Formerly crime-ridden East Coast city is booming as it reaps the benefits of of workers returning to the office
One of the nation's hottest real-estate markets has transformed from a crime-ridden city to a metro with a robust housing market and a growing food and arts scene.
Jersey City, which was once considered a dangerous area to live, is now booming, drawing waves of renters and buyers desperate for an urban feel without Manhattan's sky-high prices.
The recent popularity of the area is directly tied to many of New York's return-to-office mandates.
Realtor Brett Sikora told the Daily Mail: 'The pricing is better than Manhattan. The pricing is better than Brooklyn.
'And the commute to the Financial District is seven minutes so you have a lot of financial folks that live here. It's convenient.'
Sikora said that a one-bedroom in Jersey City right near the PATH train into Manhattan costs an average of $400,000.
The median home value now stands at $635,000, far above the national average of $371,000, according to Zillow.
Rents are rising too, with a 10 percent year-over-year increase, making it a lucrative market for landlords.
The recent popularity of Jersey City is directly tied to many of New York's return-to-office mandates and the easy commute
Once considered a dangerous area to live, the city is now booming, drawing waves of renters and buyers desperate for an urban feel without Manhattan's sky-high prices
Realtor Brett Sikora told Daily Mail: 'The pricing is better than Manhattan, better than Brooklyn'
The Zillow Home Value Index reports that local home values rose 4.6 percent in the past year alone, and an eye-catching 30.4 percent over the last five years.
'From Grove Street in Jersey City you can get to anywhere in New York City quicker than somebody in New York City can get anywhere in New York City,' Sikora said.
Nicknames for the area now include 'Wall Street West' and New York's 'sixth borough,' due to the easy access to Manhattan.
The waterfront hub has also become home to one of the country's largest banking centers, including a large presence for Goldman Sachs.
Since 2010, the city has awarded more than $5 billion in tax subsidies to companies who open offices there, luring big names such as JP Morgan, New York Life Insurance, Fidelity Global Brokerage Group and RBC Capital Markets.
Jersey City also has its own local booming job market, with WalletHub recently naming the metro as one of America's top 100 cities for jobs.
Employment there is booming across education, health services, and leisure and hospitality.
With rising property values, a surging local economy, and easy access to New York City, experts say now is the moment to buy there.
From Grove Street in Jersey City you can get to anywhere in New York pretty quickly
Alongside rising property values and a surging economy, experts say now is the time to buy
Jersey City also has its own local booming job market, with WalletHub recently naming the metro as one of America's top 100 cities for employment
View looking northeast from a marina to Lower Manhattan, near Liberty State Park, Jersey City, circa 1973 when the metro was run-down. The Twin Towers in the distance
Nicknames for the area now include Wall Street West and New York's 'sixth borough,' due to the easy access to Manhattan
Outdoor parks and walkways in Jersey City, which has stunning views of Manhattan and comes with lower housing prices
Modern office buildings that have been developed in Jersey City sit on the edge of rental buildings that are affordable
Realtors say they're seeing a surge of priced-out New Yorkers who are fed up with astronomical rents, cramped apartments, and lack of parking, flocking across the river in search of more space and lower prices.
The city also offers a New York City feel with brownstone-lined streets that could easily be mistaken for Brooklyn.
'It truly has everything,' Sikora said.
'It's diverse in regard to restaurants and a nightlife scene.
'You can get a beer special or nice glass of wine and an elevated dining experience, Jersey City offers both.'
The future looks bright for the metro, too.
Beyond its booming economy, Jersey City has doubled down on infrastructure.
Residents already enjoy areas such as Liberty State Park and the vibrant Powerhouse Arts District, and the city is pushing hard to add even more green, open spaces.
The waterfront hub has also become home to one of the country's largest banking centers, including a large presence for Goldman Sachs
A man walks in a rubble field in Jersey City, in 1975, with the Twin Towers in the far distance
Already-approved funding includes $19 million for energy infrastructure and a massive $1 billion investment in water and sewage upgrades over the coming decade
Realtors say they are seeing a surge of priced-out New Yorkers who are fed up with astronomical rents and cramped apartments
The city also offers a New York City feel with brownstone-lined streets that could easily be mistaken for Brooklyn
From 2010 to 2024, Jersey City’s population increased by more than 20 percent, putting it in league with Sun Belt hotspots like Phoenix and San Antonio
In the first half of this year alone, Jersey City attracted $177.4 million in development funding, with 65 percent of that directed toward new apartment projects
Firefighters examine the south wall of the Twin Cities supermarket in Jersey City after it collapsed because of snow on its roof in 1996. The city was neglected for a couple of decades
Approved funding includes $19 million for energy infrastructure and a massive $1 billion investment in water and sewage upgrades over the coming decade.
In the first half of 2025 alone, Jersey City attracted $177.4 million in development funding, with 65 percent of that directed toward new apartment projects, according to CBRE Research and MSCI.
New York City's Democratic mayor-elect has weighed in on Jersey City's housing boom.
Zohran Mamdani said on Bloomberg's Odd Lots podcast in May: 'We need to interrogate why Tokyo is building ten homes for every thousand people, Jersey City is at seven, and New York is barely at four.'
And population growth has been staggering.
From 2010 to 2024, Jersey City’s population increased by more than 20 percent, putting it in league with Sun Belt hotspots like Phoenix and San Antonio, according to a study by moving company Storage Café.
