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This master's thesis investigates the economic factors that are affecting the financial decision-making of educated, middle to upper class Millennials in Los Angeles, California. This thesis explores how economic factors, preferences, and self-efficacy interact to determine housing pathways. This thesis also asks whether Millennials in Los Angeles will be able to afford homes and how the cultural narrative of the American Dream affects preferences. In order to answer these questions, twenty in person interviews are conducted with residents of Los Angeles in which they are asked about their values and preferences regarding housing, and the economic factors they are currently facing. This thesis finds that participants are struggling to navigate through economic factors such as student loans, a changing labor market, urbanization, high cost of living, stagnating wages, and high housing prices. This thesis finds that participants are experiencing low self-efficacy when it comes to finances, which seems to be a proportional reaction to the current economic climate. This thesis also finds that most participants want to own homes, however, in reality very few will be able to afford to buy homes in Los Angeles and will have to rent indefinitely. Lastly, this thesis finds that participants are rejecting the old American dream and that their preferences and values are different from baby boomers', however the housing market has not yet evolved to meet the demand of those changing preferences.
In her debut book The Millennial Homeowner, personal finance blogger Lauren Bowling provides a wealth of home buying tips and money management lessons to help millennials redefine their relationship with money. Written in Lauren’s warm, funny, and easy-to-understand voice, this book helps millennial homebuyers financially prepare for the biggest purchase of their lifetime. By breaking down complex financial concepts into clear, manageable tools, Lauren has written the ultimate resource to help millennials navigate the overwhelming process of purchasing and maintaining their first home. Inside The Millennial Homeowner you will learn: • How to financially prepare for homeownership • Practical tips to begin searching for your first home • How to determine affordability and avoid overspending • Specific items to look for during a home inspection • What to expect when you’re under contract • Creative ideas to renovate and add value to your home
Navigating the world of homeownership can be daunting, especially for the millennial generation facing unique financial challenges. "The Millennial's Guide to Homeownership: From Saving to Signing" provides a clear, tailored roadmap for young adults looking to transform their dreams of owning a home into reality. Key insights include: Understanding the financial prerequisites for homeownership in today's market. Step-by-step guidance on the home-buying process, from saving for a down payment to navigating mortgage options. Strategies to bolster credit scores and secure favorable loan terms. Tips for finding the right property, including considerations for location, size, and future resale value. Navigating home inspections, negotiations, and the final closing process. Authored with the unique challenges and aspirations of millennials in mind, this guide demystifies complex real estate jargon and provides actionable strategies to overcome the hurdles of the current housing market. Moreover, the book emphasizes the importance of making informed and sustainable decisions that align with one's financial and personal goals. "The Millennial's Guide to Homeownership" is not just a book—it's a mentor, offering invaluable lessons and insights to empower a new generation of homeowners. If you're a millennial dreaming of owning your space, this guide is the key to unlocking the doors of your future home. Dive in and embark on a journey from saving to signing, all with confidence and clarity.
“This book couldn't be timelier. With hundreds of thousands of Americans expected to lose their homes because they took out mortgages beyond their ability to pay, it is clear that home buyers need assistance-beyond the reassurance of the mortgage broker trying to close the deal and get his commission. This book, written in an easily accessible manner, provides that assistance; it lays out the economics of buying, owning, and financing a home.” –Joseph Stiglitz, Columbia University, 2001 Nobel Prize in Economics “The purchase of a home is the most significant investment decision confronting nearly all adults. Yet sound advice, untainted by the self-interest of real estate and mortgage brokers, is extremely scarce. In Houseonomics, the Smiths provide simple and understandable answers to the vexing questions surrounding homeownership, making it a valuable resource for anyone serious about their financial future.” –Bryan White, Managing Director, BlackRock “ Houseonomicsoffers great insights about how to think about homeownership. Its approach is innovative, but the analysis is grounded in common sense. A useful primer for what is the most important investment most people make in their lives.” –Paul Efron, Retired Partner and Advisory Director, Goldman Sachs & Co. “This book is a common sense response to those who question the value of homeownership. The Smiths validate the argument that homeownership is normally a key component of lifelong wealth building. They present a practical guide to basic financial analysis for those planning on owning a home or who currently own a home.” –Doug Duncan, Chief Economist, Mortgage Bankers Association “There is a lot of wisdom in Gary and Margaret Smith's Houseonomicsregarding the biggest investment that most people ever make. It is so well written that reading it is a joy and yet almost everyone can gain valuable knowledge in the process. The time you take to read this book will be a smart investment indeed. Having taught economics at Stanford for 35 years, I can only wish that more authors were as knowledgeable as the Smiths and wrote this well.” –John B. Shoven, Stanford University, co-author with Secretary George P. Shultz, Putting Our House in Order: A Guide to Social Security and Health Care Reform “The “Home Dividend” is a powerful concept and, indeed, an engine for prosperity.” –Ed Yardeni, President, Yardeni Research For generations, buying a home has been the best investment Americans could make. But, now, some so-called “experts” claim that it's foolish to be a homeowner. They're wrong. Houseonomicsexplains why a home is still an excellent investment for most people in most places&and helps you make smarter housing decisions wherever you are. This book isn't for aspiring slumlords or flippers: It's for anyone who wants to move toward financial security, with a roof over their heads, and a home to call their own. You won't find “too good to be true” schemes here: You'll find a sensible, intelligent, and totally up-to-date explanation of the real economics of homeownership. Discover how to develop an achievable vision for financial prosperity via homeownership, and treat housing decisions as the investment decisions they really are. Then, learn how to negotiate more effectively when purchasing, selling, financing, refinancing, or remodeling; decide whether to prepay your mortgage&even intelligently evaluate rental/vacation properties. It's never been more important to get clear-headed, sensible, objective advice on homeownership-and that's exactly what Houseonomicsdelivers. "Your home: an investment, not a speculation Understanding and calculating your “home dividend” "Why now is still a good time to own a home Even if home prices don't increase in the coming years "Choosing the right house-and the right mortgage Sensible advice that cuts through the lies, hype, and fear "Refinancing, home equity loans, and remodeling The right ways to make the right decisions
How do you spot an area poised for gentrification? Is spring or winter the best time to put your house on the market? Will a house on Swamp Road sell for less than one on Gingerbread Lane? The fact is that the rules of real estate have changed drastically over the past five years. To understand real estate in our fast-paced, technology-driven world, we need to toss out all of the outdated truisms and embrace today's brand new information. But how? Enter Zillow, the nation's #1 real estate website and mobile app. Thanks to its treasure trove of proprietary data and army of statisticians and data scientists, led by chief economist Stan Humphries, Zillow has been able to spot the trends and truths of today's housing market while acknowledging that a home is more than an economic asset. In Zillow Talk, Humphries and CEO Spencer Rascoff explain the science behind where and how we live now and reveal practical, data-driven insights about buying, selling, renting and financing real estate. Read this book to find out why: It's better to remodel your bathroom than your kitchen Putting the word "cute" in your listing could cost you thousands of dollars You shouldn't buy the worst house in the best neighborhood You should never list your house for $444,000 You shouldn't list your house for sale before March Madness or after the Masters Densely packed with entertaining anecdotes and invaluable how-to advice, Zillow Talk is poised to be the real estate almanac for the next generation.
Young Black Americans have been trying to realize the promise of the American Dream for centuries and coping with the reality of its limitations for just as long. Now, a new generation is pursuing success, happiness, and freedom -- on their own terms. In It Was All a Dream, Reniqua Allen tells the stories of Black millennials searching for a better future in spite of racist policies that have closed off traditional versions of success. Many watched their parents and grandparents play by the rules, only to sink deeper and deeper into debt. They witnessed their elders fight to escape cycles of oppression for more promising prospects, largely to no avail. Today, in this post-Obama era, they face a critical turning point. Interweaving her own experience with those of young Black Americans in cities and towns from New York to Los Angeles and Bluefield, West Virginia to Chicago, Allen shares surprising stories of hope and ingenuity. Instead of accepting downward mobility, Black millennials are flipping the script and rejecting White America's standards. Whether it means moving away from cities and heading South, hustling in the entertainment industry, challenging ideas about gender and sexuality, or building activist networks, they are determined to forge their own path. Compassionate and deeply reported, It Was All a Dream is a celebration of a generation's doggedness against all odds, as they fight for a country in which their dreams can become a reality.
WASHINGTON POST “COLOR OF MONEY” BOOK CLUB PICK Stop Living Paycheck to Paycheck and Get Your Financial Life Together (#GYFLT)! If you’re a cash-strapped 20- or 30-something, it’s easy to get freaked out by finances. But you’re not doomed to spend your life drowning in debt or mystified by money. It’s time to stop scraping by and take control of your money and your life with this savvy and smart guide. Broke Millennial shows step-by-step how to go from flat-broke to financial badass. Unlike most personal finance books out there, it doesn’t just cover boring stuff like credit card debt, investing, and dealing with the dreaded “B” word (budgeting). Financial expert Erin Lowry goes beyond the basics to tackle tricky money matters and situations most of us face #IRL, including: - Understanding your relationship with moolah: do you treat it like a Tinder date or marriage material? - Managing student loans without having a full-on panic attack - What to do when you’re out with your crew and can’t afford to split the bill evenly - How to get “financially naked” with your partner and find out his or her “number” (debt number, of course) . . . and much more. Packed with refreshingly simple advice and hilarious true stories, Broke Millennial is the essential roadmap every financially clueless millennial needs to become a money master. So what are you waiting for? Let’s #GYFLT!
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
The new Handbook of Regional and Urban Economics: Cities and Geography reviews, synthesizes and extends the key developments in urban and regional economics and their strong connection to other recent developments in modern economics. Of particular interest is the development of the new economic geography and its incorporation along with innovations in industrial organization, endogenous growth, network theory and applied econometrics into urban and regional economics. The chapters cover theoretical developments concerning the forces of agglomeration, the nature of neighborhoods and human capital externalities, the foundations of systems of cities, the development of local political institutions, regional agglomerations and regional growth. Such massive progress in understanding the theory behind urban and regional phenomenon is consistent with on-going progress in the field since the late 1960's. What is unprecedented are the developments on the empirical side: the development of a wide body of knowledge concerning the nature of urban externalities, city size distributions, urban sprawl, urban and regional trade, and regional convergence, as well as a body of knowledge on specific regions of the world—Europe, Asia and North America, both current and historical. The Handbook is a key reference piece for anyone wishing to understand the developments in the field.
They thrive on challenging work and creative expression, love freedom and flexibility, and hate micromanagement. They are fiercely loyal to managers that are knowledgeable, caring coaches that can mentor them to achieve their goals. What does Gen Y expect from you? Ongoing research indicates that the fourteenth generation has expectations of their bosses such as: Provide challenging work that matters Balance clearly delegated assignments with the freedom and flexibility to produce results in their own way Reward accomplishments with increased responsibility Provide ongoing training and learning opportunities Establish mentoring relationships Managing Genertion Y is for those who want to become the employer of choice for the next cohort of young adults. Discover the Gen Y traits that pose the greatest challenges to managers as well as the best practices you can implement now to keep these upbeat, techno-savvy workers focused and motivated.