The decision to move to a new city or state is not a matter to take lightly. This can impact everything from your personal monthly budget to your overall happiness, your level of safety and more. Some people are able to choose between several locations when preparing to relocate to a new home, but others may have the decision made for them because of the location of a job or other factors. If you are preparing to relocate to Newark soon, you may be wondering what this city offers to its residents.
What Types of Mortgages Are Available?
If you plan to purchase a new home in the town you settle down in, you may be curious to know more about financing options for homes in Newark. There are an exceptional range of loan programs to choose from in this area, and each has competitive pricing for qualified borrowers. You will find common home loan options, such as FHA, VA and conventional loans. This includes fixed and adjustable rate mortgages with terms that range from 15 to 30 years. Down payment requirements, interest rates and more vary by program, so ask your lender for more information about potential loan terms you can expect.
What Are Housing Prices in Newark?
Housing prices vary substantially across the country, and you may be concerned that you cannot afford to buy a home in an area like Newark. This is a city that is home to almost 300,000 residents, based on U.S. Census Bureau data. The Census data also reveals that the median home price within the Newark city limits is $223,400. This is well below the national average. Keep in mind that actual prices vary substantially upward and downward based on which area of Newark you live in as well as if you choose to live in the nearby suburbs.
What Is the Median Income in Newark?
You may also be curious about how your income compares to others who live in Newark, and you may be wondering if your income can support the quality of life that you want to enjoy after you move. This city has a relatively low per capita income at $16,791. The median household income is approximately $33,000. In addition, approximately 30 percent of residents inside the city limits live below the poverty line. As you might expect, it has a reasonable cost of living.
Are There Good Schools in Newark?
There are both public and private schools in and around the Newark area that you may consider sending your children to. Some of the most highly rated public schools include Science Park High School, Technology High School and Arts High School. These schools all have at least a 96 percent graduation rate and are located in Newark. There are other quality schools located throughout the area as well, and your real estate agent can help to point you in the direction of the best schools in the community.
How Do Newark’s Crime Statistics Stack Up?
Newark unfortunately has high a higher crime rate in many categories than New Jersey as a whole has. For example, there are more than 11 violent crimes per 100,000 residents per year in this city, and there are more than 28 property crimes per 100,000 residents per year. This includes 104 murders, 90 rapes, 1,873 robberies and 1,067 assaults. Some of the safest areas of Newark to live in include New York Avenue at Garrison Street, Jackson Street at Ferry Street, New York Avenue at Jefferson Street and others. Your real estate agent can assist you in researching crime rates in the areas of town that you are most interested in living.
The decision to move to a specific area may be made for you, or you may have some options available. In both situations, you may be interested in learning more about what Newark offers its residents. As you can see, like many other areas of the country, there are both positive and negative aspects associated with living in Newark. It is wise to learn more about the individual neighborhoods and communities throughout this area if you want to find the best home for you and your family to reside in Newark.