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.
“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.”