Jersey City among top 10 new neighborhoods nationwide

If there was any doubt about Jersey City’s arrival, a new report from RentCafe confirms the Hudson County hotspot as one of the top 10 new neighborhoods nationwide.

Released in May, the study places Jersey City not just among the top 50 – but in the No. 6 spot for emerging residential zones across the U.S.While the report identifies many housing booms hitting in “unexpected” corners of Texas (which had 17 ZIP codes cited) or Florida, perhaps the most novel facet of Jersey City’s inclusion is its seeming inevitability. The city has steadily added units amid persistent demand in recent years.

That fits the profile for RentCafe.It defines featured neighborhoods as areas experiencing high numbers of new housing units, a growing population, an influx of highly educated residents and rising income over the past decade.

Resident influx

In Jersey City, ZIP code 07311 experienced a 300% increase in housing inventory, RentCafe said.The “waterfront enclave” boasts about 1,300 housing units, up from roughly 330 in 2014. Meanwhile, the local population is approaching 2,000 residents. RentCafe reported the figure marks a fivefold rise over the 10-year period.

ZIP code 07311 By the numbers

• 328:

  2014 housing inventory

• 1,284:

  2023 housing inventory

• 292%:

  housing inventory change

• 384:

  2014 population

• 1,954:

  2023 population

• 408.9%:

  population change

• 93.9%:

  2023 occupancy

SOURCE: RentCafe

Especially during and post-COVID, the area has benefited from an influx of residents fleeing high prices across the Hudson River and attracted businesses (and their employees), along with investors keen to the potential of the Gold Coast.

As Jersey City Apartment Owners Association Executive Director Wendy Paul told NJBIZ in a statement, “This development didn’t happen by accident.“Jersey City embraced redevelopment decades ago and has actively embraced new housing production ever since. The city’s leaders understand that housing affordability improves when we build more to meet the demand.”

Going up

RentCafe also highlighted Jersey City’s intentionality in pursuing growth. It cited pro-development zoning and tax abatement policies as laying the groundwork for vertical expansion.Overall, the top 50 list includes 17 ZIP codes in Texas, seven in Colorado and four in Florida.Chino, Calif., took the top spot on the list.

The report noted the city’s transformation from a dairy and agricultural community to a major suburban center, expanding from 400 apartments and homes to more than 5,600. Meanwhile, its population grew fivefold, RentCafe said.

To identify neighborhoods, RentCafe said it analyzed housing inventory and population growth across 32,000 ZIP codes nationwide. It then spotlighted areas with significant transformation over the last decade with surges of at least 51% in new housing units.

Source: https://njbiz.com/jersey-city-top-new-us-neighborhoods/