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MILLENNIALS ARMED WITH INFORMATION


According to Bank of America’s first year-end millennial snapshot, millennials are using their mobile devices to gather information that will help them plan for their future, including when they would like to buy a home and what kind of home best suits their unique lifestyles.

The assessment analyzed data from seven consumer research reports published in 2015. The report finds millennials want to know how to quickly and easily access information about the homebuying process and shop around for the best mortgage deal.

The Great Recession had a paramount impact on their family’s finances, causing them to stay focused on managing their money well. Get all the highlights for the latest on millennials, money, homebuying and more.

that was easy!


Do you have the right tools in place to accomplish your marketing goals for 2016? Down Payment Resource offers a free, personalized tool to members of our MLS customers to help you accomplish your goals, and best of all, set-up only takes a few minutes of your time. Just ask Twin Cities agent Carrie Van Beusekom with Coldwell Banker Burnet who recently launched the DPR Personal Marketing Tool while listening in on a DPR webinar.

HOUSING COSTS FOR MILLENNIAL WORKERS


The annual Paycheck to Paycheck report focused on five job occupations that are representative of the kinds of jobs held by many millennials. Looking at both rental and home purchase, the report covers affordability. 
  • Administrative Assistant - Fewer than half of the metro areas are affordable to Admins with typical incomes. 
  • Retail Cashier -  Could not affordably purchase or rent in any of the 208 metro areas.
  • E-Commerce Service Rep - Median priced homes in only 34 metro areas were affordable. 
  • Food Service Manager - 49 metro areas have median home prices that are too high for a typical manager to afford. 
  • Cardiac Technician- Only 73 of the 208 metro areas are affordable for home buying. 
Could homeownership programs help close the gap for some of these buyers? One Policy Solution recommended in the report is for local and state governments to help support home buying among millennials with first-time homebuyer programs that offer favorable mortgage rates or down payment assistance.

COULD NEW CREDIT SCORING MODELS CREATE AN OPPORTUNITY TO HELP MORE BUYERS?


Fannie Mae and Freddie Mac may be under pressure to adopt new credit scoring models that would would incorporate non-banking forms of credit such as rent, utilities or cellphone bills to supplement what’s in their credit file. These scoring models are already being used, but adopting them more broadly could make a significant impact for sidelined buyers, according to housing columnist Ken Harney.

Best and worst rental markets for millennials


Buying a home is actually more affordable than renting in more than half, or 58 percent, of the country’s markets, according to a recent RealtyTrac report. Check out this video for more info on buy vs. rent in key cities.
 
Best Markets for Millennials to Rent in 2016 | RealtyTrac Report

DId you miss the latest dpr webinar?


Our recent “Down Payment Resource best practices for agents” webinar was our most popular ever! While this event was designed for REALTORS who enjoy the full suite of Down Payment Resource tools through their MLS, any agent benefits from learning how down payment programs work and how to promote them creatively to first-time homebuyers. 

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