For many, New Jersey has a bad reputation for crime and poverty. In fact, the Census Bureau reported that 39.8% of residents in Camden, NJ lived below the poverty line from 2009 to 2013. That figure represented more than two times the national average. However, recently many cities within state lines have seen a change of scenery as new housing construction and developments have revitalized many of the neighborhoods and communities.
Tax Credits & Cost of Living
These new housing developments are occurring for a number of reasons. One of them is the tax credits developers are receiving to renovate. These incentives are making restoration projects worthwhile for many construction businesses looking to revamp and remodel homes because it reduces the risk involved with taking on such a project. Another reason why people are investing in New Jersey is due to the cost of living, which is significantly lower than the larger nearby cities such as Manhattan. The reduced costs have been doing a great job of enticing those who live in other states to come live in New Jersey thanks to its proximity to metropolitan New York. In particular, Millennials who are just starting to build their wealth are looking at New Jersey as a smart economical option, opposed to the more expensive surrounding areas.
Free Download: The Newark Report
Reduction of Crime
An added benefit to the influx of rehabbing in New Jersey is the reduction of crime. The improved urban landscape has created a new atmosphere in the air, as citizens within the community are taking control over their communities and restoring a sense of pride which has been lost in recent decades. When you factor in the cost of living with the reduction of crime, New Jersey has become a new hotspot whose economy is beginning to thrive again.
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Doing Our Part
Here at Patch of Land, we are happy to be a part of the rehabilitation of the neighborhoods in New Jersey. To do our part, we’ve conducted loans and provided the funding and resources necessary for rehabilitation projects in the cities of Newark, Carteret, Jersey City, Port Monmouth, Passaic, Franklin Park, Montclair, Bridgewater, Bloomfield, and Elizabeth. As a company, it’s one of our goals to bring people together for a common cause, one which inspires people to help rebuild communities throughout the US, and perhaps one day across the world. Until then, we will continue our efforts to rebuild America and are extremely thankful to all of those involved in making a difference with us.
Have you been a developer or invested in a New Jersey project with Patch of Land? If so, what was your experience like? Please let us know your thoughts on the situation in New Jersey.
