house prices are high. If you go to Charlotte, NC, the house prices are low, but so are the salaries.
Location is everything in real estate.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Sep 2, 2010
Location Location Location
That is the easiest answer.

Probing deeper...where in NJ -vs- Charlotte, NC? Are you a retiree, living on a pension or still working and need mass transit? Why does a townhouse cost around 275k in Freehold yet you can buy a home on an acre of land in Jackson for that amount?

Beaches and natural beauty aside...(They both have them) New Jersey is central to two major cities...New York & Philadelphia.
Weather is a plus in Charlotte, if you wish to give up on northern winters.

So back to my original reason...
Location, Location, Location
0 votes Thank Flag Link Wed Sep 1, 2010
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