Elizabeth, New Jersey, sounds like a very regal city, and many people think it was named after Queen Elizabeth. In fact, it was actually named after Elizabeth, the wife of Vice Admiral Sir George Carteret, one of the two original proprietors of the colony of New Jersey. The city has been around since 1855 and is now one of the larger suburbs of New York City, which is just 15 miles away. Today, Elizabeth is a thriving town that is home to nearly 125,000 people.
Elizabeth, NJ is a great place for affordable rent-to-own homes! With the current housing shortage trend it can make it harder to become a homeowner, including in Elizabeth, NJ. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Elizabeth, NJ is seeing rapid growth and Elizabeth, NJ's' housing market remains optimal with an average home price that is -100% below the 2022 national average. Elizabeth, NJ is part of Union county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2022 for county Union is 1.87% which is above the national average, which is 0.99%.
Elizabeth, NJ has a walk score of
Elizabeth, NJ has a bike score of
The state tax rate is 1.4 to 10.75% on top of the federal tax rate of 10 to 37%.