Posts Tagged ‘rental’

Meet the Next Generation of Homebuyers: Gen Z

Posted on October 13, 2017 by Laura Lam

In its most recent study, Zillow Group examined the newest generation to enter the housing market – Generation Z.  Generation Z is considered to be those born from 1995 to 2010, meaning the oldest in the generation are now 22 years old.  The Zillow Group Report on Consumer and Housing Trends 2017 shows this new generation now makes up more than 21% of the U.S. population, and is the most ethnically and racially diverse generation in our history. They are beginning to enter the housing market – as renters. However, this generation is just as likely as older generations to…

Millennials Over-Extended and Frustrated with Home-Buying Process

Posted on October 04, 2017 by Laura Lam

Millennials poured some $514 billion into the U.S. housing market over the last year as the largest generation of home buyers, Zillow reported.  But new survey data shows their home-ownership aspirations are stymied by affordability issues, frustration with the buying and selling process, and a cutthroat housing market. More than half of young buyers (53%) make multiple offers to buy their first home, and only 2 in 5 millennials (39%) are able to make the recommended 20% or more down payment.  The results of the Zillow Group Report on Consumer Housing Trends 2017 show how the nation’s highly competitive housing…

Luxury Apartment Boom to Cool Off in 2017

Posted on January 11, 2017 by Laura Lam

Landlords of upscale properties across the U.S. are bracing for rough conditions in 2017 that will likely force them to slash rents and offer deep concessions as a glut of supply brings a 7-year luxury-apartment boom to an end.  The turnaround follows a more-than-26% jump in U.S. apartment rents since early 2010, far outstripping inflation and income growth. But in 2016, rents rose a modest 3.8%, a significant drop from the recent high of 5.6% year-to-year growth in the third quarter of 2015, according to a recent report by MPF Research. MPF Vice President Jay Parsons said he expects little or no…

Housing Still Faces Obstacles; Could Be ‘Engine of Growth’

Posted on June 28, 2016 by Laura Lam

The Joint Center for Housing Studies (JCHS) at Harvard University released its 2016 report on The State of the Nation’s Housing. Calling the housing sector “an engine of growth,” the study found that the need to replace old housing and to meet demand for vacation homes and other units, new housing construction should average “at least” 1.6 million units annually for the next decade. New home building faces some headwinds however. Tighter lending rules are one serious issue. Mortgage lenders have made essentially no loans to potential buyers with subprime credit scores (below 620) and have cut back sharply on loans to applicants…

Multifamily Outlook: Rent Growth to Remain High

Posted on June 09, 2016 by Laura Lam

A new national market outlook from Yardi® Matrix forecasts that jobs and population growth will spur rent growth of about 5% in 2016.  The report, “Multifamily Votes for ‘More of the Same,’” predicts that long-term demographic forces in population growth, employment and demographic trends bode well for continued rent growth. The report predicts growth in 2016 will trail the 6.3% rate recorded in 2015 due to such factors as stock market volatility, depressed oil prices and weak economic growth outside the U.S. The capital markets could also be a factor, with a record total volume of multifamily debt. Yardi Matrix…

Low-Income Families’ Budgets are Stretched to the Limit

Posted on April 12, 2016 by Laura Lam

Low-income Americans are experiencing a staggering price hike in housing costs – a change that makes it sometimes impossible to afford basic necessities.  A new Pew Charitable Trusts analysis of data from the Bureau of Labor Statistics shows that in 2013, low-income Americans spent a median of $6,897 on housing. In 2014, that rose to $9,178 – the biggest jump in housing spending for the 19-year period of data that Pew studied. The cost of other necessities, like transportation and food, also rose, albeit not as dramatically. 2014 was the first year that Pew studied in which median spending on these three…

Americans Could Get a Boost to Their Credit Score

Posted on March 02, 2015 by Saldutti

Millions of consumers could be lifted out of subprime status and get better loan terms if credit reports and scores were broadened to consider on-time utility and rent payments, according to a study released by Experian.  Experian is advocating for inclusion of non-traditional entries onto consumer credit reports, expanding them beyond loans, credit cards and mortgages. Doing so would allow consumers with “thin” files – those with very few traditional credit accounts – to more easily obtain loans and credit cards. “By adding on-time alternative payment data to credit report files, millions of consumers could gain access to basic financial…

Americans are Fleeing the Suburbs

Posted on July 03, 2014 by Saldutti

The American dream: a white picket fence and a patch of grass to call your own. In 2002 President Bush declared “owning a home lies at the heart of the American dream,” and wanted, “everybody in America to own their own home.” Twelve years and a housing crisis later, it seems as though that’s no longer the case: Americans are packing up and booking it to the city. The American dream is fundamentally about opportunity,” says Vishaan Chakrabarti of the Center for Urban Real Estate at Columbia University. “It’s not so much where you live but whether you can do…

Foreclosure is Not the End of Homeownership

Posted on December 17, 2013 by Saldutti

If your home was foreclosed upon during the recent housing crash, you might think there’s no chance for you to ever own a home again. But that couldn’t be further from the truth. Although lending standards are tighter than they were pre-recession, there are still a few steps you can take to put yourself on the path to homeownership again. The biggest hit you’ll take after a foreclosure is to your credit score. You may see a drop anywhere from 100 to 300 points depending on your credit history. But a foreclosure only stays on your credit report for seven…