31
Jan 18

Study Shows “Millennials Deserve More Credit”

Study Shows "Millennials Deserve More Credit" | Simplifying The Market

When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light.

A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:

“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.”

Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing:

  • 63% are saving – (47% have $15,000 or more in savings)
  • 54% are budgeting – (73% who have a budget stick to it every month)
  • 57% have a savings goal – (67% who have a goal stick to it every month)
  • 46% have asked for a raise in the past 2 years – (80% who asked for a raise got one)
  • 59% feel financially secure – (16% have $100,000 or more in savings)

Many have wondered if millennials even want to own their own homes or if they would choose to rent instead. Well, not only do they want to own their own homes, but many already do and are looking to trade up! A recent study by realtor.com shows that 49% of Americans who plan to sell their home in the next 12 months are millennials!

Danielle Hale, realtor.com’s Chief Economist, gave some insight into why millennials are looking to sell,

“The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door. Our survey data reveals that we may see more of these homes hitting the market in the next year.”

Bottom Line

Not every millennial fits into the stereotypes that are so prominent in our society. Those who have risen above the stereotype are ready and willing to buy a home of their own, and many others already have!

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31
Jan 18

Kristen Bell Dishes Out Hilarious Parenting Advice In Her New Webseries 'Momsplaning'

Whether you’ve got little ones at home or not, this new webseries is bound to make you pee your pants. Momsplaining with Kristen Bell is a six episode digital series following the mom of two as she takes viewers on a wild ride through parenthood.

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31
Jan 18

Mortgage Rates Are Rising, Ready to Quietly Crush Your Homebuying Dreams

The average interest rate on a 30-year fixed-rate mortgage has surged past 4.28% this week to its highest point in years, according to CNBC. That’s bad news for home buyers, because even a small rate increase can be enough to push an already difficult-to-afford house completely out of reach.

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31
Jan 18

A Brooklyn-Based Lawyer Has a Passion for Interior Design — House Tour

Name: Bev Wilson
Location: Boerum Hill, Brooklyn
Size: 975 square feet
Years Lived In: 2.5 years, owned

Bev is a lawyer, but has always been interested in interior design and photography. So when it came time to start searching for an apartment to buy, she wanted a space she could really design and customize. She wanted a renovation project.

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31
Jan 18

3 Secrets of People with Flawlessly Clean Houses

You know the type. It doesn’t matter if you’re at their home for an event or just dropping by for an unannounced visit — their homes are always impeccably clean (and seemingly effortlessly). What do they know that you don’t? We share three secrets of the impeccably clean.

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31
Jan 18

Yes, Even Will and Kate Have IKEA Furniture

Though by definition, royals are not like us, they are in fact human, and can also be swayed by siren call of affordably priced Scandinavian furniture. Yes, today we have reports that the Duke and Duchess of Cambridge have some IKEA pieces taking up residency in Kensington Palace.

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30
Jan 18

2 Major Myths Holding Back Home Buyers

2 Major Myths Holding Back Home Buyers | Simplifying The Market

Urban Institute recently released a report entitled, “Barriers to Accessing Homeownership,” which revealed that eighty percent of consumers either are unaware of how much lenders require for a down payment or believe all lenders require a down payment above 5 percent.”

Myth #1: “I Need a 20% Down Payment”

Buyers often overestimate the down payment funds needed to qualify for a home loan. According to the same report:

Consumers are often unaware of the option to take out low-down-payment mortgages. Only 19% of consumers believe lenders would make loans with a down payment of 5% or less… While 15% believe lenders require a 20% down payment, and 30% believe lenders expect a 20% down payment.”

These numbers do not differ much between non-owners and homeowners; 39% of non-owners believe they need more than 20% for a down payment and 30% of homeowners believe they need more than 20% for a down payment.

While many believe that they need at least 20% down to buy their dream home, they do not realize that programs are available that allow them to put down as little as 3%. Many renters may actually be able to enter the housing market sooner than they ever imagined with programs that have emerged allowing less cash out of pocket.

Myth #2: “I Need a 780 FICO® Score or Higher to Buy”

Similar to the down payment, many either don’t know or are misinformed about what FICO® score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans.

2 Major Myths Holding Back Home Buyers | Simplifying The Market

As you can see in the chart above, 53.5% of approved mortgages had a credit score of 600-749.

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will make the mortgage process easier. Your dream home may already be within your reach.

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30
Jan 18

This Hamper Could Make You Look Forward to Laundry Day — Amazon Deal of the Day

We’re a month into 2018 and if you’re anything like me, you’re struggling to make your resolutions happen (or even just begin them). Luckily, a little organization can go a long way when you’re trying to get your sh*t together, so it pays to find products that make staying organized a whole lot easier.

Case in point: this stylish laundry sorter on sale today at Amazon. Currently priced just under $30, this multi-tasking hamper is an affordable (and foolproof) way to kick your organizational goals into high gear.

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30
Jan 18

A Family of Five Shares a Small, Stylish 180-Square-Foot RV — House Tour

Name: Ashley Petrone, her husband and their three kids
Location: Southern California
Size: 180 square feet
Years Lived In: 9 months, owned

Last year, Ashley and her husband sold their five-bedroom house and bought 2.2 acres of land to build a dream home. Instead of renting an apartment while their home is being built, they decided to try sharing an RV! Impressively, it only took them three weeks and $2500 to finish the RV’s renovation. “I designed the RV to be functional, comfortable, beautiful, different and really to feel like a home,” shares Ashley. “I didn’t want us to feel out of place while living in there, and I have to say we really don’t.”

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30
Jan 18

The Brilliant Dishwasher Hack for Your Plastic Containers — Kitchn

From Kitchn → The Brilliant Dishwasher Hack for Your Plastic Containers

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