New Jersey has One of the Highest Rent Rates in the Entire Country
Is it commitment?
Is it putting a large chunk of hard-earned cash down?
There are so many reasons why people won’t pull the trigger on buying their first home.
Rightly so.
Listen, this is a commitment. Renting is absolutely more convenient than just purchasing a home.
If you love to move around, and you’re not a fan of staying in the same town or state for too long, renting is for you. There is no doubt about that.
On the other hand, if you are someone who wants to stay in one location, maybe, you love the town that you are in, you moved back to an area that you grew up in, and you are planning on staying forever, then you may want to rethink long term renting.
Another reason why many buy, is that time when they start to grow their family. It's one of the many things we'll do to settle down.
You are throwing money away.
All of your hard-earned cash is going into someone else’s pocket, and you don’t get anything in return, and most of the time, that rent could go up at the end of your term.
When you purchase a home, you build up equity as you pay down your balance.
Most of the time, your home value will go up, so over time, a home turns out to be a great investment.
If you live in the Garden State, we have some of the highest rents in the entire country.
So not only could you potentially throw away money, but you are paying a lot of money for a one-bedroom apartment. These estimates are mind-blowing.
New Jersey is in the top five for the highest rents.
I still cannot believe this number.
When I was renting, even in multiple states, the one-bedroom rate in New Jersey was just a little more for a three-bedroom.
This may come as a shock as well. Some of these numbers are equivalent to a person's mortgage payment.