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How are there over 100,000 vacant homes in the San Francisco metro area?

An estimated 100,025 homes are sitting empty in the San Francisco metro area.

Compared to other cities, San Francisco metro area’s vacancy rate is actually low at 5.6 percent. Of the 1.784 million households counted in the census region, roughly 1.684 million are occupied. LendingTree concludes a region like San Francisco – which includes Oakland, Hayward and surrounding areas is what’s considered a sellers’ market, meaning people selling their homes will easily find buyers, while future homeowners will struggle to buy. Anyone who has tried to buy a home in the city in the last decade knows this to be true.

Read more on SF Gate

Millennial migration favors San Jose despite cost of living, says census

The Bay Area is getting more mixed messages on the seemingly perennial question of if and how quickly residents are fleeing the region and the state.

The finance company Smart Asset released a report Friday claiming that San Jose is one of the most popular destinations for millennials on the move despite its high cost of living.

Smart Asset economist Derek Miller sorted through U.S. Census data to figure out which U.S. cities got the greatest inflow—i.e., the margin of new residents relocating to a city over the number of those moving away—with the ever-topical millennial demographic, here defined as anyone between the ages of 20 and 34 in 2016.

Suffice to say, San Francisco did not acquit itself well with the trend, despite previous census analyses revealing that the city’s median age is gradually getting younger with each passing year. Instead, millennial movers reportedly favored San Jose, which came in seventh place on Miller’s list, the only California city to break the top ten.

 

 

Read more on Curbed SF

 

 

What Will Happen to Multi-family When Boomers Retire en Masse?

The “Silver Tsunami” is coming by 2030 and in some places, it has already begun.

Americans born during and directly following the end of WWII, commonly referred to as Baby Boomers, represent the second largest age demographic group in the U.S. behind millennials. As this massive group moves toward retirement, it is signaling big changes for multi-family buildings of the future.

By the Numbers

There are an estimated 70K Americans turning 65 every week. By 2030, the number of Americans age 65 or older is going to climb above 75 million and over 83 million by 2050. For those in the multi-family sector, trying to meet the needs of this generation is going to take some new ways of thinking about multifamily housing.

Take for instance the fact that most people in this group are experiencing way more financial insecurity than their parents did at this stage in their lives. Most retirees will not have a pension to rely on but instead will depend largely on social security to survive – and some political moves in the works further threaten that safety net.

One survey conducted last year showed that approximately 60% of Boomers have little savings to cover any financial shortfalls, holding onto $10K in savings or less on average and about 30% have no savings to fall back on at all. Many are delaying retirement in an effort to try to quickly build up their own private safety net before they are forced to retire.

Read more from NAI Global

6 Ways Millennials Are Influencing The Multifamily Market Of The Future

As the largest living generation in the U.S., millennials play a major role in shaping multifamily real estate trends.

From apartment design and amenities selected, to the size of the units and the technology incorporated within them, this generation, which is anticipated to reach 70 million by 2024, is certain to influence housing stock across the country.

Read more from Bisnow