In this past Sunday's Staten Island Advance, our very own Dil Gillani said a brief few words to SI Advance writer Tracy Porpora and contributed to their article titled Baby Boomer housing bust: Will Staten Island Market Suffer?
The article talks about how all the baby boomers that kept the housing market alive for so long are now moving into retirement - and how the following two generations are in no way prepared to keep the housing market up and running like the baby boomers did. Generation X was hit hard by the recession, and the Millennials are swamped with student loans and credit card debt.
As a result, the sales of higher end homes are suffering because most of them were previously owned by baby boomers. In the article Dil GIllani says "We are definitely seeing the pressure on high-end properties due to the (national) trends." The article says that because boomers still have high mortgages, their houses end up getting priced higher than their currently worth.
Another part of the problem is the demand for city living. Lots of the younger generations enjoy the fast paced life of living in the city rather than the outer-lying suburbs, which puts Staten Island in a tough spot.
Who knows what will come of Staten Islands housing market in the upcoming years?
To read the Staten Island Advance's full article, click here.