Development news, link to original article here.
Huffington Post:
Grand Rapids, one of The Best Cities For Millennial Homebuyers, According To The National Association Of Realtors
Article/List link on HuffingtonPost.com
Excerpt:
Median Home Price: $123,000 Job Growth: 4.2 percent
“In your 20s and early 30s, it’s hard not to notice the siren song of real estate. After all, mortgages rates are still at all-time lows and in many markets, buying can be cheaper than renting. You might also have been brought up to consider housing an investment and renting as ‘throwing money away.’
“If this sounds like your experience, then you might want to read up on this latest survey by the National Association of Realtors, who rounded up the hotspots where strong job growth and affordable home prices might persuade you to consider making the jump. According to their report, these are the markets that “are well-positioned to soon experience a rise in first-time buyers as the economy improves.” And, surprisingly enough, of the 100 metro areas that were analyzed (see below for more detail), some of the more popular millennial-based citiesdidn’t make the cut.
Realtor.org
NAR Identifies Best Purchase Markets for Aspiring Millennial Homebuyers
Excerpt:
source: NAR
“NAR analyzed current housing conditions, job creation and population trends in metropolitan statistical areas1 across the U.S. to determine the best markets for aspiring, leading edge Millennial2 homebuyers. Austin, Texas and Salt Lake City were identified as top standouts for Millennials for having a young adult population with solid job growth rates and still relatively affordable home prices. Seven of the 10 metro areas recognized are in the Midwest and West.
“Lawrence Yun , NAR chief economist, says the homeownership rate for young adults under the age of 35 peaked in 2005 (43 percent) and fell to 36 percent in the first quarter of 20143.
“‘Limited job prospects, student debt and flat wage growth have combined with tight credit conditions and low inventory to price Millennials out of some of the top cities such as New York and San Francisco,” he said. “However, NAR research finds that there are other metro areas Millennials are moving to where job growth is strong and homeownership is more attainable. These markets are well-positioned to soon experience a rise in first-time buyers as the economy improves.’
“NAR analyzed 100 metro areas that have a large Millennial presence, solid local job market conditions and strong migration patterns of young adults moving to that particular area to determine the best purchase prospects for young buyers. Housing affordability and inventory availability were also considered.”
Full article here at The Daily Meal
Excerpt:
“Founders set out to make “complex, in-your-face ales, with huge aromatics, bigger body, and tons of flavor” — and they’ve done just that. ‘Founders Brewing embodies the excellent quality that has helped place Michigan among the best states for craft beer. Its Centennial IPA and Porter are among the best beers I have ever tried in their respective categories. Founders can barely keep up with demand for its products and its mind- blowing brews continue to attract legions of new fans, many of whom cannot believe the excellence of Founders beer when they try it for the first time,’ Bryan Carey ofGreat Beer Now tells us. The founders, Mike Stevens and Dave Engbers, say their beer is for the renegades and rebels who enjoy a beer that ‘pushes the limits,’ but Founders has earned huge fans for their stand-out brews all over the map. ‘This brewery is so, so solid. Their porter is a favorite: rich and velvety, with roasted hazelnut and unsweetened chocolate flavors.’ Maggie Hoffman, Senior Editor at Serious Eats, explains. And the beer alone isn’t all that makes this brewery great. According to Kelli Williams of Momma Needs a Beer, the brewery experience is just as good. ‘Founders is one of those rare gems that lives up to the hype; from KBS to newer offerings like the single-hopped Mosaic Promise, the beer is consistent and solid,’ she says. ‘But what I truly adore about the brewery, even as it continues to grow beyond everyone’s wildest dreams is that, as a local, I can walk into Founders Taproom alone, or with my family or friends, and still feel like a local.'”
“Grand Rapids is a name we honestly didn’t expect to see up here in the top 10, but the data don’t lie.
“The second-largest city in Michigan, it did best in nightlife (14th overall) and non-fast food dining (18th). For that first category, the city has places like The HopCat and Founders Brewing to thank; there’s one such place for every 771 residents. As for that dining rank, Grand Rapids has spots like Yesterdog or Stella’s Lounge to save you from mass-produced fare. Grand Rapids even did great for active life options and music venues, both of which it ranked 25th in.”
Today is Facebook’s 10-Year Anniversary, and also my 10-Year Anniversary as a Realtor. In commemoration, I started a Facebook Business page, and I hope you’ll join me by clicking here!
A long term project of GVSU, overseen by Jeremy Pyne, geographic information systems manager at the Johnson Center, has just released new data on neighborhoods in West Michigan.
You can compare your neighborhood score to others in town, even output a custom report based on a specific home’s location.
The first phase of the CRI Community Profiles 2.0 aims to build upon CRI’s existing work in housing and economics within the City of Grand Rapids and to further the development and use of neighborhood information and data systems in local policymaking and community building.
This tool allows you to:
- Map housing and economic patterns within a community or neighborhood
- Compare multiple neighborhoods and indicators simultaneously
- Trend information over time and across geographies
- Score neighborhoods based on multiple indicators
- Generate profile reports for your defined or customized geographic areas; and
- Save all of your work through a registered account for future access.
“The Rapid public-transit system is paying HDR Inc. $293,895 to refine the 2008 study, updating what an electric streetcar line would cost and how the money could come together. An advisory committee started meeting last month.
“‘We’re going to build on that (2008 study),’ said John Logie, a former Grand Rapids mayor who is chairman of the committee. ‘We think the timing is right. The economy is coming back.'”
Forbes recently ranked US cities based on current market prices as compared to what Local Market Monitor deemed an “Equilibrium Price:”
“choices were ranked primarily on four factors: population, home prices, and the local jobs economy. Each of our Best Buy Cities have high population and job growth, relatively low home prices, and are still considered under-valued…
“The key to coming up with this list is a proprietary measure that Local Market Monitor dubs the “Equilibrium Home Price.” Basically, it tracks what the average price for a market should be, if speculation, weird distortions in local income, and other factors (like the housing collapse) weren’t present in the market. The measure presumes that prices will eventually return to this level. When homes are far under the equilibrium price, investors are getting a good buy and can expect to make a good return. The other important consideration for investors is, of course, a healthy local economy. After all, there is zero point in purchasing a home in a market where the population is fleeing. That’s why Best Buy Cities are places where opportunities are growing.