Millennials have been shaking up the real estate industry in recent years. Defined as those born between 1981 and 1996, millennials are now the largest group of homebuyers in the United States. In New Jersey, they are certainly making their mark in the real estate market.
How Many New Jersey Homebuyers are Millennials?
According to a report by the National Association of Realtors, millennials make up 38% of homebuyers in New Jersey. Gen Xers, those born between 1965-1980, come in second at 27%. Baby Boomers, those born between 1946-1964, are third at 22%. The remaining 13% is made up of the Silent Generation, those born from 1928-1945 – and Gen Z, those born from 1997-2012. This data shows that millennials are a significant force in the New Jersey real estate market.
Are you a millennial buying a home in New Jersey?
If you’re a millennial looking to buy a home in New Jersey, here are some things to keep in mind. First, you’ll want to start by thoroughly researching and understanding your budget. Home prices in New Jersey can vary, so it’s essential to have a realistic understanding of what you can afford. You’ll also want to factor in closing costs, property taxes, and other expenses associated with homeownership. Next, hire an experienced real estate attorney. A real estate attorney can help you navigate the legal complexities of the home buying process and ensure that you’re making informed decisions. They can review contracts, negotiate on your behalf, and help you with additional legal aspects of the process.
Contact the team of real estate attorneys at Riley and Gutman if you’re from any generation that’s interested in buying or selling a home. We’ll be more than happy to help!