Hoboken as expensive as Manhattan?

From HousingWire:

New York vs New Jersey — we did the math on where it’s cheapest for commuters to live

New York City is the most expensive and the most populated city in America.

About 3 million people work in Manhattan each day, according to a 2013 U.S. Census estimate. More than half are commuters who take public transit into the city from their homes in outer boroughs and surrounding suburbs.

The daily round-trip commute on New York and New Jersey’s packed trains and subways is notoriously brutal at times — even posing potential risks to riders’ long-term health.

So, why don’t more people live in the city where they work? All things considered, Manhattan is just too expensive. For many people, it seems, the cost of commuting — both in dollars and patience — is dwarfed by the sheer savings of living in a nearby city, particularly for homeowners.

Business Insider compared monthly fixed expenses for residents of Manhattan and six popular commuting hubs that are accessible by underground train: the Bronx, Brooklyn,Queens, Hoboken, Jersey City, and Newark. The commute into Manhattan from each of these places clocks in under 40 minutes.

To find the total monthly cost for each place, we gathered median home prices and annual property taxes from Sperling’s Best Places. We calculated the monthly mortgage payment for each assuming a 20% down payment and 4% interest on a 30-year fixed rate mortgage.

We added these costs together, plus the cost of either a monthly subway pass or PATH train pass (depending on whether you’re in New York or New Jersey), to get the total monthly cost for a homeowner who commutes to Manhattan for work. Check out the map below for the final numbers.

This entry was posted in Demographics, Economics, New Jersey Real Estate, NYC. Bookmark the permalink.

48 Responses to Hoboken as expensive as Manhattan?

  1. Mike says:

    Good Morning New Jersey

  2. The Original NJ ExPat says:

    Good Morning Mike

  3. The Original NJ ExPat says:

    When I first started working in Manhattan we had the upper two floors of a house less than 100 yards from Hoffman LaRoche’s main gate at Kingsland and Bloomfield Ave in Nutley. Our rent was under $800 and the bus and subway were pretty cheap in the ’90’s too. It was great time to be making 6 figures in Manhattan. I used to get to my job in midtown in less than an hour and I only had to walk 1 block in Nutley to the bus and then cross 42nd street when I got off the 7 train at Grand Central. The longest walk of my commute was walking from the bus platform down to the 7 train inside port authority.

    It was the first of many times I took public transportation to work and it was such a pleasure compared to driving, but I never traveled so light as I did back then. Back before cell phones and laptops the only thing I carried was one house key, one credit card, my DL, and 4 or 5 $20’s in my pocket.

  4. The Original NJ ExPat says:

    And my bus pass and Metrocard, of course. Metrocards were brand new back then.

  5. grim says:

    With Modern Meadow (bioengineering) committing to move from Brooklyn, and the medical school moving forward, suspect the new ON3 redevelopment (aka Hoffman Laroche) is going to be a success. I’ve heard that most of the space is accounted for and in negotiation at this point.

  6. grim says:

    Doubt they’ll see 8000 employees again though.

  7. Grab them by the puzzy says:

    “The daily round-trip commute on New York and New Jersey’s packed trains and subways is notoriously brutal at times — even posing potential risks to riders’ long-term health.”

    bittch and moan non-stop and with the taxes and all and teachers salaries!!!
    right wingers should just move down south and make space on packed trains
    down south is plenty space, no taxes, no science thought on schools as it’s only 4 days

  8. Grab them by the puzzy says:

    @thehill

    Texas senators who voted against aid for Hurricane Sandy ask for federal assistance ahead of Hurricane Harvey

  9. Anon E. Moose, Ghost of JJ says:

    And to think, I was actually missing this place…

    Grab them by the puzzy says:
    August 28, 2017 at 8:00 am
    “The daily round-trip commute on New York and New Jersey’s packed trains and subways is notoriously brutal at times — even posing potential risks to riders’ long-term health.”

    bittch and moan non-stop and with the taxes and all and teachers salaries!!!
    right wingers should just move down south and make space on packed trains
    down south is plenty space, no taxes, no science thought on schools as it’s only 4 days

  10. Anon E. Moose, Ghost of JJ says:

    Re: 0814:

    Grab them by the puzzy says:
    August 28, 2017 at 8:14 am
    @thehill

    Texas senators who voted against aid for Hurricane Sandy ask for federal assistance ahead of Hurricane Harvey

    In Houston, people are risking their lives in personal boats to rescue others.

    In Berkeley, neo-brownshirts are busting sn!t up because they’re mad about someone talking.

    Choose wisely, my friends.

  11. 3b says:

    So only right wingers complain about high taxes. And left wingers are fine with high taxes. Yes. That’s the level of discourse now in this country.

  12. Fast Eddie says:

    Left wingers like high taxes because it pads their safety nets.

  13. Phoenix says:

    In other news,
    Chris Christie offers to lend his fleece jacket to the Governor of Texas.

    Also, “Heckova Job” Brownie is on the way to Houston.

    All bases covered….

  14. Phoenix says:

    “Texas senators who voted against aid for Hurricane Sandy ask for federal assistance ahead of Hurricane Harvey.” Didn’t Texas wanted to secede from the USA? Irony.

    “Left wingers like high taxes because it pads their safety nets.” How much of that Sandy money went to beach replenishment and repair of homes for wealthy right wingers? Cuts both ways.

    “In Houston, people are risking their lives in personal boats to rescue others.” Seen the same thing or something similar in every other state at one time or another including NJ.

  15. Phoenix says:

    One shock to this over-inflated stock market and you will see the truth.

    “Can it be? Good news about N.J. public worker pensions?”

    https://www.ted.com/talks/juan_enriquez_shares_mindboggling_new_science

  16. Phoenix says:

    D-Fens,
    That loophole was built right into the pay to play laws from the start.
    No different than when a software designer builds a backdoor into a program.
    Repuke and Democrap agree to the pay to play law since they know it has a backdoor.
    Everyone gets wealthier except the taxpayer.
    It’s the law of the land…

  17. Phoenix says:

    Price of fuel going to rise. Glad I sold my Ford Excursion.

  18. Hillary's Cankles are ground zero for Zika virus says:

    The only thing good that will come from watching Murphy buy NJ, is that he’ll have to downsize into Drumthwacket. His current property tax bill is $200,000 per year and his kids never stepped foot inside a private school. He is the most bought candidate I’ve ever witnessed in my life. BEND OVER NJ!

  19. Hillary's Cankles are ground zero for Zika virus says:

    I meant a public school, of course.

  20. Fast Eddie says:

    I saw a great phrase over the weekend: one side of the political spectrum has 8 trillion bullets and the other side can’t figure out which bathroom to use! LOL!!

  21. Hillary's Cankles are ground zero for Zika virus says:

    And his political experience amounts to embarrassing Merckel as US ambassador to Germany, where he was nearly recalled.

    http://www.spiegel.de/international/germany/should-he-stay-or-should-he-go-us-ambassador-seeks-to-limit-fallout-from-cables-a-732777.html

    It makes sense that Pumps thinks this guy will turn around NJ.

  22. Ottoman says:

    After decades of climate change denial and libertarian zoning laws destroying the surrounding environment, it’s the least they could do.

    “In Houston, people are risking their lives in personal boats to rescue others.”

  23. Ottoman says:

    Cue the racist right wing idiot p!ssing his pants when confronted by an angry black man.

    Fast Eddie says:
    August 28, 2017 at 11:21 am
    I saw a great phrase over the weekend: one side of the political spectrum has 8 trillion bullets and the other side can’t figure out which bathroom to use! LOL!!

  24. Fast Eddie says:

    Cue the racist right wing idiot p!ssing his pants when confronted by an angry black man.

    Grew up around them… Jersey City, yo. Greenville section, Ocean Avenue. Try again, d1ck head.

  25. Phoenix says:

    What is so great about this phrase?

    “I saw a great phrase over the weekend: one side of the political spectrum has 8 trillion bullets and the other side can’t figure out which bathroom to use!”

  26. Mike in waiting says:

    The new liberal norm, you do like peoples position their racists. Well in truth not new just making a comeback lately big time.

  27. Phoenix says:

    We are doomed.
    Skip to 11:00. Wow.
    https://www.youtube.com/watch?v=cuMDOp8efhE

  28. Fast Eddie says:

    What is so great about this phrase?

    It demonstrates the sheer comparison to both sides of the political spectrum with such distinct juxtaposition. What makes it so remarkable is that the left believes it has relevance when they are truly aimless and lost.

  29. Hillary's Cankles are ground zero for Zika virus says:

    “After decades of climate change denial”

    Footstool, once again showing his complete misunderstanding of climate change.

    If you were not aware Otto, climate change does not create more severe weather. Only a lefty progressive climate change scientist, who fudged the data (most likely to maintain his own future funding), would make up something like that. Not surprised you believed it, nor were not aware he was disproved. After all, it does not fit your narrative.

  30. Mike in waiting says:

    How are we doomed?

    The cop cut her two breaks (no insurance in possession not ticketed & lessor of speeding tickets he could have wrote) was reasonable, good tone and non threatening till she was unreasonable. He was not looking to take a housewife downtown just doing his job. You get caught speeding sign the ticket fight your case in court not at the stop it’s the smart play. If that was me would have said “thank you for the courtesy officer” and been happy I caught a break from the guy.

    Now if you meant we are doomed because this lady was a bit off and did not realize she was getting a good deal from the cop well I agree but doomed a bit over the top.

  31. Mike in waiting says:

    The climate changes just go back in history and look, the amount we by our actions affect it are minuscule. Now as for data being fudged it was and it is, did you know the National Weather Service got caught changing the numbers in the New England area to fit the narrative. It seems some had the old numbers saved and caught it when they changed them. Sorry do not have the link but I read both sets and there was no doubt about authenticity of the pre change set of data, bottom line is they got caught red handed.

  32. Fast Eddie says:

    Can you imagine joining a political party whose primary agenda is dressing up as transvestites and fighting neo-Nazi boogeymen? It’s like a sequel to “Plan 9 from outer space!” It’s a horror and comedy all in one!

  33. joyce says:

    Holy sh!t

    Phoenix says:
    August 28, 2017 at 1:03 pm
    We are doomed.
    Skip to 11:00. Wow.
    https://www.youtube.com/watch?v=cuMDOp8efhE

  34. joyce says:

    Ps. Why did you buy an excursion in the first place?

  35. Mike in waiting says:

    “Can you imagine joining a political party whose primary agenda is dressing up as transvestites and fighting neo-Nazi boogeymen? It’s like a sequel to “Plan 9 from outer space!” It’s a horror and comedy all in one!”

    Let them they are cooking their own goose, they lost their blue wall by going to far left on social issues concentrating on identity politics and are doubling down on the mistake. Not that the other side of the coin is impressing me much lately, control both houses and the White House can’t pass anything.

  36. No One says:

    All these great cool 70 – 80 degree days in August proves climate change hypotheses wrong. Said nobody.
    Climate changes, humans adapt to climate. Deal with it or face natural selection.

  37. Hillary's Cankles are ground zero for Zika virus says:

    Is there a way to short barber shops?

  38. chicagofinance says:
  39. Juice Box says:

    rescue my shit plz.

    https://vid.me/PREpQ

  40. ex-Jersey says:

    Place bets on when/if The GOP accomplishes anything.

  41. ex-Jersey says:

    Found Eddie:

    A Colorado man who claimed that someone had stabbed him because he looked like a “neo-Nazi” fabricated the story after he accidentally cut his hand with a knife, according to police.

    Joshua Witt, who has been arrested on false reporting charges, admitted to law enforcement in Sheridan, Colorado, that he lied to officers when he alleged that a black man had attacked him for having a haircut associated with white supremacists, police officials said Monday.

  42. Grab them by the puzzy says:

    @Stonekettle
    If you’re sitting on a roof in Texas right now, please take comfort in knowing your president won Missouri. By a lot.

    @realDonaldTrump
    I will also be going to a wonderful state, Missouri, that I won by a lot in ’16. Dem C.M. is opposed to big tax cuts. Republican will win S!

  43. Grab them by the puzzy says:

    @FionaAdorno

    Today: We march the streets to protest Nazis & KKK

    3 Years ago: Obama wearing a tan suit was a scandal

  44. Grab them by the puzzy says:

    @BarackObama
    Thank you to all the first responders and people helping each other out.
    That’s what we do as Americans.
    Here’s one way you can help now.

    @RedCross
    Help those affected by #HurricaneHarvey. Visit redcross.org, call 1-800-RED CROSS or text HARVEY to 90999 to make a $10 donation.

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