55 And Over Communities In Nj New Construction
A surge in demand for age-restricted housing is fueling a boom in new construction of 55 and over communities across New Jersey, but are developers keeping pace with the needs of this rapidly growing demographic?
The Garden State's senior population is expanding, driving unprecedented demand for specialized housing. This article explores the latest developments in 55+ community construction, outlining key projects, locations, and factors influencing this critical sector of the real estate market.
High Demand Spurs New Projects
New Jersey is witnessing a wave of new 55 and over communities, primarily driven by the state's aging population and desire for maintenance-free living. Developers are responding with a variety of options, from luxury townhomes to active adult apartments.
Several projects are already underway in key areas across the state, including the Jersey Shore, Central New Jersey, and even more suburban counties near New York City.
Key Locations and Developments
Ocean County remains a hotbed for 55+ development. Its proximity to the coast and relatively lower property taxes make it attractive to retirees.
One notable project is TheEnclave at Toms River, featuring single-family homes and a clubhouse with various amenities. Construction is expected to continue through the end of 2024, with initial occupancy already underway, according to developer statements.
In Monmouth County, projects are focusing on upscale living, with higher price points reflecting the area's affluence and proximity to New York City. Beacon Pointe at Matawan is one such example, offering luxury townhomes with resort-style amenities. The project is nearing completion, with limited units still available.
Somerset County sees a growing demand for age-restricted housing in areas like Bridgewater and Hillsborough. These developments often cater to those seeking a quieter, more suburban lifestyle.
Stonegate at Hillsborough has plans to launch the third phase of its building in late 2024 to cater to increased demand, with 100+ additional single-family homes planned. The developer says that Phase I and II homes were sold within 14 months of project launch.
Affordability Concerns
While new construction is booming, affordability remains a significant concern. Many of the newly built communities cater to a higher-income bracket, leaving those with more modest retirement savings with limited options.
Advocates are pushing for more inclusionary zoning policies to ensure that a portion of new 55+ developments include affordable housing units. The *New Jersey Housing and Mortgage Finance Agency* (NJHMFA) offers some programs and incentives to encourage developers to incorporate affordable units, but more needs to be done.
The median home price in new 55+ communities can range from $400,000 to over $1 million, depending on location and amenities. This high cost excludes many potential buyers.
Factors Influencing the Market
Several factors are driving the growth of the 55+ community market in New Jersey. Demographics play a crucial role, with the state's senior population steadily increasing.
Low interest rates in recent years also fueled demand, making it easier for retirees to finance new homes, though interest rates have increased more recently. The desire for maintenance-free living is also a significant factor. Residents often prefer to avoid the upkeep associated with traditional single-family homes.
The COVID-19 pandemic accelerated the trend, as many retirees re-evaluated their living situations and sought communities with more outdoor space and amenities. Socialization and activities become crucial during retirement years.
Impact on Existing Communities
The construction of new 55+ communities can impact existing communities. Increased traffic and strain on local infrastructure are potential concerns. Local leaders are trying to address some of these concerns.
However, these developments can also bring economic benefits. New residents contribute to the local tax base, and construction jobs create employment opportunities.
Ongoing Developments and Next Steps
The construction of 55+ communities in New Jersey is expected to continue in the coming years. Developers are actively seeking new land parcels and adapting their designs to meet changing buyer preferences.
Potential buyers should research available options carefully, considering factors such as location, affordability, and amenities. Working with a real estate agent specializing in 55+ communities can provide valuable assistance.
Advocates will continue to push for more affordable housing options within these developments. Monitoring legislative changes and attending local planning board meetings can help residents stay informed about ongoing projects and proposed developments in their area.
