By David Norton
This most recent economic recession may redefine the "American Dream," in many regards surrounding real estate. Traditionally, nothing could be more quintessentially American than the white picket fence with the suburban house with a nice lawn. But as we see, many factors, mainly the changing global environment, will reshape this image to something quite the contrary.
How about moving to Hoboken, New Jersey? Cities like Hoboken (which were never known for their overwhelming appeal), are now making their way up the list to becoming some of the most desirable real estate on todays market. There are many reasons for this phenomenon, but upon closer examination, they truly seem to make sense.
We have seen countless markets crash across the board. From real estate to financials nothing seems to be safe. However, places such as Hoboken have emerged to become more desirable given the turmoil in New York City. Being just a quick train ride from Manhattan, people can live in a better Hoboken apartment, with a better quality of living, and less price than their neighbors across the Hudson. In times like these, this becomes something for people to notice. In fact, research has shown that people are looking at the economics of home buying above all other criteria. Proximity to work, amenities, taxation, and maximizing square footage are all things that are trumping the glamour of the Manhattan high rise and making Hoboken so appealing.
Its not just young single people who are seeing this as well. Statistically, Americans are not having offspring in numbers as our parents generation did. It is not uncommon to find aging people who are either single, or simply live with their spouse and no dependents. This in and of itself is reshaping the "American Dream," but with this, eliminates the need for a big suburban house. Many people would be happy with the proximity to a good location more so than having ample space and a yard to mow.
So, when buying a home, look outside the conventional box that traditional Americans have established. The desire for the suburbs is quickly falling waist side to Hoboken, New Jersey (who would have thought).