Prices In These Cities Have Seen The Biggest Increases Since The Housing Downturn
Good news, Denver.
The real estate research site, HSH.com, uses the Federal Housing Finance Agency's Home Price Index to determine which markets have, or haven't, recovered and the latest analysis shows that Denver has seen the greatest amount of growth.
As house prices start to slow around the country it is worth looking at which markets are still holding their own in a down market.
Their analysis also showed that five markets have seen home values double.
Here are the five metro areas that have seen home values more than double since their low point.
Cape Coral-Fort Myers, FL (up 101.13% from bottom) Stockton, CA (+118.18%) Las Vegas-Henderson-Paradise, NV (+145.26%) Sacramento-Roseville-Folsom, CA (+100.56%) North Port-Sarasota-Bradenton, FL (+104.51%) One overall piece of good news was that the metro area that has shown the least recovery, Las Vegas, is only down by about 9% compared to its peak.
Meaning, on the list of ten least-recovered cities it had the smallest gap compared to its peak.
Thus, the worst performing city today (Las Vegas) is still better than the "best of the worst" about ten years ago.
For more info and to see the cities that have recovered the least, check out the full report.
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Ms. Independent: Top 10 Cities Where Millennials Live Alone
She rides her bike downtown regularly for dinner and a show, or sometimes to take a cool dip in the river.
A top-of-the-millennial-pile 34 years old, she is among the 15 percent of millennials who live alone in Richmond, the metro area where a greater share of millennials live solo than anywhere else in the country.
In a place where millennials living solo make a healthy $49,500 a year (median) and employment is up 3.6 percent since a year ago, that makes for an attractive package.
She pays $960 a month for her 1-bedroom, which is in a new apartment complex and has that sweet balcony.
It’s also a great place to settle down, and many of her friends are snapping up real estate.
“I have so much more of a chance to buy a place here than I would in big, popular cities,” she said.
Often they do it in places where rents are more affordable — areas like Pittsburgh, Kansas City and Oklahoma City, where rents take up around 25 percent of people’s incomes.
They also go solo in metros like Virginia Beach where they can afford to buy homes, and places like Austin with strong employment growth.
And I don’t need 100 channels on cable.” Millennials living alone make $38,800 a year (median) in Columbus, where people spend 26 percent of their incomes on rent.
They make good money — $66,000 for millennials living alone in San Francisco and $72,000 in Riverside (medians) — but people who live in those places spend 46 percent and 36 percent of their incomes, respectively, on rent.
Affordable Housing Project Aims to Revitalize Jacobsville Neighborhood on 44 News
Our affordable housing collaboration officially launched in Evansville, Indiana with Mayor Lloyd Winnecke and Evansville Promise Zone. We are thrilled to have such amazing coverage by 44News on how we are making an impact on families quality...
Student Loan Debt: Ongoing Hurdle to Homeownership
While this amount of debt has risen, the homeownership rate has fallen, and fallen more steeply among younger generations.
To evaluate those trends, SALT® and the National Association of REALTORS® (NAR) teamed up to conduct a survey of student loan borrowers who are currently in repayment in a new report entitled “Student Loan Debt and Housing Report: When Debt Holds You Back.” Notably, the median student loan debt amount is $41,200.
Among non-homeowners, 83 percent cite student loan debt as the factor delaying them from buying a home.
The delay in buying a home among homeowners is three years.
Forty-two percent were delayed moving out of their family member’s home after college, regardless of whether they were buying a home.
This delay has a financial impact on both parents and the student loan borrower.
Twenty percent were delayed by at least two years in moving out of a family member’s home after college due to their student loans.
While 20 percent are currently homeowners, 30 percent live with friends or family, and half (15 percent) do not pay rent.
According to NAR’s Profile of Home Buyers and Sellers, among recent homebuyers, 27 percent have student loan debt and the typical amount is $25,000.
The share of those with student loan debt rises to 40 percent among first-time homebuyers.
The Millennial Homebuyer’s Checklist And Survival Guide
The reluctance of many millennials to buy a home has been well-documented over the last few years, but that is changing.
millennials now account for the largest share of loan volume — 42% in December of last year.
Time is on your side.
The tax benefits are significant too, due to the write-offs you may take for mortgage interest on loans up to $750,000, and on property taxes up to $10,000 annually.
There is one caveat: A buyer needs to commit to owning a property for generally at least three years to allow for market appreciation to outweigh the closing costs of buying and selling.
A place that needs some cosmetic work may be more affordable and give you the opportunity to add value with home improvements over time.
These costs include insurance, property taxes and closing fees, and can add up to 5% of the home price.
Location matters: Before making an offer on a home, make sure you also like the neighborhood.
If you don’t like to drive, make sure you are close to good public transportation.
It’s important to understand that where you live plays the largest role in determining the value of your home.
Do 46 Million Millennials Know They Are Mortgage Ready?
However, that does not mean that they do not still aspire to achieve those things.
History shows that people tend to buy their first home around age 30.
Nearly 5 million millennials will turn 30 in the next two years.
This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years.
48.4% of Americans between the ages of 30-34 now own a home.
There are over 46 million millennials (33% of the generation) who are considered “Mortgage Ready”, meaning they meet the qualifications to be approved for a mortgage today!
The biggest question is: Do they know it?
…Unfortunately, many renters don’t investigate homeownership simply because they don’t believe it’s an option.” The good news is that more and more millennials are realizing that they can afford a home now.
This is more than any other generation.
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Evansville Promise Zone Partnership Announcement
If you are available please join us on Monday, February 11th at 1:30 pm CST to announce our new affordable housing partnership. The Promise Zone has formed a partnership with TruVest...
Four Ways To Prepare For The Coming Real Estate Downturn
While there’s no reason for real estate operators to panic, adequately addressing a down market is an essential part of business survival.
If you aren’t so certain you’ve got the right plan in place, these and other proven strategies can prove incredibly valuable for ensuring that dips in the market won’t have your real estate business taking a dive.
... but stay moving.
While this may seem like it puts you at a disadvantage, by staying active and visible in this buyer’s market, you’ll attract more of these interested buyers than your competition does.
Putting a small slice of your capital into extra marketing can keep your name visible in the midst of all the action, and you’ll keep business coming in to maintain the bottom line.
Fill low- to mid-tier vacancies.
Collecting rent in these times is a steady paycheck, and every unit that’s full means another month we can keep on operating to the best of our abilities.
This also means that whatever vacancies you have in a down market are a problem to be dealt with.
Even if it means lowering rent somewhat to fill a long-empty apartment, having a regular tenant writing you checks every month is an absolutely necessary asset.
A rash decision can be hurtful even in times of plenty, so as we stare down the upcoming real estate recession it’s important to stay confident and stay steady.
Three Important Pieces Of News You May Have Missed About Real Estate Investing
This is a good time to get out and start investing in real estate.
Last year, we saw a slowdown in the luxury market as homebuyers took a wait-and-see approach to interest rates, TCJA’s limit on property tax deductions and the stock market.
The normalization of prices should spur demand from luxury buyers who’ve been on the sidelines.
If you’re an investor, look for bargains among REITs that invest in residential real estate, or put your money to work at lending firms.
Effective through 2025, owners of entities that pass through income to individual taxpayers may deduct 20% of “qualified business income” from their “qualified trade” in real estate.
Real estate depreciation rules are more favorable than ever because qualifying property acquired after September 27, 2017 is eligible for 100% bonus depreciation over its first year in service.
In addition, it creates an incentive to upgrade.
Now, 100% of the renovation cost can be deducted from the first tax year's rental income.
Another benefit, found in Section 179, expands how assets for commercial properties can be expensed.
I have always advocated for and helped facilitate people making money in real estate, and with all these new tax incentives working in your favor, 2019 is a great year to invest.
Homeownership is a Cornerstone of the American Dream
“The rumors of my death are greatly exaggerated.” The famous quote attributed to Mark Twain can apply to homeownership in the United States today.
After the crash, that percentage continued to fall for the next ten years.
That led to speculation that homeownership was no longer seen as a major component of the American Dream.
That belief became so widespread that the term “renters’ society” began to be used by some to define American consumers.
However, the latest report by the Census Bureau on homeownership shows that over the last two years, the percentage of homeowners has increased in each of the last eight quarters.
Going forward… It appears the homeownership rate will continue to increase.
The 2019 Aspiring Home Buyers Profile recently released by the National Association of Realtors revealed that 84% of non-owners want to own a home in the future.
That percentage increased from 73% earlier last year.
Bottom Line In the United States, the concept of homeownership as part of the American Dream is very much alive and well.
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Six Steps To Achieve Digital Marketing Excellence
As an agency, we don't just think about our customers -- we have to think about our customers' customers.
When starting to build a digital marketing strategy that is customer-centric and focused on achieving this excellence, you should first take a deep dive into your current efforts and determine what needs to be done in order to improve it.
Achieving management buy-in/involvement is part of the six elements to obtain digital marketing excellence.
Developing a workshop with the management team at the beginning of a project helps companies understand what you are going to help them do, and who needs to be constantly involved for a better execution.
As an agency, we don't just think about our customers -- we have to think about our customers' customers.
When starting to build a digital marketing strategy that is customer-centric and focused on achieving this excellence, you should first take a deep dive into your current efforts and determine what needs to be done in order to improve it.
Achieving management buy-in/involvement is part of the six elements to obtain digital marketing excellence.
Developing a workshop with the management team at the beginning of a project helps companies understand what you are going to help them do, and who needs to be constantly involved for a better execution.
Having the right data helps us make better decisions.
A correct integrated customer communications strategy means your multichannel communications strategy is developed for individuals who are at a different stage in their buying journey.
