The Daily Money: Millennial homeownership grows with higher incomes and parental help

Millennials are finally afford a home with higher incomes and parental help; The latest jobs report shows fewer positions added in March. Is it a blip?

Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Fri Apr 7 2023 Amritpal Kaur Sandhu-Longoria |  Investigative Reporter, Consumer Watchdog @AmritpalKSL Hi, it's Amritpal Kaur Sandhu-Longoria with The Daily Money headlines for Friday. With higher incomes and some help from parents, millennials are finally becoming homeowners. Even with soaring housing prices, over the past five years millennial homeownership has grown from 7 million to 18 million people. Challenges such as the Great Recession and student loan debt were two big economic reasons that put the pause on buying a home, but that all changed last year when millennials reached a historically high median income of $108,000 a year. Some millennials even moved back in with their parents which helped them save money. However, baby boomers are still the dominant homebuyers, coming in at 32 million people. Jobs report shows fewer jobs added in March Employers added 236,000 jobs in March , down from 311,000 in February, as industries like housing and technology, which are sensitive to Federal Reserve interest rate hikes, cut jobs. Other industries that cut jobs include manufacturing, transportation/warehousing, and the financial sector. It could all be a blip and be part of the pandemic-related recovery. If jobs continue to decline, however, it could hint at economic trouble ahead. 📰 More stories you should not miss:📰  Women may be down financially after COVID, but experts see hope: Women can build wealth by saving early and investing. Newsom wanted California to cut ties with Walgreens. Then federal law got in the way: The response was sparked after Walgreens agreed to not distribute an abortion pill in 21 states. Tax Day's coming soon, but there's still time to get a deduction to save money: Money contributed to an IRA or HSA this year counts as a deduction. Some California garment workers being paid as little as $1.58 per hour: At some retailers, that 'Made in the U.S.A.' garment was made by someone vastly underpaid. What's open on Easter?: Check out the list of open grocery stores, retailers and restaurants. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Follow Amritpal on Twitter: @AmritpalKSL Employers added 236,000 jobs in March as hiring slowed amid rising interest rates U.S. employers added 236,000 jobs in March as hiring slowed for second month amid high inflation and interest rates. Unemployment fell to 3.5%. READ MORE Advertisement Women may be down financially after COVID, but experts see hope Women already lag men financially, but COVID worsened it. Women lost more jobs or took care of kids. Here's how pros say they can recover some ground. READ MORE 5 easy pantry organization ideas If your pantry is in desperate need of a makeover, here are five simple pantry organization ideas and storage solutions. READ MORE By 2040, 70% of net new homeowners will be Hispanic. What does that mean? Hispanic homeownership: It makes business sense for the housing industry to pay attention to this growing demographic, experts say. READ MORE See what contributions can still score you a deduction by April 18. The April 18 tax deadline is near, but there's still time for contributions that can get you a tax deduction and save you money. Here's what to know. READ MORE Honda recalls over half a million CRVs in these 22 states, Washington, D.C. Honda said 2007-2011 CRVs exposed to salted roads could have corroded rear frames. There are 22 states where vehicles could be affected. READ MORE Is this job trend a troubling signal for the economy? A growing share of industries is shedding jobs, a possible clue that employment growth is slowing ahead of a government jobs report on Friday. READ MORE When is the tax deadline? When do you need to request an extension by? Taxes are due by April 18 unless you file for an extension or live in parts of Mississippi, Georgia and other states that had recent natural disasters READ MORE If a recession hits, could state agencies handle mass unemployment? Unemployment insurance offices continue to grapple with outdated operating systems. The system could crack further if the U.S. enters a recession. READ MORE Richard Branson's rocket company Virgin Orbit files for bankruptcy Virgin Orbit has filed for Chapter 11 bankruptcy after a failed launch in January, difficulties raising funding and dramatic staff reductions. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! 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