Four-in-five Generation Zs (those aged 18 to 24) want to own a home and are actively saving for a downpayment “like no generation before them.” Twenty percent of this young generation wants to own their home before they’re 25. Their overwhelming desire and adamancy to save, coupled with the timing of them “graduating into one of the best labor markets in generations”, could give them a leg up.
Renters face more financial uncertainty than homeowners, with over 25 percent of the nation’s renters not confident they could cover a $400 emergency and over 30 percent feeling insecure about food.
Independent females are on the rise. One-in-five homebuyers are single females, outnumbering single male homebuyers two to one.
Zillow has officially entered the mortgage industry, acquiring Mortgage Lenders of America with plans to rebrand the company in 2019. They hope to streamline, shorten, and simplify the homebuyer process. Can’t say we disagree. Good philosophy to have—we find it not only necessary but essential.
Initial Jobless Claims for last week were reported at 214K. It might not be new news but it’s always good news for the economy—and housing—when employers are keeping their employees. More importantly, the BLS Jobs report showed 250K jobs created in October, greatly beating the almost 190K expected. Unemployment remained flat at 3.7 percent—the lowest level in nearly 50 years—and the average Weekly Earnings remained stable at a 3.4 percent annual increase, an 11-year high.