High Demand in a Competitive Market

Demand for multigenerational housing in New Jersey has been historically high and in today’s competitive market, multigenerational, or multigen as it’s often called, homes are not easy to find, said vice president of Coldwell Banker Realty New Homes David Schoner.

“With higher interest rates and a lack of inventory, we are seeing a greater gulf in affordability, especially for new home buyers,” said Schoner. Pent-up demand coupled with the lack of supply, the high cost of building supplies, and increased borrowing rates make things even tougher.