The 10 Best Cities For Millennial Renters – And The Five Worst

NEW YORK ( MainStreet) — Chew on this: in much of the country, it is cheaper to own than to rent. Read that again. A RealtyTrac survey of some 473 U.S. counties found that in 68% it is cheaper to buy than to rent. But there is a big exception. In many of the counties that are most attractive to Millennials, renting is significantly cheaper. That makes sense, because, so far, Millennials are shaping up as renters, and they are delaying home purchases.

Per RealtyTrac numbers, in the 25 counties with the biggest jump in Millennial population in the period 2007 to 2013, fair market rental rates for a three bedroom dwelling average 30% of household income. Buying in those markets requires 36% of household income. In some markets, the spreads are even greater. Renting in Hudson County, N.J. – directly across from Manhattan, in Hoboken, Jersey City, Weehawken, etc. – runs around 33% of median household income. Buying takes a much bigger bite, around 47% of income to purchase a median priced home. Hudson County, by the way, ranks sixth in RealtyTrac’s tally of the places with the biggest influx of Millennials. Millennial population there grew by 35.67% in the 2007 to 2013 period.

Where else exactly are Millennials flocking? And where are they fleeing? Note: it is not cheap just about anywhere. RealtyTrac analysis pegs the average fair market rent in the top 25 counties for Millennials at $1,459. That’s 19% above the national average. But some towns that draw Millennials are dramatically more affordable than many others.

Read more: http://business-news.thestreet.com/philly/story/the-10-best-cities-millennial-renters-and-the-five-worst/1?page=1

Club Operator Who Fleeced John Bolaris Is Sentenced

The South Beach club operator who orchestrated the “bar girls” scheme that fleeced former Philadelphia weatherman John Bolaris out of $43,000 and eventually cost him his job was sentenced to 12 years in prison today.

According the Miami Herald, operator Albert Takhalov cried as he was sentenced.

Also sentenced today were Isaac Feldman, an investor in two of the clubs implicated in the “bar girls” ring, who received eight years, and Stanislav Pavlenko, will be sentenced later this month

Read more at http://www.philly.com/philly/blogs/entertainment/celebrities_gossip/Club-owner-who-fleeced-Bolaris-is-sentenced.html#Z64Gm19j6VUFVsVD.99

Isaac Becomes Category 1 Hurricane Near Gulf Coast

(Updated at 1:13 p.m.) MIAMI — Isaac became a hurricane Tuesday that could flood the coasts of four states with storm surge and heavy rains on its way to New Orleans, where residents hunkered down behind levees fortified after Katrina struck seven years ago this week.

Shelters were open for those who chose to stay or missed the chance to get away before the outer bands of the large storm blow ashore ahead of a forecast landfall in southeast Louisiana on Tuesday night or early Wednesday.  However, with the exception of some low-lying areas, officials had not ordered mass evacuations.

The U.S. National Hurricane Center in Miami said Isaac became a Category 1 hurricane Tuesday with winds of 75 mph.  It could get stronger by the time it’s expected to reach the swampy coast of southeast Louisiana.

In Houma, a city southwest of New Orleans, people filled a municipal auditorium-turned-shelter.  However, in the bayou country of Terrebonne Parish off Highway 24, storms pose a perennial dilemma for those living a hardscrabble life.

Read more: http://www.pottsmerc.com/article/20120828/NEWS04/120829390/updated-isaac-becomes-cat-1-hurricane-near-gulf-coast&pager=full_story

24/7 Wall Street’s Best And Worst Run Cities List

Map of Virginia highlighting Virginia Beach City

Image via Wikipedia

Editor’s note: No city in Pennsylvania made either list.

According to 24/7 Wall Street the best run city in America is Virginia Beach, VA.  This city of 439,172 residents has a Aaa credit rating, a low crime rate, a low poverty rate and 93.1 percent of the adult population have graduated from high school.  These among other factors catapulted Virginia Beach to the top of the list.  Irvine, CA and Madison, WI rounded out the top three.

On the other end of the spectrum (definitely the list you DO NOT want to be on) is Miami, FL.  This city of 400,892 people has a high crime rate, a high poverty rate and a very low percentage of adults who graduated from high school (68.2 percent).  Other members of the wall of shame are Detriot, MI, Newark, NJ. and Cleveland, OH.