New Jersey’s Unique Advantages
New Jersey has a lot to offer to both residents and businesses. Specific to the real estate market, these offerings represent inherent advantages that have made New Jersey an attractive place to live and work over the long haul – and they are the foundation that provide confidence for the soundness of a long-term investment in New Jersey real estate. Check out some more information on the Garden State’s market advantages:
A hub for the pharmaceutical industry, New Jersey has some great jobs to offer. Other strong industries in the state include telecommunications, chemical development, food processing, electric equipment, printing and publishing. New Jersey’s proximity to New York City and Philadelphia open a vast regional job market to residents, requiring only a short commute.
• New Jersey's 2008 median household income was $70,378, an increase over the 2007 median income of $67,035. According to the U.S. Census Bureau, New Jersey had the 2nd highest median income in the nation in 2008 (behind Maryland at $70,545).
Source: US Census Bureau
• New Jersey ranked 1st in the nation in graduation rates.
Source: Diploma Count 2009, Education Week and Editorial Projects in Education Research Center
• New Jersey has seen 8 out of 10 high school graduates enter college after high school according to the New Jersey Department of Education statistics from 2005-2006.
Source: New Jersey Department of Education
• Historically, New Jersey invests in education and its children, and that commitment consistently attracts families with similar values to live in the state. As an example of that commitment, during the 2006-2007 academic year (the most recent data available) New Jersey ranked 2nd in the nation in per-pupil spending with an investment of $15,691 per elementary/secondary pupil.
Source: U.S. Census Bureau: Public Education Finances report
New Jersey’s famous stretch of 127 miles of coastline serves as a getaway for state residents and visitors alike. From the tranquil, powdery beaches of Long Beach Island to the excitement of Atlantic City to the bustling boardwalks of Wildwood and Asbury Park, there is something for everybody on the Jersey Shore.
Tourism in New Jersey was a $38 billion industry in 2011, which was up seven percent from 2010 ($35.5 billion). The new visitor expenditures are just shy of the all-time high of $39.5 billion reached in 2007, further indicating that the New Jersey Comeback is taking hold in vital sectors of the state economy. Tourism is the third-largest industry in New Jersey after pharmaceuticals and chemicals. Source: NJ Department of State
In 2011, domestic visits to New Jersey jumped 14.6 percent, representing an increase in domestic trip volume from roughly 68 million visitors in 2010 to 80 million visitors in 2011. Out-of-state visitors, which drive New Jersey tourism revenue, accounted for 64 percent of all tourism revenue, followed by resident/in-state (25 percent), and international visitors (9 percent).
In 2010, 88 percent of N.J. visitors come from the following key origins: New Jersey, New York, Pennsylvania, Connecticut and Maryland. Source: NJ Division of Travel & Tourism
New Jersey’s proximity to New York City and Philadelphia make it a convenient place to live. These two metropolitan areas offer intangibles that are in constant demand for companies expecting a particular business environment and people wanting to live in the center of the action. Many national and international corporations are headquartered in New York and Philadelphia, offering numerous job opportunities. The cities are also rich in cultural attractions, including museums, theater, architecture, and historical landmarks, as well as sports, entertainment, culinary options and more. Numerous special events and conventions also take place in New York and Philadelphia every year, attracting businesses and international tourists.
New Jersey has extensive transportation infrastructure that makes commuting to these cities easy and convenient.
From bustling streets to quiet country roads, New Jersey has a wide range of towns and neighborhoods. One commonality though that many have: they’re great places to live. Maybe that explains why Money Magazine named five Garden State towns in its 2011 list of "Top 100 Best Places to Live" in America:
- #17 - Montville
- #22 - South Brunswick
- #26 - Ridgewood
- #33 - Madison
- #53 - Hillsborough
A 2009 U.S. News and World Report also named Edison, New Jersey as one of "America's 10 Best Places to Grow Up," while Forbes.com named Northern New Jersey one of the "10 Safest Places to Live in the U.S" and the Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. area as one of the "10 Cities Where it's Smarter to Buy."