Above the Fold
Millennials Taking the “Uber” Approach to Home Buying
Just as Uber and other comparable companies have disrupted car rental and ownership through the concept of “sharing,” millennials are using a similar (shared ownership) approach to tackle the hot housing market.
Since 2014, the millennial generation represents the largest share of home purchasers in America. Unfortunately, the median sales price has soared almost 37% from just under $274,000 at the end of 2013 to nearly $375,000 today. To combat these rising costs, younger buyers are turning to trusted friends and even classmates for support. Many, who may have started as roommates or unmarried companions, are taking advantage of homeownership benefits and making real estate purchases together. The number of co-buyers with different last names jumped 771% between 2014 and 2021, and has accelerated during the pandemic. These trends align with data that shows millennials are getting married and having children later in life than earlier generations.
Having two or more unrelated purchasers may also help add stability to the buyers (and the housing market in general) during tough economic times. And though disputes can arise, divorce and separation risks are lower with “equity roommate” ownership versus married couples. But if you’re thinking about entering into this type of purchase arrangement, be sure you consult a professional who can ensure the best structure of title and legal ownership, as catastrophes and financial disputes can occur.
- Netflix taps Walmart to Leverage Squid Game and More – Netflix is looking to broaden its revenue sources beyond its core subscription service. In a recent deal, Netflix has teamed up with Walmart to sell merchandise tied to megahits like Stranger Things and its latest blockbuster, Squid Game. According to sources, Netflix will have its own dedicated digital storefront on Walmart.com. Netflix is also entering the gaming space to keep consumers locked into its platform amid growing competition.
- TikTok TV – China’s TikTok wants into your living room. Across the pond in the UK, France and Germany, the company just struck a deal with LG to add its app to all 2020 and 2021 smart TVs. A TikTok app is already available for Samsung and Android TVs, as well as Fire TV in those same regions. Here in the states, TikTok offers a stripped-down version called “More on TikTok,” available on Fire TV as well.
- Gas and Oil Prices Continue to Rise – Domestic crude oil prices shot up 2% yesterday, marking a seven-year high. Natural gas prices have also risen alongside black gold as speculators fuel a rally based on supply shortages. The rally in the two energy commodities is occurring while other industrial metals like copper, zinc and others stall. The divergence is odd as investors are also concerned about slowing growth in China, who also happens to be the world’s largest oil importer.
Did You Know?
Zuckerberg Didn’t Want Anyone Next Door
Back in 2013, Facebook CEO Mark Zuckerberg spent more than $30 million just to buy the four homes surrounding his Palo Alto residence at the time. According to sources, the billionaire purchased the homes after learning that a developer was trying to acquire one or more of the homes and market it as “live next door to Mark Zuckerberg.” Mr. Zuckerberg leased the properties back to the families that were occupying them.