By John Coyle
Parsippany, a Township in Morris County, New Jersey, United States, is no exception as national trends present an ever-growing housing crisis.
Dating back to 2004, median home prices in Parsippany were roughly $180,000 – $220,000, but according to Redfin, a housing and brokerage data site, in March 2026 median home prices in Parsippany have risen to roughly $719,000.
This has heavily swayed local young people away from staying in the neighborhoods they grew up in and has caused a lot of stress for many when planning future homes.
Recent college graduate and Parsippany resident, Joseph Lancer, said he wants to live in Morris County after having a steady career to be close to friends and family, and to utilize Parsippany’s value of being close to New York City. “Honestly, I feel I will never own a home, the average income rate doesn’t match the same rate of rising housing prices.”
Lancer spoke of how he is stressed due to his inability to potentially purchase a house in the area and is scared of affordability issues with respect to renting. “There is definitely a lot of anxiety with putting myself in a position where I could afford a home for myself and my family,” Lancer said.
As reported by rentdatanow.com, the average for apartment rentals in Parsippany is roughly $1,988 for a one bedroom unit and $3,000 for a three bedroom unit. These prices scare many young potential tenants that fear for separate utility prices, exploitative landlords, and deteriorating units that are often falsely advertised as luxurious.
22 year old Parsippany resident, Nicolas Sibilia, also aspires to move out of his home and is currently saving to do so. “Morris county would be ideal, the houses are beautiful but state tax, property tax, and other charges make southern states a lot more appealing to start a life,” said Sibilia.
The average prices for homes in the Carolinas, where Sibilia is seeking to buy property are roughly within $500,000 according to Housing Wire, a real estate website. This is over $200,000 less than the average home in Parsippany, New Jersey.
Sibilia sees prospective selling power in southern states as more appealing than trying to own property in the tri-state area, where homes are more expensive. Sibilia is looking to save enough money to rent an apartment but wishes he could buy a house and invest in it, rather than continuously paying for an apartment that isn’t his. “I am a little fearful for the future, but I just want to try my best to become a homeowner locally,” he said.
House “flipping” is a trend sweeping across the U.S. and is often to blame for rising housing prices. Older houses in Parsippany, and in much of New Jersey, that are more affordable are being bought, ripped down, and rebuilt with often prices increasing by $200,000. Eventually buying out residents that are accustomed to prices more related to their income.
Peter Flannigan bought his home in Parsippany in 2005 for $345,000 and fortunately is on track to own his home in 12 years, but struggles to see how people are affording houses in Parsippany with rising prices. He receives messages from house “flippers” seeking to purchase his home and offering around $450,000. He, however, stands firm to own his home even if he eventually moves.
“People are being pushed towards apartments as these homes cost more than $600,000, it’s ridiculous and heavily inflated,” said Flannigan. “Young people unfortunately will have to start in apartments and hope for the best. The town will probably mostly be older people that bought homes between the 1990s to the early 2000s. Hopefully, they get lucky with finding homes for around $350,000 at best. I wish for my children to own homes and I hope that the housing prices can be worked out,” he stressed.
