Homeowners in Perth Amboy can purchase items affordably to upgrade their homes and save energy costs. The Inflation Reduction Act of 2022 provides federal tax credits and deductions to purchase energy efficient appliances and make home improvements that reduce your energy costs. A homeowner can reduce monthly energy costs by purchasing an energy efficient appliance and making other energy efficiency improvements, and there are up to $3200 in tax credits for homeowners to do so. These credits are available through 2032. When you couple this with the rebates offered by companies for energy efficient appliances, offered by PSEG and Elizabethtown gas for example, it is a great incentive to buy these items at the low cost. For example, an energy efficient gas dryer is eligible for a $200 rebate, plus the tax credits.
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Residents Want Speeding Addressed
Groups of residents have asked for the city to address speeding. This photo is from a recent accident at the corner of Water and Gordon St. People speed down both Gordon and Water St. This corner is an area of heavy pedestrian traffic and there have been accidents here. A group of Water st residents had petitioned for the council to pass speed bumps and the council passed it, but to date no speed bumps have been used by the city to address speeding.
Another group of residents recently petitioned for speeding solutions on Rt 35. A discussion at the council revealed that the city has no plan to build a pedestrian overpass over Rt 35 by the high school for students and teachers to safely cross the street. The intersection near the high school on Rt 35 recently had a pedestrian casualty.
Perth Amboy Home Values and Rents on the Rise
In 2022, Perth Amboy home values rose 7%, which is a greater increase than the state average increase of 6.8%. The typical Perth Amboy home value in 2022 was $397,496, which is below the state average home value of $451,704. There were 67% of NJ zip codes with a typical home value of more than $400,000.
High mortgage rates, like the 6.3% current average 30-year fixed rate mortgage, makes price and affordability a market factor in our city. Neighborhoods with lower home values are popular with investors who either renovate them to sell at a higher price or rent them.
As Perth Amboy home values are rising, rents are rising and above average. The 2020 census reported that the median rent in Perth Amboy was $1453, higher than rent in Bayonne at $1394, where the median income is $20,000 higher. The current average fair market rent for a NJ one bedroom is $1257 and a two bedroom is $1583. The 2023 average rent in Perth Amboy is $1570 for a one bedroom and $2225 for a two bedroom.
Improving Ratings of the Neighborhood
Its interesting to look at how our neighborhood is promoted. Zillow rates neighborhoods with 3 scores. Perth Amboy has a very walkable score, a good transit score and a somewhat bikeable score. If we invested our money into our Bike Plan that has been developed but never implemented, and also connected to the Middlesex Greenway, we could increase our Bike Score and improve the quality of life for residents of our City. Also we could attract people to visit and call Perth Amboy home that want communities that have bike options for recreation and transportation. Once the $43 million train station renovation is completed, will our Transit Score increase? Hopefully.
Implementing the Bike Plan can help Perth Amboy address the parking crisis, reduce traffic, improve public safety and improve the environment and public health.