AARP

Bringing Families Together: Could ADUs Help Millennials Get The Housing They Need?

Posted on by TMN Editor
By ERIN FLYNN JAY and KIMBERLEY HAAS A recent report from Redfin shows that Baby Boomers with empty nests own double the amount of large homes compared to Millennials with kids. So what if Grandma and Grandpa moved into an accessory dwelling unit and the three generations lived together so everyone could have some space? According to the report, Millennials with kids own 14% of the nation’s large homes, which are defined as having three or more bedrooms. Baby Boomers living by themselves or with one other person own 28% of these properties. Partially to blame is affordability. 2023 was the least affordable year for homebuying on record, with median-priced homes costing about $410,000, according to Redfin. Additionally, 54% of…

Official: New ADU Policy Will Boost Supply Of Affordable Housing

Posted on by TMN Editor
By KIMBERLEY HAAS A new policy that allows lenders to count income from accessory dwelling units when underwriting a mortgage will help provide affordable homes for those who need them most, according to a top housing official. Julia Gordon, who serves as the assistant secretary for housing and federal housing commissioner at the U.S. Department of Housing and Urban Development, spoke about the changes last week during her remarks at the Mortgage Bankers Association’s annual convention and expo in Philadelphia. “We’re going to allow both existing rental income for ADUs, and prospective rental income, to be included in the underwriting process to allow more borrowers to purchase properties with ADUs, to rehab existing houses to add ADUs, and to construct…