Generation Y would rather rent an apartment vs. home ownership in New Jersey
We all know if you are part of Gen Y, you believe in the sharing economy. A survey showed that 50% of people between the age 18-34 had used eBay or other sites to purchase used goods vs. 36% who were age 35 and up. Further ages 18-34 users of car services for such as Lyft were 32% vs. 12 % for people 35 and up which represents almost a 3X increase.
Generation Y has to deal with debt due to school loans as well as supporting their own families. A reported 47% of Millennials surveyed that they financially support their families (insert internal link). A Millennials love life is also different as only 26% of Millennials are married vs. 38% of Generation X and 48% of Baby Boomers. Millennials are opting to live together and put off marriage for a later date as 25% of all unmarried adults are living with a partner.
Factoring in property taxes in NJ as well as the higher cost of living, regardless of what generation you are a part of deciding to rent vs. own might make more practical and financial sense based on your lifestyle.
We interviewed Janet Santoro, Sales Director for Barron’s Gate apartments in Woodbridge, NJ on our latest edition of the New Theory Podcast.
Take a listen as she discusses this trend:
To learn more about Barron’s Gate in Woodbridge, NJ check out their website: