They told you to buy. So you did. You beat out 20 other offers, waived inspections, and locked in what felt like a once-in-a-lifetime interest rate. But now—just a few years later—buyers’ remorse has set in. And if you’re a millennial homeowner who left New York City for New Jersey, your dream home might now feel like a burden.
A recent Newsweek article revealed that 86% of millennial homebuyers regret their pandemic-era purchases. Add to that the flood of return-to-office mandates hitting NYC-based employees in 2024–2025, and suddenly, your suburban upgrade comes with a long commute, higher costs, and real stress.
The Backstory: What Happened?
In 2020–2022, millennials fled cramped NYC apartments in droves. They bought homes in Bergen County, Essex, Union, and Passaic counties, drawn by low interest rates, extra space, and the promise of permanent remote work.
But now?
- Mortgage rates are up
- Maintenance costs are up
- Property taxes are up
- Work-from-home? Down.
And for many, selling isn’t as easy as it was.
Data Snapshot: NJ Housing Trends
According to the New Jersey MLS, median home prices in Bergen County skyrocketed from $494,450 in Jan 2020 to $875,000 in May 2025.
But average Days on Market (DOM) rose from 31 in 2024 to 40 in 2025, a signal that buyer demand is softening.
Foreclosure activity is also up—especially among younger buyers stretched thin by rising costs and reduced job security.
Why the Regret?
From the Newsweek piece:
“Many millennials feel they rushed the homebuying process, made emotional decisions, and are now stuck with homes that don’t suit their lifestyle.”
Key reasons for regret:
- Overpaid in bidding wars
- Took on fixer-uppers they can’t afford to fix
- Bought in the wrong town
- Didn’t account for child care, commute, or lifestyle changes
Return-to-Office Is Making It Worse
Companies like JPMorgan Chase, law firms, and tech companies have demanded in-person attendance again. And the 90-minute commute from Paramus to midtown Manhattan isn’t feeling so fresh anymore.
This is driving a second wave of listings:
- NYC transplants who thought remote work was permanent
- Families overwhelmed by suburban costs
- Homeowners who want to cash out before prices cool further
In places like Hoboken, Montclair, and Fort Lee, there’s a growing inventory of homes previously bought by pandemic-era buyers. And some are listing below what they paid.
What This Means for You (as a Homeowner)
Whether you’re considering selling, struggling with payments, or just feeling stuck, you’re not alone. As a hybrid real estate agent and investor, I specialize in working with:
- Homeowners who need to sell fast
- People unsure whether to sell, rent, or refinance
- NYC commuters reconsidering their move
What You Can Do:
✅ Get a free home equity snapshot — know what your house is worth, now
✅ Compare your options — list on the market, sell as-is, or cash out
✅ Explore creative solutions — partner with an investor or restructure your mortgage
Final Thought:
You’re not wrong for buying. But you do have more options than you think. And if you’re feeling pressure from the job market, your employer, or your mortgage, let’s talk.
Kevin Hill
Hybrid Real Estate Agent | NJ House Partners
📱 201-214-1349
🌐 www.njhousepartners.com
