New Jersey’s housing boom fueled by tech jobs, coastal appeal and “metroburbs”

New Jersey, long dismissed as merely a corridor between New York and Philadelphia, was named the nation’s second-best state to live, a ranking that highlights low premature-death and obesity rates alongside strong schools and modest household debt. Home-price data released in July show median values between $540,000 and $585,000, reflecting roughly 4.5-5.4 % annual growth, outpacing many other markets. Ralph Zucker, CEO of Inspired by Somerset Development, attributes the surge to a mix of high-paying tech employment, attractive coastal communities and the rise of “metroburbs” - suburban areas that retain urban amenities - exemplified by the near-full occupancy of Bell Works in Holmdel.

Shore towns such as Asbury Park are seeing more permanent residents, with some areas posting 6-10 % price appreciation, and new projects like LIDO Asbury Park offering buyers price certainty without bidding wars. While the market thrives, Zucker points to high property taxes, elevated interest rates and cumbersome zoning processes as obstacles that keep housing supply tight. He argues that easing governmental red tape could expand inventory and lower costs for consumers.