The largest group of homebuyers in the U.S. seem to be migrating to the suburbs. The population in New Jersey’s 11 suburban-ring counties grew by about 17,000 people between 2016 and 2017. Statistics show that much of that growth is due to aging millennials who are beginning to see the value in homeownership and don’t mind so much to cut the lawn.
Millennials, the tech-driven-experience-seeking generation that once wanted urban living with direct access to nightlife and public transportation, could be having a change of real estate heart. From 2010 – 2016, urban growth in New York City was monumental. A report from Rutgers University explains New York City saw a total population growth of 692,066 people. Almost three quarters – or 514,314 people – of this increase took place in the urbanized regional core.
But in 2016, a shift occurred.
The suburbs reestablished themselves as the most desirable place to live by gaining 61.9 percent of the region’s population increase. While the seven-year span (2010-2017) still shows the urban population growth much higher than that of the outside communities, the core of New York City received only 38.1 percent of the 2016-2017 growth.
Researches aren’t sure if the reversal in desired living areas will continue the current course, but there are a few reasons the 22 to 37-year-olds are turning to New Jersey suburbs. James Hughes, a Rutgers University professor and co-author of the report, says older millennials are now getting married and starting families – a lifestyle that doesn’t often mesh well with small condos and bar hopping.
Prior to 2016’s rebirth of the single-family home for millennials, the working singles turned to an urban lifestyle because homeownership was financially out of reach. Following college, this generation was loaded with student loans and fighting for job openings, which were scarce coming off the Great Recession. The country is now in one of the longest economic booms in US history and the New Jersey suburban housing market is reaping the benefits.
Particular suburban areas of New Jersey, like Alpine, Cresskill, and Closter are affluent neighborhoods drawing in young professional families. These Millennial buyers fall on the older spectrum of the age continuum and they’re eager to purchase a home that’s close enough to the city for a daily commute, yet far enough to enjoy low crime, privacy, and spacious living.
Another benefit of considering homes for sale in New York City suburbs is the highly-ranked school systems. Millennials, perhaps more than any other generation, understand the importance of education. These new parents want their children to attend the best schools. School districts in the desirable New Jersey towns just outside NYC boast some of the highest-ranking educational facilities in the state.
The final element making it possible for Millennials to move into the suburbs is the migration of Baby Boomers into smaller homes with less demanding upkeep. As the luxury real estate market blooms in New Jersey, there’s no better time to list a home for sale in Alpine or the surrounding areas. While it’s not easy to predict if the trend toward a suburban lifestyle will continue, it has certainly sparked a thirst from the younger generation to invest in a lifestyle that’s fitting for their family with the conveniences of having the city life just minutes away.
By Igor Beyder, Broker of Record | Beyder and Company Realty