New Jersey is one of the best options for people who are interested in real estate investment. It is suited for a variety of real estate investments like a single home situated in the suburbs, high-rise buildings in the urban area, a beach frontage villa, a commercial property, etc. Various places in New Jersey are ideal for real estate. They have many national parks and beaches and they are also rich in culture. Thus, the place becomes a perfect spot for a home base. There are 21 counties, and 52 cities in New Jersey. The popular cities of the state are Jersey City, Newark, Elizabeth, Trenton, and Peterson. 

The state is also known for international trade. The highway of the state extends to 2800 miles with a few commuter rail lines and a freight line of 1000 miles. Thus, it is easy for the people as well as the goods to travel between New Jersey and the other regions of North America. The quality of infrastructure has given rise to several corporations and industries in the state. So there are numerous employment opportunities in various companies in the state which makes people move to New Jersey. Healthcare is also at its best in the state as there are 71 acute care hospitals and 112 state hospitals. New Jersey has witnessed a huge rise in the real estate business between 2009 and 2018. 

Here are some factors that make real estate investment in New Jersey lucrative.

  • Growth in foreclosures

New Jersey is the state that features the highest foreclosure rate in the US. The property tax revaluations that took place recently can increase the rates further. The housing market in the state will be making maximum use of this. It will increase the property taxes, particularly in Jersey City’s downtown area. The increase in taxes will affect many residents and several of them will not be able to pay them. Thus the real estate investors looking for an investment opportunity can benefit from this situation. It will also secure the surrounding neighborhoods. 

  • Ideal for global trade

New Jersey is a combination of tactical location, great transportation infrastructure, and a highly educated and skilled talent pool. Therefore, the state is an ideal spot for international trade. There are five Foreign Trade Zones that are strategically located in the state along with two well connected international airports as well as ports located at both ends of the state. The Port Authority in New Jersey is considered to be the third busiest port in North America.

  • Unreasonable rental demand

Several residents of New Jersey are not qualified for mortgages. Many investors who become paralyzed financially had to let go of their multi-family houses to foreclosures. Therefore, the market has become optimistic for real estate investors if they can modernize and convert these houses into rental properties. 

  • Weather disasters

15800 was added to the job market of New Jersey in 2018, which reduced their unemployment rate to 4.6%. With the rise of new jobs, the market started to recover slowly from the recession of 2009. This brought a positive impact on real estate investment in New Jersey.