A New Jersey community is riding the wave of a suburban and exurban housing boom that is reshaping America.
Blackwells Mills, a Somerset County suburb roughly 9 miles from Rutgers University, has climbed into the national spotlight as the second-fastest growing housing market from 2013 to 2022, according to StorageCafe, part of the real estate software platform real estate Yardi, as reported by the Bergen Record. (The first, meanwhile, is Vineyard, Utah.)
Once a sleepy place, Blackwells Mills has been dramatically transformed.
The report reveals a staggering 1,980% increase in housing units over the past decade, skyrocketing from a modest number to 2,871 homes by 2022. Meanwhile, the population explosion is even more eye-catching, rising from under 500 residents in 2013 at 10.47. in 2022 – a massive increase of 2,292%.
“Suburban housing inventory grew by an average of 15% over the past 10 years, outpacing suburbs by 14% and major cities by 10%,” the report said.
“Population growth in suburban areas (16%) also outpaced that of suburbs (13%) and major cities (9%), highlighting a broader demographic shift.”
So what is driving this phenomenal growth?
The report points to rising urban housing costs as the main driver. As cities like Washington DC and the tri-state area become increasingly unaffordable, homebuyers are looking to suburban and suburban havens where their money stretches farther.
“Housing affordability is a key factor,” the report adds. “Furthermore, the rise of telecommuting has enabled people to move away from expensive urban centers to more affordable regions where they can maintain a high quality of life while working from home.
“This trend has benefited cities like Blackwells Mills in New Jersey and Davenport and Nocatee in Florida,” he adds.
#Jersey #community #named #fastest #growing #housing #market
Image Source : nypost.com
