Boomers and New Jersey
The other day there was a brief news program that pointed out that the first baby boomer turned 60 on January 1, 2006. In addition the program pointed out that about 8,000 baby boomers will turn 60 for about the next 15 years. Many real estate bulls have tried to make the case that the current real estate boom is being fueled in part by boomers who are buying second homes in warm states as they approach retirement age. I don’t doubt that many people approaching retirement are heading for warmer climates, but I wonder what is in store for NJ and the rest of the North East. It would seem to me that many boomers that are buying in Florida are also selling, or will eventually sell their house, in Jersey and therefore the supply of houses in NJ will rise over the long term.
posted by Little_Silvered at 6:36 PM
1 Comments:
Sold my Clinton Township House last summer and moved into a cheaper house in the same town.
Can't cash out completely just yet, so I figured I'd buy down to put less equity at risk.
We own several lots in NC and I'm planning on retiring there in 3 to 4 years, but still need to live in this town until my son finishes HS this spring.
I remember 1988 and how long the NJ RE market took to recover from that down turn. I don't have the time to wait out another hit like that. I only hope I bought down enough and that the NJ market only flattens. At least so I can keep most of what I still have tied up in this current house.
I still wonder about the southeast as a continuing potential RE hot market. That market seems driven more by Baby Boomer's, from all over the US, buying into areas they want to live in during their retirement. I currently have quite a bit of my NJ equity $ invested in this theory.
So far it has been working.
What's your opinion?
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