Real Estate in New Jersey
Real Estate in New Jersey
is a very valuable commodity.
Whether you are referring to North NJ, Central NJ or South
NJ; real estate in New Jersey has a tremendous amount of
value. This is if you are interested
in selling or buying. NJ Homes
for sale are a good long term buy.
Homes for sale in NJ
are good to have.
This is from a recent article from
The Milwaukee Channel
Immigrants, Boomers Change Face Of Suburbs
Suburbs Getting Older, More Diverse
POSTED: 8:37 am CST November 28, 2006
A new study finds that different regions of the country
will face a variety of demands for housing as baby-boomers grow older and
the nation absorbs large numbers of young recent Hispanic and Asian
immigrants.
The most significant factors impacting housing over the
coming years are whether aging baby boomers decide to grow old where they
are and where young immigrants decide to settle.
The Mortgage Bankers
Association study said suburbs will be the fastest -graying part of the
national landscape. In projections of Philadelphia
and Chicago,
for example, suburbs will begin to age faster than cities, even though both
cities start out having older populations than their suburbs.
The study found that the overall U.S.
population would experience a rapid aging as boomers grow older, while
absorbing large numbers of young recent immigrants.
In addition, Hispanic, Asian and other minority groups
are disproportionately clustered in selected areas. In 2005, less than half
of all Hispanics lived in the top 10 U.S. metropolitan areas, and
nearly a third of all counties in the nation counted Hispanics as at least
5 percent of their total population.
Different regions of the country will have different
demands for housing driven by the relative impacts of aging in place versus
migration within the country and immigration from abroad. For example,
suburban areas will gray faster than urban areas due to the boomers aging
in place. "It has been said that demographics are the future that has
already happened and demographic changes are one of the most powerful
forces impacting the residential and commercial real estate and real estate
finance markets," said Doug Duncan, MBA's Chief Economist and Senior
Vice President of Research and Business Development. He continued, saying
that the real estate industry needs to appreciate those important trends.
He said he expects that the study will help businesses develop plans to
meet the "ever changing American marketplace." There were several
key findings from the study, according to a press release.
Regional Differences In Aging Patterns
Senior populations can increase
through in-migration or through aging in place. However, aging in place is
the dominant force that will shape demographic changes in the years ahead.
Even in Arizona, which shows the highest rates
of net in-migration, the migration effect is dwarfed by the effect of the
existing population simply getting older and not moving.
The most dramatic impact of
aging in place will be in parts of the country which are not now associated
with aging populations, like Nevada, Colorado, or Georgia. These states that will
exhibit the fastest senior growth are not necessarily the ones that have
the highest percentage of seniors. States with high senior shares have
typically experienced one or more decades of sustained declines in their
younger populations. This leaves behind seniors who are far less likely to
move than people in their 20s and 30s.
Suburbs will be the fastest
graying part of our national landscape. In projections of Philadelphia
and Chicago,
for example, suburbs will begin to age faster than cities, even though both
cities start out having older populations than their suburbs.
While close to 30 percent of
young households move each year to a new residence that percentage slides
down to the 4-5 percent range for people in older age groups. Therefore,
household mobility that has been a major driver of home sales will fall off
as boomers age.
Less than 2 percent of
residents aged 55-64 move across state lines in any one year and the
percentage is even less for those over 65. The aggregate number of
interstate moves among those aged 55 and over is dwarfed by the number of
moves undertaken by the younger population, meaning fewer moves as a larger
portion of the population is over 55.
Well-off young senior
populations will emerge in areas like Las Vegas,
Nev., Denver,
Colo., Dallas,
Texas and Atlanta, Ga.
Greater Dispersion Of Minorities
While it is popular to think of
the United States
as a melting pot, Hispanic, Asian and other minority groups are
disproportionately clustered in selected areas.
What has changed is the
"hold" that the traditional immigrant gateways have on the
Hispanic population. In 1990, the top 10 metropolitan areas were home to
fully 55 percent of all U.S. Hispanics, and the top two, Los
Angeles and New York,
housed nearly three in 10 Hispanics nationwide. In 2005, however, less than
half of all Hispanics live in the top 10 areas, and Los
Angeles and New York
are home to only 22 percent. When one examines the far reaches of Hispanic
dispersion, nearly one third of all counties in the United States
have at least 5 percent of their populations that are Hispanic, compared
with one out of six in 1990.
The vast majority of Hispanics
and Asians speak English at home, and those that do not can communicate in
English very well.
These new minorities are also
relatively young compared with the rest of the population, suggesting that
racial generation gaps are emerging in areas where they live in large numbers.
That is, young adults up to age 40 in these areas show a strong
representation of new Hispanic and Asian households, whereas the "over
40" crowd is still dominated heavily by white and black baby boomers.
Minorities tend to be younger and
as such are highly mobile. Four out of 10 young Hispanics or blacks changed
residence over the 2004–05 period. Nearly one out of 10 Hispanics,
and more than one out of seven Asian movers, came directly from abroad.
Overall, 15 of the nation's 88
large metropolitan areas have majority minority populations.
New Regions Defined By Demographic Changes
"New Minority States"
where Asians and Hispanics currently account for about 1/3 of the
population. (New York, New
Jersey, Florida, Illinois, Texas, New Mexico, Arizona,
Nevada, and California)
"Faster Growing
States" contain many suburban communities and attract migration from
the rest of the country as well as from recent immigrants. This group of
states will have the highest rate of growth for the 55 and over population.
(New Hampshire, Maryland, Virginia, North Carolina, South Carolina,
Georgia, Tennessee, Colorado, Utah, Idaho, Oregon and Washington)
"White-Black
Slower Growing
States" and "Mostly White Slower
Growing States"
will have the lowest rate of overall population growth, but will gray
rapidly through aging in place, and will have the highest shares of
seniors. (Ohio, Michigan, Alabama, Mississippi, Louisiana, Arkansas,
Missouri, Washington, D.C., Maine, Vermont, Massachusetts, Connecticut, Rhode
Island, Pennsylvania, West Virginia, Kentucky, Indiana, Minnesota,
Wisconsin, Iowa, North Dakota, South Dakota, Nebraska, Oklahoma, Kansas,
Wyoming, Montana)
The study was conducted by William H. Frey of the
Brookings Institution and sponsored by the MBA's Research Institute for
Housing America.
Tip #23
Home Buying Tip, Big Ticket Items:
Before you buy a home
you should avoid buying any big ticket items. When this is found out during the credit
process or reporting it can make mortgage banks nervous.
Even if you will be able to get a loan, you might not be able to get
the best available interest rate.
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Tip #24
Home Selling Tip, Listing Right:
A common mistake when people list their house (especially in a
buyers’ market) is list the house at a high price that they
don’t anticipate to sell it at.
They figure that if they get it then GREAT but if not they can
always lower the price.
This is not a good practice because what mostly happens is it will
stay on the market for a while and make potential home buyers nervous because
it’s been on the market so long.
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