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Actually prices are stable. The median home sale price in Mendham Borough-Twp combined was $679,700 5 years ago, it is $689,000 for the past 12 months.
I'm talking about higher end properties. We looked there about 5-6 years ago and houses that were $1.8M then are more like $1.3M now. You can't see the details in the average.
I'm talking about higher end properties. We looked there about 5-6 years ago and houses that were $1.8M then are more like $1.3M now. You can't see the details in the average.
OK, so you are talking about a small fraction of the homes in town...
But wait, I took a look at zillow to find an example to test your "observation". The house below is currently valued at $1.3MM and was just under $1MM 5 years ago. I would have expected to find the 2011 value to be $1.8MM based on your comment.
Maybe people are finally realizing that a 2-hour commute along route 80 isn't a good tradeoff for a larger house and yard. I work in Essex county and many of the people I work with live in Morris County. Every day they come in complaining about the commute or some incident along route 80. I know I would never want to deal with that every day.
This trend will only grow, as Millenials aren't interested in buying big houses with big yards deep in suburbia. The city centers and walkable inner-ring suburbs will be the ones taking off.
This trend will only grow, as Millenials aren't interested in buying big houses with big yards deep in suburbia. The city centers and walkable inner-ring suburbs will be the ones taking off.
This is probably not true. As millennials age and have children, they will want the same thing their parents wanted: Space, safety, quiet, and a proprietary and identifiable patch of the planet they inhabit. The city does not offer that and can never offer that. So they will not escape the basic American urge to own a home in the suburbs. Furthermore, as we transition to an economy where commuting to a place to work in person will diminish, where most people will work remotely or at home, the suburbs now become the better option for quality of life.
So painting a portrait of compliant, collectivist millennials inhabiting their little city cubicles for their entire lives is probably inaccurate.
The more things change, the more they stay the same, and the suburbs will be the best option for most people in the future, as they are now. In fact, probably an even better option.
This is probably not true. As millennials age and have children, they will want the same thing their parents wanted: Space, safety, quiet, and a proprietary and identifiable patch of the planet they inhabit. The city does not offer that and can never offer that. So they will not escape the basic American urge to own a home in the suburbs. Furthermore, as we transition to an economy where commuting to a place to work in person will diminish, where most people will work remotely or at home, the suburbs now become the better option for quality of life.
So painting a portrait of compliant, collectivist millennials inhabiting their little city cubicles for their entire lives is probably inaccurate.
The more things change, the more they stay the same, and the suburbs will be the best option for most people in the future, as they are now. In fact, probably an even better option.
I meant suburbs further out, not ALL suburbs. Nice suburbs close to the city (Bergen, Essex,etc.) will still be popular, but fewer people want to live further out in the middle of nowhere, regardless of where they work.
Millennials place more value on experiences. They will give up living in a Mcmansion with an acre of land and go for the regular 3-bedroom house in an inner-ring suburb to catch a show or dinner in the city.
This shift will be less apparent in North Jersey, being that this area is so expensive and most of it is still pretty accessible to the city. However, across the country it will be more pronounced.
I meant suburbs further out, not ALL suburbs. Nice suburbs close to the city (Bergen, Essex,etc.) will still be popular, but fewer people want to live further out in the middle of nowhere, regardless of where they work.
Millennials place more value on experiences. They will give up living in a Mcmansion with an acre of land and go for the regular 3-bedroom house in an inner-ring suburb to catch a show or dinner in the city.
This shift will be less apparent in North Jersey, being that this area is so expensive and most of it is still pretty accessible to the city. However, across the country it will be more pronounced.
Are you even remotely aware of the number of office buildings in NJ that aren't in or near the city?
And I notice you still speak of millennials as a cohesive group that you expect to act in a uniform way.
Are you even remotely aware of the number of office buildings in NJ that aren't in or near the city?
And I notice you still speak of millennials as a cohesive group that you expect to act in a uniform way.
Well, companies base entire marketing campaigns on how they expect certain generations to behave, so yes.
I'm inclined to agree with him regarding how millennials think (I'm one myself) regarding their living situations. Almost nobody needs more space. They want more space. He was spot on about placing more value on experiences than square footage. I find it a bit amusing when people are willing to endure 3 plus hours commuting to work to be able to live in a large home with good schools. Wouldn't your kid be better off if you were home earlier to help with homework and actually be a family rather than just spend an hour with them and then put them to bed?
Are you even remotely aware of the number of office buildings in NJ that aren't in or near the city?
And I notice you still speak of millennials as a cohesive group that you expect to act in a uniform way.
I am not just speaking from an employment standpoint. As mentioned before, more people work from home. I'm referring to changes in lifestyles overall.
Of course, not all Millennials will fit the bill. Were all youngsters in the 60's Hippies? However, it is a dominant trend in their demographic. More and more young people are moving closer to city centers. Look it up.
I am not just speaking from an employment standpoint. As mentioned before, more people work from home. I'm referring to changes in lifestyles overall.
Of course, not all Millennials will fit the bill. Were all youngsters in the 60's Hippies? However, it is a dominant trend in their demographic. More and more young people are moving closer to city centers. Look it up.
Sure, I looked it up -- a basic google search brought up these as the first 4 entries. Hardly the closed case that you portray.
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