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Jersey City currently has the second highest average rent in the nation, second only to New York City.
The total number of taxes collected by the City has more than doubled since 2013. The greatest increase came in the years 2022 and 2023, with taxes being raised by over $350 million in those two years alone.
That is equivalent to an over 55% INCREASE during that period
This also means that the average residential tax bill during that same timeframe went from $7,409 to $10,560, which is an increase of over 42 percent.
All of this has made it almost impossible for the average homeowner to remain in Jersey City.
The New York Times, August 2023, demonstrated that, among the 100 largest cities in the United States, Jersey City had singularly the greatest change in rent, year-over-year, of 23.3 percent for a one-bedroom apartment, placing the cost at $3,390.
Additionally, according to ApartmentAdvisor National Rent Report, the median monthly rent for one bedroom in Jersey City was $1,649 in 2021 and, in 2024, is currently $3,073, which is an increase of over 86 percent during that period.
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