Contact Us

NJ Twenty-Somethings Aren’t Buying Homes [AUDIO]

The housing market continues its comeback, but a growing number of Millennials – those in their 20’s and early 30’s – are choosing to rent instead of buy.

Flickr User Hoboken Condos

“They’re participating in an economy that’s much different than what it was for their parents and grandparents. The workplace requires a higher degree of mobility, home ownership itself is not the rock of stability that it once was, many of the Millennials have come out of school with substantial debt, and they also tend to marry later than was true for predecessor generations,” says the Director of Economic Research at Cohn Reznick, Pat O’Keefe.

He says what’s happening is reflective of a changing housing market, but says that people still need a place to live.

“The difference for the Millennials is that they’re much more willing to rent and to remain mobile than was true in the past. Demand for housing is there, it’s just exercising itself in a different way.”

O’Keefe points what we continue to see across the country and right here in New Jersey “is that the proportion of starts of new housing units which is multi-family – typically multi- family being a rental unit, is at all-time highs. In New Jersey, more than 50 percent of all newly built homes are multi-family configurations, and most of those will be apartments.”

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of WOBM

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for WOBM Listener Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive WOBM Listener Club contests, events, coupons, presales, and much more delivered to you for FREE.