The media is rife with messaging about an eviction crisis and cheap housing shortages. For homeowners in Lakewood, this may sound alarming. However, the reality is that these issues aren’t affecting homeowners. Rather, values of homes are shooting up across the US and Lakewood is no different.
If you bought a house in Lakewood at the beginning of 2020, you would have paid around $200,000 for it. As 2021 comes to a close, the average price of a home sold in Lakewood in October was $390,000! This reflects the supply shortages that over the past year and a half have led to a shortage in new homes.
In other words, homeowners need not worry about the housing issues being voiced. People looking to buy property, however, are going to have a tough time getting their preferred home at anywhere near what was once considered a reasonable price.
Lakewood is therefore becoming a haven for people who are choosing instead to rent. Here is what you need to know.
Renting in Lakewood, NJ
If you want to rent in Lakewood, you’re going to have to lay out a fair amount of money each month. It is an attractive place to rent and landlords are not going to be lowering their prices anytime soon. However, renting in Lakewood is still much more affordable than in many other parts of the country.
The average price of rent in the US is around $1,400 per month. In Lakewood, you will pay, on average, $1,400 a month. In other words, Lakewood prices are bang average! This is surprising in an area in which homes and apartments are in excellent condition and where the community is growing and vibrant.
Those who have dreamed of buying a home may want to put their dream on hold for now. The record highs are unlikely to last once construction companies catch up with their backlog. Buying a home now could mean spending tens of thousands of dollars more than if you waited a few months.
But it may also be worthwhile to consider whether renting is not the best option for you in the long term. Young people especially no longer want to buy homes. The world is changing and the job market is changing with it. There are many opportunities to move around the world while working, and younger generations are not so keen on settling down in one place. If this lifestyle appeals to you, renting might be your best bet.
It is important to remember that, when renting, the monthly costs are not limited to the price of rent itself.
Renters Insurance in New Jersey
Anyone who is renting in New Jersey should have a look at renters insurance. Renters insurance covers the possessions of people who do not own a home and therefore have no homeowners insurance. Because renters insurance does not need to cover an expensive property, it is relatively cheap.
You can get renters insurance for as little as $5 a month. This will give you peace of mind that if your possessions are damaged or stolen, you won’t have to break the bank to replace them.
Renters insurance can also include personal liability cover, which pays out claims if you cause damage to someone else’s possessions or person. In a state where litigation is popular, personal liability cover is crucial.
Of course, in addition to the price of rent and insurance, you’ll need to pay for utilities. Some landlords include utilities in the price of rent, but you might actually be able to get a better deal if you choose to pay for utilities yourself. As long as you are responsible with water and lights, your utilities should not cost more than what your landlord would have paid.
WiFi is also a basic necessity these days, and you may have to organize your own plan that you will pay for on a monthly basis. If you are going to be working from home, you should look for deals that give you excellent coverage and speed.
Renting in Lakewood is far more affordable than buying in 2021. For many, it is becoming a much more attractive option.