Hoboken vs. NYC: The Price Debate Continues

In August, we asked the Patch community to weigh in on a question that’s been burning in the local real estate market for years.

Is Hoboken becoming a real estate refuge for people seeking to escape the ever-rising price of living in Manhattan?

• See related article: Now Seeking NYC Price Refugees

Not surprisingly, several of you had a lot to say on the subject. Here are some of the best responses.

‘NOT EVEN CLOSE’ TO NYC

“Jim,” a Hoboken price refugee from the Upper West Side, said that his former neighborhood was the best in the country for young families to live.

“We lived on 72nd street till our second child was a little past one,” he told Patch. “My wife works in Hoboken and I’m in [Jersey City]. We were bought out of a rent-stabilized apartment, so the choice was easy. But if we made enough money we’d go back there without a second to lose. I can’t speak to other NYC hoods, but Hoboken isn’t even close to [the Upper West Side], from the neighborhood feel to the amenities. Not by a long shot.”

“Hoboken has a long way to go,” he added. “And it will never be close. It appears to be a safe place to invest in real estate instead of renting in NYC.”

JUST AS EXPENSIVE, BUT WORTH THE MONEY

“Lara,” a Hoboken resident who moved from NYC three years ago, said that she pays almost $3,000 per month for a one-bedroom apartment, about$1,000 per month more than she paid in Manhattan on the Upper West Side.

Here’s what she had to say about her move:

“Speaking from personal experience, I have not escaped the city’s high prices. In fact, I actually pay more for rent in Hoboken than I did when I lived in NYC and I find the supermarkets, stores and restaurants just as expensive as my old neighborhood. Additionally, many people in Hoboken have cars, which also adds to an extra expense many city dwellers do not have and people planning to move here should consider.”

But in the end, the price is justified, Lara told Patch:

“I do believe the quality of life here is worth it. For higher rent, I now live in a much bigger and more modern full service building with amenities that I probably wouldn’t have been able to afford in Manhattan (I have a washer and dryer in my apartment! No more going downstairs to the basement) - with parks, tree-lined streets, farmers markets, festivals, art and a sense of community all within one mile. When I first moved here, many friends figured I was saving money when in fact I wasn’t - but living here I get to see the beautiful Manhattan skyline and sunsets every night (rather than a brick wall).”

LOTS OF THINGS MAKE ME WANT TO STAY

Recent Hobokenite John Parente told Patch that he moved from Manhattan in July, right before Superstorm Sandy hit.

He had this to say about moving from NYC:

“I had a decent, renovated, one-bedroom on the [Upper West Side] of Manhattan, just two blocks from where I worked. I would have stayed there but they wanted to raise my rent from $2,150 to $2,500. While the place was nice, it only had a single window in the bedroom that went to Broadway (three other windows went to shaftways). I pleaded I was a good tenant, but too many couples were willing to pay the extra rent.”

“I had been looking at real estate in Hoboken casually for a while and saw I could buy a place and spend an equivalent amount to own. I began my search in April and found that the market was picking up here. I was beat out on the first place I put an offer in on, but found a run-down, two-bedroom that was being rented by the owner. I got the place and renovated it, and probably have seen close to $150,000 rise in equity.”

“I love that it is a 10 to 15 minute bus ride to the city, the ferry is right here too. My commute door to door averages about 30 minutes going into work, which beats out Brooklyn, the other place I considered moving to. Hoboken is very walkable and allows me to continue to not have a car.”

“I love the waterfront and restaurants, and I even met my girlfriend in Hoboken (she now lives with me). There are lots of things that make me want to stay in Hoboken in the near term. Prices have risen, but still are very reasonable when compared to Brooklyn and Manhattan.”

Want to weigh in on the Hoboken vs. NYC debate? Tell us if the price difference is worth the commute in the comments section below, or reach out with an email to eric.kiefer@patch.com