* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, September 14, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

    Quinta Brunson, John Stamos Join Entertainment and Technology Summit – Variety

    Quinta Brunson and John Stamos to Headline Thrilling Entertainment and Technology Summit

    ‘Breaking Bad’ star arrested for incident with neighbor. Here’s the latest – PennLive.com

    Breaking Bad’ Star Arrested Following Neighbor Dispute: Latest Updates

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    AI is the ‘most transformational technology’ in our lifetime, AMD CEO argues – Fox Business

    AMD CEO Declares AI the Most Transformative Technology of Our Era

    PAR Technology (PAR) Unveils AI-Powered Assistant Enhancing Restaurant Operations and Customer Engagement – simplywall.st

    PAR Technology Unveils AI-Powered Assistant to Revolutionize Restaurant Operations and Boost Customer Engagement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

    Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

    Entertainment Community Fund Launches Program Supporting Entrepreneurs – Playbill

    Entertainment Community Fund Unveils Exciting New Program to Empower Entrepreneurs

    Behind the turntables: DJ Johnny Kage’s story of perseverance – yahoo.com

    Behind the Turntables: DJ Johnny Kage’s Inspiring Journey of Perseverance

    The other WWE star James Gunn wanted for Peacemaker instead of John Cena – yahoo.com

    The WWE Star James Gunn Originally Wanted for Peacemaker Instead of John Cena

    Quinta Brunson, John Stamos Join Entertainment and Technology Summit – Variety

    Quinta Brunson and John Stamos to Headline Thrilling Entertainment and Technology Summit

    ‘Breaking Bad’ star arrested for incident with neighbor. Here’s the latest – PennLive.com

    Breaking Bad’ Star Arrested Following Neighbor Dispute: Latest Updates

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    What if artificial intelligence is just a “normal” technology? – The Economist

    What if artificial intelligence is just a “normal” technology? – The Economist

    Lincoln Trail College Receives $100,000 Grant from Marathon Petroleum Corporation for Technology Center – wwbl.com

    Lincoln Trail College Lands $100,000 Grant from Marathon Petroleum to Elevate Technology Center

    Aston Martin to integrate Pirelli’s cyber tyre technology in future models – Just Auto

    Aston Martin to Revolutionize Future Models with Pirelli’s Cutting-Edge Cyber Tyre Technology

    Figure Technology’s stock sizzles after IPO, as investors stay hungry for crypto deals – MarketWatch

    Figure Technology’s Stock Skyrockets After IPO Amid Surging Crypto Investor Excitement

    AI is the ‘most transformational technology’ in our lifetime, AMD CEO argues – Fox Business

    AMD CEO Declares AI the Most Transformative Technology of Our Era

    PAR Technology (PAR) Unveils AI-Powered Assistant Enhancing Restaurant Operations and Customer Engagement – simplywall.st

    PAR Technology Unveils AI-Powered Assistant to Revolutionize Restaurant Operations and Boost Customer Engagement

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Science

Millennials tiptoe toward better chance for homeownership

March 14, 2024
in Science
Millennials tiptoe toward better chance for homeownership
Share on FacebookShare on Twitter

Michael Alas is thinking about buying his first home. It depends, in part, on whether he lands a job that he’s interviewed for. It would mean more money and a move – from rural Mississippi where he works as a college recruiter to the state capital, Jackson.

Like a lot of millennials, the 30-something Mr. Alas is slower than people in prior generations to pursue this piece of the American dream. Nevertheless, hopes are on the rise that an extraordinarily tough housing market is finally about to ease.

Why We Wrote This

A story focused on

Mortgage rates are down a full point since peaking last October – raising hopes that an extraordinarily tough housing market is finally about to ease, a boon for those eager to build wealth through homeownership.

Mortgage rates are down a full point since peaking at a two-decade high last October – and are expected to fall further as the Federal Reserve begins cutting interest rates later this year. Falling rates should convince more homeowners to sell and more homebuyers to buy. Last month, more homes came on the market than in any four-week period in three years.

Still, the adjustment is likely to be slow. And the longer this adjustment takes, the greater the wealth gap between current homeowners and young adults who can’t afford to buy a home. This gap yawns widest for low-income renters and people of color, trends that threaten to make America’s existing wealth disparities even greater.

Michael Alas is thinking about buying his first home. It depends, in part, on whether he lands a job that he’s interviewed for. It would mean more money and a move – from rural Mississippi where he works as a college recruiter to the state capital, Jackson.

“I never thought I’d even consider this,” he says. But “I realize it is more of a possibility than it was last year and the year before and the year before that.”

Like a lot of millennials, the 30-something Mr. Alas is slower than people in prior generations to pursue this piece of the American dream. Nevertheless, hopes are on the rise that an extraordinarily tough housing market is finally about to ease.

Why We Wrote This

A story focused on

Mortgage rates are down a full point since peaking last October – raising hopes that an extraordinarily tough housing market is finally about to ease, a boon for those eager to build wealth through homeownership.

Mortgage rates are down a full point since peaking at a two-decade high last October – and are expected to fall further as the Federal Reserve begins cutting interest rates later this year. Falling rates should convince more homeowners to sell and more homebuyers to buy. Last month, more homes came on the market than in any four-week period in three years, according to real estate brokerage Redfin.

Still, the adjustment is likely to be slow. Mortgage rates may not come down by much this year. Construction companies aren’t building enough new homes to satisfy demand. And many young adults are still struggling to pay off student debt.

The longer this adjustment takes, the greater the wealth gap between current homeowners and young adults who can’t afford to buy a home. This gap yawns widest for low-income renters and people of color, whose parents typically can’t help with down payments. These trends threaten to make America’s existing wealth disparities even greater.

A decline in mortgage rates “will certainly improve affordability for some households,” says Carolina Reid, professor of city and regional planning at the University of California, Berkeley. But “the age and the wealth and the income disadvantages all intersect and are particularly pronounced for Black and Hispanic households.”

Michael Alas takes a selfie en route from Leland, Mississippi, to his current home in Itta Bena, Mississippi, August 2023. He hopes to buy his first house in the state capital, Jackson, but hasn’t heard back about the job there yet.

Coleman Hemsath, 31, is one of the fortunate ones. After paying some $3,000 a month for a small place in Manhattan, he and his partner moved recently into a two-bedroom house in Jersey City, New Jersey. “We were in a cramped apartment,” he says. “We have a dog. It was time to get serious – [and] also a yard.”

In many ways, Mr. Hemsath is ahead of his generation. Younger than the average first-time homebuyer – who is 35, the National Association of Realtors reported last year – he has more time to take advantage of home price appreciation and tax deductions to grow his wealth. A 2018 Urban Institute study found that those who bought a home before age 35 amassed nearly twice the housing wealth of those who waited until later to purchase their first home. 

Kenji Jimenez, a renter in Pomona, California, falls in the latter category.

It’s not for lack of effort. In his early 40s, Mr. Jimenez has been looking for two years and has worked hard to improve his credit rating. Even though rent consumes nearly half his $40,000 income, he has cobbled $30,000 to $35,000 together for a down payment. 

But given that he lacks a co-signer, his income is too low to qualify for a bank loan for the $450,000 to $500,000 homes he’s looking at. And he has no relatives with the financial wherewithal to co-sign. But this father of three teenagers remains determined.

“Might as well try to transition over,” he says. “I’d rather struggle on my own dime.”

The delay for first-time homebuyers has been building for some time. Three decades ago, nearly half of 25-to-34-year-olds owned a home. Now, it’s fewer than 1 in 3, when measured on an individual basis, according to an Urban Institute study last year. By focusing on individuals rather than households, which the U.S. Census Bureau considers, the study exposes an additional trait of millennials: They’re not forming households at the same rate as their parents.

Courtesy of Coleman Hemsath

Coleman Hemsath (left) and Steven Jamail take a celebratory picture on the day of their big move, Jersey City, New Jersey, March 1, 2024.

Instead, they’re living with parents, relatives, or friends, delaying marriage and children. “It’s part inability” for financial reasons, says Michael Seiler, real estate and finance professor at William & Mary in Williamsburg, Virginia. “But it’s also a lack of desire. … Homeownership is the American dream? I don’t think young people share that philosophy.”

This change comes against a backdrop of two decades of dramatic tumult in the housing market that is unprecedented in postwar America, says Professor Reid of UC Berkeley. Home prices soared in the easy credit era of the early 2000s, crashed after the 2007-2009 financial crisis, and then soared again when mortgage rates fell to near-record lows. As late as 2022, homebuyers were scrambling to snap up homes before mortgages climbed too high.

High mortgage rates then hit the housing market with a double whammy. Not only did they prevent first-time homebuyers from buying, but they also discouraged older sellers from selling. Having locked in a low mortgage rate on their current home, would-be sellers didn’t want to buy another home with a higher interest rate.  

Now that mortgage rates have eased a bit, more buyers are emerging, but their composition has changed, says Jung Hyun Choi, a principal research associate at the Urban Institute. They have higher incomes, more education, and a greater ability to put down more than 20% on a house.

“The market was slower, but as of mid-February, the market has been crazy,” says Francesca Lampert, a real estate agent in Menlo Park, California, where the median sales price tops $2 million. “We’ve had a lot of buyers the past two weeks reaching out, ready to jump into the market. They say, ‘We don’t care. … We need to jump in, and get a piece of this action, and start building equity for ourselves, despite interest rates.”’

Another plus: House-flipping, the purchase of homes for remodeling and quick resale, which surged to new highs in 2022 and drove up home prices, especially at the lower end, has fallen dramatically. 

Gio Tundo stands outside his new home in Cleveland, Mississippi, Feb. 28, 2024.

Eventually, some experts say, the market should adjust to allow more than only high-earning millennials to afford their first home. The gap isn’t just financial. The affordability crisis has hit people of color especially hard, with 37% of Hispanic and 39% of Black renting households priced out of a median-priced home between March 2022 and March 2023, according to a study last summer by the Joint Center for Housing Studies at Harvard University. 

The challenge is that the longer the market adjustment takes, the more inequality the current imbalance creates. 

Cities are looking to boost supply by loosening zoning rules on new home construction, although so far, restrictions on new housing keep getting tighter, says Professor Seiler.

“We need more targeted policies on the demand side,” says Ms. Choi of the Urban Institute. She points to assistance programs to help first-time buyers with down payments and credit programs that target specific neighborhoods or areas. Although federal legislation has stalled in Congress, some federal and state agencies target assistance for certain geographies or help renters establish credit through rental payments.

Last year, Gio Tundo bought his first home in Cleveland, Mississippi, with no down payment, thanks to a rural development loan through the U.S. Department of Agriculture, his employer. The 20-something biological sciences technician also qualified for a low-interest loan, which made payments on his $100,000 home as cheap as the cost of renting a place, he says. “I’m in a pretty decent situation.”

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The Christian Science Monitor – https://www.csmonitor.com/USA/2024/0313/Millennials-tiptoe-toward-better-chance-for-homeownership?icid=rss

Tags: Millennialssciencetiptoe
Previous Post

The fastest growing girls’ high school sport? It’s not what you think.

Next Post

Congress takes a hard swing at TikTok

World Athletics Championships 2025: Ryan Crouser, in only competition of year, wins third straight shot put world title – Olympics.com

World Athletics Championships 2025: Ryan Crouser, in only competition of year, wins third straight shot put world title – Olympics.com

September 14, 2025
A potentially K-shaped economy creates dilemmas for the Fed – The Hill

Navigating a K-Shaped Economy: The Fed’s Tough Road Ahead

September 14, 2025
Ryan Reynolds reveals he called a journalist who said mean things about John Candy – yahoo.com

Ryan Reynolds Reveals the Moment He Stood Up to a Journalist Who Insulted John Candy

September 14, 2025
The Surprising Health Benefits of Doing Jigsaw Puzzles, According to Experts – marthastewart.com

Unlock Unexpected Health Benefits by Doing Jigsaw Puzzles

September 14, 2025
Foreign hack of John Bolton’s AOL account cited as part of reasoning for searching his house – CNN

Foreign hack of John Bolton’s AOL account cited as part of reasoning for searching his house – CNN

September 14, 2025
‘We’ve done it before’: how not to lose hope in the fight against ecological disaster – The Guardian

We’ve Done It Before”: Finding Hope and Strength in the Fight Against Ecological Disaster

September 13, 2025
AI Can Generate Code. Is That a Threat to Computer Science Education? – Education Week

Is AI-Generated Code a Challenge for the Future of Computer Science Education?

September 13, 2025
Aldi’s $7 Salmon & Sweet Potato Dog Food Has Pups Going Wild – yahoo.com

Aldi’s $7 Salmon & Sweet Potato Dog Food Has Pups Going Wild

September 13, 2025
What if artificial intelligence is just a “normal” technology? – The Economist

What if artificial intelligence is just a “normal” technology? – The Economist

September 13, 2025
Saints to sign DL Jonah Williams to active roster – Yahoo Sports

Saints to sign DL Jonah Williams to active roster – Yahoo Sports

September 13, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (819)
  • Economy (838)
  • Entertainment (21,716)
  • General (17,022)
  • Health (9,882)
  • Lifestyle (853)
  • News (22,149)
  • People (841)
  • Politics (847)
  • Science (16,048)
  • Sports (21,339)
  • Technology (15,820)
  • World (821)

Recent News

World Athletics Championships 2025: Ryan Crouser, in only competition of year, wins third straight shot put world title – Olympics.com

World Athletics Championships 2025: Ryan Crouser, in only competition of year, wins third straight shot put world title – Olympics.com

September 14, 2025
A potentially K-shaped economy creates dilemmas for the Fed – The Hill

Navigating a K-Shaped Economy: The Fed’s Tough Road Ahead

September 14, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version