From HousingWire:
When it comes to Millennial homebuyers, time really is money
To some degree, the Millennial homebuyer market (especially the first-time homebuyer) must seem like the Holy Grail or a unicorn herd to mortgage lenders. It’s a large segment — about one quarter of the American population at about 80 million people. Some estimate that at about $200 billion in purchase power. Plus, it’s only now growing into its purchase potential. It’s reaching an average age when Americans traditionally begin purchasing homes. And yet, by all accounts, they’re not. Not yet.
The peripheral numbers add up for potential. The Deloitte Millennial Survey, 2016, asserts that Millennials want to, at some point, be homeowners.
However, a recent Forbes survey of influential Millennial-aged professionals suggests that Millennials are in no rush to purchase a home, even if it is a long-term goal. Only 19% told Forbes that their highest financial priority involved purchasing a home. Conversely, 44% stated that “funding an entrepreneurial venture” was, instead, their highest financial aspiration.
Similarly, the same survey suggested that, while 80% of respondents still “believe in the American Dream,” only 5% reported that they felt that dream was “owning your own home.” In contrast, 33% felt that “owning your own company” is, in fact, the American dream.
There are numbers to be found for and against the argument that Millennials will be settling into the role of traditional homebuyers any time now. However, what we do know for sure about this generation is that it isn’t like any previous consumer generation we’ve seen. As a result, it’s time to ask what — if anything — will provide the “typical” Millennial incentive to accelerate her home purchase plans.
So what do we know about the Millennial (or, at least, what seems reasonably established if we are to paint 80 million people with broad strokes)? A 2015 survey by Elite Daily set forth findings that seem to confirm some of the assumptions we’ve seen made about Millennials. Dan Schwebel, a contributor to Forbes, summarized some of these findings:
Millennials would rather buy a car and lease a house.
Millennials were hit hard by student debt, compounded by the consequences of the “Great Recession.” As a result, they tend to be debt-averse.
They are virtually oblivious to traditional advertising, preferring authenticity and referral to sales pitches and puffery.
They do not base purchases upon their potential, but rather need and value.
They expect brands to give back to society, but are loyal to brands that do.
They are early adopters when it comes to technology.
So what does this mean for those seeking to sell mortgage loans to Millennials?
Millennials would rather buy a car and lease a house.
It should be the reverse. Actually, don’t lease anything. Buy a piece of sh1t car to get from point A to B. That’s it.
They expect brands to give back to society, but are loyal to brands that do.
Companies are in business to make money, period. Didn’t they teach this to the glass touchers in grad school?
I did a 3 year lease and plan on buying the car at the end of the lease.
Actually yes, Eddie. Business are supposed to give back to society.
-How many little leagues’ teams are sponsored by local banks/businesses.
-How many of the Hospitals in the NYC metro area receive $$$ from big businesses. (Just Hackensack Medical Center alone built itself out from the pay to play king of paving of Fletchers & Sons and Creamer & Co.)
The Steve Job/Apple attitude is the problem. It comes from the Randian outlook. Cupertino once asked Jobs to donate wi-fi to the city. Jobs replied – I already pay taxes. Jobs was a good computer designer/geek/hippie but not a humanitarian.
In fact the whole social structure of the south is built on the big boys. Big boys on top, who are the bank owners, ranchers, supermarkets, auto and farm dealers in the community that pony up $$ (not big in NYC standard) but big enough locally to fund humanitarian social enterprises.
@MMFlint
“Such a nasty woman”?
What he meant was, “Women, they’re nasty!”
Let’s make sure he learns just how nasty women (& men) can be with a ballot
@StephensWSJ
Trump’s answer on accepting the outcome of the vote
is the most disgraceful statement by a presidential candidate
in 160 years.
Grim, with Duarte in Phillipines saying “US has lost” and him throwing allegiance to China and perhaps Russia, what is impact on US outsourced services there? Seemingly without warning , earlier this Summer, we completely closed our Manilla call center.
http://www.msn.com/en-us/news/world/duterte-says-us-has-lost-aligns-philippines-with-china/ar-AAjaEvu?ocid=spartanntp
“I’ve realigned myself in your ideological flow and maybe I will also go to Russia to talk to (President Vladimir) Putin and tell him that there are three of us against the world – China, Philippines and Russia. It’s the only way,” he added.”
@Costareports
What we saw tonight:
the specter of a grievance movement that will haunt Republicans for months and years to come
https://twitter.com/HalleyBorderCol/status/788945900278280192
@HalleyBorderCol
So #CrookedHillary evidently finds pushing gay people off of buildings funny.
What a nasty woman.
#Debates
#Debate
There’s stuff in the wiki leaks about Phil Murphy?
Murphy using a 501(c)(4) to launch his campaign…
Looks like the Democrats benefited from Citizens United.
So now the media is obsessing with something that Trump didn’t say? Okaaaayyy…
Pay no attention to the army of lobbyist behind the curtain.
Does the fat man get fingered today?
http://www.nj.com/news/index.ssf/2016/10/jurors_set_to_hear_bridget_kellys_side_of_bridgega.html#incart_river_mobile_home
Anyone who watched the movie Fahrenheit 911 or watched Al Gore challenge the 2000 election all the way to Supreme Court realizes that elections can be stolen
In some non-political news (OK, yeah unusual for me) I found in my newsfeed this morning a story on the 10 worst states for families. In what has to be a little ray of sunshine for all of you garden staters, New Jersey didn’t make that list.
The top worst three are, in ascending order, Illinois, California, and Washington DC.
Is it any surprise that Chris Wallace was the most effective moderator?
McBox,
It was stolen months ago. Hillary will be seen as illegitimate by a large swath of the right, just as W was by a large swath of the left.
Last night, I recalled a conversation I had with one of the liberal attorneys in my office. Our office is overlooked the north lawn of the White House and we were on the roof jack when he commented about wishing she had a rifle so he could take care of W. Obviously it wasn’t a legitimate threat nonetheless I cautioned him on talking about that sort of stuff out loud. Especially since we were on a roof deck with signs that stated that the site was under Secret Service surveillance. That statement, like history, and like the events we’ve seen in this election, shows us that the left is not above violence.
I just wish they would step outside of their own backyards.
-How many little leagues’ teams are sponsored by local banks/businesses.
G0d only knows how much my family gave to the community as local business owners. But that’s the way it should be. On a larger scale, fund-raising, pledges and charity is where the big money should be drawn. If Jobs said what you claim about paying taxes, then he’s correct. It’s beyond criminal how the Federal government pilfers money from tax payers.
Found out where twitiot and footrest have been.
http://m.csmonitor.com/Business/2016/0914/Enduring-mystery-of-US-recovery-men-without-work
Nom [09:11];
I don’t know why the media keeps beating the notion that the recession is “harder” on those with less education — as if it were the result of some sort of targeted bias (then again, blaming every social phenomena on targeted bias is all the leftist media know). Its a simple matter of scarcity — jobs are scarce and employers require college degrees to apply for service positions for one reason only: because they can. If a barista got the job because he has a degree in [Blank] Studies, the people who don’t get the job are those with less education. See, Occam’s Razor.
Last night, Clinton mentions toddlers and guns and with your morning WaPo, there’s a story about . . . . toddlers and guns.
Researched with statistics (and a preemptive strike on anyone calling out their statistical approach), and seemingly making the paper’s deadline while the words were still coming out of her mouth.
http://www.msn.com/en-us/news/us/toddlers-have-shot-at-least-50-people-this-year/ar-AAjaYht?li=BBnb7Kz&ocid=UE07DHP
What prescient reporting. It’s almost as if WaPo knew what Clinton was going to say before she said it. Amazing, eh?
DFENs – ditto on the 3 year lease. Awesome to get to drive a car before someone else –
Edddddie – slow down and pick up that Les Paul.
Moose,
Amazing that the media, administration, and HRC are all crowing about the good news that guy with a History degree from University of Illinois got a job as a barista.
Because I don’t see that as good news. I see it as very bad news.
I’m teaching my kids to not only be book smart (STEM smart especially) but I also want them to know a skill that translates into work that isn’t offshoreable, will remain in demand, and that many folks will pay for in cash. And even that is harder to do: Used to be it was a good thing to have experience waiting tables (lots of transferable skills and you can always find work) but even that is getting automated away.
Electric and plumbing.
wikileaks Podesta emails release 13 is out.
CND, can you give me some examples of the sort of work you describe.
I wouldn’t know. I’ll have to ask my wife. She drives the new car and I drive the 10 year old clunker commuter car with the manual trans. Happy wife happy life.
I may replace it soon though…thinking about the legacy. I miss AWD/4WD.
Essex says:
October 20, 2016 at 9:47 am
DFENs – ditto on the 3 year lease. Awesome to get to drive a car before someone else –
HVAC—–paying up to $200k to get guys to go into NYC to do that work
Technology…
http://www.popularmechanics.com/science/green-tech/a23417/convert-co2-into-ethanol/
Scientists at the Oak Ridge National Laboratory in Tennessee have discovered a chemical reaction to turn CO2 into ethanol, potentially creating a new technology to help avert climate change. Their findings were published in the journal ChemistrySelect.
The researchers were attempting to find a series of chemical reactions that could turn CO2 into a useful fuel, when they realized the first step in their process managed to do it all by itself. The reaction turns CO2 into ethanol, which could in turn be used to power generators and vehicles.
Technology…
http://www.popularmechanics.com/science/green-tech/a23417/convert-co2-into-ethanol/
Scientists at the Oak Ridge National Laboratory in Tennessee have discovered a chemical reaction to turn CO2 into ethanol, potentially creating a new technology to help avert climate change. Their findings were published in the journal ChemistrySelect.
The researchers were attempting to find a series of chemical reactions that could turn CO2 into a useful fuel, when they realized the first step in their process managed to do it all by itself. The reaction turns CO2 into ethanol, which could in turn be used to power generators and vehicles.
Condo – saw that. It still requires electricity, so we are going to burn fossil fuel and release CO2 to capture the CO2 we released by burning fossil fuel?
Perhaps it is an efficient, or not so inefficient method to reduce CO2?
Let’s see..how efficient and practical?
Let’s say use carbon neutral produced electric energy from Solar (if there really is any is ) and use it to capture atmospheric CO2 at an efficiency rate of 63% and convert it to ethanol. However if we then burn the ethanol the CO2 is back in the atmosphere. What other use is there for all of perhaps trillions of liters of ethanol produced from this process of removing CO2 from the atmosphere?
They should go back to the lab and create a process using this nanotech to create cheap booze.
Ethanol blows.
I like my ethanol with crushed ice and fresh squeezed orange juice on a hot summer day…..as a fuel….well not so much
I prefer it crystallized. Crystal methanol baby!
FB conversation involving one of my HS classmates:
Woman 1: Well, it’s official. At the end of October I will no longer be a resident of the great state of New Jersey. Arizona here I come. Wish me luck
Woman 2: Why r u going? Good luck
Woman 1: New Jersey kick my butt. Can’t afford to stay
Woman 2: that’s why we got out 10 years ago
And then live in it.
It should be the reverse. Actually, don’t lease anything. Buy a piece of sh1t car to get from point A to B. That’s it.
Jobs that can’t be off-shored:
Stripper
Strip Club bouncer/bartender
Can you even imagine what executive orders are coming down the pike starting the day after the election?
Why not just buy it the from day 1?
Essex says:
October 20, 2016 at 9:47 am
DFENs – ditto on the 3 year lease. Awesome to get to drive a car before someone else –
Allred introduced Karena Virginia, a yoga teacher and “inspirational speaker,” at the London Hotel in Manhattan — within walking distance of the famed Trump Tower.
She said she encountered Trump by chance while waiting for a
carjohn to pick her up in Flushing, Queens, outside the U.S. Open in 1998.https://www.yahoo.com/news/gloria-allred-reveals-another-woman-accusing-trump-of-sexual-misconduct-152818243.html
Trumps breaking statement on whether he will accept the results of the election (video)
http://abcnews.go.com/Politics/donald-trump-totally-accept-election-results-win/story?id=42943382
Since allegations are all that’s required in this day and age, why doesn’t Trump parade a few people around and claim they were threatened by Hillary in some form?
https://www.youtube.com/watch?v=fUPAFyPYU1Q
@Chrislhayes
There will be no accountability for Trump,
for what he has wrought and almost wrought.
It will disappear down the George W Bush memory hole.
@MaxBoot
As I wrote, GOP is becoming party of “conspiracy-mongering, authoritarianism, and white power.”
@sahilkapur
New Bloomberg poll: Republicans say 51% to 33% that Donald Trump better represents their views than Paul Ryan
puzzy wuzzy,
Give us some of your grammar skills! Compose a missive for us! Come on, you can do it, I know you can!
Here’s the real question about the election. Which party will have sustained more damage? The Dems, due to the outright criminal acts of the DNC? Or the Republicans, who allowed their out-of-touch conservative ideals get hijacked by a leftist egoist buffoon?
I think the third party made the greatest gains and will ultimately be the real story of this election. And hopefully, they win in 2020.
Another day, another bombshell
https://wikileaks.org/podesta-emails/emailid/22901
From:re47@hillaryclinton.com To: hdr29@hrcoffice.com, john.podesta@gmail.com, ha16@hillaryclinton.com Date: 2015-05-20 16:40 Subject: Shumlin
I just talked to the Gov and his Political Dir. He called Bernie a few hours ago and said he’s endorsing you, Madame Secretary. It will be public at 3:30 today. This was a bold move for him so it would be great if you can call and say thanks. Apparently Jane Sanders has now called him twice and begged him to change his mind and he’s stood firm. Huma, I will send contact info asap.
From:re47@hillaryclinton.com To: hdr29@hrcoffice.com, john.podesta@gmail.com, ha16@hillaryclinton.com Date: 2015-05-20 16:40 Subject: Shumlin
I just talked to the Gov and his Political Dir. He called Bernie a few hours ago and said he’s endorsing you, Madame Secretary. It will be public at 3:30 today. This was a bold move for him so it would be great if you can call and say thanks. Apparently Jane Sanders has now called him twice and begged him to change his mind and he’s stood firm. Huma, I will send contact info asap.
Another day, another bombshell
https://wikileaks.org/podesta-emails/emailid/22901
Bet that new house helped change his wife’s mind.
D-FENS,
Is that the right link?
I think so Joyce. I tried to paste the contents of the email but it was moderated. Essentially it says Sander’s wife begged him not to endorse Clinton.
I like that someone has to tell Hillary she should call Bernie to thank him….
Right. I didn’t get the next comment about the house at first.
1:04 — i wanted to try leasing this time. Very low interest rate — fully loaded car with reasonable terms. Buying the same car would push my payments up a few hundred a montn. It is a new drivetrain for he company (turbo 4 cyl) and I simply wanted to not be married to the car. Three years from now, Buh Bye. If I loooooove it, who knows I might buy it — at least I would know the history. Fun to break in a new motor on a super nice car.
Oh, and it made my wife happy as well. She really likes it. Which is nice. Of course!
I was fine with a beater. She? not so much.
i used to be zieba,
I find myself popping in recently for the usual drivel.
On the topic of not being married to the car, and for all you resident frugal blowhards: Why not take over other people’s leases? People will often times buy a car on a whim, or their personal circumstance will change and the second car has to go.
I only look for ones that have 1,500 miles per month or so. I did an Infiniti, three Escapes and now an Explorer. I like Ford as the total cost to me is $75, no lease end disposition fees.
The best deals to be had are those where the current owner traded in a car to bring down cap cost, and is passing those savings onto me when I assume remaining payments… after wringing their arm for additional conce$$ions that is. These deals stand out like sore thumbs as the payments are below market.
We’ve driven an Infiniti G37 coupe, 2k miles per month, 18 months @ $252.
loaded Escapes, self-park, glass roofs, 1.4k miles, 14 months, $296
It all started way back when I used to own a Swedish money pit. Since then, I haven’t changed oil, or bought a wiper in four years. Wife and I were considering buying something, and I think we will after this current Explorer one year lease runs its course. Anyhow, just wanted to report that these sites are legit and deals can be had.
I feel way better about leasing for one year without penalty then I do about getting into a three year deal with mileage restrictions. It’s easier to forecast mileage requirements twelve months out than thirty six.
Carry on.
Oh, Nom, ya out there? I know you and I discussed Bucks county some time ago on account of you being from around there. I recently got married in an 18th century stone farmhouse just north of New Hope (the place used to grind flour for George Washington’s troops).
Bucks and Northampton Co’s. Seriously underrated.
Wow, Donnie was doing so well.
On this day in 2004, the New York Yankees set an MLB record for the biggest collapse in postseason history.
Zieba, good to hear from you. I’m just back from the club.
I’m not from PA. Mrs Deplume grew up in Bucks. We now live in ChesCo which is a lot like Bucks.
NJ Excreta 1:06 PM
I ignore all of your crap posts because your posts are not worth reading, let alone responding, but will make an exception this time. You should be ashamed of yourself for insulting that woman. If I were to meet at a GTG, I will tell you the same in person.
You are sick, not just because of for your partisan hackery and random insults towards many people, but also for the sheer amount of posting you do on a NJ real estate blog when you are not even in NJ. How do you even justify spending so much time posting on this site, let alone justify the filth you post? Please get some help.
Wow Flee, tell us what you really think.