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☆ Most first-time homebuyers don't put down 20%, expert says. Here's how much you may need
▼ + stars: | 2023-09-08 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

But you probably don't need as much money as you think. In the following decades, many government-backed mortgages mandated a 20% down payment. The typical house in the U.S. has a median price of around $400,000. Applying the 20% rule would mean you'd need $80,000. Some states, cities and other groups have programs that award grants to homebuyers that bolster their down payment or help cover closing costs.

Persons: SurveyMonkey, Jessica Lautz, Lautz, Freddie Mac, Daniel Brennan Organizations: Istock, CNBC, National Association of Realtors, U.S . Department of Agriculture, Federal Housing Administration, Department of Veterans Affairs, Bank Locations: U.S, Arizona, Maine

☆ What Is the 50/30/20 Rule?
▼ + stars: | 2023-09-07 | by ( Kevin J. Ryan | ) www.wsj.com time to read: +7 min

Perhaps the most popular method is the 50/30/20 rule, which is a simple and effective way to take control of your money. The 50/30/20 budget rule was popularized by Sen. Elizabeth Warren—then a Harvard Law professor—and her daughter, Amelia Warren Tyagi, in their 2006 book “All Your Worth: The Ultimate Lifetime Money Plan.” They called it a “good rule of thumb” for getting your budget in order. What is the 50/30/20 rule? Alternatives to the 50/30/20 budget methodOf course, no one budgeting method is for everyone. For example, like the 50/30/20 rule, the 70/20/10 rule also divides your after-tax income into three categories but differently: 70% for monthly spending (including necessities), 20% for savings and for 10% donations and debt repayment above the minimums.

Persons: Kevin J, Ryan, Sen, Elizabeth Warren —, —, Amelia Warren Tyagi, “ It’s, ”, Akeiva Ellis, Greg Giardino, “, “ You’ve, You’ve, Austin, Jordan Benold, that’s, it’s, There’s Organizations: Harvard Locations: Tarrytown, N.Y, San Francisco, New York, Frisco , Texas, you’ll

☆ Buying Is Just the Beginning. What Does It Really Cost to Own a Home?
▼ + stars: | 2023-09-07 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

You’ve got your down payment and you’ve been approved for a mortgage. If you want to know the actual price of owning a home, throw in closing costs, moving expenses, homeowner’s insurance, private mortgage insurance (P.M.I.) With a down payment of that size, lenders typically require P.M.I. So, that average-value three-bedroom home ended up requiring an outlay of about $623,290 over 13.2 years of ownership. Mortgage payments alone accounted for $270,593 of that, with maintenance and repairs adding up to $192,139.

Persons: You’ve, you’ve

LOS ANGELES (AP) — In an entertainment industry bent on categorization, Eric Nam finds an audience in fluidity. But he did become enamored with a particular house on a hill and obsessed with the idea of homeownership. Nam wants the song to illuminate that fact — to allow listeners to find what drives them and hold onto it. “I hope that (the song) makes people kind of reframe, reset what happiness means to them," he says. “This is the culmination of 10 years of experience.”“House on a Hill” releases Friday via The Eric Nam Company.

Persons: Eric Nam, he's, Nam, Korea's, It's, “, ” Nam, ”, we’re, —, ” It's Organizations: ANGELES, Boston College, Forbes, Korean, “, Nam, Eric Nam Company Locations: Georgia, New York City, Seoul, South Korea, Asia, U.S

As a financial planner, there's certain tough advice my clients never want to hear. Advice like, buy less house — and don't expect your home to be a good investment. As a financial advisor, I'm constantly giving people good advice they don't want. I know no one wants to hear this kind of money advice. No one wants to imagine a worst-case scenario, but if something actually went sideways in your financial life, you'll be glad you had multiple levels of safety net built into your overall plan.

Persons: I'm, it's, We'd, doesn't, Get, you'll, It's Organizations: Service Locations: Wall, Silicon

☆ A millennial who bought his first rental home at 23 explains the one costly mistake first-time homebuyers should avoid
▼ + stars: | 2023-09-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Ryan Chaw, 31, bought his first home in 2016 at the age of 23. He kept living with his parents so he could rent the home and earn thousands of dollars per month. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Last November, the typical first-time homebuyer was 36 years old, an all-time high, according to the National Association of Realtors. AdvertisementAdvertisementThe rookie mistake that new homebuyers should avoidWhile Chaw largely views his first homebuying experience as a success story, he said he made one costly mistake.

Persons: Ryan Chaw, he'd, Chaw, homebuyer, He's Organizations: Service, National Association of Realtors, Federal Reserve, Stockton, He's Locations: Wall, Silicon, California, Stockton , California, Sacramento

☆ Five residents of a Texas town where half the homeowners are millennials break down the good and bad: The growth explosion helped the economy, but put stress on housing and schools
▼ + stars: | 2023-09-04 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Midland's booming oil and energy sector has brought thousands of millennials to the West Texas city. They said the influx of homebuyers has strained the housing market and schools, but there are perks. AdvertisementAdvertisementWith a bit of skepticism, I visited the desert city of 176,914 residents this summer to investigate how this was even possible. I learned that Midland's thriving oil and energy industry and its high-paying jobs are behind the city's millennial homeownership success. In their own words, here are five Midland residents on how millennials have brought about both positive and negative changes to the city.

Organizations: Service, homeownership, Midland, Dallas Fort, National Association of Realtors Locations: West Texas, Midland, Wall, Silicon, Baltimore, Florida, Dallas, Dallas Fort Worth

☆ The housing market is about to take a hit as student loan payments restart
▼ + stars: | 2023-09-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The restart of student loan payments is about to hit the housing market. 58% of polled experts believe that the resumption of student loan payments could have a significant impact on mortgage affordability, according to a recent analysis conducted by Pulsenomics. Student loan payments will kick back in at a time when housing affordability is already strained. The effects of the student loan payment restart may be felt for years to come, too. AdvertisementAdvertisementStudent loan payments are set to resume on October 1, ending a three-year payment pause that began during the pandemic.

Persons: Morgan Stanley, That's Organizations: Service, Pulsenomics, Inside Mortgage Finance, US Department of Education, Education Data Initiative Locations: Wall, Silicon, delinquencies

In retrospect, I wish I had asked more questions about the mortgage process, homeowners insurance, and more. There are definitely things I wish I had known earlier in the process, and I certainly would have done things a bit differently if I had known these things in advance. Here are five things I wish I knew before buying my home:1. If I had purchased a home for that amount, it would have been quite a large monthly mortgage payment. This is why you must consider the total cost of owning a home, not just the mortgage payment.

Persons: It's Organizations: Service Locations: Wall, Silicon

☆ Here are 3 costly financial surprises for first-time homebuyers — and how to prepare for them
▼ + stars: | 2023-09-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Jonathan Ernst | ReutersWith record-high home prices and soaring mortgage interest rates, homeownership has become increasingly unaffordable — and hidden costs can surprise first-time buyers, experts say. Here are three of the most common surprise homeownership expenses and how to prepare for each one, according to experts. Property taxesAs a first-time homebuyer, it's easy to overlook property taxes since you've never paid those levies directly. Home maintenanceThe cost of home repairs and maintenance can also be a hidden expense for first-time homebuyers. As a first-time homebuyer, you need to make sure you have a sufficient cushion for surprises — I'd argue 5% of the home's purchase price at least.

Persons: Jonathan Ernst, homeownership, Vince Darling, you've, Richard Auxier, Kevin Brady, — I'd, Nicole Sullivan Organizations: Reuters, Stonebridge, Urban, Brookings Tax, Wealthspire Advisors, Prism Planning Locations: Alexandria , Virginia, Zillow, Forest Lake , Minnesota, New York

☆ Home prices may be on the verge of cooling off
▼ + stars: | 2023-09-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The latest read on home prices shows they hit another all-time high in July, rising 2.3% from the same month last year, according to Black Knight. But prices weakened month to month, according to Black Knight. Behind the cooling off: mortgage rates. The jump in home prices since the start of the Covid pandemic, combined with much higher mortgage rates has crushed affordability. It now takes roughly 38% of the median household income to make the monthly payment on the median-priced home purchase, according to Black Knight.

Persons: Knight, That's, Andy Walden, Danielle Hale Organizations: Black, Realtor.com

☆ My husband and I couldn't afford to buy a home in Nashville, so we moved into an RV instead. We've been able to upgrade our vehicle, but haven't made the leap to homeownership.
▼ + stars: | 2023-09-01 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

Kirsten and Devin Trout wanted to live in Nashville but couldn't afford to rent or buy a home. We both grew up in normal households and never pictured ourselves getting into RV living. The Trout family dogs in their RV living room. I have had to learn a lot of things related to the RV lifestyle the hard way. While we do get negative comments, there are still a lot of people that tell us we've helped them get into the RV lifestyle and achieve financial freedom — it's why I continue posting to my pages.

Persons: Kirsten, Devin Trout, Kirsten Trout, Devin, he's, Zack Knudsen, homeownership, We've, we've, we'd Organizations: Service, YouTube Locations: Nashville, Wall, Silicon, Nashville , Tennessee, Delaware, Tennessee, Montana

☆ A company that counts billionaires Marc Andreessen and Laurene Powell Jobs as investors says it's bought 50,000 acres of land to build a new 'walkable' city in northern California. Here's everything w
▼ + stars: | 2023-09-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

California Forever says it wants to build a "walkable" city with new jobs, surrounded by an agricultural greenbelt. The company, Flannery Associates, has been quiet until now, but its parent company California Forever just launched a new website detailing its master plan. Solano County sits between Sacramento, San Francisco, and Napa Valley, and has a population of around 450,000 across just over 900 square miles. Sramek founded California Forever in 2017 and recently bought a family home there. "Now that we're no longer limited by confidentiality, we are eager to begin a conversation about the future of Solano County," it says.

Persons: Goldman Sachs, Marc Andreessen, Laurene Powell Jobs, Flannery, Jan Sramek, he'd, Jan, Sramek, it's, Who's, Chris Dixon, John Doerr, Nat Friedman, Daniel Gross, Reid Hoffman, Michael Moritz, Andreessen Horowitz, Patrick, John Collison Organizations: Goldman, Service, Flannery Associates, California Forever, Travis Air Force Base, California Forever's, California Delta, California Locations: San Francisco, California, Wall, Silicon, Solano County, Sacramento, Napa Valley, Solano, Fairfield, Rio Vista, walkable

☆ A Gen Zer living in a microstudio in Dubai says it's changed how she shops, cleans, budgets, and socializes
▼ + stars: | 2023-08-31 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

So having a small space really helped that in a lot of ways." Living in such a small space means it's easy to keep costs low. As a hybrid worker, she loves working from home — but having such a small space to get work done from can be restrictive. At the end of the day, she said she wished people understood that not everyone living in Dubai was very rich or living in luxury. "I live in a very small space, and I work at a publishing company," she said, adding: "It's not what you see online only.

Persons: Twinkle Stanly, Stanly, —, It's, Stanly —, I've, Knight Frank, That's Organizations: Service, CNBC Locations: Dubai, United Arab Emirates, Wall, Silicon

☆ A millennial couple lives debt-free in a house they built by hand in Montana. Now, they're teaching others how to do the same in workshops that cost less than $1,000.
▼ + stars: | 2023-08-30 | by ( Amanda Goh | ) www.businessinsider.com time to read: +7 min

Daniel and Katherine Ray live debt-free in a 700-square-foot cob house that they built by hand. The millennial couple spent over two years constructing their cob house in the Bitterroot Valley in Victor, Montana — where they've been living since 2019. Daniel Ray/Spiritwood Natural Building"We realized that we just love doing it, so we started teaching people how to do it," Daniel said. Daniel Ray/Spiritwood Natural BuildingThe participants who attend the couple's workshops come from the area as well as far-flung states. AdvertisementAdvertisementThrough all their education efforts about building cob houses and living debt-free, there's just one point that they're really driving at.

Persons: Daniel, Katherine Ray, Victor , Montana, they've, Katherine, Daniel Ray, Ray, We've, Daniel said, It's, it's Organizations: Service Locations: Wall, Silicon, Bitterroot, Victor ,, Victor , Montana, Alaska, Montana

☆ The ultimate real-estate guide: Where homes are most affordable, prices have the most upside, taxes and closing costs are lowest, and rents are falling the fastest
▼ + stars: | 2023-08-30 | by ( Business Insider | ) www.businessinsider.com time to read: +4 min

Below, we've compiled stories with tips for prospective homeowners, investors, and renters. And for those opting to continue renting since this path is increasingly cheaper than taking on a new mortgage payment, one piece shows where rents are falling the fastest. Sean Pavone/ShutterstockThis list from Scholaroo shows where prospective homeowners can find the cheapest combo of prices and property taxes relative to local incomes. John M Lund Photography Inc/Getty ImagesThis piece on an analysis by CoreLogic shows where investors are betting on most right now. Earlier in August, Goldman Sachs said they expect home prices on a national basis to grow another 1.8% this year.

Persons: we've, Goldman Sachs, hasn't, Sean Pavone, El Paso , Texas Denis Tangney Jr, Alan Diaz, Doug Ressler, John M, David Greene Organizations: CoreLogic, Service, AP, Kansas, John M Lund Locations: Wall, Silicon, El Paso , Texas, Kansas City , Missouri, Scholaroo

☆ I'm a millennial with dreams of owning my own home, but the cutthroat real-estate market has kept me living with my parents in Florida
▼ + stars: | 2023-08-29 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

PR account executive David Triana, 27, moved back in with his parents in Clermont, Florida, in 2019. He and his fiancé want to live in Davenport or Clermont, Florida, where the median home sales prices are $363,000 and $475,000, respectively, according to Redfin. I'm an account executive at a PR firm and I currently live in Clermont, Florida, a town that is 45 minutes southwest of downtown Orlando. The real-estate market in Orlando is hotThe greater Orlando area has become busier and there's a lot of new real-estate development. A sidewalk in Clermont, Florida.

Persons: David Triana, homeownership, I've, We're Organizations: Service, Disney Locations: Clermont , Florida, homeownership, Wall, Silicon, Florida, Davenport, Orlando, Puerto Rico, Cuban, United States, Texas, Winter, Clermont

☆ SEC probes Change Company over mortgage-backed securities sold to Wall Street - Bloomberg News
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg Acquire Licensing RightsAug 28 (Reuters) - The US Securities and Exchange Commission (SEC) is probing The Change Company, a California lender that pledges to promote homeownership in underserved communities, over its mortgage-backed securities, Bloomberg News reported on Monday. "Neither Change nor its leadership is aware of any SEC investigation," the report said, citing the company. The SEC and The Change Company did not immediately respond to Reuters requests for comment. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Bourg, Steven Sugarman, Jaiveer Singh, Shailesh Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, US Securities and Exchange Commission, Bloomberg, Thomson Locations: Washington, California, Bengaluru

☆ Racist housing practices left Minneapolis with an extreme heat problem. Now, the city is rushing to reverse the lasting effects of environmental racism.
▼ + stars: | 2023-08-28 | by ( Dearbea Walker | ) www.businessinsider.com time to read: +10 min

The city hopes to rectify its history of environmental racism with a new Climate Equity Plan. It was also the only place Black people were allowed to purchase housing in the city. For all these reasons, previously redlined neighborhoods suffer from extreme heat. After years of outcry from activists, the city council submitted a new draft of a 10-year plan, titled the Minneapolis Climate Equity Plan, soliciting public comments. Earlier this year, Portland passed its 43-Step Climate Action Plan, which has similar objectives to the Minneapolis plan.

Persons: redlining, George Floyd, Kerem Yucel, CAPA, Tee McClenty, John Vachon, Franklin D, Anthony Potter, there's, Ulla Nilsen, it's, Darlene Pfister, Nilsen, Jacob Frey, MN350, " Nilsen, Jerry Holt, McClenty Organizations: Minneapolis, Equity, Service, George Floyd Memorial, Getty, Loan Corporation, District, Roosevelt's, City Hall, Star Tribune, Minneapolis Climate Equity Locations: Minneapolis, Minnesota, Kerem, AFP, homeownership, Negro, Portland , Oregon, Portland

☆ It's become harder for middle-class workers to give their kids a better life. Unions could help turn that around, a new Treasury report finds.
▼ + stars: | 2023-08-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The report found that union workers make more than their nonunion peers and have more benefits. AdvertisementAdvertisement"The decline in intergenerational mobility may be the single trend that best encapsulates the pervasive sense of the deterioration in the middle class," the Treasury report found. AdvertisementAdvertisementThe Treasury report found that union workers make 10% to 15% more than nonunionized colleagues. That's one economic factor that could give union workers — who are more likely to be considered middle class — a boost. "For generations, union workers have fought for and won higher wages, better benefits, and safer working conditions for millions of American workers," Vice President Kamala Harris said.

Persons: Biden, Treasury Department —, Janet Yellen, Yellen, —, Kamala Harris Organizations: Treasury, Service, Treasury Department, Pew Research Center, Labor Locations: Wall, Silicon

☆ Zillow offers a 1% down payment loan program
▼ + stars: | 2023-08-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Zillow Home Loans pays an additional 2%, bringing the total down payment to 3%, which is typically the minimum payment required for a conventional home loan. Currently the program is only available to buyers in Arizona, according to Zillow, with plans to expand. With mortgage rates crossing over 7% in recent weeks and home prices rising, home sales have plummeted over the past year. Offering a low down payment program is in line with Zillow’s return to its core business after a short-lived expansion into the ibuying business. Zillow also offers a down payment assistance tool to see if you are eligible for other programs.

Persons: Zillow, Rich Barton, haven’t, Orphe Divounguy, ” Organizations: DC CNN, Mortgage, Association, US Department of Agriculture, Department of Veterans Affairs, Consumer Financial Locations: Washington, Arizona, homeownership, Phoenix

☆ 'Guppies' are the latest real estate phenomenon: young people giving up on ever buying homes
▼ + stars: | 2023-08-24 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

More Gen Z and millennials are opting out of the rat race and sticking to renting instead. British real estate company Zoopla has dubbed the new generation of non-buyers as "guppies"Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The term, coined by British real estate company Zoopla, is a play on the 1980s phrase "yuppie," which meant a young, financially successful professional. This mirrors a similar situation in the US, where competition is also heating up between potential first-time homebuyers. AdvertisementAdvertisementInstead of stressing over down payments and mortgage rates, guppies are comfortable renting for the foreseeable future even though they're making good money, MarketWatch reported.

Persons: Zoopla, They're, Zers, homebuyers, Sheharyar Bokhari Organizations: Service, National Association of Realtors, MarketWatch Locations: British, Wall, Silicon, guppie, California, Sacramento

☆ Even millionaires are feeling financially insecure, report finds
▼ + stars: | 2023-08-22 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Earning a good salary is one thing, feeling "rich" is another. Some even said they feel poor, according to a recent survey conducted by Bloomberg. Of those making more than $175,000 a year, or roughly the top 10% of tax filers, one-quarter said they were either "very poor," "poor" or "getting by but things are tight." Despite their high net worth, less than half of all millionaires, or 44%, felt "very comfortable," a separate report by Edelman Financial Engines also found. In fact, only 12% of Americans — and just 29% of millionaires — consider themselves wealthy, the report said.

Persons: — Organizations: Bloomberg, Finance, Edelman Financial

☆ Natural disasters are making it harder for you to insure your home — and costing homeowners thousands
▼ + stars: | 2023-08-22 | by ( Dan Latu | ) www.businessinsider.com time to read: +3 min

These are the issues that are plaguing Florida," Collins told Insider. The climate crisis is impacting the cost of homeownership nationwide, as insurance companies adjust their models based on the shifting frequency and scale of natural disasters. Tell us how the climate crisis is affecting you and where you live. Homeowners left in a lurchIn California, homeowner Nick told Insider that he couldn't find affordable insurance for his $100,000 cabin in the Klamath National Forest. "We never thought the fires could be this frequent and this bad," he told Insider.

Persons: Danny Collins, Collins, it's, That's, Dan Latu, Nick, wasn't, Bob Stephens, Stephens Organizations: Service, Homeowners, Klamath National Forest, New York Times, State Farm, Insurance Locations: Florida, California, Wall, Silicon, Klamath

After selling my home and moving to New York, I've found renting to be a better fit for my lifestyle. I'm not saying that owning a home, or the desire to be a homeowner, is a bad thing. Here are four reasons why I am actually benefiting from being a renter right now — and why it's not a waste of money:1. For now, not having a mortgage and maintenance costs has put more money in my savings account, which brings to my next point. My savings account is easily accessible if I need it or the unexpected happens.

Persons: I've, I'm, it's Organizations: Service Locations: New York, Wall, Silicon, New York City

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