Millennials Win When It Comes to Buying Homes

 The National Association of Realtors revealed in the most recent buyers' report that millennials make up 37% of the homebuyers. Millennials (22-40 years old) make up the largest share of homebuyers in 2021.

The report breaks up the millennial generation into two groups. The older millennials who make up 23% of homebuyers range from 31-40 years old and the young millennials (ages 22-30) make up 14%. Combined this makes up the 37% reported and has not changed since 2014.

This year the report also includes Gen Z buyers for the first time. These buyers are between 18 and 21 years old and only make up around 2% of home buyers and sellers. Gen X (ages 42 - 57) comes in at 24% when it comes to buying a home. Gen X has the highest median income of $113,300 and they usually purchase the largest houses (2,100 square feet).

The oldest generation reported was the Silent Generation which is from 74 - 95 years old. This generation just purchased 5% of the homes this year. This is a small group which probably is due to the fact that this age bracket is retired. The largest group for selling homes was the Baby Boomers (ages 56 - 74) which consisted of 43% of home sellers.

If you would like to view the NAR's report which also includes characteristics of home buyers and sellers click here.

Click Here For the Source of the Information.

Possible New Senior Center In Folsom

As Baby Boomers are now seniors, Council on Aging St. Tammany (COAST) believes there is a need for a new senior center in the village. COAST Executive Director Julie Agan and board member Bill Magee explain that the organization has several temporary locations that are not really working that they have been operating out of. COAST lost its permanent location six years ago.

The Folsom Board of Aldermen and Mayor Lance Willie opened a discussion with COAST at their latest meeting. During the meeting, both Agan and Magee proposed that COAST builds a permanent facility on village property. In return for its investment in the building, COAST would have primary use of it on weekdays for at least 30 years. The village would in turn own the building and the land and have use of it at other times when COAST is not using the facility.

The draft cooperative endeavor agreement between COAST and the Folsom Board, would be funded by COAST and possibly funded by the Northshore Community Foundation, the Northshore Homebuilders Association and the St. Tammany Parish Sheriff’s Office. Mayor Willie believes that the village-owned lot on Railroad Ave across from the first station would be the proposed location. The village attorney, Roy Burns, will work on a draft agreement between the village and COAST.

Click Here For the Source of the Information.