NEW JERSEY — New Jersey’s real estate industry is a diverse, diverse place, with a variety of ethnic and racial groups represented, according to a property records release from the New Jersey Department of Commerce.
In the past year, a wide range of racial and ethnic groups have been represented in the industry, with black, Hispanic and Native American residents accounting for more than half of the population of Newark, the state capital.
Among the records released this month, the largest racial and racial minorities in New Jersey are African-Americans, with Hispanics representing nearly half of all New Jersey residents.
The average annual median income for white residents is $56,900, while the average annual income for black residents is about $16,500.
The city of Newark is home to more than 100,000 people, with the largest percentage of them in the African-American community, according the release.
The majority of the records, more than 90 percent, are in black and Hispanic areas.
Among them are Newark-based properties, including a residential building at 614 W. 34th St. in Newark.
A single-family home in Newark with a listed value of more than $5.5 million was purchased by a black person in 2017.
The property was valued at more than the median annual income of Newark residents at the time, and the buyer did not own a business, according records.
The owner, who is black, paid $9,000 for the property in 2017, and is now paying $1,800 a month in rent.
The properties included in the release are properties with a median value of $50,000 or less, including one at 715 West 28th St., which was valued for $5,800 in 2015.
The other properties in the report include a three-bedroom home at 1370 West 28-29th St.; a two-bedroom house at 565 West 28nd St.; and a three bedroom house at 901 West 28st St.
The number of properties with values below $5 million, or properties with fewer than 25 rental units, also jumped, as did the number of buildings in the region with an average of at least one vacancy.
Among those properties, the median rent was $8,500, up from $7,500 last year.
The records also show that the state has had more than 3,100 housing vacancies since the end of the recession, which is a far cry from the number recorded during the Obama administration.
New Jersey has more than 2.4 million people, including nearly 300,000 of the homeless.