Specifically comparing Pike county PA to Sussex County NJ.
2007-01-20 19:02:30 · 3 answers · asked by Stephen D 2 in Business & Finance ➔ Renting & Real Estate
It's not the housing itself that is so expensive, it's the land that is so expensive. I process mortgage loans in NJ all the time. On the appraisals, the houses aren't worth that much, but the land values that the homes are built on, are very high. Quite often the land value is much higher the the value of the house. There are certain parts of the country that are this way and NJ is one of them.
2007-01-20 19:10:42 · answer #1 · answered by kelly h 3 · 0⤊ 0⤋
On the NJ side there are more high-paying jobs, and therefore more people with good incomes who are competing to buy houses there. And New Jersey is the most densely populated state so there is a limit to the amount of land that developers can build upon.
2007-01-21 09:08:52 · answer #2 · answered by njyogibear 7 · 0⤊ 0⤋
Never been there, but the NJ side is probably where everyone wants to be. Everyone is trying to make as much as the market will bear.
2007-01-21 03:07:00 · answer #3 · answered by tookabackroad 3 · 0⤊ 0⤋