Michigan was ranked No. 8 for best state where millennials can afford to buy a home, with the median list price at $169K and 2.8 years as the average time needed to save for a downpayment. The average monthly mortgage payment: $767. Forget renting! This renting vs. owning debate was a key topic on this week’s podcast.
The “Surban” is taking over. Think suburban with more walkability to destinations like retail stores and restaurants and entertainment. It has been estimated these surban areas will attract at least 80% of new households and the most families over the next ten years.
Mortgage Applications for last week were up 4.7% overall, with purchases up 2% and refinances up 9%.
Initial Jobless Claims for last week were reported at 236K, hardly missing expectations of 240K.
The ADP Employment Report released yesterday showed 190K jobs created in November, slightly higher than expectations of 185K.