Housing News Roundup: March 16, 2015
Baby Boomers Benefit from Home Sharing
While people of all ages — from millennials to older seniors — are increasingly looking to save on housing costs through home sharing, Baby Boomers appear to be benefiting the most from the practice. The process involves agencies pairing home providers with home seekers who then pay below-market rent. “Most providers can’t afford their homes unless they take in a seeker, so they look to us,” said Lisa Blum, executive director of the Bridgewater-based HomeSharing Inc., in New Jersey. “A provider may be an older adult on a fixed income who needs the extra rent money. But a provider also could be a couple that has a house, a mortgage, maybe a kid and is trying to live on unemployment benefits.”
Source: Daily Record
Millennials Increasingly Unable to Follow their Parents’ Path to Prosperity
An education and a solid work ethic used to be the sure path to an economically prosperous life. However, millennials are increasingly finding that the path their parents took to middle-income lives is no longer a sure thing for them, forcing them to work lower-wage jobs that barely cover the rent, much less savings for the future.
Source: NBC News
Released from Prison but Locked Out of Home
Excluding tenants with a criminal background is a justifiable reaction to a community’s crime concerns. However, crime-free housing can make it nearly impossible for ex-offenders to find a place to live, jeopardizing their rehabilitation efforts. “It’s a vicious circle. They see no light, no hope and they fall into the same circle, again,” said Paul Flogstad, Sioux Falls’ fair housing ombudsman.
Source: Rapid City Journal
Nashville Mayor's Race Focuses on Housing
The rise of Nashville has made housing affordability a major issue in the mayor’s race. As local CEO Milton Johnson summarized, “How do we not stop the prosperity of the region, but at the same time, think about making a certain amount of housing affordable in areas as we grow?” Each contender has expressed a commitment to ensuring the city remains able to house people of all income levels, even as downtown development thrives.
California Nearly Sweeps the Top Ten List of Home Purchase Burdens
Working to make enough to afford a home in California? Be prepared to wait as much as a decade, according to a new analysis comparing incomes and home prices in metro areas across the country. The study determined that three California locations — Santa Cruz, Los Angeles and San Jose — require an average of nine or more years of income before a household can afford to purchase a home. In fact, nine of the 10 metro areas were in California, interrupted only by Honolulu at number seven.