N.J. residents who want to sell their homes in the state’s second-largest city may have a little luck.
The city has the most vacant homes in all of New Jersey, with more than 2,700 vacant properties in the city limits, according to a new analysis by the real estate firm Trulia.
While the vacancy rate in the cities of Newark and Hoboken is higher than in New York, that may be a reflection of the fact that the population of both cities is much smaller than the national average.
N.J.’s median household income is $49,900, according the census.
That’s lower than New York’s, but still higher than the state average of $44,000.
The median home sale price in Hoboken, the city with the third-highest population, is $1.4 million, according Trulia’s analysis.
The average price in Newark, the second-highest, is just over $800,000, compared to the $1 million median home price in the two cities combined.
The market in Hoback, a community of about 1,400 people, has a median home value of $4,700, according Tojo Real Estate.
In the city of Newark, where most of the vacant homes are located, the median home market price is $6,300, according Realtor.com.
In Hoboken it’s $5,600.
The area around Hoboken also has some of the lowest property values in the metro area.
For example, the average median property value in Newark is just under $1,500, compared with $3,600 in Hoboke.
The report did not provide a breakdown of how many people in the township live in their homes, but the numbers indicate that the median household size in the area is about 9.5 people, which is about one person for every 30 people in Newark and one person per every 25 in Hobak.
The property owners who live in Hobok said they have been unable to sell because they don’t have enough money to buy a home, so they are going to keep buying.
“We’ve been having a hard time buying our homes and now it’s going to be a whole new year,” said Nancy Henson, who has lived in Hoboggan Village for 15 years.
Henson said her son, a senior at the University of New Haven, lives in the house where she bought her first home.
“I’m not happy, but we have to move forward with it,” she said.
“I feel like if I could, I’d like to sell now,” said Mary O’Brien, who lives in a house she bought in Hoboky with her husband and three children.
“They’re trying to get rid of us.
I want to live in a place where I can be myself.”
Henson and O’Briens’ houses sit on three lots that have been vacant for years, but she said she’s not worried about the market, because she has plenty of money.
“It doesn’t mean I’m not going to sell,” she explained.
“It’s just that I haven’t been able to afford a home.”
Newark Mayor Ras Baraka said he has no plans to step down, and he plans to fight to keep the homes open for sale.
Baraka has not said how he would make the houses available to people who can’t afford to buy, and said he will continue to pursue the property.
“Newark has the lowest foreclosure rate in New Jersey,” he said.
“The way that we’re dealing with it is that we need to keep this thing open.
We need to give people the opportunity to be in this community.”
The market will change dramatically in the next two years, Baraka added.
In Hoboken and Newark, about a quarter of all vacant homes have been bought by first-time buyers, according RentHop.com, while about one-third of those properties in Hobolk are vacant for the first time.
“These are the new housing stock that is being sold in Hobo-Gahanna,” said Richard Burden, a Hoboken resident who runs the website RealtyHoods.com .
“We will see a dramatic increase in vacant properties that are being sold and they’re going to get more expensive.”
Baraka also said he is optimistic about the future of the city.
“As long as we keep this housing stock open, we can keep moving forward and building a stronger city and economy for all of us,” he added.