For the last few years homeowners within the five boroughs of New York, like Frank Camuso have found a tremendous amount of parody in their property values. Many of these homeowners on Staten Island purchased homes in the early 2000’s as part of a booming housing market and an economy where it seems property values were only increasing.
However, as a result of the recession and the real estate bubble or collapse as others like Frank Camuso see it, many of these homeowners have found it nearly impossible to recoup their investment when selling their homes. Despite the trend of poor property values, in recent months a number of millennial couples have helped cause a steady increase in NYC property values, especially on Staten Island. Most of these newly married couples, no matter their financial status are preferring to buy property rather than rent, as was the norm for young couples in generations past. Citizens like Frank Camuso hope the trend continues as the number of homes purchased on Staten Island has provided a much-needed boom to the Staten Island housing market.
Younger couples are taking advantages of increasingly low-interest rates and quality property developments in areas that were formerly left barren. In the last quarter of 2017, the homeownership rates in the US as a whole has increased to over 64% and the number of homes owned by people under the age of 35 has increased to over 36%, up close to 2% from the previous year. Longtime Staten Island residents like Frank Camuso, feel a lot of the change has to do with increasing rental prices for smaller and smaller apartments, across NYC especially on Staten Island.
Many millennial feel that saving their money and putting it toward ownership is a far better option. Having equity and settling down in order to provide a stable home for the families they wish to build play a huge part in their decisions. This trend has roots that have started during most couples college years. More and more millennials are living at home with their parents for longer periods of time these days in order to settle issues such as student load debt or credit card debt before venturing off on their own. This allows them to enter the real world with far better stability than people of generations past and puts them in prime position to purchase homes, helping to build back the housing market in New York City. And benefitting other long-time homeowners such as Frank Camuso. Its a dream for many New Yorkers, mostly made up of renters, to own a home, and with trends in housing markets up and sound financial decision making they can make that dream a reality.