A recent bank note from Jefferies said the US was short 2.5 million homes, while Freddie Mac put that estimate higher at a shortage of 3.8 million. There are 40% fewer homes on the market than last year, a Black Knight report found.
It s bad news for many aspiring homebuyers but especially for millennials. It s just the latest chapter in a long line of bad economic luck.
Daryl Fairweather, the chief economist at Redfin, told Insider it was unfortunate the generation that suffered from the last housing crisis entering the job force in the middle of a recession was now facing a different kind of housing crisis.
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S.F. and Bay Area rents rose for the third straight month. Here s what you need to know
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creeping back up, although they have a long way to go before they catch up to their pre-pandemic highs, new data show.Nick Otto / Special to The Chronicle
Rents in San Francisco and throughout the Bay Area continue creeping back up, although they have a long way to go before they catch up to their pre-pandemic highs, new data show.
The rent hike in San Francisco was 3% over the past month. The average one-bedroom apartment now goes for $2,157 a month and the average two-bedroom apartment rents for $2,498, according to a report published Tuesday by the Apartment List rent service.
Because of this, sales at some rural businesses have boomed. We are seeing a revitalization of rural, led by millennials, Hal Lawton, the CEO of a $22 billion agricultural retailer, told CNBC.
Millennials are increasingly fleeing the city in pursuit of country life, and it s boosted sales at some rural businesses.
In an interview with CNBC s John Cramer on Monday, the CEO of Tractor Supply, which sells agriculture, home-improvement, and pet-care products, said a new group of millennial shoppers had helped boost sales in the most recent quarter. We are seeing a revitalization of rural, led by millennials, CEO Hal Lawton told Cramer. We saw a 4 point sales penetration change last quarter with the millennial cohort. Sales penetration is a measure of how big a portion of the market a business controls.
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