This past weekend I headed to Atlantic City in New Jersey for a fun day trip. Atlantic City is a resort city on New Jersey’s Atlantic coast that’s known for its many casinos, wide beaches and iconic Boardwalk. It was established in the 1800s as a health resort but today it is full of glitzy high-rise hotels and nightclubs.
There are also tons of fun attractions to see in Atlantic City. While I was there they had this incredible 1967 Chevrolet Corvette on display. We also stopped by the famous Ripley’s Believe It or Not! which is a museum with kitschy oddities on display, including shrunken human heads and rare animal skeleton.
We also had to stop by the New Jersey Korean War Memorial which is a memorial, like the Vietnam Veterans Memorial which is dedicated to those who served in the Korean War. It is a place to help heal the spiritual and psychological wounds suffered by Korean War Veterans, their families and friends. The memorial was created to ensure that future generations remember and honor the pride and dedication of those who served, the legacy they continued and the freedom they preserved.
Real Estate Market in Atlantic City
The Atlantic City market has not seen the same return in equity that most other markets across the country have. For example, homes purchased in the Atlantic City housing market one year ago have depreciated, on average, by $3,788. The national average increased by $14,170 over the same period.
The Atlantic City housing market is severely lacking in fundamentals. With an unemployment rate of 11.3%, those without a job in Atlantic City nearly double the national average. That said, job losses are a significant problem and will continue to weigh on demand. Nonetheless, layoffs are starting to decline, which could actually provide a glimmer of hope for buyer confidence.
While the Atlantic City housing market has seen better days, it does have one fundamental indicator working in its favor: affordability. In fact, the area’s affordability is historically strong and improving. Atlantic City homeowners now spend about 10.7 percent of their income on monthly mortgage payments, compared to 15.1 perfect that is the national average. That said, the Atlantic City housing market is one of the most affordable markets in the country.
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Lastly, I ended my day trip with a little gambling fun at the Ocean Resort Casino. I had such a fun day trip with my friends! If you are in the New York area and are looking for a fun day trip with your friends I highly recommend you take a trip to Atlantic City!
Zahra,
xo