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Weichert, Realtors - Wayne NJ
Mobile: 1-973-570-5714 Office: 1-973-570-5714Website Agent Listings Contact Raul Ruisanchez
Mobile: 1-973-714-1309 Office: 1-973-543-7400Website Agent Listings Contact Denise Mortenson
Located approximately a 45-minute drive away from the internationally acclaimed New York, the city of Morristown, New Jersey, is a town and the county seat of Morris County. As a northern city in the state of New Jersey, real estate agents in Morristown NJ know that its appeal comes from its proximity to other much larger cities. But let’s take a closer look at what realtors in Morristown NJ can share about their city because, besides its nearby much bigger cousins, there are other reasons that inspire people to move here.
With the close proximity to Newark, NJ, and right across state lines, New York, NY, you can expect a somewhat higher cost of living. The main factor that influences this is housing expenses. Real estate agents in Morristown NJ understand that this is the main reason for which 66% of the city’s residents would rather rent than own. With housing costs similar to NY than the state’s median, the median home value in Morristown, New Jersey, is $626,000.
Now, before you backtrack, know that the city is experiencing a buyer’s market, meaning that while homes may be valued at that price, they tend to drop towards a median of $542,000 by closing. With more homes on the market than the current demand, buyers can negotiate with the help of realtors in Morristown NJ.
Seeing as the vast majority of residents choose to rent, a relevant piece of information is that the median monthly rent in Morristown, New Jersey is $2,900. Again, this comes with the proximity to New York. Living here comes with a lot of opportunities, and many people are fighting for their American Dream. Job opportunities are plentiful in the area, and we’ll get to incomes in a bit, but before that …
Regarding prices, with top real estate agents in Morristown NJ, you can browse the listings knowing that around 88% of all housing is priced between $230,000 and $861,000, with approximately 60% priced below the median value. Also, around 47% belong to apartment complexes, 22% are single-family homes, 21% are small apartment buildings, and 10% are townhomes.
Whether you decide to purchase or to rent, contact the local realtors in Morristown NJ, and they will help you manage your finances in order to find the right home for you.
After reading the section above, you might think that living in this part of the country can put a toll on your budget. However, the median household income is $96,000. While we aren’t saying that it couldn’t be better, it’s still much better than other areas. It’s still better than New York.
Now, in order to get into more details, the most important thing is that there has been a 4% increase over the last year which means, income growth. Real estate agents in Morristown NJ know how much occupations and industries influence individual earnings, so let’s analyze that for a moment.
In Morristown, New Jersey, the most common jobs are Management Occupations and, these are also the highest-paying jobs reaching as much as $164,000 even if the median salary is $93,000. When it comes to industries, the most common employment sector is the Health Care and Social Assistance, while the highest-paying sector is the Information industry with median earnings of $110,000.
The final bit of inside scoop realtors in Morristown NJ shared with us is that the largest bulk of the population, namely 27%, earn more than $200,000 a year. Now let’s see what it's like to live there.
With the moderate population growth and the overall amount of people relocating to Morristown, New Jersey, the city’s median age is around 34. Because of this and the job opportunities present in and around the city, real estate agents in Morristown NJ are aware of their city’s attractivity for young professionals. Especially for their young residents, the city developed a rich pub culture and, despite its small population - below 20,000 -the city has a decent nightlife that has something to offer for everybody. One of the best things about Morristown, New Jersey, is the city’s overall safety. Realtors in Morristown NJ can’t make this up, so continue your research, and we’re sure you won’t be disappointed.