American Dream

KOAA 1/30/2012 10:10:27 PM: …news five’s matt stafford is looking into today’s american dream. each generation of young professionals has it’s differences… and it’s own set of problems. “without 20 percent down it’s very difficult to get a loan today.” fred crowley, sr. economist – UCCS forum “a typical house around here is about $200,000, and you’ve got to come up with $40,000… that’s a lot of money.” crowley “if you’ve never owned a home before it’s almost impossible, as a young adult, to come up with $40,000. so, the choice is: rent.” crowley in colorado springs…. before 20-11… it had been at least a couple of years since any new multi family apartments had been built. …now that’s changing. “certainly there will be different kinds of housing activity this year and next.” crowley “we’re going to see a move to a large number of multi-family units; apartments coming online this year.” crowley “in terms of demographics, a lot of younger people do not want to make a home ownership commitment yet.” fred vietch, vp of commercial development for nor’wood development group fred vietch says these days people working their way up the corporate ladder seem to do a little more moving around before settling down. his group, nor’wood development, is one putting in new units in el paso county. “a lot of people want to get out of the home, home maintenance, and may choose to rent short term.” vietch “apply that equity towards other things.” vietch but that’s not to say the single- family housing market isn’t seeing growth, locally, too . “there were actually more single-family permits in 2011 that there were in 2010.” crowley …hopefully it’s a good sign. “push comes to shove; multi-family is growing a little bit faster right now than single-family.” crowley “i think it’s going to be good for the consumer to have more choices, so i think, ultimately, it’s going to be good for the here’s advice from an economist…. on whether to buy or rent. crowley – from the story – says it comes down to job security. if you feel like you have it — it’s a great time to buy… with low mortgage rates