“Starter houses” are going for $300,000 -- when my wife and I bought our house six years ago, starter homes were going for around $120,000.
How many people do you think are making three times the salary they made 5-6 years ago? Somehow, that doesn’t seem like your typical increase from raises each year (if you get them).
While I agree with whoever pointed out that ocean town property shouldn’t have to be available to everyone, it does seem a bit troubling that many people growing up along the Shore will not be able to afford to live there when it’s time for them to look for housing. Similarly, I wonder how the pricing of real estate will affect the entire structure of the town from the type of workers for the restaurants and retail shops to the type of lifestyle. If the cheapest starters are going for $300,000 with most regular houses twice or three times that, chances are that the people buying them will be a bit older. Maybe I’m wrong but it stands to reason that you’ll have more money for a house in your 50s and 60s than in your 20s or 30s.
Will Asbury Park become a place the wealthy come to retire? Will all of Monmouth County? __._,_.___
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