An affordable NYC suburb you’ve never heard of

Plainfield, NJ, is not plain at all. Just ask the wave of New Yorkers lining up to get a piece, according to Derek Lopez of We Buy NJ Homes Fast.

Average home price: $511,835 (up 3.2% YoY)
Median days on market: 70 (+4 YoY)
Homes sold above list price: 45.5% (down YoY)
Average rent: $2,288/month

The pros: “Plainfield does not get nearly the respect it deserves in comparison to the usual Jersey City/Hoboken crowd,” says Lopez. “It’s one of Northern New Jersey’s most affordable entry points. Access to NYC via public transportation is excellent. As an investor, this is a great market, with nearly 58% of the homes being rentals, so the rental pool is huge.”

The cons: New Jersey property taxes are among the highest in the country, averaging $9,590. “They’re no joke,” Lopez says. “And since this market has become so popular, the days of scouring the MLS and finding deals are behind us, so you need to be creative and really understand the neighborhoods.”

His advice: Hidden bargains can be found in tax-lien or family-estate situations, such as the property Lopez recently wholesaled. “The sellers were relatives who inherited the home but had not been paying the taxes,” he says. “They wanted a quick sale, so I was able to negotiate a contract for $340,000 and flip it to an investor for a $10,000 fee. The opportunity was straightforward: motivated sellers looking for a quick exit and a new investor looking at the potential in the property.”

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