Riverside Realty Group
2053 W. First St.
Fort Myers, FL 33901
Phone: 239-313-5544

Info@RiversideFL.com

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Blog: Historic River District

Most Milennials plan to buy home in next 5 years

This article is from the Florida Association of Realtors.

Most Millennials plan to buy first home in next five years

Millennials face significant challenges when it comes to housing affordability. With an expected 1.9 percent increase in salary growth expected in 2017 and average property prices climbing by 4.8 percent last year, the dream of owning a home remains a challenge for many. More than four in five (80 percent) Millennials in the United States who don’t own a home intend to buy in the next five years, according to recent HSBC Group research.

HSBC Group’s Beyond the Bricks — an independent consumer research survey of 9,000 people in nine countries worldwide including 1,009 respondents in the U.S. — found that homeownership is a dream deferred but not dead for many Millennials around the world who name slow wage growth and housing price inflation as the greatest barriers to purchasing a home.

The report also reveals the need for better financial planning as another significant hurdle for Millennials.

According to David Gates, U.S. head of mortgage origination and sales for HSBC: “This study highlights that young people strongly value homeownership, yet there are significant challenges to making the dream a reality for Millennials around the world. The perfect storm of stagnating salaries and rising house prices, paired with the need for improved financial planning can make buying a home a deferred reality.”

Nearly three-quarters (71 percent) of Millennials are saving more money for a deposit and waiting to earn a higher salary before buying a property, the report finds.

Millennials face significant challenges when it comes to housing affordability. With an expected 1.9 percent increase in salary growth expected in 2017 and average property prices climbing by 4.8 percent last year, the dream of owning a home remains a challenge for many.

Of the 71 percent of Millennials who seek to both save and earn more money, 49 percent feel they are being held back because they cannot afford to buy the type of property that they would like.

More than half (57 percent) of Millennials who bought a home in the last two years ended up spending beyond their initial budget.

 

The report also finds that many Millennials do not have their house in order when it comes to financial planning for a home purchase. Among non-owners intending to buy a home in the next two years, nearly one in three (32 percent) have no overall budget in mind and a further 54 percent have only set an approximate budget. As a result, 57 percent of Millennials who bought a home in the last two years ended up overspending their budget.

On the other hand, the millennial generation is willing to consider making big sacrifices to afford a home. Among non-owners intending to buy, 55 percent would consider spending less on leisure and going out, 41 percent would consider buying a smaller than ideal place, and 27 percent would even be prepared to delay having children.

Financial support from parents can make a big difference when saving for a home, and 28 percent of Millennials who bought their own home turned to the “bank of Mom and Dad” as a source of funding.

HSBC research identifies four actions that Millennials can take to help make their homeownership dream a reality:

• Plan early and don’t underestimate the deposit.

• Budget beyond the purchase price to account for extra costs other than the home purchase.

• Consider what sacrifices you can make to save more and faster.

• Get a full view of your finances and find a home loan that suits your needs.

Millennials are defined as those born between 1981 and 1998. The findings are based on a survey of homeowners and non-owners aged 18 or older from a nationally representative online sample in eight countries and a nationally representative face-to-face sample in the UAE. The research was conducted by Kantar TNS in October and November 2016. ¦

Art Walks the Runway this weekend...

 

March
27, 2017 - Fort Myers, FL - Experience art and fashion in three star-studded
evenings at the 6th Annual Art Walks the Runway fashion show March 30- April 1,
2017. 

 Enjoy cocktails at 7pm, fashion takes the stage at 8pm for all shows. Held at the
Sidney & Berne Davis Art Center located at 2301 First St. in the historic
downtown Fort Myers River District!

 

Art
Walks the Runway opens Thursday, March 30th with a VIP party featuring fashion
stylist to the stars
Gomez-Gracia,a contortion dance performance by Katarina
Danks
,and musical guest SarahHadeka.
 

Friday, March 31st showcases the local boutique collection featuring two local
boutiques from the Bell Tower Shops,
Fab’rikand Saratoga Sundress,
and a musical performance by
FrankieColt.


On Saturday, April 1st, three incredible international collections take the
stage:
AmatoCouture by Furne One,
DianaCouture by Diana Putri,
and
AhmadCouture by Sha Ali Ahmad.
Body art performances by
Elementsof Body
and WickedApple Art
will also be featured.

 

This three-day event includes music by DJ Tommy Giaime of Sol Productions,
Thursday & Friday Hairstyles by
Scene 826,
Saturday Hairstyles by
Red Salon and Spa.

Celebrate Fashion Opening Night VIP Party Featuring
designer
Gomez-Gracia

Thursday, March 30, 2017

Tickets:
$40 in advance • $50 at the door

Local
Boutique Collection

Featuring
Fab’rik & Saratoga Sundress

Friday,
March 31, 2017

Tickets:
$20 in advance • $25 at the door

International
Couture Fashion

Featuring
Ahmad Couture, Diana Couture, & Amato Couture

Body
Art Runway show by Elements of Body & Wicked Apple Art

Saturday,
April 1, 2017

Tickets:
$35 in advance • $45 at the door

All
Nights: Cocktails
•7pm / Runway 8pm

VIP
Tickets All 3 Nights: $125

Visit
www.sbdac.com
for tickets.

Mcgregor Boulevard is heading for some changes soon.

 

The work will be from 7am to 4pm Monday through Saturday.

The City of Fort Myers, in coordination with the Florida Department of Transportation, begins work this month to replace storm drainage on McGregor Boulevard from Colonial Boulevard to Poinciana Avenue. In addition to replacing the existing pipes, the project will resurface the roadway, replace existing sidewalk where disturbed by pipe replacement, replace some signage, and update crosswalks with new striping and Americans with Disabilities Act (ADA) accommodations.  The final product will enhance the corridor by providing an upgraded drainage system and driving surface, but in general will not change the “look” of McGregor Boulevard as it is today.  The project is anticipated to be completed in fall 2018.

The City’s goal is to maintain two-way traffic on McGregor Boulevard when possible; however, even with two lanes open, motorists will experience periodic delays.  Commuters that use McGregor Boulevard and do not have a destination along the corridor should choose alternate routes during the project as delays could be substantial.  Many construction activities will require lane closures and flagging operations on McGregor Boulevard.  During some activities, vehicles will be detoured to side streets.  Motorists that must use McGregor Boulevard should plan extra travel time.  Pedestrians should also expect sidewalk detours.

The contractor will need to install storm drainage pipes, some up to 30 inches in diameter and five to six feet deep, in multiple locations across McGregor Boulevard.  Lane closures and flagging operations will be required on McGregor Boulevard during these pipe crossings.  The contractor will also need to cross some side streets with storm drainage pipe which will require residents to use alternate routes to reach their properties.  When crossing dead-end side streets, the contractor will maintain one lane for access.  Flaggers will be on-hand to assist residents.

More information can be found at improvemcgregor.com.

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