"A lot of millennials are not saving enough for a 20 percent down payment for a home," Woo said.
· The reason millennials are making this risky move is because they believe owning a home is the No. 1 ingredient to their American dream (56 percent), taking precedence over paying off.
· Intel warns Oregon it’s cutting 784 workers near Portland . Intel has notified oregon officials it plans to lay off nearly 800 workers in Washington County.
For the first decade of their adult lives, millennials have been the victims of bad timing, according to a Bank of the west 2018 millennial study.. Having survived the great recession and the housing crash, these equities-shy millennials have turned to real estate as the cornerstone of their investment portfolio, the banks says, with homeownership emerging as the most popular ingredient of.
Based of home prices, many millennials won’t be able to buy homes in the next five years with their accumulated savings. Assuming a 20 per cent down payment, it would take 20.5 years in San.
· Luzerne County’s property assessment database has now been down for three weeks due to a Memorial day weekend cyber attack, causing disruption in the real estate business.
Millennials aren’t buying for lack of cash, not interest. but the key ingredient – which has been missing to this point – is substantial income growth," said Mike Sante, managing editor.
· Annual savings: (at least) $1560. Cocktails anyone? At about $8 a pop for a cocktail in a bar or club, the price can really add up to about $48 per week. Don’t be a hermit, but cut down to half of the bar outings. Annual savings: $1248. Dry cleaning can add up.
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Missing ingredient for millennials: Down payment savings Short of savings and burdened by debt, America’s millennials are struggling to afford their first homes in the face of sharply higher.
Need To Find Out About Debt Consolidation? Read This The first debt consolidation option you can look at is transferring all your debts to a single credit card. This is an especially appealing option if you’re able to secure a low-rate credit card or at least one that offers an introductory low interest rate that lets you tackle the principal.
· Associated Press posts from April 20, 2016.
This marks less than one-fifth the savings needed for the typical 20 percent down payment on a starter home costing $175,000. The lack of savings raises doubts about whether the under-35 crowd will also delay marriage and children, said Andrew Woo, a data scientist at Apartment List.
US long-term mortgage rates little changed; 30-year at 3.82% – The News Mortgage buyer Freddie Mac said Thursday the average rate on the benchmark 30-year mortgage ticked up this week to 3.84% from 3.82% last week. By contrast, a year ago the rate stood at 4.57%. The average rate for 15-year, fixed-rate home loans slipped this week to 3.25% from 3.26%.
Almost 60 million retirees, disabled workers, spouses and children get. The average monthly Social Security payment is $1,224.