The third-oldest city in the country, Newark, New Jersey, is a major rail, air and shipping hub. Strategically located in the center of the Gateway Region of New Jersey and with a population of about 277,000, Newark is the largest city in the state and second-largest city in the metropolitan area of New Jersey. It is home to the largest container shipping terminal on the East Coast at Port Newark, as well as a major commercial airport, the Newark Liberty International Airport, which is among the busiest airports in the country. New Jersey is also home to numerous historical landmarks such as the Ballantine House, 80 Park Plaza, Cathedral Basilica of the Sacred Heart, and Ferry Street.
Newark, NJ is a great place for affordable rent-to-own homes! With a median household income of over $37,476 and a median rent of $1,116, the Newark, NJ rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Newark, 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.
Newark, NJ is seeing rapid growth and Newark, NJ's' housing market remains not optimal with an average home price that is 17% above the 2023 national average. Newark, NJ is part of Essex 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 2023 for county Essex is 2.05% which is above the national average, which is 0.99%.