JERSEY CITY, NJ – New Yorkers are fleeing the city in droves and they’re not going too far, according to a new Business Insider report. That report shows that many New Yorkers are crossing the Hudson River to escape conditions in New York City including crime, high rents and a downgraded quality of life.
Amid skyrocketing living costs in New York City, a growing number of residents are crossing the Hudson River to make their homes in Jersey City. While this shift offers some New Yorkers financial relief and better commuting options, it also amplifies rent inflation and pressures on existing residents in this diverse New Jersey community.
Mayor Steven Fulop describes the past decade in Jersey City as a “unique renaissance,” one that has brought both prosperity and challenges. As more people move in, rent is climbing, particularly affecting lower- and middle-income families who have long called the city home.
Figures from Zumper, a real estate rental platform, paint a compelling picture: Jersey City is now second only to New York City in rental costs nationwide. As of August, the median monthly rent for a one-bedroom apartment was $3,280, a sharp 15% uptick from January. In contrast, New York City’s rent increased by only 8% for similar properties in the same timeframe.
For two-bedroom apartments, the financial strain is even more apparent. Jersey City’s rents for these units rose by 22%, compared to an 8% increase in New York City. This places the New Jersey city as the state’s least affordable metro area for two-bedroom rentals, according to a report from the National Low Income Housing Association.
The high costs, however, have not deterred New Yorkers from making the move. This reflects not just the desperation prompted by New York City’s housing crunch, but also a shifting attitude toward life in New Jersey. The state, which used to be the butt of jokes and negative online campaigns, is seeing its image rehabilitated. Activists and residents alike are pushing back against dated stereotypes, highlighting that New Jersey has much to offer.
As the numbers show, many New Yorkers are voting with their feet, opting for what they see as the lesser of two costly options and challenging old biases about the Garden State in the process.