House Hacking New Jersey

[Orane Jacobs]

I have been in a house hack in the Jersey City Area for three years and I am now looking to get into another house hack in the Jersey City Area or even outside with an hour commute to NYC. I was wondering if it's still possible to house hack in the Jersey City area because of how high house prices are now. After running the numbers its pretty difficult to find a house hack that makes sense in the area. If anyone have any suggestions I would greatly appreciate it. 

[Dominic Rosato]

Hi Orane, I had the same realization when I was running numbers for a house hack in Jersey City as well. It depends on the area, but it'll be hard to find anything close to cashflow positive.

Downtown is a luxury market, with multi-family prices in the millions. The Heights is a nice area as well, but you're probably looking at north of $1 million for a renovated 2-family. Anything less, likely needs some rehabbing, or is on the smaller side.

As you go down the map of Jersey City- to Journal Square, McGinley Square, Bergen Lafayette, the prices get progressively lower. One hidden gem (with higher price point of course) is the Communipaw neighborhood, located near the Liberty State Park light rail.

My suggestion? You should check out Bayonne. The prices are lower, the developmental projects planned there are incredible, its relatively low crime, and within an hour of NYC. Key spots to be near in Bayonne-The light rail stops; Stephen Gregg Park; Bergen Point neighborhood. All three I'd consider the most desirable.

I'm a realtor in the Hudson County area and I'd be happy to chat further, feel free to reach out!