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Rent to Own Homes in New Jersey

Situated across the scenic Hudson River in the Mid-Atlantic region, New Jersey is surrounded by the state of New York on the east and north. This small state is also bordered by the Atlantic Ocean on the southeast as well as Pennsylvania on the west and Delaware on the southwest.

New Jersey isn’t only one of the wealthiest but also one of the costliest U.S. states. Read on to find out more about the local rent-to-own house process and find the best lease option.

Popular Neighborhoods and Cities in New Jersey

Newark is the largest city in NJ, while Trenton is its capital city. The latter is home to the famous New Jersey State House. This state also has numerous family-friendly neighborhoods where you can find a lot of large, luxury houses for sale.

North Bergen and Hoboken are ideal for families looking for outdoor recreation and renowned schools. If you’re planning to move into an area with the lower cost of living, then Toms River is a good choice.

Purchasing a Home in New Jersey

It makes sense to get familiar with the local rules and regulations before tapping into the New Jersey market. That’s because the process of buying a house in NJ distinguishes from the home buying process in most other U.S. states in some aspects. 

For example, the buyers are required to have an attorney review to conduct each real estate transaction. Both the seller and buyer can terminate the contract anytime during the course of the home buying process. 

It’s advisable to work with an experienced real estate agent besides an attorney to get the best deal. Otherwise, you may end up paying more than the list price when purchasing a home in this state.

Renting to Own a Home in New Jersey

There is an expanding array of New Jersey rent to own homes throughout the state, as a result of the rising number of home buyers and sellers. As you may already know, renting out a home involves a rent to own agreement. At the end of your agreement, you should come to a clear decision on whether you will purchase the house or not.

Besides the option fee, the monthly rent payment includes an additional cost of credit sometimes. It eventually goes towards the final purchase price. So take into account the initially agreed price (it is stated in the agreement) before making up your mind. 

The rental process is quite straightforward. Basically, it comes down to paying rent over a certain period of time. During this period, the renter has a chance to acquire financing and customize the house according to his/her preferences. 

Cost of Living 

From utilities to transportation and parking, the costs are far above the national average, similar to those in California. So if you don’t have a substantial housing budget, it’s better not to plan a move. 

Also, bear in mind that single-family houses are quite rare in the New Jersey rental market. That said, be prepared to overpay (pay more than the asking price) for most homes, especially the desirable ones.

Conclusion

While New Jersey is a very expensive state to live in, it is still cheaper than in New York City. The Big Apple can be reached in about two hours from here by road. Thus, many people commute from NJ to NYC. As an NJ resident, you’d have access to the Atlantic Ocean among other benefits.

New Jersey is home to some communities that are ideal for raising a family. Here, you can find lots of nice houses for sale as well as rent-to-own homes. But before taking up residence in this state, take into consideration the high costs of housing and living. It is worth checking.

Reported Annual Crime In New Jersey

StatisticNew JerseyNational
Murder38619131
Rape132586726
Robbery6187152431
Assault8769277038
Violent Crime12190370388
Burglary20817468957
Theft641021063593
Vehicle Theft11197301970
Property Crime717641216038

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