Hoboken Among ‘Most Expensive Zip Codes’ In New Jersey: Report

HOBOKEN, NJ — Hoboken was recently named as one of the “Most Expensive Zip Codes In New Jersey” in a recent report.

Earlier this month, real estate research website PropertyShark named the Mile Square City's zip code, 07030, as the 33rd most expensive zip code in the Garden State for 2016, stating that Hoboken homes have a median value of $685,000.

The top five most-expensive zip codes in the report included:

• Alpine (07620) - $2,050,000
• Short Hills (07078) - $1,430,000
• Stone Harbor (08247) - $1,110,000
• Englewood Cliffs (07632) - $1,050,000
• New Vernon (07976) - $1,037,500

See the full study and ranking list of zip codes here.

“As New York City housing costs continue to skyrocket, pushing homeownership out of reach for many people, residents are shifting their focus across the Hudson River,” the study states. “According to a Q4 2016 report from Marcus & Millichap, households and businesses alike are flocking to New Jersey, adding thousands of new jobs and fueling both single- and multi-family development in the region. As a result, the market has blossomed into one of the most sought-after destinations in the Northeast.”

Hoboken is a particularly attractive magnet for buyers, the report claims.

“Though it only landed the 33rd spot on our list of most expensive New Jersey zip codes, Hoboken’s 07030 is healthy in other respects,” the study states. “The city was the setting for the largest number of residential transactions in the past year—830 sales closed here in 2016, at a median price of $685,000.”

Photo: Flickr Commons

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