Categorized | Residential

Camden, New Jersey Looks to Build Its Middle Class

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Camden, New Jersey has been known for years to be one of the most dangerous and impoverished cities in the United States. Crime, poor schools, and the prevalence of drugs have chased much of the middle class out of the city for generations, thus damaging the area’s real estate market beyond repair.

If local officials, and employers in the area have any say, however, the city’s current reputation will soon vastly improve. City officials are looking to cities, such as Detroit and Birmingham, which have overcome similar situations through a series of incentive programs. In Camden, the mayor is working in conjunction with the city’s four biggest employers to bring entice employees of those companies to take up residence in the city.

Thus far, the three Camden hospitals, as well as Rowan University, have agreed to contribute as much as two thousand five hundred dollars toward closing costs for homes purchased in the city. When combining the closing costs with other similar programs, potential homebuyers could save as much as fifteen thousand dollars on upfront costs associated with buying a home.

There has not yet been any indication that the program will work in Camden, though it has had success in other cities that have once carried reputations similar to that of Camden. City officials are very hopeful that the program will be effective, and many real estate agents in the area feel the same.

The city’s middle class has diminished in numbers of the years, making sales incredibly difficult for real estate agents. This new program would definitely do wonders to improving sales, though there is no guarantee that it will work as intended.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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