Millennial homes are getting smarter
Millennials are keen to embrace new technology in homes according to a new survey. The NPD Group Connected Intelligence Home Automation Advisory Service shows that American millennials are twice as likely as the total population to have a smart home product installed in their residence. These include network-connected security and monitoring devices, sensors, system controllers, smart lighting, power, and appliances.
One-in-four millennials (23 percent) has already installed at least one of these products in their homes, compared to 12 percent of the total population. A key factor that is driving this early growth is that the smart home market is no longer just for home owners. Renters are as likely as home owners to have smart home products installed, and are three times more likely to be part of the millennial age group.
Guess who’s increasing their share of the home loan business
New Yorkers who are struggling to afford a mortgage or don’t meet lending requirements are increasingly turning to their parents. The ‘Bank of Mom and Dad’ isn’t a new thing but according to a report in the New York Daily News there is a rise in family loans in the city. These are formal loan agreements rather than just gifts or casual lending; documents are filed with the county and parents still charge interest although their rates tend to vary depending on their own financial circumstances. Timothy Burke, CEO of National Family Mortgage, told the Daily News that the market for family loans is growing nationally, but especially in the big metros: “We’ve arranged $15 million in loans in just the first three weeks of month. Last June, we did just $12 million for the whole month.”
San Francisco rent hits $965 a month – for a tent!
A San Francisco homeowner is cashing in on the demand for rentals in the Bay Area by listing a tent in his garden for $965 a month. The compact home is in Mountain View and would be ideal for someone working in Silicon Valley. Owner John Potter said he had joked that there would be demand for renting a tent in the neighborhood and decided to try it. CBS San Francisco says that renters would have access to his house for daily showers and to eat. He says that it may sound outrageous but “maybe they should build more affordable housing in Mountain View.”