Want affordable new homes again? A 1960s solution NJ must consider

There's no denying the dream of becoming a home owner in New Jersey is slipping away. What used to be something very achievable now feels nearly impossible to even attempt.

Even crazier? It wasn't even that long ago when you could still find a decent home in a decent neighborhood for around $300,000 or less. The home I'm currently in, for example, falls in this camp.

But I moved into my current home over a decade ago. If I was looking to move in today, there's no way I would pay for what my home is valued at now.

My homes value is almost double what it was when we moved in, which, in my opinion, is absolutely insane. But yet, skyrocketing costs are happening everywhere.

Out of touch home values

Part of this is why people are moving out of New Jersey. Aside the high cost of living, they can cash in and make one heck of a profit on their home while moving into a different state where houses are much cheaper.

And with incomes not really keeping up at the same pace, those looking to buy their first home are finding it nearly impossible to make a reality in the Garden State. Unfortunately, new construction is just as much of a problem.

Oversized homes new homeowners can't afford

Over the past decade, I've seen tons of new housing developments go up in all parts of the state. Since I commute long distances regularly, it's not hard to notice the trend when it comes to the kind of houses being built.

The biggest trend I see in New Jersey is one that's been a constant for quite some time now. The new homes being built today are way too large and oversized.

What I don't understand is this. If younger residents are saying the cost of these homes are way too high, then why do we keep building oversized homes? I know I would never be able to afford those new homes if I were a first time homebuyer in today's world.

To the states credit, they have tried to address the issue of affordable housing costs. But perhaps we're overthinking the issue. Maybe, just maybe, we should construct smaller, simpler homes to help address the issue instead?

Look to the 1960s

Back in the 1960s, the average home was more or less a compact ranch style. Simple, affordable, and perfect for a first time home buyer.

Now yes, some of the homes of that era wouldn't necessarily work with today's open space trends, but new versions of a 1960s ranch can absolutely be modified.

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What's more? Those smaller homes would be more affordable, making it easier for first time home buyers here in the Garden State.

Back to simpler designs

New Jersey is already overdeveloped as it is, with more open space slowly disappearing as time goes. If we must build new communities, can we at least make the homes smaller and more affordable so our younger residents at least have an opportunity to stay put?

New Jersey is a great place to live, but way too out of reach for first time home owners to afford. Perhaps now is the time to look back to the 1960s and build smaller, more compact homes but modernized to match today's trends.

Maybe that's the best answer if we want new homes more affordable again in New Jersey.

The above post reflects the thoughts and observations of New Jersey 101.5 weekend host & content contributor Mike Brant. Any opinions expressed are his own.