Real Estate Stats Monmouth County to Keep in Mind Before Investing
What are some of the things that you consider before buying a new house? The cost of the house, the neighborhood, availability of transport to your office, and good schools nearby for your kids. If you want a combination of all these qualities in one place, you should plan to buy a house in Monmouth County, New Jersey. It is the fifth-populous county in New Jersey with a population of 618,795 residents.
The county is widely popular for its strategic location with rivers and bays from the Raritan Bayshore flowing into the Lower New York Bay, Atlantic Ocean, and Raritan Bay. This makes the county one of the most highly-visited places in New Jersey during the fishing season. Both locals and tourists gather around in these rivers to go boating and fishing.
Living in Monmouth County
Real estate prices are low here compared to some of the expensive communities in New Jersey. Monmouth County is a hub for educational institutions, making it easier for parents to enroll their kids in one of the renowned schools. Apart from good schools, job life is also quite satisfactory here. 11.47% of the professionals are teachers, 11.84% are into math and computer science, and 23.25% work in management occupations. The mix of both white-collar and blue-collar jobs makes Monmouth a diverse county when it comes to employment.
Monmouth County is home to hundreds of families. The educated society and low crime rate make it a hotspot for people planning to buy homes soon. Commuting to work, though, is slightly time-taking. The average waiting time to reach to work is 35 minutes. You can, however, take public transport as locals find it a viable alternative to beat the traffic.
Properties in Monmouth County
There are approximately 5081 apartments or houses in Monmouth County. The real estate stats Monmouth County state that the average cost of single-family detached homes is $510,000. Single-family detached homes are the most popular here as Monmouth houses tons of families. These homes account for 56.52% of the total number of houses. Some of the other types of properties available in this county are attached homes and row houses (39.30%), and high-rise apartments and large apartment complexes (4.18%).
In addition to the high demand for detached homes, people also look for rented apartments. At present, there are nearly 622 homes available for rent. These are appropriate for students with part-time jobs and those who still don’t have a family.
The owner-occupied houses (91.20%) have a three and four-bedroom structure. On the other hand, there is a high demand for three-bedroom houses also (74.23%).
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Appreciation rate
The appreciation rate of properties is slow in Monmouth County. Its average appreciation rate, according to the real estate stats Monmouth County, in the last decade was 1.64%. But the last 12 months saw an appreciation rate of 3.01%, meaning the market is slightly better than before.
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