Are Long Beach Island Homes No Longer Affordable?
Long Beach Island Real Estate
For those looking to buy a home in the Long Beach Island real estate market, affordability should be a topic that is well understood. Everybody is aware that prices have risen significantly over the last eighteen months or so. There is no denying that. In fact, in 2021 alone, the average price of a single-family home in the LBI real estate market has risen around 12.5%! This begs the question, are Long Beach Island homes no longer affordable? The short answer is no (but also yes for some buyers). While prices have risen, three factors help to keep a home on LBI affordable. They are:
- The LBI real estate rental market
- Very low interest rates
- Better use of money elsewhere
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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