Known as the birthplace of baseball and Frank Sinatra, Hoboken is a small town in New Jersey packed with history, culture, and activities. Located along the beautiful Hudson River, this one-square-mile-wide city boasts waterside views wherever you go. Residents of Hoboken love their city’s vibrant and unique nature, offering a perfect blend of outdoor spaces and urban amenities.
Because of its plethora of exciting amenities, Hoboken’s real estate market is booming. Many buyers, sellers, and investors enter the market to take advantage of the area’s high desirability and succeed in their real estate goals. If you’re considering moving to Hoboken, you should know that you’ll be entering a housing market boasting some of the state’s most in-demand properties. To stay ahead of the competition, you must have a deep understanding of the local real estate market and its trends and conditions.
1. Housing availability and prices
Compared to other nearby metropolitan areas, such as Manhattan, Hoboken is much more affordable in terms of cost of living and housing. Because of this, many NYC residents flock to Hoboken to seek a better living arrangement. As such, the high demand for houses has increased home prices in the area in recent years. Still, the local real estate market has been experiencing a cooling phase., leading to decreases in housing costs and increases in inventory. As of May 2023, the median list price for homes in Hoboken
is around $669K, a decrease of 8.4% since last year. Additionally, May 2023 saw a 52% jump in the number of homes available for sale when compared to April 2022, with 32 homes versus 21, respectively.
2. Overall high cost of living
The cost of living in Hoboken is much higher than in other parts of the country, including housing prices. In addition, residents can expect to spend more on everyday expenses such as groceries, utilities, transportation, and healthcare. In fact, Hoboken ranked
as the 15th most expensive place to live in the entire country in recent studies, while New Jersey overall clocked in at the number three spot. Although Hoboken is fairly expensive, it is still much more affordable than other nearby major metropolitan areas, such as New York City, which is why many residents continue to flock to this thriving New Jersey city.
3. Public transportation is important
Lots of Hoboken residents do not own a car. Since it can be very challenging to find parking spots in the city, many locals choose other transportation modes. Without a doubt, public transportation is the city's primary transportation source. These forms of transportation include the NJ transit trains and buses, Hop shuttle, PATH train, NY waterway, and rideshare apps. All of these services are relatively reliable and help get residents to places on time. In addition, Hoboken is one of the most walkable cities
in the world. Given the small geographical nature of the city, residents can walk to just about everything.
4. Hoboken is great for families
Families relocating to Hoboken can take comfort in knowing the city itself is perfect for raising children. Given the city’s easy commute and charming neighborhoods, Hoboken offers a great environment for families. The city boasts an excellent, top-rated school system consisting of several reputable schools. In fact, the Hoboken Public School District ranks as the third-best school district in Hudson County, according to Niche. Notable schools within this district include Joseph F. Brandt Primary School, Hoboken Middle School, and Hoboken High School.
Additionally, Hoboken is also home to a wide range of higher education institutions. The Stevens Institute of Technology is located in Hoboken and is widely considered the first college in America dedicated to mechanical engineering.
5. Plenty of job opportunities
Hoboken is both a business hub and a commuter city. Given the city’s proximity to other major metropolitan areas, such as New York City and Philadelphia, Hoboken attracts many people looking for an easy commute. However, the city itself also boasts a great job market with plenty of opportunities. For example, Hoboken is home to a wide range of active markets, which include nursing, teaching, software engineering, and research. Those seeking a job won’t have a hard time finding one in the city’s vast-ranging industries, from technology to life sciences and everything in between. With many job opportunities in the area, moving to Hoboken serves as the perfect starting point for launching a new career or advancing in your current field.
6. Vibrant city life
Hoboken may be small, but it still boasts a massive personality. The city’s electric atmosphere paves the way for a bustling and thriving restaurant and bar scene. Residents can enjoy numerous dining options, vibrant nightlife, and trendy shops. The city also hosts a number of street festivals and cultural events throughout the year, such as their annual St. Patrick’s Day Parade. If you’re looking for a fun place to live, Hoboken will undoubtedly satisfy your needs.
Need help moving to Hoboken?
Hoboken is quickly becoming one of the most sought-after destinations in New Jersey. From plenty of job opportunities to an excellent school system, this New Jersey town is perfect for families and business professionals looking to set down roots. Whether you’re new to the area or not, Hoboken is a great place to call your home.
However, given Hoboken’s highly competitive housing market, having a local real estate agent on your side is crucial. Not only can your agent recommend the best neighborhood for you, but they can also help you secure great deals on properties in the area.
and his colleagues at the Andrew Botticelli Team have helped numerous clients relocate to the Hoboken area over the years. Using their local market knowledge and experience in helping clients secure and sell properties, Andrew and his team know what it takes to secure the house of your dreams. If you’re moving to Hoboken and need help finding a home, contact The Andrew Botticelli Team