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

Foreclosure Activity Surges Across Scranton/Wilkes-Barre Region

Locator map of the Scranton-Wilkes-Barre Metro...

Locator map of the Scranton-Wilkes-Barre Metropolitan Statistical Area in the northeastern part of the of . (Photo credit: Wikipedia)

Regional foreclosures advanced at the state’s highest percentage among metropolitan areas in 2013.

Property repossessions, home auction notices and mortgage default activity in the Scranton/Wilkes-Barre metro area soared by 60 percent, compared to 2012, according RealtyTrac, a Los Angeles-area company that tracks national foreclosure trends.

Foreclosures climbed in the area during all four quarters of the year and the annual increase was largest proportionately among state metro areas, RealtyTrac data show. York’s 32 percent increase was the second-largest jump.

The region experienced eight straight quarters of foreclosure declines before activity accelerated in the first quarter of 2013.

Read more: http://citizensvoice.com/news/business/foreclosure-activity-surges-across-region-1.1619761

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5 Cities Where The Housing Bust Won’t Let Go

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Editor’s note:  Allentown also made the list 😦

No. 4 lagging market: Philadelphia
Score:
 82.7

Homebuyers aren’t showing the Philadelphia metro area much brotherly love, with the market trailing U.S. averages in almost every metric that RealtyTrac looked at.

Blomquist says Philadelphia housing is doing a particularly bad job of attracting institutional investors, defined in the study as any company or individual who buys 10 or more properties a year anywhere in America.

RealtyTrac found that such buyers account for just 3% of property deals in Philadelphia, compared with 9% nationwide. “Philadelphia is a market that institutional investors are just not very interested in.”

Philly has also seen a sub-par 32% decline in foreclosure filings, while median home prices have rebounded only a below-average 16% from their March 2012 bottom.

Read more: http://business-news.thestreet.com/philly/story/5-cities-where-the-housing-bust-wont-let-go-0/1