Are we experiencing a housing shortage in Monmouth County?
Monmouth County Housing Shortage
I’ve said it before, more than once. And I’m sure you heard it from any other sources too. We are in a housing shortage situation in Monmouth County.
To put it simply, there aren’t enough housing units available in Monmouth County for everyone who wants to buy one. However, it goes a little deeper than that, because it isn’t just the people who are looking to buy that have this challenge in front of them. As a matter of fact, people who want to rent are also having a challenge in finding suitable housing.
Rental Unit Shortage
Quite simply put, there just aren’t enough rental units available. Recently, I read an article about the rising demand for rental units. It stated that nationally, every year 325,000 new rental units must be built. And nowhere near that number of rental homes are being built. On average, over the last few years, only about 60,000 apartments were built built each year. Furthermore, in this country every year there are 1 million new households created who want to rent. And between the limited new construction and the existing supply of rental homes, there just aren’t enough rental units to meet the demand. As a result, the growing demand for rental apartments will make a significant impact on the economy of this nation for years to come.
I’m not an expert, I’m just a Realtor who has been in the business a long time. But the solution I see is simple. Don’t rent, buy.
Here’s how I see it. When you rent, at the end of the year all you have is a stack of cancelled checks. If you own instead, you’ll have equity, tax deductions and the sense of well being that accompanies home ownership. And, quite often, the monthly cost of owning a unit similar to the rental unit you’re looking for may be less in the long run.
Now, I realize that you need a down payment and closing costs to purchase a home, but it may not be as much as you think. At the bottom of this post are links to other posts that discuss these issues.
Rather than hunt for an apartment, hunt for a home of your own. Speak with a mortgage lender to find out if you can qualify for a mortgage. You may be pleasantly surprised. And when you are pleasantly surprised, call us. We can help you find your new home.
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