Rent to own Homes in Newark, NJ
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.
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Rent to own Homes in Cities Near Newark, NJ
- Airmont
- Bergenfield
- Blauvelt
- Essex Fells
- Fair Lawn
- Franklin Lakes
- Grand View-on-Hudson
- Guttenberg
- Hackensack
- Haledon
- Hawthorne
- Hillsdale
- Ho-Ho-Kus
- Leonia
- Midland Park
- Monsey
- New Milford
- North Haledon
- Oakland
- Park Ridge
- Paterson
- Pearl River
- Pines Lake
- Pleasantdale
- Pompton Lakes
- Pompton Plains
- Preakness
- Prospect Park
- Ramapo College Of New Jersey
- Ridgefield
- Riverdale
- Saddle Brook
- Saddle River
- Singac
- South Amboy
- South Hackensack
- Sparkill
- Spring Valley
- Suffern
- Tappan
- Tenafly
- Totowa
- Upper Saddle River
- Waldwick
- Wallington
- Wanaque
- West Nyack
- Westwood
- William Paterson University Of New Jersey
- Wood-Ridge
Neighborhoods in Newark, NJ
Dayton - Weequahic Park rent to own homes Newark Central Business District rent to own homes Fairmount rent to own homes Forest Hill rent to own homes Lower Clinton Hill rent to own homes Lower Roseville rent to own homes Lower Vailsburg rent to own homes Mount Pleasant - Lower Broadway rent to own homes North Broadway rent to own homes North Ironbound rent to own homesBuying a Home in Newark, NJ
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%.
Median Home Price in Newark, NJ
Median Rent in Newark, NJ
Top Reasons to Live in Newark NJ
Housing Statistics Newark has an annual residential turnover rate of 21.29 percent. The median home sales price was $163,305 for the period of October to December 2012, while the average sales price for a property in Newark was $176,692. These statistics are based on the total number of 121 house sales transactions during this period. While 19.09 percent of the houses in Newark are presently owner-occupied, 67.23 percent are rent to own houses. 13.68 percent of the total number of homes in the community are available either for rent or for sale by the owner.
Local Shopping Shopping in Newark is best done on the busy streets of downtown Newark that feature a mix of chain retailers and small department stores. Popular among antique shoppers and those looking for limited-edition finds, Newark is a treasure chest of unique artifacts. Among the five major antique stores in Newark, Lost City Arts is a popular haunt of vintage furniture enthusiasts. If you're looking for one-of-a-kind antique housewares, Mood Indigo is the place to be. An antiques store that sells its wares flea-market style is Chelsea Antiques. Shopping here is an experience that must be tried. Newark is brimming with 20 or so independent and limited-edition bookstores that are popular with people of all ages.
Local Sports Newark has many opportunities for those interested in watching as well as participating in professional and amateur sports and recreational activities. The Newark Bears, the baseball team of Newark, is based out of the Bears Eagles Riverfront Stadium. Two collegiate baseball teams, NJIT Highlanders and Rutgers Newark Scarlet Raiders, are also based here. The Prudential Center, also known as the Rock, is home to the professional ice hockey team, the New Jersey Devils, who have three championships under their belt. For those looking to be active, they can head over to the Branch Brook Park Roller Skating Center.
Neighborhood Guide From the famous Portuguese dining options of the Ironbound neighborhood to the exquisite Victorian architecture in Forest Hill, Newark is made up of many neighborhoods, each with its own individual charm. A few neighborhoods are described below: