September 16, 2021
Real Estate

Starter homes hard to afford in market

Scott Millard, the CEO of Paterson’s Habitat for Humanity, is in the business of providing homes for people of modest means. 

But these days, he’s seeing a lot more people who can’t afford entry-level homes. Many of them are working people who don’t qualify for affordable-housing programs. Often they are millenials boxed out of New Jersey’s pandemic real estate market, which inflated home prices and rents. 

“Some people say [millennials] don’t want to be homeowners, it’s the new rental generation,” said Millard, “But there’s other thought out there that says it has very little to do with them not wanting to be homeowners — there are no entry-level homes anymore.”

While this trend is not new, “It’s hitting a crisis point,” said Millard.

Read full article here: www.northjersey.com