The Age Most Are Purchasing Homes In The Current Market

 The average age for a first-time homebuyer is getting older.  On average in the U.S. a first-time home buyer is 33 years old and the overall average age of homebuyers is 47.  This data was first gathered in 1981 and current average ages are drastically higher. 

Each succeeding generation is seeing a drop in homeownership.  A current report found that between 1985-2020 homeownership rates  broken down by generation are 77.8% for Baby Boomers, 69.1% for Generation X and 47.9% for Millennials.  In terms of the real estate markets, the Millennials represent the major portion of homebuyers.

The change in the average age is due to several different factors.  Home prices continue to rise due to lack of inventory and student debt is now also adding to the expenses.   Mortgage rates are also shifting and are also adding to the problem especially along the coasts. Younger generations have gone to college and have college debt that is also making it difficult to save money for a down payment.

Since this is such a big generation, over the past five years we have seen a massive increase in the purchasing of homes.  New first-time homebuyers in their 30s outweigh those in their 60s.  In 1981 the typical homebuyer was at the average age of 31 according to the National Association of Realtors.

In terms of overall homebuyers 34% are first-time homebuyers.  Younger Millennials made up 81%  in the generational bracket, while 48% were older Millennials.  Even though older Millennials made up less of the Millennial homebuyers, they were the biggest generation of first-time homebuyers.

The bad news is that Millennials are perceived to have less money than the preceding generations. Generation X came in on top with $125,000 as the median annual household income, where Millennials were only $110,300 per year. Millennials are perceived as the most educated group with 84% having earned a bachelor’s degree from a four year college even though they are not the highest paid generation.

Sixty percent of homebuyers were married couples, 19% were single females, 9% were males and 9% were unmarried couples.  Baby Boomers were the highest group with 27% single female buyers.  For unmarried couples, the Millennials had the highest at 21%.  Thirty one percent of homebuyers had a child under 18 living at home.

If you are in the market to purchase a home, hire a real estate agent in your area.  Many homebuyers today are purchasing for investment to earn a passive income.  A Realtor can help you find the perfect home for investment due to the rise in rental income.

Click Here For the Source of the Information.

Cash Sales Are Beating Out FHA-Backed Sales In Today’s Market

ccording to the National Association of HomeBuilders’ study of the U.S. Census Bureau’s Quarterly Sales by Price and Financing more homes were purchased by cash in the third quarter of 2022.  This is the first time a cash sale has beat out an FHA loan since 2007.  The share of cash purchases climbed 9.5% to a 20-year high which amounted to 14,000 sales. 

New home sales through the Federal Housing Administration (FHA) came in only at 11,000 sales which was 7.5% of the total sales in the third quarter of 2022.  The share has dropped close to two-thirds since spring of 2020.  Conventional loans made up 77.6% of new home sales in the third quarter of 2020 while VA loans declined to 5.4%.

The national median sales price of a new home was $454,900 in the second quarter of 2022.  This was a 5% increase but there is still a big difference in the type of financing percentages.  New home sales with all-cash increased 27.3% since the beginning of while FHA-backed sales have decreased 7.6%.  The median prices varied for new homes by the type of financing, conventional $503,200, FHA, $340,300, VA $432,200 and cash $494,200.

Click Here For the Source of the Information. 

Celebration in the Oaks, A City Park Tradition

The pandemic put a damper on almost all of the events that were traditions around the country. This year, Celebration in the Oaks will return to City Park in New Orleans. The 2.25-mile driving tour has over a million lights along with a walking tour, amusement rides and the Botanical Garden.

The tour began this Thanksgiving and will run through New Year’s Day this year nightly from 6pm to 10pm every Wednesday, Thursday and Sunday and 5pm to 11pm every Friday and Saturday. This is New Orleans City Park’s largest annual fundraiser. The proceeds help with the park’s maintenance, care and beautification year round.

Celebration in the Oaks brings in over 135,000 visitors from all over the world. The park’s annual holiday event began in the late 1980’s. The park is over 170 years old and is managed by the City Park Conservancy. The park also includes the New Orleans Botanical Garden, Couturie Forest and Arboretum, the New Orleans Museum of Art, the Louisiana Children’s Museum, and trees over 800 years old.

There are a limited number of tickets sold per day so hurry to purchase your tickets and choose your time slot. Cars and SUVS begin at $25, walking tours begin at $25 and Limousines and vans start at $150. Bike tours begin at $5 and will only be held on November 29th, December 6th and December 13th.

Click Here For the Source of the Information.

What Will Become of Emril Laggasse’s French Quarter Restaurant NOLA?

NOLA, has been a French Quarter staple for close to 30 years but has been closed since March of 2020 due to the pandemic.  It has left many wondering if the restaurant will reopen?  The question has been answered as a different local restaurant company has leased the building that NOLA is located in at 534 St. Louis Street. 

NOLA will be turned into Boulevard American Bistro by Creole Cuisine Restaurant Concepts.  The group owns over 20 different restaurants and bars around the New Orleans area.  The Boulevard brand which currently has locations in Metairie, Elmwood and Covington, will now have a fourth location in the French Quarter.

The new restaurant is slated to open its doors by January 2023.  The restaurant will serve cuisine between high-end Creole and casual Creole which is a perfect fit for the French Quarter.  "We want to bring something fresh to the French Quarter, something needed in the selection of restaurants here.  It's going to be an All-American, polished casual restaurant," says Marv Ammari CEO.

The new restaurant will still have the same structure to it, with just renovations to the decor and furnishings. The wood-burning oven, open kitchen and elevator will still be there.  The bar will be larger in the new restaurant like the bar in the Boulevard American Bistro in Covington.  In fact, the company started up with bars and then went into the local restaurant business.  Their restaurants include Broussards, Cafe Maspero and the Bombay Club which are all located in the French Quarter and Tommy's and Ernst Cafe in the Warehouse District.

"At the end of the day, we owe it to New Orleans, and we need to be part of building the city," Ammari says.
Boulevard first opened in 2015 after the group took over the Houston's in Metairie.  All the locations share the same American temporary flare with dishes including prime rib, seared tuna salads, crab cakes, cedar plank salmon and barbecue ribs. The new restaurant will have a slightly different take with more steaks and a bigger wine list.

"We're working with a menu we know and execute very well. It's a matter of getting the right team together, Ammari commented.

Click Here For the Source of the Information.