Apartment Rentals in Hoboken, Jersey City and New York
When you take a look at the average one-bedroom apartment rental rates listed below for Hoboken and the New York-New Jersey metro area, you'll quickly see how owning a condo at The Lenox is not only affordable but offers more value for your money.
1 BR Apartment Rental Rates
| Hoboken |
$1934 - $3440 |
| Jersey City |
$1956 - $3230 |
| New York City |
$2802 - $3673 |
| West New York |
$1425 - $1651 |
| Fort Lee |
$1633 - $2438 |
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According to the National Apartment Association, the apartment rental rate increase for this area averages around 4% per year, so your monthly costs can increase significantly over time if you continue to rent rather than buy.
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Condos for Sale in Hoboken and Jersey City
Not only does The Lenox offer you an affordable alternative to apartment rental, our luxury condos also offer you a better value compared to other condominiums for sale in Hoboken and Jersey City. Listed below is the starting price for a variety of condo layouts in Hoboken and Jersey City compared to The Lenox.
| |
Studios |
1BR |
2BR |
| The Lenox |
low $190,000s |
mid $200,000s |
low $300,000s |
| Hoboken |
mid $400,000s |
mid $500,000s |
low $700,000s |
| Jersey City |
mid $400,000s |
low $600,000s |
low $500,000s |
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Advantages of Owning a Condo at The Lenox
If you're thinking condominium ownership is not realistically within your budget, you'll be pleasantly surprised to discover that owning a condo at the Lenox is more affordable than you think. For example, the monthly mortgage payment for a $230,000 1 bedroom condo with a 10% down payment at a 30-year fixed interest rate of 6.25% would be $1,265.50 - which is significantly less than the average monthly apartment rental rates in Hoboken and Jersey City as noted above. Even when you factor in the monthly maintenance fee and property tax--which in this example would total approximately $535 ($135 is tax deductible), you're still getting more value for your money.
In house financing can finance up to 3 years maintenance, significantly reducing monthly payments. Your property tax will also be abated for 5 years.
Owning a condo at The Lenox will provide you with valuable benefits. The interest paid on your home loan and property taxes are both tax deductible, and you'll build equity over time as the value of your condo appreciates.
Please take a few moments to browse through our list of condos for sale - your new home at The Lenox is waiting for you!
