Monday, April 03, 2006

Hudson Affordability

From the Jersey Journal:

Home price surge worries longtime residents

Hudson County home prices are soaring - and while that might be good news for those who are selling, it's a cause for concern for residents who don't want to cash out, according to a new poll by The Jersey Journal/New Jersey City University.

Nearly two-thirds of residents surveyed in the poll said they probably couldn't afford to buy a home in the neighborhood they live in now; less than 30 percent were confident they could.

In addition, more than 70 percent of the respondents think real estate prices in their neighborhood are "too high." Just 5 percent say the prices are too low, and 14 percent say they're "about right."
...
In a March 2003 poll, 44 percent of the respondents said they have lived in the county for at least 20 years, and 64 percent said they expected to live in the county for at least another five years.

However, in the most recent poll, nearly 48 percent of the people said that the rising cost of living in the county may force them to leave.
...
"While residents have told us they enjoy living in Hudson and generally like being here, we see some concern over whether or not the cost of living, particularly the cost of housing and the spill-over effect it has on the cost of economic goods, may make it difficult for them to stay," Chadwick and Moran wrote.

Caveat Emptor!
Grim

9 Comments:

Blogger skep-tic said...

if none of these people could afford to buy their own house at current prices, who do they think is going to buy it?

4/03/2006 10:01:00 AM  
Blogger chicagofinance said...

The author of this article, Jarrett Renshaw is a great guy and a straight shooter. No fan of Hudson County developers, or the local political machine.

He helped me out last year when I was discussing a rent control issue against Toll Brothers.

Tom Jenneman at the Hudson Reporter is also a good guy, but the impression I get is that he walks a fine line. He needs access to local politicians, and his paper sells tons of ads space to real estate brokers and developers. He writes balanced article, but what he tends to do is gloss over the dirty underside of Hoboken. It's fair because if he spoke up, he would be blackballed and out of a job soon after.

chicago

4/03/2006 10:37:00 AM  
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