Millennials are Leaving New Jersey, But It’s Not Too Late to Bring Them Back
JERSEY CITY, NJ -- Everyone has heard about the millennials, according to Peter Kasabach, Executive Director at New Jersey Future. "Everyone knows that they’re driving the real estate markets, they’re driving decision-making in our communities," began Kasabach when addressing CapRE's 2018 New Jersey Forecast in late December. "We did a study recently that confirmed that is the case in New Jersey...they are in fact moving to compact, walkable places. They’re in fact moving to large cities. That’s not a myth." However, their importance isn't quite so simple. Kasabach cautioned that one thing most Garden State citizens may not know is that New Jersey has been losing its millennials. "The rest of the country has seen an increase in millennials of about 6%, but New Jersey has lost our millennials by about 2%," he revealed -- pointing out that this is despite the fact that millennials are the largest generation since the baby boomers. "And that’s troubling. So we looked at the reasons for that. There are two in particular. One is that new Jersey is a very expensive state. So as millennials are coming into the workforce, just starting to get their salaries and their incomes underneath them, it’s very hard to stay here. So they’re often times moving out of state." The second reason, however, is a bit more troubling. Kasabach said that New Jersey is not doing as good of a job as we could creating the kinds…
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