Hat tip to Eddie89 for sending in this article that includes 14 stories of how millennials purchased homes:
Homeownership, like other forms of participation in the American dream, increasingly resembles an exclusive country club, with membership predicated on who your parents are and your race. To wit: A millennial’s likelihood of owning a home increases 9% if their own parents were also homeowners. While 39.5% of white millennials own homes, the black homeownership rate is just 13.4%, the Asian ownership rate is 27.2%, and the Hispanic ownership rate 24.6%. “Left unchecked,” the Urban Institute study declares, “current trends will result in even greater wealth disparities among white, black, and Hispanic millennials.”
The trends we’re seeing right now in homeownership will reverberate for generations to come — and accentuate the 21st-century parameters of privilege. The difference between people whose family can afford to help with a down payment and people who have no choice but to rent might mean the difference between who can live within 15 minutes of their job and who has to commute two hours, between who’s employed full time and those who depend on contingent work, between who can presume safety in public spaces and whose skin color makes them a perceived threat, between who can pay for college independently and whose children — and grandchildren — will eventually take out their own massive student loans.
I wanted to talk to people within this new reality about how they actually managed to make homeownership work. So I created a survey, and asked readers and Twitter followers and friends of friends of friends: Tell me everything. Tell me how you found the house, how you pulled together the down payment, and how you feel about all of it. Being transparent about this stuff won’t necessarily make buying a home easier for others. But it will hopefully demystify what it takes to make it happen, and help make clear that millennials who don’t own homes aren’t failures. They’re just young people who have faced a dramatically different financial and real estate reality than the generations that came before — a reality that has impacted some more than others.
What follows are 14 stories chosen from over 500 submissions, and they all exemplify, in some way, themes I saw again and again. (Stories have been lightly edited for length and clarity; some names have been changed to protect people’s privacy.) Many people received money from family for a down payment; they chose to buy in an area of the country where homes are markedly cheaper; their parents were homeowners or felt very strongly about homeownership as a mark of adulthood; others are ambivalent about their own homeownership and the way it excludes so many others their age.
Mark Grden was looking for peace and quiet when he bought his house a half-mile from the main entrance to Joshua Tree National Monument in 1998. And for years, he found it.
“I used to sit out on the porch and watch bobcats creep past under skies filled with stars, bats and owls,” he said. “Neighbors knew each other and kept an eye on each other’s property.”
But over the past two decades, this otherworldly landscape has gone from a destination for hikers and rock climbers to an international attraction luring 3 million visitors per year — overwhelming the area’s craggy campsites, low-slung motels and Grden’s once-sleepy community.
“Now, I’m surrounded by Airbnbs filled with vacationing strangers who seem to think anything goes out here,” he said, shaking his head.
It’s all about millennials these days. Everything seems to center around these special snowflakes. But what about the original “me” generation? We’re talking about baby boomers, of course. What do these roughly 76 million Americans want when it comes to housing?
Well, they want multicar garages, for one thing. According to a recent survey by national homebuilder PulteGroup, they were the top feature boomers were looking for in a new home, followed by open decks or patios; eat-in kitchens; and a private yard.
About 38% of boomers plan to buy a home within the next three years, according to the report. About 11% expect to purchase a residence within the year.
The survey was of 1,043 folks between the ages of 50 and 65 who plan to buy a home in the next decade.
“Retirement marks a new phase in a baby boomer’s life, and it only seems natural to relocate or move to a new home when transitioning away from their primary career, or from the day-to-day rearing of school-aged children,” Jay Mason, vice president of market intelligence for PulteGroup, said in a statement. “It’s not surprising that the 55+ buyer wants a variety of options and choices in their homes.”
According to the survey, 39% of respondents said the main reason they’re moving is because they want to retire, 33% want to downsize, and 30% want to move to a more desirable location.
“One thing we know about boomers is they are not done yet,” says Amy Lynch, president of Generational Edge, a Nashville, TN–based company that consults with companies on generational differences in employees. “As a group, they are starting encore careers and also going back to school. And they often move to be near their millennial kids, who are having kids.” They also start new families of their own, through divorce or remarriage.
All of these situations may require a move. About 26% of boomers plan to stay in their current cities, but just move to a different home, while 34% want to remain in the state, but in a different city or town. Also, 38% hope to cross state lines.
Their top retirement destination? You guessed it: Florida. It seems you just can’t beat all of that year-round sunshine. The state was followed by fellow warm-weather states Arizona, North Carolina, and South Carolina. The cost of living is lower in these states than on the pricier West Coast or in the Northeast.
About 82% of boomers wanted to be someplace affordable, and 74% want to be close to their preferred health care programs.
But boomers don’t want to just pack up and leave their grandchildren. Being close to kids was their top consideration when choosing a new community. They also want to be near the water and park or other green space.
“We are in a period in this country where family life and family connections are very strong,” says Lynch. “There’s a lot of regret among boomers because they worked so many long hours when their kids were young. With grandkids, there’s a chance to make up for that.”
Ninety-nine percent of pet owners feel that their animal is part of the family.
Eighty-nine percent of those surveyed said they would not give up their animal because of housing restrictions or limitations.
When finding a home, 95 percent of animal owners believe it is important that a housing community allows animals and 81 percent of U.S. households say that animal-related considerations will play a role in deciding on their next living situation.
Twelve percent of pet owners have moved to accommodate their animal.
According to REALTORS®, 61 percent of buyers who own animals say it’s very difficult or difficult to find a rental property or a home owner association that accommodates animals.
When it comes to selling, 67 percent of Realtors say animals have a moderate to major effect on selling a home. Approximately two-thirds of Realtors say that they advise animal owning sellers to always replace things in the home damaged by an animal, have the home cleaned to remove any animal scents and to take animals out of the home during an open house or showing.
Nearly half of all survey respondents, 52 percent, indicated that they had completed a home renovation project specifically to accommodate their animal. Of those who undertook projects, 23 percent built a fence around their yard, 12 percent added a dog door and 10 percent installed laminate flooring. Ninety-four percent of consumers indicated that they were satisfied with their renovation; 58 percent indicated they have a greater desire to be at home and 62 percent enjoy spending more time at home since completing their renovation.
MIAMI — Real estate agents looking to sell coastal properties usually focus on one thing: how close the home is to the water’s edge. But buyers are increasingly asking instead how far back it is from the waterline. How many feet above sea level? Is it fortified against storm surges? Does it have emergency power and sump pumps?
Rising sea levels are changing the way people think about waterfront real estate. Though demand remains strong and developers continue to build near the water in many coastal cities, homeowners across the nation are slowly growing wary of buying property in areas most vulnerable to the effects of climate change.
A warming planet has already forced a number of industries — coal, oil, agriculture and utilities among them — to account for potential future costs of a changed climate. The real estate industry, particularly along the vulnerable coastlines, is slowly awakening to the need to factor in the risks of catastrophic damage from climate change, including that wrought by rising seas and storm-driven flooding.
But many economists say that this reckoning needs to happen much faster and that home buyers urgently need to be better informed. Some analysts say the economic impact of a collapse in the waterfront property market could surpass that of the bursting dot-com and real estate bubbles of 2000 and 2008.
The fallout would be felt by property owners, developers, real estate lenders and the financial institutions that bundle and resell mortgages.
The faux advertisements were plastered all over bus-stop benches in Pacific Palisades, Brentwood and Beverly Hills. The ads also appeared on yard signs one would typically see in front of homes that are for sale. All of the false ads that were peppered throughout some of the fanciest portions of Los Angeles on Sunday are based on real ones from Sotheby’s International Realty.
These new homes range from 3,831 sf to 5,065 sf; priced from the $1,800,000s. Including the ample exterior living space, these homes are huge – you would need 5-10 people living here for it to make the most sense:
They are also helping to bring attention to Rancho Santa Fe Farms and Rancho Santa Fe Lakes next door. Here is a professional video of a resale listed on the range $2,995,000 – $3,295,000: https://youtu.be/xesNNfvH6Zc
Nearly 1 in 3 CA families struggle to cover their daily needs, according to a new United Way study – far higher than results from the federal government's poverty measure. https://timesofsandiego.com/business/2021/07/27/study-san-diego-county-family-of-4-needs-93k-annual-income-to-meet-basic-needs/
Q2 homeownership rate data is here! I will not be comparing to Q2 2020 (pandemic-driven data collection changes), but compared to Q2 2019 it's clear that younger households (millennials!) are driving homeownership growth.
"Jim the Realtor is legit - I interviewed three brokers; he said list price should be $100,000 higher than the other two brokers; listed it with him and had all cash (no financing) offer in two days, five day contingency period, closing in two weeks - and it closed at his recommended list price. I could not recommend anyone more than I recommend Jim the Realtor. more "
by gary t moyer
"When we moved to San Diego in 2005 we rented a big house on Mt. Soledad (La Jolla) with 180 degree ocean views for the same payment as a mortgage on a dump in Chula Vista. Clearly something was wrong. Yet, the media was full of the usual happy-talk nonsense, so I was glad to find Jim's blog. I've followed his honest assessments and data since. more "
"Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. more "
"Jim and Donna Klinge made the sale of our condo extraordinarily easy. They know the market and gave us sound advice backed by details and very considerable experience, reflected both in the initial pricing and subsequent negotiations. They work together as a team and are always available to talk. more "
"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "