These New Jersey Residents Are Not Buying New Homes

For young adults looking to buy a home, the process is more complicated today than it was six years ago. The COVID-19 pandemic in 2020, combined with unpredictable Inflation over the last few years, has created a complicated homebuyers market.

The median sale prices for all types of real estate properties in New Jersey have increased by 12.5 percent over the last 14 months. Since the beginning of 2024, there has also been a 13.4 percent increase in Single-Family Home Prices and a 13.9 percent increase in Townhouse-Condo Prices.

According to NBC News, Economists have said that new homes are no longer "affordable" for most Americans. The average Household Income is $54,000 in the United States, which means the average American can afford to buy a home in only 47 percent of US Counties (1,321 out of 2,801).

Even though New Jersey Residents are rated among the best homebuying negotiators in America, one group of people in NJ is not purchasing new homes.

Which New Jersey Residents Are Not Buying New Houses?

The research team NoTriangle Studio gathered mortgage data from around the United States to learn more about homebuyer trends. They found New Jersey is very different in one area compared to the rest of America.

According to a Press Release from No Triangle Studio, New Jersey has the second lowest percentage of homebuyers age 25 or younger in the United States. Out of the 146,475 NJ Residents securing Loans to purchase a new home, only 2.42 percent of those people are 25 years old or younger.

New Jersey is one of only four states where under three percent of Homebuyers are age 25 and younger. In 29 of 50 States, at least 5 percent of homebuyers are 25 years old or younger.

Only 47 percent of United States Counties have homes that Americans with a Median Annual Income can afford. In New Jersey, that number is less than 33 percent, which means there are fewer economical options in the NJ Housing Market for Young Adults.

If you are in the market to buy a new home, here are some New Jersey Towns you should consider because they have cut their property taxes: