Jules Mckenzie’s Post

Interesting article out of the Financial Post last week on home ownership stats amongst young Canadians. The path to owning your own home in Canada used to be getting a 4 year degree. Now, unless you're graduating from an elite program or have a professional designation (doctor, lawyer, accountant, etc.), it's increasingly the skilled trades that are making up the majority of young homeowners. What's led to this shift? - Skyrocketing education costs are making the ROI on University much less clear. Not only are you paying for school, you're sacrificing 4+ years of earning proper wages (and any compounding made from early investments). With the pace of technology, schools are struggling to stay current in their curriculum offerings. - Skilled labour shortages are driving up pay in the trades sector, especially for those willing to do overtime (aka young, single professionals). To contrast, most office employee wages have stagnated. - Finally, there are good paying jobs in the trades outside of Canada's most expensive metros (Toronto, Montreal, Vancouver), bringing the price to achieve home ownership back into grasp for the average Canadian If you were 18 again today, would you consider a career in the trades or would you still opt for a traditional 4 year degree? 🤔 Let me know in the comments! ⬇️

Housing stipends or incentives need to become as commonplace as car allowances for city managers. When rising home prices collide with increasingly short tenures the market is going to need to adjust in order to secure the services of talented public sector executives. Most city managers MUST relocate when they separate from their employer. We don't have the luxury of getting another job in town. This is incredibly expensive and disruptive to the family unit. It is only logical that as the expenses related to relocation climb dramatically that employers will need to pay for the privilege of terminating us at their whim. You can read more about this story here: https://lnkd.in/eHjdaqkY ---------- KUDO provides real-time live translation of city council meetings and public hearings for those who do not speak English or cannot hear. With KUDO, residents simply need to enter a URL or scan a QR code and they will be able to follow along instantly. There are no apps to download nor will they be asked to register an account. This is amazing technology that I have personally used. I have negotiated a FREE, no risk, no obligation one month trial offer for my followers. Simply go to kudo.ai/cmu to learn more. #sponsored

🏠 Struggling to afford a home in Sydney? You're not alone! 🏠 Research shows that a typical full-time salary just won't cut it in this expensive market. And part-timers? Forget about it! Even with every penny going towards a property, it's still out of reach. 🚫 Don't count on a quick fix either – the housing market isn't expected to change anytime soon. 🚫 If you're dreaming of owning a home in Sydney, you might need a little help from your family. Financial support is becoming a crucial factor in making that dream a reality. #realestate #realestateinvesting #property #propertyinvesting #propertyinvestor #propertymarket #affordability

The innovative concept of employer-assisted rent and mortgage housing is on the rise. Discover how this approach can benefit both employers and employees, providing solutions to housing challenges and promoting financial stability. https://buff.ly/3SX9a0A @multifamilydive #multifamily #housing

Per this article, the needed salaries to afford a median-priced home have increased 40 to even 60% since 2020 across the U.S. Massachusetts’ needed income of $162,471 increased 40.3% to afford a median home at $572,900—let’s face it, doesn’t buy you a lot near the city. Such a shame to have the world’s best schools educating our young adults, yet per a 2023 Boston Chamber of Commerce study, 25% of people between 20 and 30 are planning to leave MA. Housing affordability being a main reason. Aside from the national economic landscape , here we continue a viscous entanglement of red tape, fiscal shortfalls, and an uphill battle for residential development—especially suburban transit-oriented housing . The push to get folks back into empty office buildings and the congested hours of commuting that it would entail for those who can’t afford to live close by, makes it all the more daunting. Interesting study for sure, I look forward to seeing the initiatives and innovations put forth and how they will play out.

🌆 Australia's changing rental landscape is leaving many Aussies grappling with rent arrears. If you're among those feeling the pressure, you're not alone, and there's hope ahead. 🎯 Our latest article dives into: - The key factors behind the escalating rental crisis - How being in rent arrears can impact your credit, tenancy, and future rental opportunities - A comprehensive rundown of where to find support - Expert insights on navigating financial challenges and potential insolvency Rental stress doesn't have to dictate your life. 🔗 For actionable advice and resources, dive into the full article: https://hubs.li/Q02Qygzm0 #housingcrisis #rentingcrisis #costofliving

More on workforce housing

1 in 3 Americans want to relocate if their presidential candidate loses. This could significantly impact owners of investment rental properties. Here are some potential effects: *  Shifts in Rental Demand: Areas historically supporting the losing candidate might experience increased rental vacancies, while regions supporting the winning candidate may see increased demand. *  Changes in Local Economies: Relocations can impact local economies, influencing property values, rental rates and business growth. *  Potential for Increased Property Listings: Homeowners relocating due to election outcomes may list their properties for sale, affecting local real estate markets. *  Operational Challenges: Property managers must adapt to changing market conditions, potentially requiring adjustments in marketing strategies, rental pricing and tenant acquisition efforts. *  Economic Concerns: The economy is a top issue among voters, with 81% saying it will be very important to their vote, which may further impact investment rental properties. *  Regional Disparities: Issues like immigration and abortion have become increasingly important to voters, potentially exacerbating regional disparities in rental demand. To navigate these changes, investment property owners should monitor relocation trends, adjust marketing strategies and maintain flexibility in responding to shifting market demands. Read more on Realtor.com... https://lnkd.in/gwipvZnp

5 Ways To Tell If You’re Middle or Lower Class Written by Laura Beck Fri, Aug 2, 2024, 5:00 PM GMT+24 min read Socioeconomic status is complex, with blurry lines between classes. However, your lifestyle and wealth-building opportunities often depend heavily on whether you fall into the middle or lower class. There are subtle signs that reveal where you stand. Explore More: How I Went From Middle Class to Upper Middle Class In America, analysts typically split the population into upper, middle and lower classes based on income, net worth, education level, and occupation type factors. However, it’s not always straightforward. But a few telling signs help you determine if you fit into either the middle or lower rungs of the ladder. Let’s dig into some key ways to tell where you fall on the class hierarchy. Your Housing Situation Housing is one of the largest family expenses. If you’re struggling to afford a comfortable, safe home in a decent neighborhood, it may indicate your middle or lower-class status. Trending Now: 4 Ways the Middle Class Can Make an Extra $500 a Week From Home “If you can manage to buy a house, especially where prices are sky-high, and keep up with all the costs like mortgage, taxes, and fixing things without sweating too much, it’s a pretty good sign you’re in the middle class,” said Jeff Rose, founder of GoodFinancialCents. “But, if buying a house feels like a dream out of reach because it’s just too pricey or saving for a down payment feels impossible, and you’re sticking to renting not because you want to but because you have to, it could mean you’re more in the lower class.” While housing alone doesn’t define class, prioritizing lower costs over space, amenities and location is a key trade-off often made out of financial necessity. Pouring over 50 percent of your income into housing just isn’t unsustainable. https://lnkd.in/dagi9-PG?  

CERTIFIED FINANCIAL PLANNERS/ADVISORS: “Funding Long-Term Care with Home Equity” will be our next FREE webinar of the Series on December 12th. 2024 at 2:00 p.m. EST. We are offering several webinars on how to apply Reverse Mortgages and "sequence of returns" to your clients’ portfolios; a great way to diminish loses and grow their investments. After the webinar, 1 credit will be applied towards your CE. Please, contact me via LinkedIn, by e-mail at: cwilliams@statecapitalgroupcorp.com or by phone (914) 393-9600 to register and/or more information. Many financial advisors are considering Home Equity to help safeguard and improve their client’s retirement outcomes. Often serving as a client largest asset, strategically accessing home equity with a Reverse Mortgage may: • Manage long-term care risks.  • Bridge gaps to maximize social security.  • Eliminate a mortgage payment and strategically utilize Home Equity. • Fund legacy strategies and more.  • Long-term care planning, paying taxes on Roth Conversions, Cash Flow management. • Learn the reverse mortgage cost, borrower eligibility, requirements and consumer protection. In this webinar for Financial Advisors, you will learn how a reverse mortgage works, and how to incorporate it into your planning practice. Presented by Phil Walker, Vice President of Retirement Strategies Division at HighTech Lending, Inc.  This class is eligible for 1 CFP CE credit. Personal NMLS ID #: 7734 – Company NMLS ID #: 1953154 #seniorcitizen #seniorservices #seniors #reversemortgage #reversemortgages #reverseretirement #financialfreedom #financialadvisor #financialplanning #financialindependence #financialadvisor #financialplanner #elderlaw #divorceattorney #willsandtrusts #realestate #realestateplanning #relocation #homedownsize #homeownership