A recent study for the U.S. Conference of Mayors predicts Cape May County will be among the stronger-growing U.S. metropolitan areas in the next several years. Cape May County’s forecast average annual growth rate of 3.1 percent through 2020 is just enough to put it in the top 40.
Cape May County will benefit in the years ahead from a wave of retiring baby boomers, those of whom will restart the trend, interrupted by the housing slump, of selling houses and retiring somewhere when their balance sheets recover. Between their pensions, dividend checks, savings and other benefits, retirees can provide the inflow of funds to sustain economic growth. Cape May County offers them a variety of living styles — quieter neighborhoods inland, expensive homes along the shore and places in-between.
Cape May County has the largest concentration of second homes in the state, and fewer than half the owners actually rent them out. Although Cape May County is lacking in employment, it is very attractive to people retiring which is seen to continue in the reasonably foreseeable future.
For all your Residential and Commercial Real Estate Appraisal needs please contact: James M. Hanson Associates, Inc. Phone: (609) 884-9185 Email: Info@AppraiseNewJersey.com