Hoboken is one of the most sought-after neighborhoods in the New York metro area, meaning home prices here regularly hit seven figures. This historic neighborhood across the Hudson from Manhattan still has secrets for finding affordable homes for sale in Hoboken NJ, from discounted downtown lofts to local cafes with low taxes. Don’t let the million-dollar listings scare you off – with some savvy shopping, you can still afford to call Hoboken home. So, what can you do to afford to reside in one of the nation’s most expensive ZIP codes?
Cut down on housing costs
The majority of people’s budgets go towards housing costs. To make Hoboken more financially feasible, consider reducing your rent or mortgage. Consider getting a roommate to split the costs. You may also explore cheaper neighborhoods that allow easy access to Hoboken. Places like Jersey City are more affordable while only a quick train ride away. If buying property, look for a condo or co-op that charges lower monthly maintenance fees. Or expand your search to nearby towns that offer lower home prices but similar amenities and transit options. You may have to get creative, but cutting housing costs opens up many possibilities for affording Hoboken.
Use public transit over driving
Hoboken’s walkability is exceptional, but public transportation can significantly reduce gas, parking, and car maintenance costs compared to driving. By utilizing the nearby PATH, NJ Transit, ferry system, or Hudson-Bergen Light Rail, you avoid the expenses associated with having a car while still enjoying everything Hoboken and the surrounding region have to offer. When you travel out of town, such as heading into New York City, ridesharing apps like UberPool can provide substantial savings over traditional Uber and taxi options. Take advantage of public transit and more affordable ridesharing choices to make the cost of living in Hoboken much more manageable.
Real estate in Hoboken
Hoboken is known for its expensive real estate market. The city’s proximity to Manhattan via public transportation makes it a popular choice for young professionals and families living in New York City. New luxury high-rise buildings continue to be constructed along the Hudson River waterfront, fetching prices upwards of $1 million or more. Hoboken’s real estate remains out of reach for many middle-class buyers, driving rapid gentrification despite preservation efforts to maintain the city’s historic architecture and neighborhood feel.
Buying a home in Hoboken
Hoboken, a popular New York metro area homebuyer’s destination, faces stiff competition due to limited housing stock. Attend open houses, bid competitively, and move if you find the perfect brownstone or condo for you. Hoboken provides a close-knit community along the Hudson River waterfront, offering a blend of city excitement and a quiet retreat.
Cost of living in Hoboken
Hoboken has a reputation for having a high cost of living, especially when it comes to housing. Rent for a one-bedroom apartment averages around $3,000 per month. Hoboken is about 45% more expensive than the national average when taking into account things like housing, food, transportation, and healthcare. The high prices are largely driven by Hoboken’s desirable location, high salaries in the area, and limited space surrounded on three sides by water-constrained housing supply.
