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More Great Economic News for Arizona

(Published on - 9/12/2017 6:39:58 AM)


Arizona Top 10 for Job Growth

(Published on - 9/6/2017 7:14:47 AM)


The Rise of Multigenerational Households

(Published on - 8/25/2017 10:54:30 AM)

The article, Housing Responding to Multigenerational Trend, from www.realtormagazine.org. reports that nearly one in five Americans are now living in a multigenerational household (defined as a home with two or more adult generations or grandparents living with grandchildren).

The number of multigenerational households in the U.S. has bloomed to the highest level since 1950. About 60.6 million adults, or 19 percent of the population, were residing with their extended family in 2014, according to data from the Pew Research Center on multifamily households.


GREAT Conditions for Buying a Home

(Published on - 7/14/2017 2:17:16 AM)

 

 

Why is Home Buying Demand So High? 

Partly Because Buying Conditions (in Theory) Are So Good,

 

  the article from www.zillow.com, reports that an incredibly strong jobs market, coupled with historically high levels of home affordability, is helping create a perfect storm of home buying demand that is proving incredibly difficult for home builders and home sellers to satisfy. For most of us, the decision on the right time to buy a home generally revolves around two key factors: Landing a steady job, and affording the monthly mortgage payments on a home. The low (and falling) unemployment rate certainly suggests the former is very achievable; incredibly low mortgage interest rates mean the latter is theoretically more possible than ever(at least in most markets), despite rising home prices. It’s no wonder, then, that home buying demand is so high right now – in addition to expected demographic tailwinds, as the enormous millennial generation ages into its prime home buying years, buying conditions themselves are very favorable, but for one small hurdle: The number of homes available for sale isn’t nearly enough to satisfy this huge home buying demand. And inventory isn’t just failing to keep pace with demand, it’s actually falling precipitously. In other words, don’t expect this demand to cool anytime soon.

 


The New MultiGenerational Home

(Published on - 7/8/2017 5:07:07 AM)

 

                         Does the Multi-Gen Trend Have Legs?,

from www.builderonline.com, reports that in a post-Great Recession landscape, particularly as the future of work and the soaring cost of healthcare invite such profound questions as they do, households are behaving in a way that shows how important family ties are to economic viability, mobility, options. Jobs and employment wages are still no doubt the most important source of income for our society's households. But paychecks are not the only financial knobs and levers families press and pull to navigate amid today's challenges.

With past as prologue, households composed of more than one generation of adults may direct us back to the future. This is why we believe multigenerational living--in its newly-evolved forms and formats--is more than a passing fad, but rather a sneak peek at new strains and streams of household normalcy. The most important reason primary homeowners say they seek multigenerational features and functionality in their homes is for financial assistance, meaning having more than one generation living under one roof makes a difference in the attainability of the home. A fairly close second ranked reason (42%) is physical health, which ties to the first insight, given that aging parents frequently have current or future health issues to deal withWe're guessing that the underlying financial factors that motivate families to want to stay in near proximity to one another are only strengthening as challenges surface around automation, robotics, data, and the future of work. The multigenerational living trend is only now getting a start. Stay tuned.