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2025-10-15 18:34:47| Fast Company

Owning a home sounds like a dream, sure, but a majority of Gen Z Americans feel discouraged about whether they can make this sort of lifetime goal a reality. To blame? Housing just isnt affordable. While two-thirds of Americans between the ages of 18 and 27 say that homeownership is a lifetime goal, 82% of people in this generation believe that actually buying a home is more difficult for them than older generations, according to a new survey of 1,000 Gen Z adults released today by Realtor.com. Things are so bad, in fact, that 16% of Gen Zers rate housing affordability as one of their top life concerns. And its not just a feeling: Younger generations have been largely locked out of the housing market in recent years because of the affordability issue thats made worse by a few influencing factors, according to Hannah Jones, senior economic research analyst at Realtor.com. In addition to a lack of new housing inventory, the elevated home prices for existing homes and high mortgage rates mean that homeownership really is out of reach for many would-be buyers, she says. Its really, really challenging to be a first-time homebuyer in this market, Jones tells Fast Company. But there are definitely ways to go about it, and creative ways to approach homeownership. 33% OF GEN Z SAVING FOR A DOWN PAYMENT Thats because the survey results, while largely showing how discouraged Gen Z feels, did reveal something that Jones finds encouraging: Nearly three-quarters of respondents have already started saving for a down payment. While respondents predict theyll need about $54,500 for a down payment, which is far less than the $85,000 necessary for a 20% down payment on a home with the national median listing price of $425,000, its nearly double the most-recent average down payment of $30,250. By proactively saving, even if they worry about affordability, this underscores just how much of a priority owning a home is for younger people and that theyre still optimistic its possible, provided they save enough money, Jones says. Even though Gen Z views homeownership as unattainable, theyre thinking about it and saving for it.  Respondents said theyre interested in dependable ways to grow their wealth or cut costs to save for a down payment rather than betting on the potential for making money from riskier bets on stocks or cryptocurrencies. And theyll make some sacrificeslike going back home to live with their parents, living with roommates, buying homes with friends if theyre unmarriedso they can overcome that affordability hurdle, Jones says. MARKET SOLUTIONS NEEDED But some solutions that will help this generation are far beyond their control: More new homes need to come on the market, including the construction of more starter homes and multi-family homes that are available at different sizes and price points for generations that arent yet earning a lot, Jones says. And while much has been made of the so-called great wealth transfer, in which trillions of dollars will be transferred from older generations to younger generations, would-be homebuyers will benefit more immediately from a dip in mortgage rates. About 80% of home owners with outstanding mortgages are locked in at rates below 6%, so that will serve as an important psychological boundary that may help unlock some housing inventory, Jones says. The national average rate for a 30-year fixed-rate mortgage is currently 6.19%, according to Nerdwallet.  Realtor.com hasnt yet forecasted mortgage rates for 2026, when its possible that theyll dip below 6%, but thats coming in the relatively near future and once it does, it will bring a wave of people who are ready to move and will bring more housing inventory to the market.  Lower mortgage rates will unlock a lot of housing so it can boost housing affordability, Jones says.


Category: E-Commerce

 

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2025-10-15 18:31:55| Fast Company

The Free Application for Federal Student Aid for the 2026-27 school year has officially opened. Despite the U.S. government shutdown, the Education Department will continue to process the FAFSA. If you plan to attend college next year, Jill Desjean, director of policy analysis at The National Association of Student Financial Aid Administrators, recommends that you fill it out as soon as you can. If it’s your first time applying, here’s what you need to know: How does the FAFSA work? The FAFSA is a free government application that uses students and their families financial information to determine whether they can get financial aid from the federal government to pay for college. The application will send a students financial information to the schools they are interested in attending. The amount of financial aid a student receives depends on each institution. The application is also used to determine eligibility for other federal student aid programs, like work-study and loans, as well as state and school aid. Sometimes, private, merit-based scholarships also require FAFSA information to determine if a student qualifies. What is the deadline to fill out the FAFSA? The 2026-2027 FAFSA application must be submitted by June 30, 2027. However, each state has different deadlines for financial aid. For example, California has a March 2, 2026, deadline and Kansas has an April 15, 2026, deadline for state financial aid programs. You can check your states deadline here. This year’s application rolled out Sept. 24, a week ahead of the anticipated Oct. 1 launch. This is a really welcomed change and hopefully it will be a turning point where we can expect to see a FAFSA every year by or even before October 1st, Desjean said. How can I prepare to fill out the FAFSA form? The first step in the process is to create a studentaid.gov account and gather the following documents: Social Security number Drivers license number Alien registration number, if you are not a U.S. citizen Federal income tax returns, W-2s and other records of money earned Bank statements and records of investments Records of untaxed income Who should fill out the FAFSA? Anyone planning to attend college next year should fill out the form. Both first-time college students and returning students can apply. Even if you think you wont qualify, the worst thing that can happen is that you might get finance aid you didnt know you qualified for, Desjean said. Students and parents can use the federal student aid estimator to get an early approximation of their financial package. What information do I need from my parents? If you are filing as a dependent student, youll need to provide the financial information of at least one parent. Parents need to create their own FSA IDs. When your parents fill out the application, they can manually input their tax return information or use the IRS Data Retrieval Tool. The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism. Adriana Morga, Associated Press


Category: E-Commerce

 

2025-10-15 18:18:20| Fast Company

When the corroded pipeline burst in 2015, inky crude spread along the Southern California coast, becoming the states worst oil spill in decades. More than 140,000 gallons (3,300 barrels) of oil gushed out, blackening beaches for 150 miles (240 kilometers) from Santa Barbara to Los Angeles, polluting a biologically rich habitat for endangered whales and sea turtles, killing scores of pelicans, seals, and dolphins, and decimating the fishing industry. Plains All American Pipeline in 2022 agreed to a $230 million settlement with fishers and coastal property owners without admitting liability. Federal inspectors found that the Houston-based company failed to quickly detect the rupture and responded too slowly. It faced an uphill battle to build a new pipeline. Three decades-old drilling platforms were subsequently shuttered, but another Texas-based fossil fuel company supported by the Trump administration purchased the operation and is intent on pumping oil through the pipeline again. Sable Offshore Corp., headquartered in Houston, is facing a slew of legal challenges but is determined to restart production, even if that means confining it to federal waters, where state regulators have virtually no say. California controls the 3 miles (5 kilometers) nearest to shore. The platforms are 5 to 9 miles (8 to 14 kilometers) offshore. The Trump administration has hailed Sables plans as the kind of project the president wants to increase U.S. energy production as the federal government removes regulatory barriers. President Donald Trump has directed Interior Secretary Doug Burgum to undo his predecessors ban on future offshore oil drilling on the East and West coasts. Environmentalists sue to stop the project “This project risks another environmental disaster in California at a time when demand for oil is going down and the climate crisis is escalating,” said Alex Katz, executive director of Environmental Defense Center, the Santa Barbara group formed in response to a massive spill in 1969. The environmental organization is among several suing Sable. Our concern is that there is no way to make this pipeline safe and that this company has proven that it cannot be trusted to operate safely, responsibly or even legally, he said. Actor and activist Julia Louis-Dreyfus, who lives in the area, has implored officials to stop Sable, saying at a March protest: I can smell a rat. And this project is a rat. The California Coastal Commission fined Sable a record $18 million for ignoring cease-and-desist orders over repair work it says was done without permits. Sable said it has permits from the previous owner, Exxon Mobil, and sued the commission while work continued on the pipeline. In June, a state judge ordered it to stop while the case proceeds through the court. The commission and Sable are due back in court Wednesday. This fly-by-night oil company has repeatedly abused the publics trust, racking up millions of dollars in fines and causing environmental damage along the treasured Gaviota Coast, a state park south of Santa Barbara, said Joshua Smith, the commissions spokesman. Sable keeps moving forward So far, Sable is undeterred. The California Attorney Generals office sued Sable this month, saying it illegally discharged waste into waterways, and disregarded state law requiring permits before work along the pipeline route that crosses sensitive wildlife habitat. Sable placed profits over environmental protection in its rush to get oil on the market, the agency said in its lawsuit. Last month, the Santa Barbara District Attorney filed felony criminal charges against Sable, also accusing it of polluting waterways and harming wildlife. Sable said it has fully cooperated with local and state agencies, including the California Department of Fish and Wildlife, and called the district attorney’s allegation inflammatory and extremely misleading. It said a biologist and state fire marshal officials oversaw the work, and no wildlife was harmed. The company is seeking $347 million for the delays, and says if the state blocks it from restarting the onshore pipeline system, it will use a floating facility that would keep its entire operation in federal waters and use tankers to transport the oil to markets outside California. In a filing with the U.S. Securities and Exchange Commission on Thursday, the company updated its plan to include the option. Fulfilling the president’s energy promise The U.S. Interior Departments Bureau of Safety and Environmental Enforcement said in July it was working with Sable to bring a second rig online. President Trump made it clear that American energy should come from American resources, the agencys deputy director Kenny Stevens said in a statement then, heralding the “comeback story for Pacific production. The agency said there are an estimated 190 million barrels (6 billion gallons) of recoverable oil reserves in the area, nearly 80% of residual Pacific reserves. It noted advancements in preventing and preparing for oil spills and said the failed pipeline has been rigorously tested. Continuous monitoring and improved technology significantly reduce the risk of a similar incident occurring in the future, the agency said. CEO says project could lower gas prices On May 19 the 10th anniversary of the disaster CEO Jim Flores announced that Sable is proud to have safely and responsibly achieved first production at the Santa Ynez Unit which includes three rigs in federal waters, offshore and onshore pipelines, and the Las Flores Canyon Processing Facility. State officials countered that the company had only conducted testing and not commercial production. Sable’s stock price dropped and some investors sued, alleging they were misled. Sable purchased the Santa Ynez Unit from Exxon Mobil in 2024 for nearly $650 million primarily with a loan from Exxon. Exxon sold the shuttered operation after losing a court battle in 2023 to truck the crude through central California while the pipeline system was rebuilt or repaired. Flores said well tests at the Platform Harmony rig indicate there is much oil to be extracted and that it will relieve California’s gas prices among the nation’s highest by stabilizing supplies. Sable is very concerned about the crumbling energy complex in California,” Flores said in a statement to The Associated Press. With the exit of two refineries last year and more shuttering soon, Californias economy cannot survive without the strong energy infrastructure it enjoyed for the last 150 years. California has been reducing the states production of fossil fuels in favor of clean energy for years. The movement has ben spearheaded partly by Santa Barbara County, where elected officials voted in May to begin taking steps to phase out onshore oil and gas operations. Julie Watson, Associated Press Associated Press writer Matthew Brown contributed to this report.


Category: E-Commerce

 

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