REAL ESTATE MARKET NEWS....

REAL ESTATE MARKET

MILLENNIALS START LEAVING MOM AND DAD'S NEST
Source: CNBC

 

Over the past year, all the growth in net household formations has been among renters, according to the U.S. Census. Younger Americans—millennials—are slowly starting to move out from their parents' homes, where a record number of them have been living for the past few years. Millennials will spend $1.6 trillion on home purchases and $600 billion on rent over the next five years, more per person than any other generation, with more of them opting for more affordable rents versus paying the big price tags to buy homes.
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MIDDLE CLASS, BUT "ASSET POOR"
Source: Marketplace

A new report from the nonprofit Corporation for Enterprise Development (CFED) and Citigroup has found that nearly half of households in major U.S. cities are “liquid asset poor.” This means that if these households were to lose their incomes, they would not have enough accessible savings to get by for three months at the federal poverty level. Experts say the economy suffers when so many families lack a financial cushion.
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RENT BOOM: APARTMENT CONSTRUCTION HITS HIGHEST LEVEL SINCE 1989
Source: Wall St. Journal

The rental market is booming, as apartment construction over the past year climbed to a new 25-year high. In the second quarter, some 94 percent of units in buildings with two or more structures were being built for rent. That is close to the highest level since record keeping began in 1974; the share hit 95 percent in the spring of 2011.
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