Overview of the Commercial and Residential
Real Estate Market in New Jersey
New Jersey is the most densely populated state in America. With approximately 90 percent of the 8,899,339 population living in urban areas, it also has the highest percent of urban population in the country. There are an average of 1,030 people per square mile. That is about 13 times more than the national average. All 21 of the counties in the state are classified as metropolitan areas. The entire Borough of Roosevelt is registered as a National Historic Site. Five cities have a population of more than 100,000. The two largest cities are Newark, with a population of 278,427, and Jersey City at 257,342, according to the U.S. Census. The median household income across the state is $71,629 and the median home value is $327,100. Thirty-six percent of state residents live in multi-unit structures. In Jersey City, 83.9 percent of residents live in multi-unit structures, the median household income is $58,206, and the median home value is $328,100. Newark has a median home value of $243,200 and median household income of $33,960. Approximately 80 percent of residents live in multi-unit structures and 29 percent are below the poverty level.
New Jersey's second largest industry is tourism. Atlantic City is home to the world's longest boardwalk. In addition to having the most diners, and being known as the diner capital of the world, New Jersey has the most shopping malls of any one area. There are seven major malls within 25 square miles. The state also has the largest seaport (Elizabeth) in the United States and the densest network of highways and railways in the country. It is a major industrial state. Demand for apartments has continued to surge since the housing market collapse. Many office properties are being converted to apartments. Though the state economy has improved, it does remain behind the rest of the nation. The strongest commercial real estate submarket remains multifamily housing.
Office Rental and Executive Suites in Princeton, NJ
How to Become a Realtor in New Jersey
Under the oversight of the New Jersey Department of Banking and Insurance (DOBI), the New Jersey Real Estate Commission regulates the licensing and monitors the conduct of all real estate agents and brokers in the state. Headquartered in Trenton, the Commission requires applicants be at least 18 years old and have either a high school diploma or GED equivalent. Prospective agents must successfully complete 75 hours of Commission-approved real estate classes. A minimum of three hours must cover ethics and ethical conduct. Real estate brokers must meet the age and education requirements in addition to completing 150 hours of real estate classes. Application may be denied for any person who has been convicted of a crime or is currently on parole or probation. Currently, New Jersey does not have reciprocity agreements with any other states.