Despite being strapped with student loan debt, millennials are surpassing older generations when it comes to money management habits like saving and budgeting, a recent Bank of America survey shows.According to the Better Money Habits Millennial Report published earlier this year, 63 percent of millennials (ages 23 to 37) are saving. Fifty-seven percent say they have a savings goal, as compared to the 42 percent of Gen Xers and 42 percent of
Owners can often conserve more money once housing costs and living necessities are all covered. However, a new study shows those who rent can barely get by in some cities.PropertyShark and RentCafe teamed up for a study on discretionary income and analyzed the top 50 largest cities where an owner or a renter can save the most money after paying living costs. For living costs, estimates for food, health care, entertainment, and transportation were
While pending home sales were on the rise in June, closed sales of existing and newly built properties dropped. Home prices, too, showed signs of slowing growth, though they are still increasing. Some housing experts say the fall in sales may be tied to the rapid run-up in home prices.In Southern California, for example, new- and existing-home sales dropped sharply in June compared to a year ago, and more listings there are undergoing price redu
Many would-be move-up buyers are staying put in their current homes, unable to afford the increasing prices of larger properties. But they're learning a strategy to save for their next home—by becoming “accidental investors.“ More investment property owners today are everyday homeowners renting out their current home to take advantage of rising rental rates and save for a bigger home, CNBC reports.Some real estate professionals are recommen
The U.S. homeownership rate posted another increase, reaching 64.3 percent in the second quarter, up a tenth of a percentage point from the first quarter, the Commerce Department reported this week. The rate has increased 0.6 percentage points over the past year.Younger Americans, specifically those under the age of 35, are behind most of the recent increases in the ownership rate. The homeownership rate of this younger buyer group increased to
Consumers who make efforts to raise their credit scores from “fair” to “very good” may see big payoffs. LendingTree researchers analyzed loan request and average loan balance data to see how a lower credit score can increase borrowing costs for the average consumer. They compared the impact across several types of debt: mortgages, student loans, auto loans, personal loans, and credit cards.Overall, raising a credit score from “fair”
Ongoing housing shortages and rising home prices are prompting international buyers to pause in their recent homebuying sprees in the United States. International sales in the U.S. totaled $121 billion from April 2017 to March 2018, a 20 percent decline from a year ago, the National Association of REALTORS® reports.Foreign buyers and recent immigrants accounted for 8 percent of existing home sales, a decrease from 10 percent during the 12-month
The Federal Housing Finance Agency announced this week that it is suspending an initiative to update the credit score model used by government-sponsored enterprises Fannie Mae and Freddie Mac. That initiative would have potentially helped to provide millions of creditworthy Americans who have been unable to be scored with a credit score and a path toward homeownership.The FHFA, Fannie Mae, and Freddie Mac have been evaluating the impact of a new
Online retail giant Overstock.com is entering the real estate business. The company announced this week that it will begin to manage properties for landlords of single-family rental properties and multifamily housing developments through its newly acquired property management site called Houserie.“For nearly 20 years, Overstock has connected customers with premium home goods, helping them build their dream homes; now, we look forward to expan
Ongoing inventory shortages helped to push the median sale price for existing homes to another all-time high in June, the National Association of REALTORS® reports. The median price for all housing types was $276,900, surpassing a previous record set in May. Home prices have surged 5.2 percent since a year ago.The mix of low inventory and high home prices may have had an influence on existing-home sales in June, which fell for the third consecut
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