Millennials’ Homeownership Dreams Can Come True

For many millennials, the dream of homeownership feels far away, if not impossible. Salaries that haven’t grown with the cost of living, new mortgage rules, volatile housing markets, and a plethora of other reasons have made buying a home more difficult than it’s ever been for young people.

A survey by Apartment List of 24,000 American renters found that 80% of millennial renters want to become homeowners, but 72% are held back by affordability. Some 44% don’t have savings to put toward a down payment.

Many who find themselves in that position are trying to reach their homeownership goals with second and even third jobs in order to save extra money. Some are moving to smaller towns where housing is cheaper, while others are living with Mom and Dad in order to save on rent. But Fundrise, a Washington, D.C.-based start-up, has another, more creative solution.

Fundrise is a real estate crowdfunding start-up that sells shares in “eFunds” that build and/or remodel urban housing. An investor can be part of an eFund for $1,000, and the target audience is millennials.

Notes a recent Forbes article on the project: “(T)he goal is for a subset of the fund investors to become owners of the very places their money is helping build. Fundrise calls these ‘homebuyer investors’ or HBIs.”

So if a millennial could invest in a property today, he or she could be taking advantage of gains toward what might eventually become his or her home.

As well, says Forbes writer Samantha Sharf: “Fundrise’s effort is unique in tackling the dearth of affordable supply, which many economist [sic] agree is the biggest issue in the housing market today.”

The Fundrise project launched this past summer, so it’s too early to assess its success in encouraging new supply or in attracting millennials.
But this initiative may soon become one of many – millennials deserve their shot at homeownership too.

How to Cut Your Electricity Bill without Really Trying

It’s fall – a good time to take a fresh look at your bills to see if you can reduce them. For example, try these tips to cut your power usage and lower your electricity bills.

Switch to LED bulbs. About four times more energy efficient than incandescent bulbs, LEDs last for years. The “lumens” number indicates the amount of light emitted; use this to compare bulbs.

Install a programmable thermostat. With this device, you can automatically adjust the temperature to reflect where you are in your day – busy at home, away at work, asleep, etc. It keeps your home comfortable when you’re there and reduces energy use when you’re out.

Unplug unused electrical devices. All electronic devices sip small amounts of electricity even when they are not in use.

Use timers and power strips to turn electrical devices on and off. A power strip with an on/off switch can block the charge going into the strip itself as well as anything plugged into it.

Lower the temperature on your hot water heater. A hot water heater accounts for about 14% of energy usage in a typical home. Turn the temperature down when you’re not at home and up when you’re doing laundry or bathing. You can also install a water heater blanket to hold the heat.

Last but not least, air seal your home to prevent drafts around doors and windows, and ditch that old power-hungry refrigerator in your garage that’s only chilling a few cases of soda.

Now you can relax and enjoy saving!