Jersey City is situated in the northeastern portion of the country. It possesses historical landmarks, lively nightclubs, and fun attractions. The city is one of the most diverse cities in the nation. The city is affordable and fun. It is close New York City, and it is near the shores of Asbury Park. The city is less stressful from the hustle and bustle of New York, so it is an excellent place to call home. If you are moving to Jersey City, make sure you are familiar with the types of mortgages available and the types of neighborhoods in Jersey City.
Demographics and Median Income of Jersey City
The census bureau at https://www.census.gov/quickfacts/table/RHI805210/3436000 puts the population of Jersey City at 264,290. 21.5% are white, 27.6% are Hispanic, and 25.8% are African American. 23.7% are Asian. It is a very diverse city. The median household income stands at $58,907. The unemployment rate is 7.2%, and the poverty level is 19%.
Median Home Prices of Jersey City
The median home price in Jersey City is $323,800. This is quite a bit higher than the nation’s average. The cost of living is higher than the national average.
Crime Rates in Jersey City
There are about 5,500 crimes reported in Jersey City each year. This is lower than the national average; therefore, the crime rate is lower than many other cities in the country. IT possesses numerous safe neighborhoods with very low crime rates.
Schools in Jersey City
The average test scores in Jersey City stand at 59%, which is a little below the national average. There are 51 public schools and 37 private schools in the city. About 83% of the people have a high school diploma, and 43% have a college degree.
Mortgage Loan Options in Jersey City
If you are looking for a new home, you are probably also looking for a mortgage loan. Your credit score, down payment amount, and area of your home will determine the type of loan you need. Some of the things you need to consider when looking for a mortgage include:
- Fixed-rate loan: This is the most common type of mortgage. For the life of the loan, you will pay the same interest rate and principal payment for the life of the loan. You will usually get the loan for a term of 30, 15, or 10 years. This is a good option if you like predictability and are going to stay in your home for a lengthy period of time.
- Adjustable-rate loan: These offer lower interest rates during the first few years of the term. After that, your rate will adjust to the market trend. This is good for people with lower credit scores or who plan to move within a few years.
- FHA loan: This loan only requires a 3.5% down payment. It is insured by the Federal Housing Administration, and the credit requirements are more lenient. It is good for people who do not have much for a down payment or do not have perfect credit.
- VA loan: Anyone who has served in the military is eligible for this loan. It is backed by the Veterans Affairs, and you do not need a down payment. It is the best option for military.
- USDA loan: These are rural development loans that are 100% financed by the government. This are good for people who make lower income.
- Conventional loan: These loans are not insured by the Federal Government. You might need a higher down payment, and you probably will need good credit.
Jersey City offers awesome cuisine, stunning views, and affordable housing. If you are planning to move to Jersey City, research your options to see what types of loans are available. You can then enjoy your new home in this amazing city.