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☆ Bank of America breaks down the 4 cities facing the biggest housing shortages right now — and the 3 where there's still plenty of room
▼ + stars: | 2023-08-08 | by ( Mark Reeth | ) www.businessinsider.com time to read: +7 min

A recent report by the Bank of America Institute compared population with housing supply. San Antonio, Dallas, Orlando, and Houston have high population growth and low housing supply. Anna Zhou, an economist at the Bank of America Institute, said in a recent report that housing supply is unusually constrained right now, as measured by months' supply. Finally, cities in the upper-left quadrant identified in red have high housing supply but a declining population, putting them in the "cold" group. Zhou highlighted San Antonio, Dallas, Orlando, and Houston as among the "hot" cities experiencing high population growth coupled with low housing supply.

Persons: Anna Zhou, Zhou, That's, US . Bank of America Zhou Organizations: Bank of America Institute, Houston, Bank of America, National Association of Realtors, US . Bank of America, BofA Global Research, Jacksonville, Las Vegas, Portland , Oregon ., Portland , Oregon . Los Angeles Locations: San Antonio, Dallas, Orlando, Cities, Tampa, Jacksonville, Antonio, Houston, 2Q24, St, Louis, Detroit, Miami, droves, Jacksonville , Florida, Columbus , Ohio, Charlotte, Nashville, San Francisco , New York, Boston, Portland , Oregon, Portland , Oregon . Los

☆ Some student-loan borrowers could be facing payments of over $500 this fall, a new study says — and they'll probably have to dip into their savings to afford it
▼ + stars: | 2023-07-19 | by ( Ayelet Sheffey | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

At the end of June, the Supreme Court struck down President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers. To attempt to mitigate the shock of the payment resumption, the Education Department at the end of June announced a series of temporary safeguards. Once repayment starts, those high-income borrowers may have to use those savings to pay the new student loan bills. Zhou said borrowers making less than $250,000 a year cannot support their total spending with the student loan payments. This means nearly all student debt holders will need to adjust their spending behaviors when payments resume.

Persons: TransUnion, Joe Biden's, Biden, Liz Pagel, we're, Anna Zhou, Zhou Organizations: Service, Education Department, UBS, Bank of America Institute, Bank of America, Consumers Locations: Wall, Silicon

☆ Cleveland has become an unlikely hotspot for millennials in search of affordability
▼ + stars: | 2023-06-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

With income growth outpacing rent there, these 27 to 42 year-olds have more disposable income. In order to come up with the ranking, the BofA Institute used home address data from 46 million of adults who've been customers of the bank since 2018. Cleveland residents now pay just over 17% of their income on rent, while the average American pays 20%. Pittsburgh income growth exceeded rents by 1%. Indeed, the BofA Institute found that millennials are by-and-large staying out of the housing market this cycle, but still are window shopping for the future.

Persons: —, millennials, Anna Zhou, Zhou, Clever, they're, homebuyers Organizations: Service, Bank of America Institute . Austin, BofA Institute, Bureau of Labor Statistics Locations: Tampa, Dallas, Cleveland, Tampa , Florida, Bank of America Institute . Austin , Texas, Midwest, Columbus , Ohio, Cleveland Cleveland, Providence , Rhode Island, Buffalo , New York, Pittsburgh

☆ The gig economy boom is over as workers go back to traditional jobs, Bank of America says
▼ + stars: | 2023-04-29 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

But this could also be due to attractive wage growth in traditional jobs per the report and Zhou. Additionally, some gig workers could be "rotating into the traditional job market because the wage growth in the traditional job market has been so phenomenal," Zhou said. The report stated that "for those gig workers who also have a traditional job, large wage increases in their primary jobs could mean less need to make up any shortfall in the gig economy. Gig workers who also hold traditional jobs are typically in sectors like restaurants and retail, which have seen especially high wage growth. And while the share of gig workers doing delivery or social commerce has dropped, the analysis shows the share for ride-hailing has mainly been trending upward.

☆ Over 2 million workers are missing from the US workforce. Here's how they're paying their bills.
▼ + stars: | 2023-03-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

There are over two million workers missing from the US labor force, per Bank of America Institute. They can thank gig work, living with others who are earning money, and excess savings or stimulus money during the pandemic. "There's no single driver that's really causing people not returning back to the labor force," Zhou told Insider. Below are different ways these "missing workers" from the labor force may still be affording expenses and paying bills. The "financial buffer" that some of these missing workers may be relying on could be a "temporary reason" they left.

United Airlines CEO Scott Kirby noted that more relaxed office attendance policies are also letting people travel more. The appetite for travel is persisting despite soaring airfares, which have been fueled by a pilot shortage and aircraft delivery delays. Even after Labor Day, when travel normally slows down, "it's just not the case this year, especially for international travel," she said. But if a recession hits, that could jeopardize all consumer spending — and prompt even higher-income Americans to rethink big trips. Tim Quinlan, senior economist at Wells Fargo, expects the holiday season will be the "last hurrah" for consumers.

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