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☆ A millennial who makes 6 figures says she's looking across the US for a home but is struggling to find one in her budget that has green space and a 'metropolitan vibe'
▼ + stars: | 2024-06-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Read previewWhen Madelyn Driver and her husband began house-hunting, they thought they had a few advantages. The 30-year-old makes over $100,000 working in the tech industry, according to a document viewed by BI — and she said her husband also has a six-figure income. Driver is among a group of Americans with six-figure incomes who are having trouble meeting some of their financial goals. Related storiesOf course, for the majority of Americans who don't have a six-figure income — the average annual full-time salary was about $84,000 as of March — affording a home is even more of a challenge. Driver said their ideal location would have a highly educated population, diversity, plenty of green space, and milder weather than the Northeast.

Persons: —, they're, they've, Driver, hasn't, millennials Organizations: Service, BI, Business Locations: Pennsylvania, Colorado, Carolinas, Virginia

☆ Inside America's Fastest-Growing City, a Little-Known Gem in Texas
▼ + stars: | 2024-06-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +12 min

Just about 41 miles north of Dallas lies Celina, a small North Texas town that is America's fastest-growing city. Downtown Celina, Texas. Their metamorphosis into sprawling suburban metropolises has been greatly influenced by the ongoing expansion of the North Texas Tollway, which has increased accessibility to the previously remote cities. AdvertisementNew businesses are moving into the cityWith more people living in the city, Celina's economy is also growing as local businesses and services benefit from increased demand. However, Joe Monaco, director of marketing and communications for the city of Celina, told BI that there were "countless volunteers who came out."

Persons: There's, Katy, Ryan Tubbs, Celina, Celina Alcynna Lloyd, Taylor Morrison, Toll, Tubbs, Bankrate, Casas, Aaron Graham, Graham, They're, Tracy Miller, Celina —, Miller, Alcynna Lloyd, —, Sandy Lewis, It's, Celina ., Joe Monaco Organizations: Business, Downtown, Houston, homebuying, North Texas Tollway, Tollway, North Texas Tollway Authority, Celina, Highland Homes, Texans, Homes, Olympic, JC, Real, Group, Mustang, Highland, Little Elm, Troubadour, Celina's, Centurion American Development Group, Dallas, WFAA Locations: Dallas, Celina, North Texas, Collin County, Texas, California, Florida, Georgia , Illinois, Missouri, Africa, Asia, Central America, Europe, Downtown Celina , Texas, Celina Texas, United States, Austin, Celina , New Braunfels, Prosper, Frisco, Plano, Frisco ., Highland, Celina —, Wilson Creek, Cambridge, East Coasts, New York

☆ Here are 9 stocks that can benefit from Fed interest rate cuts
▼ + stars: | 2024-06-13 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Housing We see Stanley Black & Decker as a major beneficiary of Fed rate cuts due to its link to the housing market. On the one hand, lower rates mean a bank like Wells Fargo makes less money on the money it lends. Biotech Danaher should also see some benefit as lower rates lead to improved funding dynamics for biotech companies. Like in housing, monthly payments become far more manageable at lower rates, and therefore affordability and demand, stand to increase. Salesforce , which has also highlighted more measured deal activity, might not benefit as much from lower rates.

Persons: Jerome Powell, Stanley Black, Decker, Stanley, That's, Wells, Morgan Stanley, SVB, Ford, We're, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Nasdaq, CNBC, Fed, Biotech, Silicon Valley Bank, Ford, Palo, Networks, Microsoft, Jim Cramer's Charitable, Bloomberg, Getty Locations: Wells, Wells Fargo, Silicon Valley, Colma , California

☆ A financially independent couple with 2 kids shares how they both retired by 35 and haven't returned to the office since
▼ + stars: | 2024-06-13 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Dogen and his wife are FIREs — financial independence, retire early — who make it work with two kids in one of the US's most expensive cities. I'm only 35 years old, leaving a well-paid job behind, losing so much money," Dogen said. They upped their savings rate and tried to maximize passive income during those years. "One of the interesting phenomena you'll see in the FIRE space is how a man will proclaim he's retired early, but he'll have a working wife," Dogen said. She returned to the company after a few months, making more in a part-time position than she did working full-time.

Persons: Sam Dogen, Dogen, —, monetizing, he's, she's, it's Organizations: Service, San, Business, FIRE Locations: New York City, San Francisco

☆ Golden Age for Rich Renters: Deals Make It Better Than Buying a Home
▼ + stars: | 2024-06-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +10 min

The result is that class A units account for more than half the apartment market, compared with one-third in the early 2000s, according to Moody's Analytics. High-end apartments that offer amenities up the wazoo — and rent breaks, to boot — represent a tantalizing alternative to the for-sale market right now. But as with all good things, the golden age for America's wealthy renters must also come to an end. Nations told me she still hoped to buy a home one day. "I know how challenging it is to rent in Nashville, especially on your own," Nations told me.

Persons: Emily Nations, she's, Nicole Bachaud, Rich, Joel Sanders, Sanders, Doug Ressler, David Brasington, Ressler, they're, — Organizations: Trinity, cabana, Nations, Analytics, University of Cincinnati, Census Locations: Nashville, downtown, Nations, New York, Salt Lake City, Atlanta, America, Houston, Austin, Phoenix, Charlotte, North Carolina, Raleigh , North Carolina, Tampa , Florida

☆ A shady financial tool from the housing-bubble era is making a comeback
▼ + stars: | 2024-06-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Perhaps the last thing the market needs is another shady financial product that pushes low-income Americans into homes they can’t afford, under terms that could bankrupt them. The zero-down mortgage is making a comeback, my colleague Matt Egan reports. And honestly, when has the value of the housing market ever gone anywhere but up up up up? The housing market, as we all remember from “The Big Short,” does not always go up. One way for motivated buyers to hunt for a lower mortgage rate is buy someone else’s.

Persons: America’s, aren’t, Matt Egan, you’re, let’s, didn’t, you’d, you’ll, ”, Patricia McCoy, ” Alex Elezaj, ” Adams, “, Samantha Delouya, Ellen Harper, Samantha, ” Harper Organizations: New, New York CNN, Wall, United Wholesale Mortgage, Boston College Law School, CNN, “ Locations: New York, Georgia

☆ Buying a home in retirement: Here’s what it takes for retirees to get a mortgage
▼ + stars: | 2024-06-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Lenders’ chief focus will be on your ability to repay your mortgage with your various sources of non-paycheck income. “When you qualify for a mortgage, it’s all based on your income,” said Melissa Cohn, regional vice president at William Raveis Mortgage. That ratio falls to between 43% and 45% if you’re taking out a jumbo loan, she added. What you should consider before taking out a mortgageEven before seeking a mortgage, get a good grasp on your expected monthly income and expenses in retirement. To get the truest reading on what makes financial sense, compare mortgage expenses to your investment returns on an after-tax basis, Stork noted.

Persons: ”, Jim Stork, homebuyers, you’ve, Melissa Cohn, we’ll, Fannie Mae, ” Cohn, Cohn, Mark Luscombe, Cohen, Lori Trawinski, Trawinski, you’re, Stork, ” Stork Organizations: New, New York CNN, National Association of Realtors, William, Mortgage, Social Security, Wolters, Kluwer, Accounting, AARP Locations: New York, Illinois, Florida

☆ Want a low mortgage rate? Take someone else’s
▼ + stars: | 2024-05-31 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

This means that a buyer keeps the seller’s repayment period, mortgage balance and, notably, the seller’s lower mortgage rate. Securing that ultra-low mortgage rate means that Harper will save thousands of dollars in monthly payments. “I just decided I wanted to see how low I could pay on the interest rate,” Harper said. And while the mortgage rate on the second loan may be high, the total monthly payment could still be lower — if the assumed mortgage rate is low enough. Snagging a low mortgage rate like Harper’s in today’s high interest rate environment may seem like a dream come true to some prospective homebuyers, but the process is not always smooth sailing.

Persons: ”, Ted Tozer, Ginnie Mae —, Tozer, Ellen Harper, Harper, “, ” Harper, ” Tozer, homebuyers, he’d, Raunaq Singh Organizations: CNN, of Housing, Urban, Urban Institute, Intercontinental Exchange, Federal Housing Administration, US Department of Veterans Affairs, Realtors Locations: Georgia, Georgia , Arizona , Colorado , Texas, Florida

Mortgage rates have been holding relatively steady this month, though 30-year mortgage rates inched up slightly this week. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.36% this week, according to Freddie Mac data, which is a 12-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve, Fed Locations: Chevron

After finally dropping below 7% earlier this month, 30-year mortgage rates have been holding relatively steady in the mid-to-high 6% range, according to Zillow data. Once the Fed is able to start lowering rates, mortgage rates are expected to fall. Mortgage rates are expected to go down this year, but they might not drop as much as initially expected. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal, Consumer, Mortgage, Zillow, Association, Sky Locations: March's, Chevron

☆ JPMorgan's Michael Rehaut: Homebuying intentions among renters at highest level in six months
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan's Michael Rehaut: Homebuying intentions among renters at highest level in six monthsMichael Rehaut, senior homebuilding analyst at JPMorgan, joins CNBC's 'The Exchange' to discuss outlooks on the housing market, rate moves, and more.

Persons: Michael Rehaut Organizations: JPMorgan

☆ Home sales: Prices in the US housing market continue to climb
▼ + stars: | 2024-05-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers. Housing affordability takes into account prices, household incomes and mortgage rates. Sales fell in April for the second month in a row as mortgage rates surged past 7%. Mortgage rates track the yield on the 10-year US Treasury note, which moves in anticipation of the Fed’s decisions on interest rates. Low housing affordability typically crimps demand.

Persons: it’s, ”, Lawrence Yun, Freddie Mac Organizations: Washington CNN —, National Association of Realtors, Global, NAR, Federal Reserve, Fed, Treasury Locations: San Diego, Chicago, Detroit, America, ”

Mortgage interest rates have moved lower amid signs that persistently high inflation may be starting to cool. The 10-year Treasury yield fell following the release of this data, and mortgage rates followed suit. Once inflation slows enough that the Federal Reserve is able to start lowering the federal funds rate, mortgage rates and other consumer rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: of Labor Statistics, Treasury, Federal Reserve, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Recent college grads are doing shockingly well. Can it last?
▼ + stars: | 2024-05-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

And recent grads aren’t just finding any job, they’re finding good jobs. Not all is well: The EPI study found that racial and gender wage gaps still remain large among recent grads. GameStop shares tripped multiple circuit breakers — a temporary and mandated halt in trading to let investors cool off for a bit. Robinhood denied claims on social media on Monday that it had once again halted GameStop stock purchases on its platform. Robinhood has not shut down the purchase of Gamestop shares,” Robinhood spokesperson Anupriya Ghate said in a statement to CNN.

Persons: it’s, —, Katherine deCourcy, Elise Gould, “, Z, Z’ers, Krystal Hur, Keith Gill, Roaring Kitty, Gill, Robinhood, ”, Anupriya Ghate, ” Shein, Shein, CNN Shein Organizations: CNN Business, Bell, New York CNN, Economic Policy Institute, Stanford Institute for Economic Policy Research, Employers, GameStop, AMC, Partners, AMC Entertainment, Gamestop, CNN, Workers, Public, Public Eye Locations: New York, Black, Swiss, Guangzhou, China

☆ These 10 states are the most frustrating places to buy a house. See where homebuyers are surprised with the biggest fees.
▼ + stars: | 2024-05-07 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +1 min

Unexpected homebuying costs include loan origination fees and property taxes. Home-services firm Frontdoor listed the states with the highest unexpected homebuying costs. A report by home-services company Frontdoor identified the states that shackle buyers purchasing a median-priced property with the highest unexpected costs. AdvertisementWhen prices of homes alone are so high, these additional costs — which can total from about $11,000 to almost $18,000 — can further burden and frustrate homebuyers. Here are the 10 states where homebuyers spend the most on unexpected property fees.

Persons: —, homebuyers, Frontdoor Organizations: Service, homebuyers

Mortgage rates dipped slightly late last week but remain relatively high. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.

Persons: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

Mortgage rates trended down a bit late last week, with 30-year mortgage rates dropping just below 7%, according to Zillow data. This is a sign that the economy is coming into better balance, which is good news for mortgage rates. Once inflation slows enough that the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: of Labor Statistics, Federal Reserve, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ A mortgage advisor shares how to get the 3.5% down payment on an FHA loan fully covered — and the 3 best strategies real-estate investors can use to maximize leverage from government loans
▼ + stars: | 2024-05-02 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

This was achieved by allowing first-time buyers to purchase a home with a smaller down payment — as low as 3.5%. The program is still around, and it's often a great way for real-estate investors to get started. Advertisement3 ways to make the most of government loan programsWelgan also shared two strategies that real-estate investors can use to maximize the leverage offered through government loans. Buyers can now purchase up to a four-unit property with a down payment of as little as 5%. "That's been a game changer for real-estate investors," Welgan said.

Persons: —, Jeff Welgan, Fannie Mae, Buyers, Welgan, Fannie Mae's, That's, ADUs, Dave Meyer, Fannie, I've Organizations: Service, Act, Business, Federal National Mortgage Association, Mortgage, Urban Locations: Los Angeles County , California, Michigan, California

☆ Strained Chinese cities struggle to pay home buying subsidies
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

Chinese cities have promised subsidies and other incentives to prop up the ailing property sector but have failed to deliver, frustrating potential homebuyers. The 30-year-old now pays 6,000 yuan of her 8,000 monthly salary on the mortgage for the 1.1 million yuan apartment and another 1,800 yuan to rent another one, relying on her parents for other basic expenses. Weifang, with a population of more than 9 million and an economy larger than Croatia's, and dozens of other Chinese cities, have promised subsidies and other incentives to homebuyers to prop up the ailing property sector. But the real estate downturn also affects the ability of cities to lease land to developers, a key revenue source. This meant some local governments were unable to raise funds to pay the promised subsidies, frustrating buyers and casting doubts over future support measures.

Persons: Amy Wang, Wang, Christopher Beddor, Gavekal Organizations: People's, Communist Party Locations: Hangzhou city, Zhejiang province, China, Weifang, Shangqiu

☆ The spring homebuying season isn’t what it used to be, thanks to the Fed
▼ + stars: | 2024-04-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

All that has caused the spring homebuying season to take a timeout — and could spell trouble for the remainder of the year. Since 1999, more than a third of home sales for the entire year occur between March and June on average, according to Freddie Mac data. Given the Fed is in no rush to cut interest rates, Khater expects mortgage rates to remain elevated for longer. Taken together, all these factors will likely put upward pressure on home prices, Khater and his team said in the report. “Our outlook does depend on mortgage rates, which are creating their own seasonality,” she added.

Persons: That’s, ” Zillow, Nicole Bachaud, “ Buyers, Bachaud, Sam Khater, Freddie Mac, Khater, ” Organizations: New, New York CNN, Federal Reserve, CNN, “, Fed Locations: New York, Texas, Florida

Currently, 30-year mortgage rates are above 7%, according to Zillow data. Hotter-than-expected economic data has pushed mortgage rates up this year. This would allow more hopeful homebuyers to enter the market and find a home with an affordable monthly mortgage payment. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Fannie Mae, homebuyers, you'll Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

☆ A millennial couple who reached financial independence by their mid-30s but don't want to retire early share how they still save 80% of their income
▼ + stars: | 2024-04-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Lindsey and David Barber save 75% to 80% of their income for retirement and their son's future. Despite having enough to retire early, the millennial couple plans to keep working. AdvertisementLindsey Harrison Barber, 34, and her husband, David Barber, 35, have enough to retire early, but neither intends to slow down. Lindsey owns a marketing agency, while David owns an insurance agency, which bring in a combined eight figures in top-line revenue. Some are part of the FIRE movement — financial independence, retire early — though others are moving away from early retirement, whether to continue building generational wealth or transitioning to lower-stress roles that still give them something to do.

Persons: Lindsey, David Barber, they've, —, Lindsey Harrison Barber, David, we've, we're, he's, hasn't, they're, she'll, they'll Organizations: Service, Business, North Carolina Locations: North Carolina , Texas , Kentucky, Ohio, Lindsey, North Carolina

☆ A homebuyer's guide to the real-estate revolution
▼ + stars: | 2024-04-23 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Real-estate agents' commissions have fluctuated between 5% and 6% of the sale price for decades, despite advances in technology and an influx of agents. The recent lawsuits, which accused the NAR and some of the country's largest brokerages of conspiring to keep agents' commissions unfairly high, could signal the start of a new era. If sellers aren't paying out commissions to buyers' agents, buyers themselves could end up on the hook. For example, what happens if the seller isn't willing to pay the buyer's agent's commission? In most states, the buyer's agent can technically just rebate that extra money to their client.

Persons: Austin Whitt, Whitt, —, I've, Steve Brobeck, Sabrina Brown, they've, Michael Warren, Sellers, Prentiss Cox, it'll, you've, doesn't, Jack Ryan, Ryan, homebuying, Rob Hahn, Wendy Gilch, Gilch, I'm, it's, David Dworkin, Dworkin, Cox, It's Organizations: Realtors, National Association of Realtors, NAR, Consumer Federation of America, Getty, University of Minnesota, MLS, Consumer Federation of, National Housing Conference, Justice Department Locations: Tennessee, Nashville, America, North Carolina, United Kingdom, Australia

☆ TikTok's time in the US could soon be on the clock, and that's not the app's only problem
▼ + stars: | 2024-04-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

The big storyTick-tock on TikTokChelsea Jia Feng/BITikTok's time in the US could soon be on the clock. When it's all said and done, a TikTok ban could be in place before the week's end. Business Insider's Peter Kafka explains why the TikTok ban, while more imminent than ever, still has a long way to go . A TikTok ban would benefit one familiar face in social media, though, writes BI's Katie Notopoulos . YouTube Shorts, too, stand to grab more attention after a TikTok ban.

Persons: —, Caitlin Clark's, Chelsea Jia Feng, ByteDance, Joe Biden, it's, Business Insider's Peter Kafka, Michael Beckerman, TikTok, hawking, BI's Lindsay Dodgson, outperforming, Katie Notopoulos, Merrill Lynch, Tyler Le, Andy Sieg's, Merrill, Lindsay Hans, Eric Schimpf, It's, Steve Cohen's, Grzegorz Wajda, Hokyoung Kim, Nordstrom, Tesla, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Nike, Bloomberg Intelligence, YouTube, Big Tech, New York Stock Exchange, NYSE, Chelsea, Getty, Walmart, BI, Costco, Amazon, Motors, Spotify Locations: Americas, TikTok, Merrill, China, American, New York, London

Mortgage rates haven't changed much over the last week, but they could move up or down later this week depending on how a couple of big economic reports turn out. If these reports come in hotter than expected, mortgage rates could tick up higher. This index is expected to come in a bit lower than last month's reading, which would be good news for mortgage rates. This means we could see mortgage rates start to trend down in fall. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

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