STL Real Estate News

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Millennial Home Ownership

Highest Millennial Home Ownership – St. Louis, MO

ST. LOUIS, MO: (STLRealEstate.News) As people are saying today, “Surprise, Surprise – millennials can’t afford a home in Silicon Valley.” No, they certainly cannot. But, of the adults ages 18 to 35, close to 35% of them call St. Louis home, the highest national average for millennial home-ownership as of August 2016. The lowest rate of home-ownership for millennials occurs in San Francisco and the San Jose metropolitan where only 6-7% can even dream of calling a home their own. Why? The skyrocketing standard of living and simply impossible real estate prices make it an idea rather than a reality.

Millennials are faring way better in Houston (27%), Salt Lake City (32%), and St. Louis, with a whopping 35%.

“The high cost of home-ownership is delaying buying among those aged 25-35, the years when home buying accelerates,” Earnest Magazine tells us. The dismal San Francisco and San Jose ownership rates stand in contrast to another set of numbers: “These job hubs also have the highest median incomes in Earnest’s data-set for this age range: $81,000 in San Francisco and $86,000 in San Jose, as compared with $56,000 across the U.S. overall.”

What does this tell us? St. Louis’ booming real estate market has caught the attention of young adults nationwide.

Macys to close 100 stores in 2017 – STLRealEstate.News


Macys to Close 100 Stores

ST. LOUIS, MO: (STLRealEstate.News) Macys, the quintessential American retail giant, said they plan to close 100 stores in 2017 as their sales continue to flop against expectations.  They are going to focus on boosting online investments and reformulate their selling strategy as the nation’s largest department store chain tries to become more versatile in an increasingly competitive market.  The closures will represent about 14 percent of its stores under the Macy’s brand.

Also the owner of the upscale Bloomingdale’s stores as well, Macy’s says they are going to increase their exclusive products and prioritize investments in the stores that offer the highest growth potential.

Earlier in 2016, Macy’s closed a call center and distribution facility in the Bridgeton area that employed 750 people.  When asked if they plan to close any in the St. Louis area, a Macy’s representative said none of the 100 planned closures will occur in the St. Louis community – for now.