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Homeownership

Silent Generation continues to downsize their housing

(HOMEOWNERSHIP) The Silent Generation are market shakers, it’d be unwise to ignore them.

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Housing market

Studying the 2016 housing data by generation is highly interesting. For the Silent Generation alone, it has brought forward some surprises that realtors may not necessarily expect.

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While this generation doesn’t have the dollars to live the high life, they often made choices, for example, downsizing to newer homes, which made them a significant force in the market. Ignoring them will be a mistake.

Home buying

The Silent Generation, people born between 1925 and 1945, only account for 8% of all homebuyers in 2016, the smallest share by generation.

This should not come as a surprise if you also consider that they are the generation with the lowest median household income at $66,600, likely living off their retirement funds.

Consequently, when they do buy homes, it is usually in the second lowest median home price bracket, at $220,000. They are also most likely to buy a home in senior-related housing at 24 percent.

The reasons seem to be self explanatory—at median age of 75, these buyers aged between 71 to 91 years tend to have the smallest families.

They hardly share space with dependents, like children—only about 3% have children under 18 living with them.

Somewhat surprisingly, in 2016 the Silent generation made the highest share (21%) to buy the newest homes, with a median house age of 1999.

Type of houses

The data also reveals two related extremes. On one hand, this generation accounts for highest share of single male buyers at 10%, perhaps due to divorce or death of a partner; on the other, at 91%, they make up almost all of the housing economy who are likely to move from an already owned home, due to downsizing.

Correspondingly, the Silent Generation also forms the smallest share of first-time homebuyers at 4%.

As a consequence, the reason for buying a multi-generational home within this generation is negligent—a share of only 11%, mostly to take care of someone ailing. Much more likely, the data reveals, these buyers purchase the highest share of a duplex, apartment, or condominium (17%) and townhouse (9%).

The data also clearly reveals that while the Silent Generation forms the highest percentage of homeowners who’d choose a neighborhood home with proximity to shopping (39 percent)

They are also the highest share among generations to purchase a smaller home and to be closer to friends and family (both at 23%).

Interestingly enough, the Silent Generation is in tandem with the Millennials, for the shortest expected tenure in the home with a median of 10 years, admittedly for very different reasons.

Least likely

As already established, the Silent Generation is not exactly the upgrading type. They are the generation that is most likely to move due to a household member’s health and least likely to move for a nicer home.

#silentgeneration

Barnil is a Staff Writer at The Real Daily. With a Master's Degree in International Relations, Barnil is a Research Assistant at UT, Austin. When he hikes, he falls. When he swims, he sinks. When he drives, others honk. But when he writes, people read.

Homeownership

6 smart locks that will knock off your socks

(TECHNOLOGY) Smart locks are a growing part of the smart home – know these for yourself and/or your clients and you’ll be sock-less (get it?).

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Smart locks can offer a great deal of flexibility and convenience, but there are a few things you might want to consider before installing or recommending one to a client.

Smart locks give you and anyone you choose, the freedom to come and go without carrying a key, however, that’s also the first thing you may want to consider: in order for smart locks to be “smart,” they need power. This means you’ll need plenty of good quality batteries and the foresight to change them regularly; otherwise your smart lock won’t function. 



Also, renters will need to check with the landlord before making any changes to the existing locks, as some leases do not allow you to alter your locks in any way (although there may be a sneaky way around this if folks are so minded, but please bear in mind, you could be evicted or even be breaking the law by installing a smart lock, or any lock, without permission).

Aside from these few considerations, and the rare possibility of the lock malfunctioning, the benefits for most people, over using a traditional, physical key, outweigh the drawbacks. Here are seven of our favorite smart locks on the market:

1. Kevo Kwikset Smart Lock ($215)

kevo smart lock

The Kevo Smart Lock by Kwikset is a favorite for a few reasons. First, Kevo uses a Bluetooth-based close-range authentication system (which is more secure than the geofence auto-unlocking that many other locks utilize). Kevo also gives you several different options for controlling the lock: you can use a physical key, the smartphone app, or a wireless key fob (like the one you likely use for your car).

By accessing the app, you can control eKeys, as well who has access to the eKeys. Kevo also offers a “Kevo Plus” upgrade ($100), that allows you to monitor your Kevo when you’re away from home. This includes the Kevo Plus wireless gateway for monitoring. 

To unlock your door, simply tap the top of the door lock and it will communicate with your phone via Bluetooth and unlock; if your phone battery happens to die before you get home, you can use a physical key, the fob, or log in to your Kevo account from another smartphone and your eKeys will be transferred allowing you access.

The Kevo lock uses multiple levels of encryption to increase digital security and contains Kwikset’s patented SmartKey technology, which is tested to the most stringent lock picking, key bumping, and physical security standards. Nothing will be 100% secure, but Kwikset has been manufacturing locks for more than 60 years and the Kevo is an American National Standards Institute (ANSI) Grade 2. There are 3 levels, 1-3, with number 1 being the highest rated.

2. August Smart Lock ($200)

august smart lock
Remember when I said there might be an exception for apartment dwellers and renters? The August Smart Lock is the exception. It is a good solution (remembering the caveats mentioned above) for renters who want a smart home but aren’t explicitly allowed to change their locks.

The drawback to this lock is, you’ll need a gateway, the August Connect, much like Kevo Plus, for remote access. The August replaced just the interior plate and lever of your existing deadbolt, so the exterior hardware remains unchanged.

You can also add a few accessories: a keypad, the app, and a wireless connection bridge. In order for the August to be compatible with Echo/Alexa, HomeKit/Siri, or Google Home/Assistant, you will need the Wi-Fi Bridge which is not included. There have also been reports that this lock is particularly bad at draining batteries. While it does have a few drawbacks, it is a good choice for anyone happy with their existing locks, but still looking to add a lock to their smarthome setup.

3. Schlage Connect Touchscreen Deadbolt ($230)

schlage
The Schlage Connect Touchscreen Deadbolt is the most unique smart lock on this list because you’ll never have to deal with a key or an app to use it. Instead, you use the digital touchscreen. Schlage’s lock integrates with several different home automation systems, including Amazon Alexa.

One of the most unique features about this smart lock is that if anyone tampers with the lock/door, you’ll be notified and if anyone pushes against the door too forcefully, a piercing alarm will sound and you’ll be alerted to help deter break-ins. Schlage’s lock is also the only lock in this list rated one by ANSI. If you’re looking for a lock that will still let friends and family in without giving out a code, this lock still has you covered. You can lock and unlock from nearly anywhere using Schlage’s Z-Wave® technology.

This technology was developed by Schlage in 1999 and uses wireless radio frequency (RF) communication for home devices allowing you to give access on-the-go.

4. Yale Assure Lock SL ($219)

yale smart
Yale Real Living Assure Lock SL is the slimmest smart lock on the market, and if purchased with a Yale iM1 Network Module, it is HomeKit-compatible, so it can be controlled using the Apple Home app, the Yale Secure app, and via Siri voice commands.

It’s available at major retailers, including Lowe’s, Best Buy, PC Richard & Son, and on Amazon. This lock has a reputation for ease of use and reliable integrations.

5. Lockitron Bolt ($99)

lockitron
The Lockitron Bolt is a great choice for users looking to try out smart locks, but are also a bit more budget conscious. The Lockitron is compatible with both Bluetooth and Wi-Fi.

It can be integrated and automated through IFTTT (If This, Then That). If you’re not familiar with IFTTT, we’ve written extensively about it. Lockitron is introducing what they call Key Match, so this will be another great option for renters as this will allow you to keep your current set of house keys and still use a smart lock. Soon, they will also be introducing the Lockitron Bridge so you can control your lock from anywhere in the world, giving you gateway connectivity. The Bolt is more secure than you might think, given the price tag. They use robust encryption using open, published standards. It is secured at both the protocol and application layers and if you’re worried about security, you can check their security page.

The Lockitron Bolt gives you a basic, affordable smart lock, with a sleek, easily accessible mechanism that is still secure and functional. If you’re looking for a smart lock with all the bells and whistles, however, the Lockitron Bolt, may not be your best option.

6. Friday Lock ($249)

friday
Friday Lock is a true competitor for the August Smart Lock in a sleeker design. Friday Labs ambitiously bills itself as the world’s smallest smart lock at a mere 2.7”. It is ergonomic, small, and functional for everyone. Friday lock securely connects to your phone wirelessly, giving you the ability to lock or unlock your door as you leave or approach, as well as effortlessly share access with anyone you choose. You’ll also receive notifications on your phone for every action your lock takes (every lock/unlock).

Friday Lock comes in seven colors and can also be connected with the Apple HomeKit and Secure Remote Access. It works with all single cylinder deadbolts and can easily be installed with a screwdriver. Friday replaces the thumb latch on the inside of your door, so changing out the lock is simple.

It also has a rechargeable battery in the baseplate, saving you money on batteries. While this lock is a bit on the pricey side, Friday rotates 360 degrees, making it compatible with any deadbolt. If you’re looking to add a sleek, small smart lock to your home automation, Friday is a great choice. 



The takeaway?

While smart lock technology has come a long way, there are still several things to consider before recommending one to a client or installing one yourself: do you still want to be able to use physical keys? Do you need remote access? Should it be compatible with your home automation system? Are you going to be replacing batteries or recharging them?

And for most people, can you afford to switch out all your locks at once, or will you need to do it one at a time? Smart locks certainly offer a level of convenience that cannot be beat by physical key locks, but there are some drawbacks mentioned above.

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Homeownership

LifeDoor automatically closes doors to save homes and lives

(TECH NEWS) LifeDoor is one of the smartest devices we’ve seen in ages and could save peoples’ lives and protect their homes.

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The way that we build our homes, with synthetic materials, furniture, and cheaper construction is making our homes more flammable – House fires spread 600% faster today than 40 years ago, according to the National Institute of Standards and Technology. This means that every second counts.

And while most us have some warning system: smoke detectors, and maybe even fire suppression systems built into our homes, there is a very easy way to help slow the spread of fire in your home: closing your door.

Research by the UL Fire Safety Research Institute concluded that closed doors do a number of things including:

  • A closed door can help keep back heat and prevent rooms reaching dangerous temperatures.
  • A closed door keeps more oxygen away from the fire so it allows you to breathe better.
  • Closing the bedroom door at night gives you more time to react to a smoke alarm.
  • Closed doors keep dangerous smoke away from you – smoke and toxic gasses can incapacitate you and keep you from escaping the fire.
  • Closing door cuts fire off from a fuel source and can better contain the fire.

And of course, where there is an opportunity, our internet of things has a solution.

In case you don’t automatically shut your doors (perhaps you’re a free spirit, a Gemini? Who knows?) There is a gadget for that. Lifedoor is a gadget that integrates with existing smoke detectors and does three things: it closes the door of the room, illuminates the room to help the occupant make a better decisions, and sounds a secondary alarm that can help wake your more heavier sleepers.

The product easily installs onto the hinge of a door and then attaches to the door with screws or even double sided tape. It activates when it hears the tone of the triggered smoke alarm (which is standardized at 85 decibels, #FunFacts).

For those of you who may fear the worst – this does not render the door unopenable and the battery should last 18-24 months depending on use. The product is currently in pre-order and is set to ship in the fall. (if you’re interested, there is a promo code floating around).

One particular note about this new product is that its support has largely come from firefighters – and those guys know their stuff.

Hopefully, you won’t have to experience a housefire. But even if you don’t invest in LifeDoor – remember that closing your own door can keep you safe by giving you more time. And nothing is more important than being prepared: make sure you follow the best home fire practices you can – learn more from the American Red Cross.

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Homeownership

How the foreclosure crisis still dictates many American’s lives post-recession

(REAL ESTATE) A decade after the Great Recession began, the foreclosures of many Americans still rocks the housing market – and beyond. 


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Foreclosure. The word alone can shake any struggling homeowner. And a decade after the Great Recession began, foreclosures continue to burden U.S. families, stifling economic growth, and leaving uncertainty about how those struggling the most will make it through the next crisis.

Sure, the nation’s unemployment rate holds steady at a pre-recession low of 4.4 percent and there are more jobs in the market today. However, for some Americans, the recession and its costs have been significant and seemingly never-ending. From job losses to home losses and everything in between, many are wondering when they will be able to get back on their feet.

According to Alana Semuels of The Atlantic, if the U.S. is to weather another economic crisis, understanding why recession recovery has been so tough for some families is crucial. If not, losses could be even more devastating next time around.

So what’s the deal?

On a macro level, economic conditions seem brighter, but it’s only when you dig into the nitty gritty data that the struggles reveal themselves. For example, the labor-force participation rate (which measures the ratio of adults who either have jobs or are actively seeking one), fell sharply during the recession and remains at 62 percent, according to Bureau of Labor statistics.

Additionally, Census data shows lower-income tier families have experienced an average annual income decline of more than $500 between 2006 and 2016, while the top 20 percent of Americans experienced average income growth surpassing $13,000. That’s dramatic difference.

And then there’s the housing market.

While the population has grown significantly, there are now 400,000 fewer homeowners. Before the recession, the homeownership rate was 69 percent and today it’s 63 percent, per the Federal Reserve. That seemingly minute 6 percent drop actually represents millions of families who have lost their homes and livelihoods in the past 10 years.

Money disappeared, credit scores were ruined, and many are still trying to rebuild. Approximately 9 million families lost their homes to foreclosure between 2006 and 2014 in addition to their financial stability.

The recession created an unstable job market and many families just focused on making ends meet instead of moving up the career ladder or accumulating wealth. As a result, they fell to the bottom of the economic ladder, as Semuels put it, and are still trying to climb back up.

The foreclosure crisis was also focused on individuals who were already vulnerable, hitting Latino and black families the hardest. Many such families were first-time homeowners who really wanted a home but lacked access to traditional financial products. On top of less savings, education and wealth connections, foreclosures have really set these families back.

The detrimental effects of foreclosures spiral into other aspects of life, too. Researchers have found families in foreclosure visit emergency rooms more often, their mental health declines, and children struggle in school, to name a few.

Foreclosure often means leaving a community and the connections in that area that could otherwise be used to find jobs or get financial assistance, too.

For these reasons, many families are still struggling today, and their plight continues to be controlled by the economy. Millennials who have entered the workforce post-recession have made historically proportionately lower wages than previous generations and, as a result, have not been able to save as much money. In fact, anyone who lost their job during the recession (about 8 million people) lost substantial financial footing.

To this point, it’s not surprising that first-time homeowner rates are suppressed, as the National Association of Realtors 2017 Profile of Home Buyers and Sellers found. Fewer homebuyers has led to fewer homes built, a situation that has slowed economic growth a decade post-recession.

If the pace of homebuilding had returned to a more normal level, there would’ve been $300 billion more in the U.S. economy last year, boosting GDP by 1.8 percent, according to Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics at Berkeley.

“The failure of the housing sector to recover is the main reason we have subpar economic growth,” Rosen told The Atlantic.

Many Americans do not feel financially secure right now.

Some are still just trying to find stable housing options.

And until they are able to raise their standard of living, it remains uncertain how the families who suffered the most during the Great Recession will weather the next (inevitable) economic downturn.

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