Best headline in a long while, from US News:
Old People, Not Millennials, Are Taking All the Apartments
Though millennials often get a bad rap for clinging to rental housing and stubbornly refusing to jump into homeownership, a study released Wednesday by Harvard University’s Joint Center for Housing Studies suggests more than half of renters are actually in their 40s or older.
The study – which extensively details the rental and homeownership trends that have played out in America over more than a decade – challenges the notion that young people are mostly to blame for staggeringly high rental occupancy and historically low homeownership rates across the country. It also casts doubt on whether the housing market has truly recovered from its collapse in the mid-2000s, with so many atypical renters staying away from traditional homeownership.
“In mid-2015, 43 million families and individuals lived in rental housing, up nearly 9 million from 2005 – the largest gain in any 10-year period on record,” the report said. “While households in their 20s make up the single largest share [of renters], households aged 40 and over now account for a majority of all renters.”
Those younger than 30 account for nearly 26 percent of America’s rental market, according to the study. That’s far larger than any other age demographic’s share. But the number of households rented to people younger than 30 has only expanded by about 1 million units over the last 10 years.
For comparison’s sake, the number of units rented to people in their 50s ballooned by more than 2.3 million over the same window, while those occupied by people in their 60s climbed by more than 2 million. Those older than 50 years old accounted for 55 percent of the growth in America’s rental population between 2005 and 2015, compared with those under 30, who accounted for just 11 percent of the gains.
“This growth reflects the aging baby boomer renters (born 1946-1964), as well as declines in homeownership rates among this generation,” the report said. “While the conventional image of renters is groups of young, unrelated adults living together, these types of non-family households make up a relatively small share of all renters, and their numbers have grown only modestly in the past 10 years.”
Overall, the more than 22 million units rented to people at least 40 years of age now account for 51 percent of the country’s rental market, according to the study. Back in 1995, that share was less than 43 percent.
And that demographic shift is taking a bite out of the housing market. The seasonally adjusted national homeownership rate in July, August and September sat at just 63.5 percent, which tied the second quarter of this year for the lowest rate on record dating back to 1980, according to the Census Bureau. Rental vacancy rates, meanwhile, are now “at their lowest point since 1985,” according to the Harvard study.
Is it safe to come back now that pumpkin is banned?
For the years I’ve followed this blog, one trolling dolt has always been immediately followed by another.
You want to know my guesstimate? I would bet there are tons of latent divorces that can now move toward their emotional completion because finances and the real estate market are not cooperating…….I wonder if the uptick in household formation is coincident with lawyer revenue…….
are NOW cooperating
BTW I guess jj got canned…..seriously…..this is worse than any of the clot benders that knocked him out for days at a time…..at least clot is back on his feet after some dialysis…..jj must be fuct forever……RIP jj….
ex-Pat….can you do some cyber-forensics for us?
Looks like it, his linked in endorsements are in a past tense.
http://www.bbc.co.uk/news/magazine-34797017
Sounds quite pleasant.
Wow. The line between your job and taking your own life is so thin we believe we need to demonstrate the difference to you experientially.
In case you missed it.
@kimkardashian
My experience eating my placenta is up on my app! bit.ly/1RfDO0V
How long has JJ been MIA?
Wow. Thanks to Obamacare everything in my plan is increasing. My copay is up to $35 now too. WTF? I’m looking forward to the day that all doctors get smart and abandon insurance altogether. Then we’ll have affordable healthcare for all.
JJ’s been out for a while. Has to be a couple of months.
[12] lib
I saw his posting trailing off. I’m going with ED as the reason
[9] DFENS
Thanks for ruining my week.
[3] chifi
January is crunch time for divorce lawyers. Ours turned down a palimony referral I had because he wasn’t versed in it and didn’t want to take it on going into January. I wound up referring it out to an outside attorney. Would have done it myself but too damn busy.
And on that note, the salt mines (and IRS) beckon.
Gary Shilling on Bloomberg radio this morning; says we are in a deflationary period and the FED is between a rock and a hard place. He says real UE is at around 13% because the participation rate is low and people dropped out of the labor pool. He also said commodities are crashing because global demand isn’t there.
Garry Shilling has never said anything positive about the US economy in his life. Classic permabear.
People working for healthcare benefits can get it from Ocare today. More people can afford to take off from working and rely support from spouse and relatives. Low participation rate,boomers retiring is good for people looking for work. Now, we see competition,salary rising to get talents.This is positive for the economy.
“He says real UE is at around 13% because the participation rate is low and people dropped out of the labor pool. “
yome,
Seriously, was that last post of yours satire?
17 but he isn’t wrong right now, for some reason commodities prices are taking a hit, global demand looks soft. I’m thinking the Chinese are slowing down on building ghost cities. US demand is strong, it even appears healthy, zirp is driving construction but then why is there softness in copper, lumber, oil? It is a strange economy where certain industries are thriving, and certain job skills are in demand and being paid but most people are experience stagflation. Stagnant wages with increasing taxes, rents, housing costs, healthcare costs, food costs(only certain items due to poor yields, endemic disease in factory farming etc). The economy is shaky to be raising rates but not raising rates will be a confirmation of this, it is all part of the charade. I expect 25 basis points and another 25 next year followed by economic hardship and a lowering of rates again.
19
Why will you force people to work when they dont want to?
Just did my Open Enrollment for 2016. Medical up $67 per month or 13%. Dental too. Copays are up another $5. Max out-of-pocket up another half a grand or so. Not to mention the additional taxes I’ll be paying to cover those who CHOOSE not to work.
Yome. You are jumping to a lot of imaginary conclusions. Are salaries rising? I’m not seeing it. All I’m seeing is those who are working and paying taxes are paying for those who CHOOSE not to. This is hardly a long-term solution for a positive economy. Actually, I’m positive that if this continues, our economy will collapse and the economic divide will grow greater and greater.
” Why will you force people to work when they dont want to?”
Best line of the year.
Keep paying people more and more not to work and see what this does for the economy.
This is what you assume. There are more people today that can afford to take off from work to take care of Family needs without needing Government Assistance. The biggest drawback for individual wanting to take from work before was healthcare.
” ” Why will you force people to work when they dont want to?”
Best line of the year.
Keep paying people more and more not to work and see what this does for the economy.”
“” Why will you force people to work when they dont want to?””
If people CHOOSE not to work. Then they CHOOSE not to have health care. We have friggin reverse incentives working here. Hey…let’s follow the liberal playbook and all CHOOSE not work. We can get the golden unicorns to sh1t golden ingots to pay for all of us. Problem solved Obama style.
Eddie – Looking at the latest negative equity report from Corelogic.
I’ll post the numbers tomorrow.
You’ll scream bloody murder when you see the NY metro number. NJ statewide as well.
Why do you assume they don’t have healthcare if they choose not to work? Penalty is going up to $1,000. Spouse insurance covers spouse not working.
This is what you assume. There are more people today that can afford to take off from work to take care of Family needs without needing Government Assistance.The biggest drawback for individual wanting to take from work before was healthcare.
This is astounding! Is this really what goes through the mind of a l1beral? Do Oblama supporters really believe some utop1a exists?
grim [26],
I look forward to it. I’m sure it’s a very rosy figure to enhance the housing syndicate’s propaganda.
Did you not read the article the other day ,about more people leaving the Middle class to the Upper class. People making over $100,000 is up by 4%
“This is astounding! Is this really what goes through the mind of a l1beral? Do Oblama supporters really believe some utop1a exists?”
re #23 – Making a living in this century does NOT require a JOB. All you need is a keyboard and a dream. Not in labor force has increased by 17 million last 10 years. Those “prime labor” folks have opted to get off the conventional job rat race corporate treadmill. Well now they are all earning their own living from clicks and ads, and hawking stuff on E-bay and Craig’s list.
So waht if “not in labor force” has increased by 17 million last 10 years.
We are now a nation of “Social Networking Entrepreneuria”.
Just ask Plumps he can make a mint hawking batter in a whippit can via his social warrior in a safe space trigger word free PC online posts and he does not even need to buy a single case of the stuff.
Yes, let me quit my job so relatives can support me and I can get healthcare for free. Folks, the transformation of America is complete.
I’m gonna can my splooge and sell it!
Yome…I know more kids in their mid 20’s living in their parents basements than ever before. Many are college educated and can’t find a job outside of the mall.
I am sure there is a Family events to make a person decide this. You have New Mom’s or Dad’s that will make more sense to take care of the Kids than paying a Sitter.A sick Parent that make more sense to take care of them personally than putting them on a Nursing home.
You have Spouse that work their butt to send their Kids to College ,now they are gone. House is paid,they have savings. So why not quit working and let income from savings pay for daily lives.
“Yes, let me quit my job so relatives can support me and I can get healthcare for free. Folks, the transformation of America is complete.”
Signed up for OMNIA Silver HSA.
Any politician that tries to ban OMNIA should be run out of town. It is a solid solution that took premiums down what looks to be 33% from last year’s alternative. Did so by limiting choice notably utilizing some of the best facilities around.
All the teeth gnashing is coming from the hacks that ‘invested’ in third rate facilities and business plans expecting that a homogenous monopoly would protect their returns while they offered garbage service.
For all the left wing capitalist bashers remember *government* is the ultimate monopoly…..
This is different from being out from the Labor Force just because .
“Yome…I know more kids in their mid 20′s living in their parents basements than ever before. Many are college educated and can’t find a job outside of the mall.”
Libturd,
All my health benefits rose in line with what you are stating.
Thanks, Oblama.
I spoke with my HR rep. It’s the family coverage that’s killing me. Worker coverage barely went up. Not only are they trying to involuntarily force families onto an exchange, but they are even performing a 3rd-party audit this year to make sure no one is on the family coverage that could get coverage elsewhere. This Obamacare is a nightmare that is only going to get a lot worse when people pay their taxes this year as a bunch of surcharges that formerly didn’t exist kick in. Really, should have been single payer or bust.
I’m hearing through the grapevine that Omnia sign ups have gone parabolic.
They may basically own the NJ Obamacare market by next year.
39. Hung with you right up to the last sentence. Made no sense, ever, to tie healthcare benefits to employment. The solution though is to move towards a market based solution with good controls (portability, pre-existing, etc), not to put my well being in the hands of the donkeys in DC and State capitals.
I terminated a small business plan. Switched last year to the exchange. Broadly, IIRC, the monthly premium math for me and my two boys went something like:
Workplace policy: me/boy/boy; 550/400/400, total monthly $1350
Exchange, last year: 650/250/250, total monthly $1150
Exchange, this year: not broken down but $844 monthly
40.
Can’t imagine how any marketplace participant doesn’t do OMNIA.
See above, my premium dropped $300 monthly (33%) and I have access to my same primary, Atlantic Health (Overlook, Morristown hospitals), Summit Medical, and St Barnabas. Those medical providers are the ones of choice already for 99.5% of the population of my ‘blue ribbon’ town.
With that access why anyone would sign up for the Horizon Advantage plan rather than OMNIA at any coverage level (Gold, Silver, Platinum) is beyond me.
Also, Lib, it is the family coverage that kills. I had to shop the small business plan pretty hard just to get any premium differentiation between me (healthy, but 50+) and my two teenage boys.
The idea to charge us the same makes no sense, and is the basis of the favorable pricing on the exchange, ie they charged the boys less premium than me.
Copper and steel are down in the construction industry due to plastics replacing copper in the plumbing fields and steel pipe alternatives like csst.
Even the old school guys are using pex now.
Was talking with the family plumber the other day, back in the day if you had money, you did everything in type M copper. My dads house, has two 4″ stacks, type M copper, basement to attic (essentially 3 full stories).
You would never see that today, no way no how, what would that even cost nowadays Hughes?
26
Around $20 per foot.
Advantage of pex is,it expands if pipe freezes. This is what I was told on my new house having pex
I like the central control too. I can decide from central which i need to,turn on and off. Outside faucets I always leave off and turn on central when I need to use
Bernanke today.
“Over the last three years, the unemployment rate has fallen about 3 percentage points which is relatively rapid, so, in that respect, the economy has actually done a little better than we have anticipated but in terms of overall growth it’s been less good.”
Meanwhile “not in labor force” has increased by quite a bit 3.2 million.
Nov 2015 is now 94,446 Million increase 2 million this year alone.
Nov 2014 was 92,442 Million increase 1.1 millon in 2014
Nov 2013 was 91,263 Million increase 770,000 in 2013
I guess those three points were new jobs created?
39. LW
Worked fine for years for all of the retired folk out there. Between that, a Social Security check that actually cashes, a real pension plan, and real Medicare, free donut per day, senior citizen discounts, free movie tickets, plus sold the house purchased for 30k for a 20x profit, hey, not bad.
Now ask pimple face to pay into the going bankrupt system in order to keep it going long enough to take their last breath. The breath, by the way, that has been reduced by years of smoking that they did not have to pay a healthcare surcharge on like younger folks do….
” Hung with you right up to the last sentence. Made no sense, ever, to tie healthcare benefits to employment.”
45. Labor with pex much less. Savings from labor cost transferred to homeowner=$0
I have used Uponor pex with milwaukee expander- so simple….
Finishing my basement as we speak. Contractor is moving hot/cold water and gas line using pex. I love the stuff. Question is, will it dry out after a few decades?
53 – Lib
Other questions is, will we find some unknown link to cancer (or other medical problem here) by using Pex in 50 years time.
Disclaimer… as far as I know it is all safe and the test done to date show little if no danger. We installed Pex in our own residence to be honest. But… who knows right?
Libturd,
…will it dry out after a few decades?
You want to know if your pex will dry out after a few decades? It depends on your age and how often you use it. ;)
Two news items crossed my feed that seem to be all too frequent.
* Girl in FL high sch stabs her boyfriend in the back btwn classes. Literally.
* Los Angeles schools closed over a b0mb thre@t.
There is no question that this sort of sh1te happens more and more frequently, as if younger people seem to have less and less in the filter department. We’ve reaped what we sowed. But enough about that, let’s all keep talking about guns.
Back to work. Someone has to pay for anon’s EITC.
If you actually look at what goes into many processed foods, you could probably eat Pex as if it’s Rigatoni and the damage would pale in comparison.
My little one used to love those yogurt covered raisins. I looked at the ingredients. It has titanium dioxide in it. Google it.
Ok, guys. Predictions? Which way does the market go 2-4p tomorrow?
Up hard (+1%)
Down hard (-1%)
Substantially unchanged (everything in between)
Dartboard gives you a 1/3 chance of being right.
leftwing [58],
Down hard as the muppets freak out when they realize hero1n is no longer free.
Will finish within a half a percentage point of zero, up or down. Market will rally into Xmas once everyone realizes that the FED is finally behaving like a grownup after a decade stuck in nursery school.
Thinking about JJ. I’m guessing he bought that new place his wife wanted so badly and has been spending all of his free time fixing it up. He’s a cheapskate you know.
61. Naw, he got his ass handed to him on the last round of layoffs. Management can only ‘multitask’ during the day for so long until someone decides….Boom.
The Market has the rising interest rate in already at a quarter basis points. I say it will be down half a percentage points if it closes up 1.0% today. Up half a percentage points if PMI comes at 52.8 or better and housing starts at 1.141M or better consensus.
Why did michael/pumpkin get banned?
I don’t think he was banned. At least not yet. I’m guessing he’s trying to figure out how to recover from his battering on the pink sheets.
Prediction 2:
What will DXY close tomorrow after the rate hike. It is at 98.20 today
Up or down.
I say UP 1 point or better to 100
I have a few watchlists of companies and indexes that I follow when I first arrive at work, at lunch and at the close. I could be completely wrong, but I’ve noticed there’s some potential correlation with ^tnx (CBOE 10-year) at the open and where the market eventually settles by the end of the day. For example, when the market opened today, the ^tnx was up almost 7%. It has settled down to about a 2% gain, but the market is having a real nice day. When the ^tnx opens way down, the market also seems to follow. Does anyone have the tools to backdate and check for a magic indicator in the ^tnx?
67
You are right. It tends to track S&P for the last 3 months. It works until it does not
http://www.marketwatch.com/investing/bond/TMUBMUSD10Y?countrycode=BX
Naw, he got his ass handed to him on the last round of layoffs. Management can only ‘multitask’ during the day for so long until someone decides….Boom.
62,
shouldn’t be a problem for him. He just has to bang a few chicks in HR at some other firm to get a new position right?
chi (5)-
Methinks jj might’ve been on the wrong end of some junk bond action gone south.
defens (9)-
That is some fcuked up shit.
“My experience eating my placenta is up on my app!”
gary (18)-
Obviously, yome’s open-fracture skull injury is acting up on him again.
“Low participation rate,boomers retiring is good for people looking for work. Now, we see competition,salary rising to get talents.This is positive for the economy.”
stu (33)-
May I suggest jj as your celebrity spokesperson?
“I’m gonna can my splooge and sell it!”
Millennials are at it again with work life balance.
Say farewell to your 9-to-5. Here’s why we’ll all work flex schedules soon.
http://mashable.com/2015/12/15/work-flex-schedules/#pmOptcHxb8qp
jj only ever posted from work…..it is why he disappeared after Sandy for several weeks until the financial district was back online after the flooding…..no work/no posting….
Ben says:
December 15, 2015 at 3:57 pm
Naw, he got his ass handed to him on the last round of layoffs. Management can only ‘multitask’ during the day for so long until someone decides….Boom.
62,
shouldn’t be a problem for him. He just has to bang a few chicks in HR at some other firm to get a new position right?
deceptive………..work life balance? Soon millennials will learn the harsh truth……you WANT the structured work environment, because when you blow the line between work and life, work will seep into everything, and you will work more…..also, flexible schedule is different than telecommuting……….and anyone with any experience will tell you that people who are not physically present get the subtle short shrift over time, and at its most extreme, are the ones who routinely get whacked in lieu of the ones who are at the mothership more…….also the example from the story is crap….a Chinese travel agency?……Mashable appears Trashable…..
Juice Box says:
December 15, 2015 at 4:16 pm
Millennials are at it again with work life balance.
Say farewell to your 9-to-5. Here’s why we’ll all work flex schedules soon.
http://mashable.com/2015/12/15/work-flex-schedules/#pmOptcHxb8qp
“Methinks jj might’ve been on the wrong end of some junk bond action gone south”
South, as in PR?
He always liked some of those deep discount munis……
Perhaps he tried to corner the aerosol pancake batter market?
It tells you something about this board when most of the left-wing trolls never even made an appearance today, but we are all wondering what happened to JJ.
“Fabius Maximus says:
December 15, 2015 at 8:58 am
http://www.bbc.co.uk/news/magazine-34797017
Sounds quite pleasant.”
It actually does sound effective, cathartic even. I can understand the appeal.
Let me know if you ever want to try it. I’ll bring nails.
Looks like grim set Pumpty’s pellet-sized brain to whirring when he threatened banishment for touting penny stocks.
No doubt Pumpty is on the same track now as Duck and some of the most infamous trolls in the history of NJRER.
These people just can’t help themselves.