Report: Down Payments Are Holding Renters Back from Purchasing Homes

Pixabay.com

Pixabay.com

We’ve previously reported that a growing number of renters plan on staying renters, even if rental prices increase (for the time being, at least). And now, a new report is giving us some insight as to why.

According to the first-ever Zillow Housing Aspirations Report (ZHAR), nearly 70 percent of renters across 20 United States metropolitan areas say they can’t buy a home due to the cost of a down payment. In fact, most renters see a down payment as the biggest barrier to homeownership, ahead of debt, qualifying for a mortgage, job security, or not being in a position to settle down.

In our own metropolitan area, 67.5 percent of renters see down payments as their greatest roadblock, followed by debt at 54.6 percent, qualifying for a mortgage at 49.3 percent, job security at 35.2 percent, and not being in a position to settle down at 19.3 percent. Read more »

Report: Philly Ranks 5th in Percentage of Millennials Living at Home

Not_So_Empty_Nests_Graphic2

When you reach a certain age, you move out of mom and dad’s house. That’s how it’s supposed to play out at least, right?

Oddly enough, apparently not – at least not here in Philadelphia, that is. Our lovely metropolitan area has just been ranked the area with the fifth-highest percentage of Millennials still living at home.

Forty-one percent of Millennials in the Philly metro still live with Mom and Dad, according to an analysis of Census data conducted by the apartment search site ABODO. This number exceeds the national average of 34.1 percent but is not alone in doing so. Another 16 metropolitan areas with populations over 1 million in the United States have percentages over the national average. (Philadelphia’s percentage of Millennials still living with their parents is in line with the Pennsylvania statewide average, however.) Read more »

There’s A Future for Young Professionals Here, Survey Finds

Philadelphia Skyline | R. Kennedy for Visit Philadelphia.

Philadelphia skyline | Photo: R. Kennedy for Visit Philadelphia

According to the results of a survey released last week by the Chamber of Commerce for Greater Philadelphia, a whopping 93 percent of young professionals currently living in the area said that there was a good chance their next job would be in Philadelphia as well.

And according to the figures reported in “Cultivating the Next Generation of Leaders: A Survey of Emerging Mid-Career Professionals,” two-thirds of the 25- to 39-year-olds who responded to the survey were certain they would make their next step up the career ladder here.

Equally encouraging from the perspective of both the chamber and any real estate agent who might peruse this report: 97 percent of the respondents would recommend the Greater Philadelphia region as a place to live.

What might bring an even bigger smile to those agents’ faces: 42 percent of the people who responded to the survey were homeowners. Read more »

Is Philly Facing a Post-Millennial Rental Crash?

Illustration by Melissa McFeeters

Illustration by Melissa McFeeters

Our apartment-building engine continues to chug along. Signs of activity recently sprouted on two more construction sites: Pearl Properties’ proposed 32-story apartment tower at 1910 Chestnut, and Southern Land Company’s high-rise at 1911 Walnut. The only problem? Finding enough people who want to live in them. Welcome to the world of “post-millennial” real estate.

The prospect was floated in a January New York Times article: According to research, American cities, which for a decade have enjoyed a steady stream of young people and surges in development to house them all (see: the Griffin, 3737 Chestnut, Dalian on the Park), have reached max millennial potential. Real estate services firm JLL noted that the flow of young professionals to Philly has already slowed — a problem when you consider the flood of apartments set to hit the market. In fact, a recent Center City District report says 4,167 apartments are under construction — more than double the 1,833 that came on the market in 2016. What’s more, 75 percent of these units are set to come on line this year — three times as many as the annual average since 2010. There’s a hope that If you build it, they will come — but what happens if they don’t? Read more »

How Trump’s Election May Have Changed the Future of Philly Politics

Illustration by Gluekit (protesters: iStock; City Hall: C. Smyth/Visit Philadlephia)

Illustration by Gluekit (protesters: iStock; City Hall: C. Smyth/Visit Philadlephia)

Something is happening in this city.

For years, many Philadelphians took democracy for granted. A pathetic 27 percent of registered voters cast ballots in the 2015 primary race. Only 89,000 people — out of the city’s roughly 1.2 million voting-age citizens — picked our current district attorney. The fact that voters don’t even have a choice in many City Council and state legislative races, thanks to one-party rule, has long been met with a shrug. Then came November 8th. Now, protests spontaneously break out in the streets and at the airport. Every Tuesday, a group founded by seven local women airs grievances outside Senator Pat Toomey’s Center City office. If that doesn’t convince you the wind may be blowing in a different direction, consider the fact that 800 people packed a downtown church in January to talk about gerrymandering. Gerrymandering! Read more »

How the City’s New Millennial Advisory Committee Could Change Philly Politics

Philadelphia City Hall | Photo by Jeff Fusco

Philadelphia City Hall | Photo by Jeff Fusco

On Wednesday, the city announced the 21 members of its first-ever Millennial Advisory Committee.

The committee, which will meet monthly, is tasked with advising the city on policies, programs, and actions that are “affecting millennials” – or, in other words, the policies, programs, and actions that are affecting Philadelphians. Millennials are, after all, now the largest generational group in the city.  Read more »

Clinton Stumps for Millennial Votes at Temple

Hillary Clinton speaking at Temple University

Hillary Clinton speaks at Temple’s Mitten Hall on Monday. | Photo: Dan McQuade

With just 50 days until the election, Hillary Clinton came to Temple today to pitch millennial voters on why she needs their votes.

“Even if you’re totally opposed to Donald Trump, you may still have questions about me,” Clinton said. “I get that and I want to do my best to answer those questions. When it comes to public service, the service part has always been easier to me than the public part. I will never be the showman my opponent is, and you know what? That’s OK with me … Any voter who’s still undecided, give us both a fair hearing,” Clinton said. “No one will work harder to make your life better. I will never stop.”

She focused on several issues that surveys show are important to young voters: She discussed her plan, developed from many of Bernie Sanders’s proposals, to offer students free tuition at public universities. And she went beyond college: “A four-year college degree shouldn’t be the only path to a good-paying job,” Clinton said. Read more »

Penn Museum’s Legends of the Hidden Temple Event Sold Out in 2 Days

Penn Museum - Olmec

The Penn Museum is going back to the 90s later this month.

It’s been a whirlwind couple of days for the staff at the Penn Museum. The phone has been ringing off the hook. The museum has been the top trend on Facebook. It’s the talk of the country.

The museum has not made a new discovery or acquired an ancient artifact. Instead, it’s holding a Legends of the Hidden Temple event at the museum on April 20th. The Penn Museum originally planned for 100 guests. But a crush of interest led them to up the capacity to 250. It still sold out in 48 hours.

“Institutions like ours are trying to become more relevant to various audiences,” Kate Quinn, the Penn Museum’s director of exhibitions and public programs, tells Philadelphia magazine. “We’re reaching out to a more diverse audience to help them to come into this institution and find their way whenever possible. It’s getting them in the door and exposing them into what we have. If they’re not coming just based on what we offer, then what can we offer to get them in the door?”

Quinn says no event has sold out as quickly as this one. Read more »

How to Make Your Offices Friendly for Boomers and Millennials

Photo | Brian Howard

Photo | Brian Howard

This is a Biz Philly guest column.

Recently, Matt Burns, CEO and president of Burns Engineering, embarked on a move to new headquarters at 20th and Market Streets. As head of the 50-year-old design and management consulting company, Burns had undertaken a major move before, but this time it presented an unexpected challenge: generational issues.

Burns needed a plan that would take him 10 years into the future, spanning the length of his lease. But his older engineers wanted to keep the corner offices they had worked so hard for. They wanted big tables for blueprints and plenty of storage space for their 20-year-old files. Meanwhile the current younger employees — and those who would be recruited in the years ahead — preferred plenty of open space, natural light, and collaborative spaces instead of offices and white boards for projecting drawings. Read more »

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