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

State College Borough Council OKs Neighborhood Plan

Counties constituting the Happy Valley Region of Pennsylvania (Photo credit: Wikipedia)

STATE COLLEGE, PA — Council unanimously voted Monday to approve the borough’s neighborhood plan, bringing almost two years of work and planning to a successful conclusion.

The plan was presented to the board by borough planner Meagan Tuttle. Tuttle had previously presented the plan to the board during the July 14 work session.

She explained that following board feedback, the planning staff looked into the borough’s role in realizing several of the goals presented. Some changes were made from the version presented on July 14 that moved the borough to a leadership position, and the council would see those changes on the final draft.

Read more here: http://www.centredaily.com/2014/07/21/4274109/state-college-borough-council.html?sp=/99/264/&ihp=1#storylink=cpy

Homeownership In Philadelphia Tumbles, Report Says

The homeownership rate in Philadelphia declined sharply between 2000 and 2012, primarily as a consequence of the prolonged and sweeping real estate downturn that followed the bursting of the housing bubble in 2006-07, according to a study released Wednesday by the Pew Charitable Trusts.

Although Philadelphia’s homeownership rate remains high among the nation’s 30 largest cities, the 7.1 percentage-point drop in owner-occupied units – from 59.3 percent to 52.2 percent, or by 47,082 – was surpassed only by Phoenix, which suffered record foreclosures and price declines when the market swooned, the Pew study shows.

Stagnant incomes, rising home prices, and tight credit, all products of the recession, have cut into owner-occupied numbers, the study showed.

In addition, young professionals who once were the chief source of first-time buyers are either wary of homeownership or burdened by student-loan debt.

Read more at http://www.philly.com/philly/classifieds/real_estate/20140710_Homeownership_in_Philadelphia_tumbles__report_says.html#PLLsApVZLecmI3H2.99

Town By Town: Haddington, A Growing Area In West Philadelphia

English: Map of Philadelphia County highlighting West Philadelphia (Photo credit: Wikipedia)

There was a time 60th Street in Haddington was called “Real Estate Row,” because of the 22 realty offices that lined both sides of the thoroughfare.

Given the changing fortunes of the housing market, that time has past in many places, not just this nearly one-mile-square chunk of West Philadelphia hugging the Market-Frankford El – which, not surprisingly, was the catalyst for the neighborhood’s birth in 1903 and subsequent growth.

Sandidge & Co., at 40 N. 60th St., is the lone survivor on Real Estate Row, and after 50 years in business, broker E. Paul Sandidge remains “the authority” on real estate in the neighborhood, says Terry Guerra, director of special projects for the nonprofit ACHIEVEability, which has its headquarters in Haddington.

ACHIEVEability owns more than 200 properties throughout Haddington and Cobbs Creek, where its clients live while they complete two- and four-year academic programs to become nurses, social workers, teachers, and computer specialists.

Read more:  http://www.philly.com/philly/classifieds/real_estate/town-by-town/20130505_Town_By_Town__Haddington__a_growing_area_in_W__Phila_.html