To buy or to rent? Many who live in Camden, NJ are on the fence on this subject. While renting prices are far below the national average, it is hard to ignore the prospect of buying property and profiting on the steady increase in real estate value that the whole area has experienced in recent years. To dispel any doubts, and to point ‘on the fence’ renters in the right direction, we’ve put together a basic overview of buying and renting in Camden, and why one is far superior to the other.
The Rent Race in Camden NJ
Camden NJ is a growing urban space, set right along the Delaware River. Like most up and coming cities in the United States, Camden is home to plenty of opportunities in terms of work, education, and affordable housing. For hopeful renters, Camden can appear like a paradise of some of the best cheap homes in the nation. On average, renters pay as little as 1,100 a month, which is below the national average, and far below the neighboring city of Philadelphia with its ever-rising $1,600 a month average. While rent is cheap in Camden now, there is no guarantee that it’ll stay that way as Camden is growing at a remarkable rate. Drops in crime, and boosts in public education has called families and businesses to the area, which over time can dramatically affect how much you’ll be paying in rent per month. Although, it is important to note that Camden rental prices are expected to continue dropping in the very near future. So, don’t worry renters, there is still hope.
Joining other Camden NJ Homeowners
Homeownership is a central part of the American dream. While many may be too proud to admit it, we all strive to have a home of our own that our families can share for generations to come. Beyond the sentimental aspect, homeownership can also mean a lot for a family’s financial well-being. Those who purchase property in a growing city can expect a reasonable return on investment as the value of their property rises. This was true of San Francisco suburbs in the past, just as it is true of Camden NJ today.
Due to lowering crime rates and an improvement in financial assistance programs, housing value in Camden NJ has seen a meteoric rise from its lowest point in late 2016. Real estate values aren’t expected to stop rising either. In the past year, Camden saw a 22.3 percent increase in value, and the city is expected to witness another 5% increase over the coming year. What makes this rise even more significant is that homes are still relatively affordable in Camden as the median house value is currently situated at around $39,000. The real estate market in Camden has never been easier to break into and offers plenty of financial opportunities if appropriately invested.
Why You Should Buy In Camden
At the end of the day, buying a home in Camden will always be far better than renting one. While buying can put more of a financial burden on a homeowner, the long-term profits on buying in a growing real estate market are impossible to ignore. Better yet, a fixed mortgage on a home can’t increase, while your rent can. This means, over the years, you may end up paying more renting a place than owning it. Homeownership in Camden also offers a family more financial flexibility, and an opportunity to develop a secondary income stream. For instance, if you buy a home in Camden, and decide to renovate it and rent it out, you could end up earning more than the cost of the mortgage, which can go straight into your pocket. Homeowners can also invest in home improvements that can boost the value, such as installing solar panels, or energy efficient roofing, which in the long run can result in a smaller, if not, nonexistent electrical bill. Although, by far, the most important aspect of owning a home in Camden, is being able to build a foundation for your family in an community that is growing day by day.