New Trend: Millennials are buying homes with friends

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Millennials are buying homes with friends link

• 42% of Millennials report purchasing a house by themselves, while 14% have bought homes with friends. This shift reflects a broader trend of unconventional homeownership strategies within this generation.

• Buying as a couple remains the most common method, with 47% of Millennials doing so, but significantly fewer Gen X (4%) and Baby Boomers (1%) have bought homes with friends. This highlights generational differences in home-buying approaches.

• In 2022, a majority of Millennials (52%) owned their homes for the first time, despite numerous challenges. This milestone underscores the evolving housing market and the adaptability of Millennials in achieving homeownership.

Apartment Rent-to-Income Ratios Continue to Fall link

• Rent-to-income ratios fell to 22.7% in June, continuing a trend since October 2023. This drop aligns with stagnating rent growth nationwide.

• The lowest rent-to-income ratios are seen in Midwest cities like Detroit, Chicago, and Pittsburgh. Conversely, Riverside and San Diego, California, have the highest ratios.

• Average monthly incomes on leases hit nearly $8,800 in June, equating to over $105,000 annually. This figure accounts for all income sources per unit, including dual-income arrangements.

Housing Demand Stalls As Homebuyers Wait for Lower Rates link

• Mortgage rates have dropped recently but remain higher than last year, failing to incentivize homebuyers to act. New pending sales are significantly lower compared to the same period last year.

• Inventory has seen a 2.6% jump, the largest weekly increase this year, with 668,000 single-family homes currently unsold. Despite the inventory rise, homebuyer demand remains sluggish.

• Home prices have stayed relatively stable, with the median price at $450,000. Price reductions are up slightly, but there's no significant sign of increasing demand.

HUD announces $175M funding opportunity for rental construction, renovation link

• HUD’s Continuum of Care program will distribute $175 million for developing new rental housing units with supportive services for the homeless. Of this, $65 million is earmarked for states with populations under 2.5 million.

• Permanent Supportive Housing (PSH) projects will be the primary focus, providing non-limited rental housing with support services for disabled homeless individuals. Up to 20% of each award can be used for supportive services and operating costs.

• The funding aims to address both immediate and long-term homelessness issues, emphasizing construction, acquisition, or rehabilitation of housing units. Incentives are also offered for projects in partnership with Indian tribes and Tribally Designated Housing Entities.

What a Kamala Harris presidency could mean for housing link

• Kamala Harris's potential presidency could see a focus on housing affordability, continuing some Biden-era policies like rent caps and affordable housing grants. However, these policies might face strong opposition and have limited impact due to Congressional resistance.

• Harris’s experience as California's Attorney General during the 2008 financial crisis suggests she understands housing finance intricacies, yet some analysts believe her administration might prioritize consumer issues over complex financial regulations like Basel III.

• The Biden administration's initiatives on affordable housing, such as adjusting the Low-Income Housing Tax Credit program and repurposing federal land, may influence Harris's approach, although her past policies leaned towards supporting Black homeownership and rent-burdened tenants.

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We’re spending more time watching videos on social media

(That’s cutting into how much we stream TV and movies)

Yes, this is the front of the house.

Link to the listing

That's all, folks.

Cheers,

Vidit

P.S - Read past newsletters here