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Thread: Co-Living is Booming....

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    Exclamation Co-Living is Booming....

    The rise of live-in landlords, explained

    coliving.gif


    As home prices and mortgage rates continue to climb, new homeowners are embracing a skill learned by many in kindergarten — sharing. More Americans are renting out rooms in their own homes to fund mortgage expenses and recoup cash, according to Bloomberg.

    Homesharing… is a way for younger Americans to break into a housing market that’s experiencing a wee bit of a supply issue. According to Freddie Mac, the US is short ~3.8m housing units, which has greatly impacted prices.
    In 2021:
    · Home prices rose by 19%, and are expected to rise ~6% this year
    · 80% of metro areas saw home prices increase 10% or more
    As costs rise, the number of buyers who would consider renting out a portion of their home has jumped from 24% in 2019 to 31% in 2021.
    But it differs by generation

    While 67% of millennials are open to sharing their homes in exchange for cash, that number drops to 57% for Gen Z and 34% for baby boomers.
    This is partly out of necessity:
    · Millennials have 20% less wealth than their parents did at the same age.
    · The average price of a home today is ~$328k, compared to the ~$216k boomers spent in 1989, adjusted for inflation.


    HS-News-Brief_2022-05-16T001816.472Z-768x512.jpg


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    https://tidymails.com/the-hustle/co-...lained/290697/
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    Simple explanation rents are ridiculous, in the northeast owning a home is much cheaper if you have the downpayment, which im told has gone from 20% to 40% regardless of income. 40% of a decent home in a decent area in the north will cost anywhere from 275 on up. 40% of 200 is more than most can come up with.
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    I haven't heard 40%.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    I've heard 20%, but there are DPAs available. (down payment assistance programs)
    ""A government which robs Peter to pay Paul can always depend on the support of Paul" ~George Bernard Shaw

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    Quote Originally Posted by DGUtley View Post
    The rise of live-in landlords, explained
    Attachment 49034


    As home prices and mortgage rates continue to climb, new homeowners are embracing a skill learned by many in kindergarten — sharing. More Americans are renting out rooms in their own homes to fund mortgage expenses and recoup cash, according to Bloomberg.

    Homesharing… is a way for younger Americans to break into a housing market that’s experiencing a wee bit of a supply issue. According to Freddie Mac, the US is short ~3.8m housing units, which has greatly impacted prices.
    In 2021:
    · Home prices rose by 19%, and are expected to rise ~6% this year
    · 80% of metro areas saw home prices increase 10% or more
    As costs rise, the number of buyers who would consider renting out a portion of their home has jumped from 24% in 2019 to 31% in 2021.
    But it differs by generation

    While 67% of millennials are open to sharing their homes in exchange for cash, that number drops to 57% for Gen Z and 34% for baby boomers.
    This is partly out of necessity:
    · Millennials have 20% less wealth than their parents did at the same age.
    · The average price of a home today is ~$328k, compared to the ~$216k boomers spent in 1989, adjusted for inflation.


    Attachment 49033


    Attachment 49035


    Attachment 49036






    https://tidymails.com/the-hustle/co-...lained/290697/
    I think it was pretty common close to a century ago, following the major waves of immigration. People did what they needed to, in order to be able to afford to buy property. It was also not uncommon for family members to co-purchase a property, live in it and together save to buy another property, so that eventually everyone in the family owned homes.
    Last edited by Dr. Who; 05-16-2022 at 10:16 AM.
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    Quote Originally Posted by DGUtley View Post
    I haven't heard 40%.
    VA loans, no down payment or PMI.
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    If people didn't head the warning and get into a home within the last 2 years, even with the high prices, they will be renting and getting porked for the rest of their lives imo.

    With current day home prices 20% down is stretching it for most people imo, I cant imagine seeing many people looking to buy a 200k home and having 80k of it for a down, that is pie in the sky craziness if true.

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    Living with other family members, I can see, as a way to save some money......at least you know them.

    Sharing a home with strangers, is something I'd never do, too many crazy people out there.

    I would not want strangers sharing my kitchen, my living spaces.
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    Boomers got theirs, paid for by debt and money printing that the next generation is expected to shoulder while they are forced to live in shared spaces with other poor people who cannot afford their own house or apartment.

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    Quote Originally Posted by Abby08 View Post
    I would not want strangers sharing my kitchen, my living spaces.
    You would have hated my last place!

    I lived in a small bedroom in the basement of a house in Chicago with two other roommates. We all shared one bathroom and a small kitchen.

    Everything worked fine, my roommates were all nice, I had everything I needed, and the rent ($500 a month) was rock bottom, but I was glad to be out of there.
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