Green Builder Media's Matt Power lays out the affordability squeeze facing first-time millennial and Gen X homebuyers, and previews a free e-book that weighs buying versus renting and the upgrades older homes typically need.
00:00:02:01 - 00:00:24:17
Matt Power: Put yourself in the shoes of a first time homebuyer today. You know what you want, but home prices keep escalating while your income seems to grow at a much slower rate. Every time you locate your dream house or the neighborhood where you want to raise a family, you're outbid repeatedly. The few properties you can afford easily need radical renovation.
00:00:24:19 - 00:00:48:06
Matt Power: On top of that, you're still paying off high interest student loans, probably renting in a place that's rapidly gentrifying, where you pay about two thirds of your income for shelter. It's hard to believe you'll ever achieve that homeownership dream that seems so easy for your parents. This year, Green Builder Media took a closer look at how millennial and Gen X buyers can crack the housing code.
00:00:48:10 - 00:01:14:01
Matt Power: We brought together builders, manufacturers, and young buyers and identified both the obstacles and the opportunities that might decide the future of housing. In our free e-book, for example. We highlight the value proposition of buying versus renting in today's market. Is it always a good idea to buy versus rent? Maybe not. The return on investment for you depends largely on location.
00:01:14:01 - 00:01:43:26
Matt Power: In an area where home values are increasing rapidly. Buying a home quickly pays for itself because of the increased value. However, homes in these areas often need a lot of upgrades. They lack sufficient insulation, for example. Chances are that you'll need to replace most of the appliances in an older home simply to improve their energy efficiency. Many existing homes lacked sufficient ventilation to keep indoor air free of pollutants and healthy.
00:01:43:29 - 00:02:16:01
Matt Power: You'll need to upgrade or place equipment in both the kitchen and the bath to provide sufficient airflow. These are serious fixer upper. So what's the best house hunting plan for you right now? Should you wait and see if prices cool off? Should you look at other options such as condos or tiny houses or even van conversions? Or is it best to simply double down and buy a new house despite the high prices?
00:02:16:04 - 00:02:22:12
Matt Power: Download our free e-book today and we'll help you navigate this tough housing decision.