Affordability Challenges Keep Millennials on the Sidelines By Suzanne De Vita
Affordability is fading fast—and although millennials are eager to enter the market, and succeeding, they're bearing the brunt of the challenge, according to recent research.
Sixty-three percent of millennials under 29 are challenged by the cost of homeownership, according to a CoreLogic and RTi Research study. The expense, in fact, is their No. 1 reason for remaining a renter.
"One-third of millennial renters reported feeling they cannot afford a down payment to buy a home," says Frank Martell, CEO/president of CoreLogic. "With home prices rising quickly over the past few years and supplies low, first-time homebuyers face ever-growing challenges to find and buy affordable entry-level homes."
According to CoreLogic's June Home Price Index, prices rose 0.7 percent month-over-month and 6.8 percent year-over-year. Despite existing inventory in June perking up, demand keeps streaming in, and the imbalance is taking a toll.
Additionally, affordability is beginning to encumber sales, says Dr. Frank Nothaft, chief economist at CoreLogic.
"The rise in home prices and interest rates over the past year has eroded affordability and is beginning to slow existing-home sales in some markets," Nothaft says. "Further increases in home prices and mortgage rates over the next year will likely dampen sales and home price growth."
The findings are in line with the results of several studies this year, including one by Freddie Mac which found that affordability challenges are contributing to a downtrend in young adult homeownership.
"More needs to be done to help our first-time buyers join the homeownership class," Martell says.
Houseplants: What to Consider By Zoe Eisenberg
Looking to add a little lush life to your living space? Just like picking paint and furniture, it's important to spend time choosing the best plants for your interior. Not only should you be considering the care your new plant friends will need, but also how they will impact your space as they grow to their full forms. Below are several tips for picking the best houseplants.
Understand sun exposure. The quickest way to shrivel a houseplant is by giving it the improper amount of sunshine. Take time to get to know the sunniest and shadiest parts of your home, and pick plants that thrive in that environment.
Consider maintenance. If you're choosing houseplants that need a good amount of TLC—water, trimming, etc.—make sure you have the time in your schedule and bandwidth in your brain to take this on. If not, pick a plant that needs minimal attention, like a succulent.
Pick proper containers. Learn the root length of the plant you're choosing, and how big it's likely to grow, then pick a container that can accommodate it.
Consider color. While varying shades of green can feel gorgeously lush, no need to stop there! Add a splash of color to your interior with orchids, peace lilies or prayer plants.
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