The Price of the Recession on Ewing, New Jersey

The recession has impacted real estate sales and prices in Ewing, New Jersey just as it has all over the United States. Ewing a small suburb of Trenton also borders Lawrenceville, Hopewell and the Delaware River separates it from Pennsylvania. The total square miles of Ewing, New Jersey are 15.6. Currently there are over 200 homes for sale in the town of Ewing. Each day new homes go up on the market, while many do not come off the market through sales.

 Ewing is home to The College of New Jersey, New Jersey State Police headquarters, Jones Farm Correction Institute, the Trenton Psychiatric Institute, and Katzenbach School for the Deaf, Trenton / Mercer Airport and the now closed General Motors Fisher Body plant. Homes in this town have always been priced well within the means of the blue collar workers of the area as well as doctors, lawyers and many other professionals. People of all walks of life have been able to buy a home in Ewing due to its affordability.

 When home values rose throughout the nation a few years ago, residents of Ewing found their home values rising, even those that had just purchased their homes. Homes would go on the market and within days they would be sold during this time. Now that is not the case. Homes go on the market and even with price reductions, stay on the market.

 A Cape Cod style home purchased 20 years ago for $110,000.00 found its value to be nearly $265,000.00 in 2007. That same home now has a value at $210,000.00, if it will sell. While that is still a profit, those that purchased a home last year for $265,000.00 must sell it for less than what they owe in nearly all cases. There are still many original owners in Ewing. They will do well on the sale of their home, no matter what, they will profit. Many are seniors on fixed incomes and the cost of upkeep and taxes is rising faster than they can keep up with. Young families trying to keep themselves afloat are also finding tough times within the borders of Ewing.  

 Residents must dig deeper in to already waning pockets to find money for taxes that are going up. Each year taxes go up and each year more and more homes go on the market as the residents leave because they can not afford to live here any longer. While many face deep cuts in employment and raises they do what they can to keep the home they are so proud to own. The recession along with rising taxes are making it nearly impossible to find that home is where they feel safe. It has become yet another source of stress and not where their heart is but rather a thorn in their side.