In most locations, people rent a place to live until they can afford to buy a property because renting is cheaper than owning a home.

But, there is one New Jersey city where the opposite is true: it’s cheaper to buy than it is to rent long term.

The research comes from Today’s Homeowner; according to the survey, here are some of the top reasons people are choosing to rent:

⚫ 60% said they love not having to pay for any major repairs or home maintenance
⚫ 50% said they enjoy having predictable monthly payments
⚫ 43% said they like the flexibility that comes with renting

Welcome to Jersey City sign at the Holland Tunnel (Google Maps)
Welcome to Jersey City sign at the Holland Tunnel (Google Maps)

Alternatively, here are some of the biggest cons to renting:

⚫ 49% said they got stuck with bad neighbors
⚫ 48% said they fear they could be evicted at a moments notice
⚫ 46% said they worry about not building any equity

Jersey City Homeowners Spend $11,320 Less On Housing Than Renters Each Year

The average homeowner in Jersey City will spend a total of $1,853,594 over the course of 30 years. Renters in Jersey City will spend an average of $2,193,182 in that same time period. Annually, that breaks down to a yearly savings of $11,320.

Nearly 80% Of Renters Want to Be Homeowners but Have Financial Concerns

The survey found that 78.3% of renters eventually aspire to become homeowners. But with rent costing Jersey City residents an average of $3,156 each month, buying a home is nearly impossible. Let’s break down some of their barriers to entering the housing market:

⚫ 59% say they cannot afford a down payment on a home
⚫ 47% say interest rates are too high right now
⚫ 34% say there is nothing affordable near them right now
⚫ 20% say consumer debt, like credit card debt, is holding them back

LOOK: Famous Historic Homes in Every State

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.

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