I have to confess that I thought we’d never get a chance to talk about millennials finally buying homes! So if hipsters move to the burbs do the burbs become hip? Do the hipsters stay hip? Apparently these are questions no one cares about as millennials ditch the cities and finally start buying in the suburbs and neighborhoods just outside major cities. The reasons for this exodus are not mysterious but simply a question of affordability. Sky high rents and even higher purchase pricing in cities mean that finally millennials are buying homes in the burbs.
In our little corner of the universe, the New York City Metropolitan Area,the millennials’ favorite are move was to Brooklyn and as prices in many Brooklyn neighborhoods approached those in Manhattan many flocked to Long Island City Queens. The latter’s zoning changes turned it into a veritable boom town and luxury sky risers sprouted up like mushrooms after a storm. Alas prices in LIC are also getting silly high and fortunately for us many millennials are discovering the Jersey Gold Coast.
Not just Hoboken and Downtown Jersey City are benefiting form these moves but there are other areas such as the Jersey City Heights, Journal Square and parts of Union City, Weehawken, West New York and North Bergen. The Jersey Shore is also getting in on the action with Asbury Park real estate experiencing it’s very own real estate boom.
One of my favorite coffee shops, Ispresso at 4701 Park Ave, Union City, NJ 07087 looks , on any given Saturday, like it was transplanted straight from Brooklyn and yes the coffee is just as good if not better than at the hippest boîte in Williamsburg.
So yes the millennials finally buying homes in the burbs is not the end of the world. If they bring with them better coffee I guess we can live with the rest of the stuff they bring.
“Maybe millennials aren’t so different after all.
There’s been widespread fascination with a generation that’s supposedly shunned homeownership and the suburbs in favor of rental apartments in hip and walkable urban neighborhoods. But millennials, also known as Generation Y, have recently made up the largest share of buyers in annual surveys conducted by the National Association of Realtors, and 2016’s findings are no different.
“The largest cohort in America is growing up, and while Gen Y ages they become more traditional in their buying habits,” NAR notes in its 2016 Home Buyer and Seller Generational Trends Report, out Wednesday.
Some 35% of buyers in 2015 were millennials, up from 32% in 2014, and their median age was 30, according to NAR. Generation X, those aged 36 to 50, made up 26% of buyers, the second-largest group, and had a median age of 42.
The share of millennials finally buying homes in an urban area declined to 17% in 2015 from 21% a year before. And fewer — 10%, compared with 15% a year earlier — purchased a multifamily home.”