Category: Millennials (6)

The Seattle market has continued to thrive and drive up home prices in and around the Puget Sound making it harder for some buyers to purchase a home. A new startup wants to help you buy a house in Seattle, but there is a small catch.

Loftium is a new company that seeks to help eager home buyers purchase 50 homes in the Seattle area by helping with the down payment. For those who do not have enough money saved for a down payment, Loftium can help buyers in the competitive market.

The catch – home buyers who opt to use Loftium must sign a contract renting a room on Airbnb for a specified time and turn over the majority of the income from Airbnb to pay back the company. Contracts can range from one year up to three years. For more information on Loftium, read the full article HERE.

 

Marc Stiles reported in a recent Puget Sound Business Journal  feature that “More than a fifth of renters in Seattle could afford to buy houses,” a fact that is contributing to the seemingly ever-rising cost to rent in Seattle.

Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1 percent monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.

As Stiles says, “there are various reasons why apartment rents are soaring in the Puget Sound region, and an overlooked one is that Seattle has a relatively high number of renters who could buy but are not necessarily looking to do so.” This statistic, as the article outlines, puts “Seattle fifth on a new Zillow list of markets with the highest share of renters who are qualified to buy.” And when these potential buyers choose to rent, it “increases competition for apartments,” which drives rents up, “hurting lower-income households the most.”

Continue reading ..

A recent article published by Forbes outlines millennial moving habits, asking “why do millennials move?” As Maureen Henderson writes, while “the stereotype may have them shacking up Chez Mom and Dad . . . 59% of 18- to 35-year-olds currently live in a locale other than their hometown and almost 80% have moved at some point in their lives, not counting moves made to attend college.”

Continue reading ..

According to an infographic recently released by Inman, the real estate industry needs to stand up and pay attention to millennials, because they “will greatly impact and shape the residential real estate market, as well as housing design and development.” Further, “they are the largest source of new demand for rental housing and first-time home purchases.” As the infographic describes, millennials are “projected to be 3/4 of the workforce by 2025” but half of millennials are currently renting. This means there will be an onslaught of millennial homebuyers coming onto the market as time progresses.

Continue reading ..