The Millennial Influx to Central New Jersey Suburbs

A generation once characterized as lazy and uninspired is growing up! A large portion of Millennials hit their 30s in recent years. According to the US Census Bureau, millennials were born between 1982 and 2000. These 30-somethings are beginning to start families and settle down in large numbers. But, contrary to prior trends, this group is heading to the suburbs instead of cities. They’re taking their buying power outside of large urban areas like Philadelphia. They no longer want to live in hip studio apartments in trendy neighborhoods; they want to buy your suburban home.

As a Central New Jersey homeowner, what do you need to know about this generation? Keep reading to learn more about this thriving group of buyers and to learn what you need to do to entice them to buy your home. 

Why are Millennials Moving to the Suburbs?

Millennials are learning the lesson that other generations learned before them, that there are real benefits to putting down roots in great suburbs. As they start their families, they’re learning that the suburbs come with larger homes for the price, unique amenities, and highly ranked schools. According to a census report,more millennials are moving out of cities than are moving in.

With awesome local schools and incredible amenities like the proposed Glassboro Camden Line railway, the burbs are looking a lot more attractive to younger generations. In urban areas like Philadelphia, rent prices keep rising at upsetting rates. The benefits of buying a home far outweigh the benefits of sticking around and renting in the city. In 2016, millennials made up 42% of homebuyers. As millennials are seeing greater work and financial success, they’re able to set aside money for sizeable down payments.

Within a decade, millennials have gone from college, to career, to families, and are now seeking home ownership. Their greatest obstacle in the current market is no longer financial ability, but a lack of homes available. They simply need to find homes for sale in these thriving suburban areas.

Which Central Jersey Suburbs do Millennials Love?

Communities in Gloucester, Burlington, and Camden Counties continue to rank highly amongst millennials. Biz Journal ranked Echelon in Camden County as one of the best suburbs for this group. Marlton, Pitman, and Glassboro all landed spots on Philly Mag’s “10 Hottest Suburban Towns” list. Realtor.com has recently given the town of Swedesboro, NJ the honor of being a suburban town that “city parents won’t hate.”

Harrison, Logan, Glassboro, Woodbury, Runnmede, Camden City, Pemberton, Mount Holly, Chesterfield, and New Hannover all have a majority millennial population according to the last census. Central Jersey is becoming a hot destination for young buyers. Not only do they not mind moving out to the suburbs anymore, but these areas are actually starting to look cool and desirable to this generation. 

How Can You Benefit from this Millennial Home Buying Spree?

While Millennials are out in the suburbs searching for homes, they are hitting a wall: low supply. The current 4.2 month supply of homes is well below the ideal of a 6 month supply needed to have enough homes available for buyers. As a home owner, this is great news for you! List your home and the millennial hoard will flock to your door with a bidding war in tow, right?

Almost. But it’s not quite that easy.

Millennials aren’t approaching home ownership like previous generations. Where a baby boomer or Gen X’er would have been willing to undergo an involved home renovation, millennials aren’t. Not because they’re lazy, but because they aren’t buying homes with the same permanence as other generations. Most of this group view a home purchase as a stepping stone. They assume they’ll be moving to a different home in a few years. Settling in for a multi-year renovation project isn’t on their agenda. They want homes that fit their wish list, not something they’ll need to renovate.

Millennials want to be able to envision themselves in a home. This is why updates and staging are non-negotiable. Update fixtures in bathrooms, appliances in kitchens, and neutralize décor to make your house a blank slate to buyers. Millennials want to walk into a listing and imagine a scene of themselves alongside children and pets. That’s impossible without a bit of prep work from sellers.

Previous generations viewed homes through a lens of financial ramifications. They wanted to know resale value, threw around words like “investment,” and took on long-term building projects. Millennials focus on experiential reasons for buying. They want a home they can live in and love from the start. This group wants to know that there are local amenities, such as restaurants, shops, and gyms to make their purchase worthwhile.

By keeping the makeup of millennials in mind when listing your home, you can put yourself on the side of successful sellers courting multiple offers. With the help of our team of expert agents, you’ll have an even greater edge to appeal to the younger generation of buyers looking in your neighborhood. We’ve got a finger on the pulse of this new market, so that our agents can give you an added edge.

Millennial buyers might have a different makeup than buyers a few years back. But they’re a dynamic group who are ready and excited to purchase their suburban dream homes. All that they need are great houses like yours from great sellers like you. Give us a call at the Kerr Group. We’d love to help you list and sell your Central New Jersey home to one of these great buyers!