New Jersey real estate trends

Performance Property Real Estate Question

What Recent Demographic Changes Mean For Real Estate

Q: Gerald, you said that more than two thirds of NJ households are childless. What does this trend mean for residential real estate? Henry, Montvale, NJ A: Interesting question, Henry. More childless households means that space requirements for home buyers and renters are smaller, which means lower demand for McMansions and increased demand for condos, town houses and smaller homes. Unfortunately, builders in NJ are not building a lot of small or starter homes because the cost of land and labor are high and because land use laws in NJ make it harder to build. In addition, the length of time it takes to build a home in NJ has increased which increases the cost to builders making it less […]

continue reading