Homes for Sale in Newark, NJ: What You Need to Know
For travelers throughout the world, Newark is synonymous with the sprawling Newark Liberty International Airport, which serves about 45 million passengers every year. But there’s so much more to the city than meets the eye.
A Diverse Local Population
Newark is home to 285,154 people, the most populous city in New Jersey. African Americans represent 47% of the population; 39% percent are Hispanic or Latino.
Newark is a bona fide college town with a median age of 33.7. About 60,000 people combined study or work at higher education institutions such as Rutgers University-Newark, Rutgers Biomedical and Health Sciences, Seton Hall University School of Law, Essex County College, and New Jersey Institute of Technology.
Newark Real Estate: The Cost of Living
Newark’s density and proximity to New York City make it an expensive place to live in. The city’s cost of living is 27% higher than the national average. Likewise, the cost of food and transportation are 4.2% and 4.7% higher than the national average respectively.
New Jersey’s income tax, ranging from 1.40% up to 10.75%, is one of the highest in the United States.
Know Your Neighborhoods
Dreaming of working in New York City? You’re not alone. Many people who move to Newark, only eight miles away from the Big Apple, commute on a daily basis. Newark’s own community of big and small companies alike also attracts newcomers.
Those who want to live close to downtown will find ample housing options in Roseville and Forest Hill. Both are unincorporated towns within Essex County, where Newark is located. Roseville, which is divided into Upper Roseville and Lower Roseville, offers plenty of single-family houses and places to rent. Forest Hill is known for its tree-lined streets and elegant homes built in the late 19th century or early 20th century.
For people who prefer the suburbs, Short Hills and Upper Montclair are within commuting distance to Newark. They both have plenty of fine restaurants, stores, and parks, and their public schools are highly rated.
A Healthy Job Market
Newark is a major economic hub for New Jersey. The city is home to major corporations such as Prudential Financial Inc., a Fortune 500 company, and Panasonic Corporation of North America, a global leader in developing diverse electronic technologies. Prudential Financial employs 49,705 people, while Panasonic has 13,000 employees.
Public Service Enterprise Group, Gateway Group One, and PSEG Nuclear are also major employers in Newark. In the education sector, the Newark Public Schools and the New Jersey Institute of Technology are key players, with 4,500 employees and 3,090 employees respectively.
Newark’s Sport Scene
The sports scene in Newark is a mix of professional and collegiate teams. It’s home to the New Jersey Devils, three-time champion of NHL’s Stanley Cup, and the Seton Hall Pirates (NCAA men’s basketball). New Jersey boasts of two major harness racing tracks – the Meadowlands Sports Complex in East Rutherford and Freehold Raceway in Freehold.