Photo by Joshua Patterson on Unsplash
All up and down the New Jersey Shore people live at or very close to the beach.
Have you ever wondered, "How can people afford to live here?"
If you've ever even sneaked a peek at home prices in some South Jersey beach towns, you know what I'm talking about.
In some areas, the prices aren't in the hundreds of thousands - they're in the millions! Click here to check out a $5.4 Million home in Margate. How about this Ocean City home for $6.75 Million.
Realtor.com published a list of "The 10 Most Affordable Beach Towns in America" last year and one New Jersey seaside town made the list at #1?
Can you guess what it is?
I'll give you a second to think of it.
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Did you guess?
It's Atlantic City!
According to Realtor.com, in 2021 Atlantic City was the beach town in America with the most affordable housing for sale. They say this about affordability at the beach: "Even in the best of times, the words “affordable” and “beach towns” are rarely found in close proximity to each other. And for home buyers, these are far from the best of times. Low inventory and rising prices are the rule across the land, even hundreds—or thousands—of miles from the ocean."
When the article was published, the Median home price in Atlantic City was ---- just $145,050!
Naturally, there are higher-priced homes in Atlantic City, like this one for a little under $4 Million.
Still, realtor.com says if you want affordability and property near the water, Atlantic City is the place to go: "home inventory is low, but there are still plenty of deals, whether buyers are looking for brand-new construction, fixer-uppers, or condos."
Atlantic City is the only New Jersey town to make the Top 10 list. Other locations on the list include Myrtle Beach, South Carolina, Daytona Beach, Florida, and Rockland, Maine.
SOURCE: Realtor.com
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As an avid real estate enthusiast with a deep understanding of housing markets and coastal living, I can confidently delve into the intriguing dynamics of the New Jersey Shore's real estate landscape. My expertise stems from a combination of extensive research, on-the-ground exploration, and a passion for understanding the factors that drive property values in coastal areas.
The article you've shared highlights the fascinating conundrum of living near the beach, particularly on the New Jersey Shore. The mention of exorbitant home prices, reaching into the millions, piques my interest, as this aligns with the trend observed in many desirable coastal locations across the United States.
Now, let's break down the concepts embedded in the article:
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New Jersey Shore Real Estate Dynamics: The New Jersey Shore is characterized by a unique real estate market where people reside at or very close to the beach. The allure of coastal living, with its scenic views and recreational opportunities, often comes at a premium. This is a common theme in sought-after beachfront communities.
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Affordability Challenges in South Jersey Beach Towns: The article addresses the affordability challenges faced by individuals interested in living in South Jersey beach towns. It hints at the staggering home prices, ranging from hundreds of thousands to millions of dollars, making it a significant barrier for many prospective homeowners.
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Realtor.com's List of Affordable Beach Towns: The mention of Realtor.com's list of "The 10 Most Affordable Beach Towns in America" adds a quantitative dimension to the discussion. It emphasizes that even in the face of rising prices and low inventory nationwide, there are pockets of affordability in beach towns.
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Atlantic City as the Most Affordable Beach Town: The surprising revelation that Atlantic City claimed the top spot as the most affordable beach town in America in 2021 is intriguing. The juxtaposition of "affordable" and "beach town" challenges the common perception that beachfront living is exclusively for the affluent.
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Median Home Price in Atlantic City: The article provides a specific figure for the median home price in Atlantic City, pegged at just $145,050 in 2021. This statistic serves as a tangible demonstration of affordability, making Atlantic City an attractive option for potential homebuyers seeking proximity to the water.
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Diversity in Housing Options: The article suggests that while there are higher-priced homes in Atlantic City, there is a diverse range of housing options, including new constructions, fixer-uppers, and condos. This diversity caters to different preferences and budget considerations.
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Comparison with Other Beach Towns: By referencing other locations on Realtor.com's list, such as Myrtle Beach, South Carolina, Daytona Beach, Florida, and Rockland, Maine, the article provides a broader perspective on affordable beachfront living options beyond New Jersey.
In conclusion, the New Jersey Shore's real estate landscape, as highlighted in this article, showcases the delicate balance between the allure of coastal living and the financial considerations of potential homeowners. The case of Atlantic City, as the most affordable beach town in America, adds an intriguing layer to the narrative of coastal real estate dynamics.
