Why more NJ baby boomers are renting instead of buying
A growing number of baby boomers, in New Jersey and across the nation are opting to live in rental apartments instead of houses.
Researchers at the Metropolitan Housing and Communities Policy Center at the Urban Institute report that over the past several years, we’ve been seeing a decline in the share of 55-to 64-year-olds owning homes, a pattern that accelerated between 2010 and 2013 in the wake of the Great Recession.
They believe this is happening for several reasons, including the fact that there are now tighter credit standards for mortgages after the financial crisis.
Changing needs and the overall cost of owning and maintaining a home are also significant factors, especially in New Jersey, according to the report.
“Baby boomers are over-housed, essentially they’re moving from their very large 4 bedroom homes, they’re empty nesters and they don’t need all that space,” said Rutgers University economist James Hughes.
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