Millenials Will Spend 45% of Income On Rent Before Age 30
As rent prices continue to rise, a new study shows Millennials are paying about 45% of their total income toward rent, and pay out close to $100,000 toward rent before they turn 30.
Analyzing U.S. Census Bureau data going back as far as 1974, a new study from RentCafé found that Millennials have been the hardest generation for those ages 22 to 30. And the future does not look bright for Generation Z.
As it turns out, Millennials pay about $92,600 in rent by the time they turn 30. While they may earn more in income compared to previous generations, they also have to spend more on rent, the study showed.
During that same age span, from 22 to 30, Gen Xers paid an average $82,200 and Baby
Sales of newly built single-family homes took an unexpected tumble last month as rising mortgage rates took a toll.
Sales of new homes fell 7.8% in January to a seasonally adjusted annual rate of 593,000 units, according the data from the Department of Housing and Urban Development and the Census Bureau.
“The moderation in new home sales may be attributable to the interest-rate environment, which could be causing short-term market volatility,” said Michael Neal, senior economist for the National Association of Home Builders. “However, the underlying economic fundamentals for housing demand remain strong, and we expect more prospective homebuyers to enter the market in 2018.”
Fannie Mae helps borrowers buy homes. Soon it might help build them too.
The mortgage-finance giant is considering a series of pilot programs to address an issue that has plagued the U.S. real-estate market for years: a lack of affordable homes. Fannie’s first initiative, which hasn’t been finalized, would potentially make it cheaper and simpler for prospective homebuyers to get loans to construct new residences.
“Everything is about supply right now,” said Jon Lawless, Fannie’s vice president for product development and affordable housing. “With these activities that we’re undertaking, we hope we can find something that finds a fast path to more supply.”
In many cities, home values have surpassed their boom-era peaks. With lots of buyers priced out of
Home values set to continue rising in 97% of markets
The upward trend of US home values is set to continue with almost all markets gaining during the next 12 months.
The latest forecast from analytics firm Veros Real Estate Solutions calls for values to appreciate by 4% through September 1, 2018.
“Our Q3 forecast reveals the largest percentage of markets we have ever seen that are forecast to appreciate, with only 3% of markets expected to depreciate – showing continued general market strengthening for the overall U.S. residential real estate market,” says Eric Fox, VP of Statistical and Economic Modeling at Veros.
Increased values are forecast to be driven by the Northwestern states of Washington, Colorado and Idaho.
August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool down before any actual temperature change. However, in the DFW area competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
According to the report recently released by the North Texas Real Estate Information Systems, new listings were up in the North Texas region 7.4 percent to 13,612. Pending sales decreased 9.1
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