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Millennials

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RENTING VS. BUYING ACROSS U.S. MARKETS

According to a recent article in Business Insider, some markets favor millennials purchasing rather than renting. Based on general findings by Trulia, the article says that "buying is 36% cheaper than renting on a national basis, based on September home prices. That's the best differential since 2012 when it was 38% cheaper to buy than rent. Buying is also cheaper than renting in each of the nation's 100 largest metros." A study of millennials, however, yields a different outcome.

Key Findings:

  • "It's 23% cheaper for millennials to buy than rent in 98 out of the 100 largest metros."
  • "It's cheaper to rent in Honolulu and Silicon Valley."
  • "The South and Midwest housing markets are great for young buyers."
  • "Rising prices and rents in some markets spur big swings in the rent vs. buy math."

So where does Seattle stand? Well, according to the chart below, mortgage rates would have to rise by 1.35% in Seattle in order for renting to become cheaper than buying:

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Inside the Mind of a Millennial

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Inside the Mind of a Millennial

CNN Money released a noteworthy article, utilizing highlights from the Aspen Institute's latest poll to reveal "5 reasons Millennials aren't like us," offering "new insights into what one of the most talked about generations of Americans is thinking."

So what are millennials really thinking?

1. Helping others is not a top priority - "only 22% of Millennials valued helping others as the most important factor in their personal American Dream," which was "the lowest reported among any age group."

2. More interested in money - "Millennials were the group that placed the most importance on having a job that paid well, with 46% saying that was crucial to their attainment of the American Dream. Penn said everyone wants to attain financial security and maintain a world-life balance," it's just that millennials are "more 'direct' than others about their futures and pressuring employers for better wages."

3. A life of luxury - "Millennials placed the most importance of the age groups polled on luxury items, with 32% saying having luxury items were crucial to their attainment of the American Dream." The top goals? "traveling to other countries, owning a nice car, having the latest technology and belong[ing] to exclusive organizations."

4. Having kids is important - "Twenty percent of Millennials said this was an integral part of their American Dream," yet it "might not translate into them actually having children," which remains "an open question."

5. Millennials believe in themselves - "31% said they thought the American Dream was alive and well," compared to 17% of "participants between the ages of 51 and 64." 

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