Tag Archives: millennials

Money Monday: Millennial money habits

Here’s how the millennials, on average, are managing their money.

  • 63% are saving money (many for emergency funds, retirement, or to buy a house — call me to shop for a house in San Diego County!)
  • 59% feel financially secure
  • 57% have a savings goal
  • 54% are budgeting

How are you doing on developing solid money habits? There’s plenty of tips, advice and information that I publish on my blog every Monday –> Click to view all Money Monday posts!

Millennial Money Habits - infographic from CALIFORNIA ASSOCIATION OF REALTORS

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Home Equity

Homeowners are tapping into equity

Because of the rising home prices, homeowners are cashing into their home equity.

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Millennials saving for financial freedom

Millennials are saving for financial freedom—not retirement

Source: Yahoo Finance

Photo from Pictures of Money

Millennials often get a bad rap when it comes to financial responsibility. But it turns out those stereotypes may be off base. Millennials are saving more money than any other generation, according to a new study by Bank of America and Merrill Edge. But it’s what they’re saving for that really sets them apart from older generations.

Saving for financial freedom is the No. 1 priority for millennials — 63 percent of millennials said they’re saving a set amount of money to enjoy their desired lifestyle. This is a stark contrast to older generations: the majority of the Gen X and baby boomer generations prioritize their savings specifically to leave the workforce and retire.

This shift speaks to the bigger differences in the ways millennials and older generations view money, and what they prioritize in their lives. While it may not sound surprising that younger workers aren’t thinking about nest eggs as much as older generations, what’s a little different here is that they’re not thinking about retirement as a phase of life, let alone working to afford it. Millennials listed personal milestones as their top priorities: getting their dream job and traveling the world trumped more traditional goals like getting married and having children.

Read the full story from Yahoo Finance here

Money Monday: Financial Fitness of the Generations

Members of the different generations view their financial situations in various ways.

The different generations — Millenials, Gen Xers, Boomers and Matures — view their financial situations in different ways: financially comfortable, have just enough to get by, or financially struggling.

Financial Fitness of the generations

This infograhic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Millennials Make Up Half of US Real Estate Buyers

News from Zillow’s recent real estate study

HomeForSaleSignZillow released a study on Tuesday, revealing some of their real estate findings; including: “half of all buyers are under age 36, meaning the Millennial generation is driving more of the housing market than we previously understood.”

Another finding had to do with the hiring of real estate agents. They found that “buyers aren’t replacing the expertise of real estate agents with online research—but they are doing a tremendous amount of research online before contacting an agent. Those who start their home searches online are actually more likely to use an agent than other buyers.”

The report summarizes Zillow’s findings in a 164-page report; click here to read about all of the real estate findings in detail.

Money Monday: Falling homeownership rates

Falling homeownership rates for more than just millennials

home buyer regretsLast year, 36.3% of households were in rentals, leaving the homeownership rate at 63.6% (10 years ago it was at 69%) (Shreya Agarwal, Forbes. http://www.forbes.com/sites/shreyaagarwal/2016/05/06/homeownership-rates-are-falling-and-its-not-just-a-millennial-problem/?ss=personalfinance#193b367ba9e0).

But according to Forbes, it’s not millennials that are the leading age range in this data; it’s 35- to 44-year-olds.

Read Forbes’ full article on this real estate data here: “Homeownership Rates Are Falling and It’s Not Just a Millennial Problem”.

Money Monday: Millennials under pressure

Millennials have multiple financial stresses

Why do millennials have more financial challenges than baby boomers? Several reasons:

  • Home prices have increased
  • It’s pricey raising a child
  • Median household incomes have decreased
  • More have student debt

CAR_Millennials_Under_Pressure

This infographic is from CAR.org.