Real Estate Stats Essex County to Know Before Buying a House
We Buy Houses New Jersey so we have a good understanding of the different areas real estate market, here we share an overview. Want to shift to one of the most peaceful locations in New Jersey? There is hardly any place that can match the calmness and tranquility of Essex County. This small county has a population of nearly 40,330 residents. You will find 11 constituent neighborhoods. Work culture is quite diverse here with people finding jobs in profiles, such as management, sales, executive, and administrative positions.
Life in Essex County
The diverse culture in this county makes it a popular place for families to settle down. It is one of the best counties in New Jersey for kids to grow up in. Although most residents speak English, you will also find people who speak Irish, Italian, Polish, and German. There are tons of good schools and colleges here. Shifting to Essex County won’t be an issue if you have children. You can enroll your kids in one of the nearby schools.
The only downside that you may experience is the long commute to work. Residents usually have to spend almost 30 minutes every day commuting to work. But you can take public transport to avoid traffic on the highways.
Real estate market in Essex County
As per the real estate stats Essex County, the average price of homes in this county is $205,384. There are approximately 14,972 houses. Cost of living is low here compared to the other counties in New Jersey. 41.77% of the entire housing unit consists of single-family detached homes. They are ideal for those who want to shift here with their families. Attached homes and row houses account for 29.59% of the houses. On the other hand, high-rise apartments and large apartment complexes make for 23.83% of the homes. Apart from family homes, you will also find small apartments that are best for students or people who live alone.
Three and four-bedroom dwellings are the most common type of houses available in Essex County. These mostly come under single-family detached homes. The town not only has new homes available but many homeowners also want to rent their houses. 45.45% of people live on rent and 54.55% of the residents own houses here.
Average appreciation rate of properties
The real estate market is starting to grow here. It has a lower appreciation rate than the rest of the cities in the US. The appreciation rate reached just 4.26% in the last 10 years. This means it has an annual appreciation rate of just 0.42%. The rate is lower than 90% of the other towns and cities in America.
Last year, the real estate stats Essex County showed an appreciation rate of only 2.60%. With such a low appreciation rate, you can expect to find homes within your budget. Most of the average-sized homes in this country fall between the range of $113,000 and $226,000.
If you are one of those who want to stay in a place where the cost of living doesn’t burn a hole in your pocket, you should choose Essex County. There are various properties available, giving you the chance to buy one according to your budget.