There’s been much wailing and gnashing of teeth in the real estate industry over what insiders see as a distressing trend among millennials: They aren’t buying houses at nearly the same rate as generations before them. Read more »
For an opposing view, read Joe Trinacria’s “Center City Sips Has to End. Now.”
It may be because I met my husband in an after-hours bar before even the oldest millennial was born, but I like Center City Sips. Oh, sure, there are the minor inconveniences, like the security dudes swarming the outdoor café at my office building, and the Ubers and Lyfts stopping wherever the hell they please to disgorge occupants. There’s the occasional pool of vomit, and the roiling, roistering packs of bros. And the music’s gotten really, really loud in the four decades since it was illegal for me to drink. But as I recall, my mom and dad used to say that, too. It’s sort of perplexing, really, that the music can be getting louder even as my hearing is starting to go.
But besides all that, I’m notorious for not liking millennials — for finding them vapid and unfocused and unproductive and, well, fragile in all the worst ways. So why in the world would I be a big fan of our city’s weekly convocation of sniveling snowflakes? Let me try to explain. Read more »
It’s Monday morning, and if you’ve found yourself here yet again, it’s probably because you want to know about eating dogs in China, gas station botulism, and how avocado toast is ruining the housing market (at least according to one idiot).
But let’s start this week with something that you’ve always wanted to know: What they were eating on the Hindenburg right before…well, you know.
A new study from the Pennsylvania Independent Fiscal Office claims the state may have a problem retaining its educated millennials.
According to the IFO, 47,000 people aged 20-35 with at least an associate’s degree left Pennsylvania in 2015. About 34,000 people who fit the same category moved in – so all in all, the state lost about 13,000 educated millennials. Read more »
Calling all millennials (and anyone else) on the hunt for that perfect first home: Zillow just launched a new real estate brand to help you on your search. Brace yourselves, folks, because things are about to get crazy.
RealEstate.com, Zillow’s new platform that debuted on Tuesday, allows potential homebuyers to search for homes like never before – by the monthly payment and down payment they can afford. The launch of the site comes after the 2016 Zillow Group Consumer Housing Trends Report highlighted homebuyers are most concerned with finding a home within their budget, even more so than they are for finding a home in a safe neighborhood. Read more »
I’ve had it with millennials. We’ve all heard the stories about the absurd environment on our college campuses — the policing of offensive language and the “safe zones” and the silencing of anyone with a view of the world that doesn’t fit into a narrow ultra-liberal box. The idea of college as a time of true intellectual exploration has become a joke in this country. But what’s even more troubling is what happens now when our young people have to leave college — that is, when they depart the safe, coddled, oh-so-pleasant atmosphere of school to enter the workforce. That’s where the real fun begins.
Millennials seem to believe the world they grew up in — where they got trophies for finishing last at T-ball, where every half-assed term paper they wrote was praised, where every need and desire was met — should extend to the world at large. I hear it from friends in business constantly: “There is a sense they have a special right,” a partner at a major Philadelphia law firm recently told me. “They’re entitled to feedback, but if you’re critical, that’s a problem. They are much more sensitive than previous generations, and I don’t know why that is.” Read more »
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 »
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 »
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 »
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 »