Moving Millennials, Staying Boomers and a Tiny CastleApril 24, 2017
Housing news 4.24.2017
This week in housing news, one group of millennials moves more than others, Boomers hold on to most U.S. housing and a tiny legit castle goes on the market.
Survey says… Americans believe home prices will rise
A recent Gallup poll showed that 61 percent of U.S. adults surveyed predict that housing prices in their local area will go up in the next 12 months. Regionally, more people predicted rises in the West (74%) and South (61%) than in the Midwest (53%) and East (54%). The survey also reported that 67 percent of respondents thought it was still a good time to buy a house.
Groundbreaking down, permits up
For March 2017, housing starts declined 6.8 percent nationally, according to the Commerce Department. Regionally, starts rose 3.2 percent in the South, fell 5.5 percent in the West and remained unchanged in the Northeast. Permits to start construction rose 3.6 percent, so expect to see construction increase in the coming months.
What age group owns more homes?
A recent study showed that as the U.S. average age increases (the median age is currently 37.8 years), the homeownership rate has been declining for all but folks over 65. The one increase has been first-time buyers (not limited to a particular age group), accounting for 32 percent of all residential sales in February. The good news for younger buyers is that inventory will increase as this 65+ set starts selling. Another upside is that this trend should help suppress interest rates in an effort to stimulate home buying.
Why Seattle millennials move more than others in U.S.
A University of Minnesota study revealed that millennials in the Seattle area are more likely to move for a new job or to change their housing situation than young adults in other U.S. metro areas. The reason is a highly competitive housing market, where young people are constantly on the lookout for cheaper housing costs, a nicer place or a shorter commute.
Source: Seattle Times
This tiny castle can be yours
If you’ve dreamed of owning a castle of your very own, we’ve found a tiny version you may be able to afford (relatively speaking). Molly’s Lodge in Warwickshire — the tiniest castle in the U.K. — was built in the 1830s by the same bloke that designed the Buckingham Palace expansion under Queen Victoria. This 782-square-foot, one-bedroom stone manor also comes with Molly’s Mews, an equally charming outbuilding with an additional 1,146 square feet including garage, bedroom, kitchenette and office. Pricetag? £550,000– for us Yanks, that’s about $627,000.
Source: Apartment Therapy