Anyone who has tried to buy a home lately knows it's a tough market, but a new report by the Asbury Park Press finds New Jersey homebuyers aren't just in competition with other people — they're also up against multimillion-dollar corporate investors.
A new report finds LLCs are buying up homes in New Jersey at a breakneck pace, pricing out individuals and families.A new report finds LLCs are buying up homes in New Jersey at a breakneck pace, pricing out individuals and families.Anyone who has tried to buy a home lately knows it's a tough market, but afinds New Jersey homebuyers aren't just in competition with other people — they're also up against multimillion-dollar corporate investors.
Diamond joined WNYC's Michael Hill on Morning Edition Thursday to look at why this is happening, and what it means for regular buyers. The transcript of their conversation below has been lightly edited for clarity. The data in your report focuses on New Jersey, but is this a phenomenon we see more in the Garden State than elsewhere? What about other places, like New York City?
We've seen the most activity in some of lower-income areas, like Newark and Trenton. In Trenton, something like 44% of sales have gone to LLCs in the past five years. But it's not just big cities. We've seen small towns, like down in Ocean County, Toms River saw a huge up uptick in investors. And I think they're finding the most affordable homes there.
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