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Americans are moving to Puerto Rico for the climate, adventure, and tax breaks. Newcomers to Puerto Rico told Business Insider they've had difficulty navigating the complexities of healthcare, education, and even buying goods like furniture. From 2021 through 2022, about 27,000 people moved to Puerto Rico from the US states, according to data collected by the US Census Bureau. Lindsey noted that if somebody expressed interest in moving to Puerto Rico, she would first ask them about their health. "You must understand that in Puerto Rico, it's going to be a little laid back," he said.
Persons: , they've, it's, Ricky Santana, Santana, Jessica Peterson, Sarah Lindsey, Sean Flynn, Hurricane Maria, Lindsey, Flynn, Kimberly Sue Walker Organizations: Service, Puerto Rico, Colectivo, US Census Bureau, Puerto Ricans, Getty, Hurricane, Collectivo Locations: Puerto Rico, Puerto, Caribbean, Miami, Dorado, San Juan, San Juan ., Humacao , Puerto Rico, Austin, New York, American, Dorado , Puerto Rico
But the Haley campaign is also courting the support of South Carolina retirees, a growing portion of the Republican primary voter pool. She said on Twitter that this was her first Christmas card when she announced she would be running for the South Carolina state legislature. Nikki Haley/Twitter Haley celebrates with her family after being elected governor of South Carolina in November 2010. Chip Somodevilla/Getty Images Haley and her family walk back into the South Carolina State House after her inauguration in 2011. Demetrius Freeman/The Washington Post/Getty Images Haley visits a farm during a campaign stop in Grand Mound, Iowa, in September 2023.
Persons: Hilton, Nikki Haley, ” Haley, Donald Trump’s, Trump, Joe Biden, Haley, Maureen Bulger, intently, ” Bulger, , , Biden, NBC’s, Ron DeSantis, Anna Memmo, it’s, ” Memmo, Ray Makalous, he’s, ” Makalous, Laura Holtzman, “ Trump, ” Holtzman, ” ‘, ’ Haley, aren’t, Larry Greenwold, ” Greenwold, Greenwold, he’d, Travis Dove, Michael, Nalin, Rena, Twitter Haley, Gerry Melendez, AP Haley, Chip Somodevilla, Tim Dominick, Getty Images Haley, Mitt Romney, Justin Sullivan, Alex Wong, Michael Haley, Rainier Ehrhardt, Jaswinder Singh, Narinder Nanu, Bobby Jindal, Jindal, Win McNamee, Sean Rayford, Saul Loeb, Mike Pence, Drew Angerer, State Rex Tillerson, Matthew Rycroft, Boris Johnson, Bryan R, Smith, Raad Adayleh, Brendan Smialowski, Spencer Platt, Evan Vucci, Kevin Lamarque, Don Bolduc, Brian Snyder, Jonathan Ernst, Jake Tapper, Will Lanzoni, Demetrius Freeman, Rachel Mummey, Jonathan Newton, Ed Spears, Spears, ” Spears, Carol Carty, ” Carty, “ It’s, that’s, “ I’ve, Trumper Organizations: , South Carolina CNN, South, Republican, Census Bureau, Biden, Hilton Head, New, Democratic, Republican Party, Trump, Florida Gov, Washington Post, Monmouth University, United Nations, CNN, State House, New York Times, Twitter, AP, Capitol, South Carolina State House, Getty Images, Conservative Political, Conference, Army National Guard, Getty, Louisiana Gov, National Governors Association, Emanuel African Methodist Episcopal Church, United Nations Security Council, UN, State, British, Norwegian Refugee Council, Gali Tibbon, UN Security, West Bank, The United States, Anadolu Agency, Republican National Convention Locations: , South Carolina, South Carolina, New Jersey, United States, New Hampshire, Trump, Iowa, Virginia, Hilton Head, Kansas, New York, CNN’s New Hampshire, Columbia , South Carolina, Afghanistan, Amritsar, India, AFP, Charleston , South Carolina, Columbia, State, Syrian, Jerusalem, Gali, Kuwait, Gaza, Londonderry , New Hampshire, Des Moines , Iowa, Grand Mound , Iowa, Miami
Spokane Valley, Washington is seeing the fastest growth in high-income households making at least $200,000 annually. The analysis found that just one Southern city made the top 10 for cities adding high-income households at the fastest rate between 2021 and 2022, while four cities in the northeast ranked in the top eight. The report notes that high-income households often have large impacts on local economies, which could impact housing markets in the long term. Spokane Valley, located in the eastern part of Washington, had an over 183% increase in high-income households, amounting to over 1,500 between 2021 and 2022. Evansville, Indiana increased by 150% during the time period, adding 816 high-income households.
Persons: Organizations: Business, Allentown, U.S . News, Southwest, Bank of America, Massachusetts, Connecticut, Santa Clara, New Locations: Spokane Valley , Washington, Southern, Spokane Valley, Washington, California, Texas, Allentown , Pennsylvania, Philadelphia, Evansville , Indiana, South, Killeen , Texas, San Tan Valley , Arizona, Jackson , Mississippi, Palmdale , California, Southwest, West Coast, New England, Springfield , Massachusetts, New Haven , Connecticut, Manchester , New Hampshire, Sunnyvale, Santa, New York City
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAs an atmospheric river pounds Southern California with a historic deluge of rain, some of the hardest-hit areas also happen to be among the most desirable zip codes. Beverly Hills and the Hollywood Hills of Los Angeles were both under flash flood warnings on Monday. AdvertisementFurther from Los Angeles, other areas that draw the wealthy also tend to be at an increased risk of flooding and landslides when huge quantities of rain hit the state. AdvertisementMontecito's fire chief told the Los Angeles Times that this storm could be more intense than the one that hit in January 2023.
Persons: , Todd, Keki Mingus, I've, Ellen DeGeneres, Prince Harry, Meghan Markle, DeGeneres, David Neels Organizations: Service, Beverly, Hollywood, Beverly Hills, Business, National Weather Service, NWS, Census Bureau, Santa, Los Angeles Times, Bel Air, Studio, KTLA, Associated Press, Montecito Fire, LA Times Locations: Southern California, Beverly Hills, Los Angeles, Hollywood, Santa Monica, Malibu, Pacific, Bel, Studio City, Sherman Oaks, Encino, Topanga, Woodland Hills, City, Montecito, Santa Barbara
The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak. However, median rent is still $309 higher than the same time in 2019, before the pandemic. What’s more, 12 million of those renters are severely cost burdened, which means they are paying more than half of their income on housing. Following changes in housing needs during the pandemic and an already existing low supply of multifamily housing in some markets, rents surged in 2021 and 2022. Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.
Persons: Chris Herbert, , Whitney Airgood, Douglas Elliman, Miller Samuel Real, , Anthemos Georgiades, ” Georgiades Organizations: DC CNN, Harvard University’s, for Housing Studies, Harvard Joint Center for Housing Studies, Harvard, Census Bureau, Builders, National Association of Home Builders, Baby Boomers Locations: Washington, United States, Manhattan
They didn't necessarily set out to become DINKs, but it's a lifestyle that's worked well. AdvertisementWendy and Steve Thomas didn't necessarily set out to be DINKs, but it's a lifestyle that's worked out for them. Wendy Thomas, 55, and Steve Thomas, 51, are a California-based couple in a growing legion of Americans who are DINKS — households that are double income, with no kids. It's a lifestyle they "fell into," according to Steve Thomas, who works in the golf maintenance industry. AdvertisementAnd the couple isn't out proselytizing the DINK lifestyle, although it can elicit a lot of questions from strangers.
Persons: Wendy, Steve Thomas, that's, , Steve Thomas didn't, Wendy Thomas, They've, DINK, she's, Steve, they're, Gen, Zers, DINKs, there's, it's Organizations: Service, redwoods, Census Bureau, Federal Reserve's Survey, Consumer Finances Locations: California, Southern California
Read previewThe tight housing market has shown recent signs of easing, but Moody's Analytics still anticipates Americans will face inventory snags for years to come. Based on data from the end of December, the monthly sales pace implies 3.2 months' of housing inventory, according to the National Association of Realtors. That shortage suggests a recovery in the housing market remains years away, the researchers said. "One good year of 'excessive' supply was only in its relative term when compared with affordability-constrained demand," Moody's researchers said. Ultimately, to Moody's, increasing housing inventory and rebalancing the market will take years of "joint effort and creativity" across the public and private sectors.
Persons: , Nick Villa, Moody's Organizations: Service, Business, National Association of Realtors, NAR
Read previewNew-home sales rebounded in December, rising 8% as homebuyers rushed to take advantage of falling mortgage rates, US Census Bureau data shows. But while consumers appear eager to re-engage with the housing market, new purchases don't mean an immediate move-in for some. This decline from 8% peak levels in October was spurred by bets that the Federal Reserve would start cutting interest rates. Of that, new homes took on a bigger share of the inventory, as high mortgage rates kept homeowners from selling. Still, NAHB's CEO Jim Tobin separately expects construction and demand to take off in 2024, once consumers realize ultra-low mortgage rates aren't coming back.
Persons: , homebuyers, Skillington, Jim Tobin Organizations: Service, Business, Federal Reserve, National Association of Homebuilders
Over 12 million Americans spent more than half their income on rent and utilities in 2022, a Harvard study says. The study, by Harvard's Joint Center for Housing Studies, found a sharp rise in people spending large portions of their pay on rent. AdvertisementAn estimated 12.1 million Americans are spending more than half their income on rent and utilities, a study from Harvard's Joint Center for Housing Studies says. A chart showing the rising number of renters spending more than 50% of their income on rent. AdvertisementAre you a renter who spends a significant portion of your income on rent who would like to share your story?
Persons: Organizations: Harvard, Harvard's, for Housing Studies, Service, Census Bureau, Joint Center for Housing Studies, Center for Housing Studies of Harvard, Cea Weaver, Justice, New York Times
Strength training, whether performed with weights, bands, machines or your own body weight, is important for your long-term health. In the same study, nearly 60% of participants said they did no strength training at all. Exercise researcher Dr. Tommy Lundberg, author of “The Physiology of Resistance Training,” says strength training is most important for people older than age 65. CNN: Why is strength training important for good health? Resistance training is the only means to effectively maintain or even increase your muscle mass.
Persons: Martin Puddy, Tommy Lundberg, , Eva Malm, Tommy Lundberg Lundberg, Lundberg, Darrin Klimek, it’s, It’s, Melanie Radzicki McManus Organizations: CNN, US Centers for Disease Control, American, of Preventive, National Health, Karolinska Institute, Resistance, Bank, Getty Locations: Solna, Sweden
A recent Newsweek survey indicated Gen Zers didn't consider a $74,580 salary "middle class." AdvertisementAn Orlando real-estate agent sparked a conversation on TikTok after sharing a survey that suggested Gen Zers didn't consider a $74,580 annual salary "middle class," in contrast with how older generations answered. Even still, Smith suggested $74,000 was much higher than the average Gen Zers' salary. AdvertisementCorrection: January 4, 2024 — An earlier version of this story misidentified the salary in the Newsweek survey. The figure, which applied mostly to millennials, not Gen Zers, was removed from the story.
Persons: Zers didn't, , Gen Zers didn't, Freddie Smith, Gen, Gen Xers, boomers, Smith, Zers, TikTok Organizations: Newsweek, Service, Census Bureau Locations: midsize
AdvertisementBaby boomer and Gen X women, meanwhile, saw a respective 6 and 4.4 suicides per 100,000 women when they were aged 25 to 34. While White millennial women saw suicide rates decline, young Black, American Indian or Alaskan Native, mixed-race, and Hispanic women experienced increases. AdvertisementBut millennial women also are faring better in the economyThe decline in safety among millennial women comes despite their improved financial and education status compared to generations before. At least 43.6% of young millennial women in the US have graduated college — a record level in modern history. That's compared to 28% of Gen X women and 22% of baby boomer women who graduated by the time they turned 34, the report said.
Persons: , boomer, Black, Gen, PRB, Gen X, Sara Srygley, X Organizations: Service, Business, Washington DC, Bureau, Statistics, Centers for Disease Control, Census Bureau, Labor Department, Center for American Women, Rutgers University Locations: American
The median wealth of lower-income households shot up 101% between December 2019 and December 2021, while the middle class enjoyed a 29% increase. High earners had a median net worth of $803,400 in December 2021, while the middle class and lower-income households had nest eggs of $204,100 and $24,500, respectively, Pew found. Half of these households had a net worth of $500 or less in December 2021, compared to a net worth of $0 two years earlier. Poorer Hispanic households had a median net worth of $0, compared to a negative net worth of $1,100 at the end of 2019. Other government reports show that lower-income Americans lost ground in 2022.
Persons: Pew, , Rakesh Kochhar Organizations: CNN, Pew Research Center, Pew, Census Bureau Locations: White
San Francisco, Los Angeles, and San Diego residents are looking to move to Las Vegas and Seattle, Redfin found. Some parts of California are losing residents due to the high cost of living, politics, and crime. Bob Giramma, a 63-year-old business owner, moved away from San Diego and landed in Murfreesboro, Tennessee , a town 30 miles southeast of Nashville. Now residents of some of the most populous cities in California — Los Angeles, San Diego, and San Francisco — are eyeing other cities, according to home-listings site Redfin, which tracks where its users are house-hunting. Allan BaxterPeople looking to move out of San Francisco, Los Angeles, and San Diego, Redfin additionally found, are most often searching for homes in Las Vegas and Seattle.
Persons: Redfin, , Bob Giramma, Giramma, Francisco —, Allan Baxter, relocators, Andrew Arevalo, he's, Arevalo Organizations: Service, Census Bureau, Business, California —, Las, Los, Denver Locations: California, San Francisco , Los Angeles, San Diego, Las Vegas, Seattle, Murfreesboro , Tennessee, Nashville, Tennessee, Texas, Arizona, Florida, Oregon, Colorado, California — Los Angeles, Francisco , Los Angeles, , Vegas , Nevada, San, Los Angeles, Washington, Nevada, Millennials, Las, Vegas
Their ranks are only growingA millennial couple moving into their new home. Getty ImagesDINKs are not a huge share of the population, but they've been on the rise. Among unmarried couples, that figure is slightly up from 2019, per ACS , when 4.4% of the population was cohabiting couples not living with a child under 18. That's higher than the one in 10 women who were in the same boat as of 1976. And 16.5% of adults 55 and older were childless as of 2018.
Persons: they've Organizations: Getty, Survey, US
Here's where boomers are retiring to
  + stars: | 2023-11-30 | by ( Noah Sheidlower | ) www.businessinsider.com   time to read: +3 min
Clearwater, Florida, topped SmartAsset's new list of where baby boomers are moving. All but two cities in the top 10 were in Florida, Arizona, or Nevada, though one was in Montana. Four of the top 10 cities — as measured by boomers who moved in 2022 as a percentage of the total population — were in Florida. Nearly 30% of Cape Coral's total population are boomers, while Clearwater is 27%. Over 28% of Scottsdale's total population are boomers.
Persons: , SmartAsset, Xers Organizations: Service, Survey, Cape Coral, Oceanside —, U.S . News Locations: Clearwater , Florida, Florida , Arizona, Nevada, Montana, Florida, Arizona, Nevada , Montana, North Carolina, Orlando, Cape, St . Petersburg, Coral's, Clearwater, Mesa, Scottsdale, Reno , Nevada, Lake Tahoe, California, Santa Rosa, Billings , Montana, South, Billings, Montana's, America, Pennsylvania, Harrisburg, Reading, Lancaster, U.S, Surprise, Fort Lauderdale
One in four millennials moved to a different city in 2022, many for work or cost of living concerns. Nearly 17,300 millennials relocated to Cambridge in 2022, bringing the total percentage of millennials to 38% of the total population. Seattle and Sunnyvale, California, also saw comparable moves, as millennials who moved in 2022 made up about 12.5% of the total population for both cities. When looking at the top cities by percentage of total millennials compared to the total population, Jersey City, New Jersey, ranked first at 41.5%, followed by Seattle, Denver, and Austin. However, Port St. Lucie in Florida had the lowest rate of millennials moving in compared to the total population at 4.8%, followed by Brockton, Massachusetts.
Persons: , Jaclyn DeJohn, millennials, Millennials, DeJohn, SmartAsset, Gen Xers Organizations: Cambridge, Service, Survey, Business, Harvard University, Massachusetts Institute of Technology, Intel, Nvidia, Lone Star State, Waco, Fort Hood, Fontana Locations: Santa Clara , CA, Seattle, Cambridge , Massachusetts, Santa Clara , California, Boston, Cambridge, Santa Clara, Silicon Valley, Santa Clara's, Georgia, Sandy Springs, Sunnyvale , California, Denver, Bellevue , Washington, Arlington , Virginia, millennials . Arlington, Hialeah , Florida, Arlington, Killeen , Texas, Austin, Jersey City , New Jersey, Port St, Lucie, Florida, Brockton , Massachusetts, Cities, California, Santa Ana, Moreno, Surprise , Arizona, Bend , Oregon, Scottsdale , Arizona, Orlando . Florida
Residents of cities across the Midwest will be hardest hit by home heating costs this winter. A new study ranked US cities based on costs in relation to incomes, energy efficiency, and more. The study ranked heating expenses in the 500 biggest cities in the country based on several factors, including electricity and heating fuel costs relative to average income, home energy-efficiency, and things like weather and average home size and age. Cleveland and Flint have particularly energy inefficient homes, while Independence and St. Joseph ranked high on energy costs, the study reported. During the hot months, places like Florida and Georgia become the most unaffordable when it comes to HVAC costs, the study noted.
Persons: , Joseph Organizations: Service, Midwest ., Midwestern, Puget, Census Bureau, Department of Energy, National Oceanic, Atmospheric Administration Locations: Midwest, Springfield , Missouri, Cleveland , Ohio, Independence , Missouri, Flint , Michigan, St, Joseph , Missouri, Midwest . Cleveland, Flint, Independence, Northeastern, Southern, Central California, Washington State, Florida, Georgia
The significant advantage to buyers is negotiating power, and if done right, it could help offset some of those higher mortgage rates. Below is a list of 20 metro areas with the highest share of home sellers dropping their listing prices in October. The data is based on the top 50 most populated areas as defined by the US Census Bureau. If they need to move by a specific date or need that cash, you can offer a quick closing. More than one-third — or 35% — of home sales in the three months ending October 31 included concessions to buyers, according to Redfin.
Persons: Shmuel Shayowitz, It's, Shayowitz, Dottie Herman, Douglas Elliman, Herman, Price Organizations: Competition, Business, US Census Bureau, Orlando, Phoenix, DC Locations: Redfin, Metro, Cincinnati, Indianapolis, Denver, Tampa, Portland, Antonio, Austin, Dallas, Minneapolis, Worth , TX, Jacksonville, Louis, Sacramento, Seattle, WA, Baltimore, Cleveland, Houston, AZ, Kansas City, Washington
According to Deloitte, the consumer spending slowdown is already starting. "The stellar US economic growth recorded in the third quarter was largely due to the strong growth in consumer spending. However, it is widely expected that consumer spending will decelerate in the holiday season, thereby putting financial stress on retailers and their suppliers." Spending intentions have plummetedThe negative trend in retail sales could continue, as spending intentions among Americans have plummeted over the past few months, according to Deloitte's spending intentions index. Americans' spending intentions are the lowest they've been all year.
Persons: , Ira Kalish, Kalish Organizations: Deloitte, Service, Wall, Conference, Survey
But that's a tricky situation for investors, as cuts would likely come in response to a slowing economy. Rate cuts aren't inherently bullish and signs emerging that the economy is slowing into year-end. AdvertisementMarkets are cheering the possibility the Federal Reserve could begin slashing interest rates next year, but rate cuts are a double-edged sword, Wall Street experts are warning, because of what the move would signal about the broader economy. But rate cuts may not be the decidedly bullish catalyst markets are hoping for. AdvertisementMarkets have been eyeing a Fed rate cut to trigger a bullish rally in stocks.
Persons: , we've, Paul McCulley, Chris Grisanti, We're, Claudia Sahm Organizations: Service, Reserve, Fed, CNBC, Mai Capital Management, Deutsche Bank, UBS, Atlanta Fed
CNN —Taylor Swift and Travis Kelce are the couple of the hour. Jill Filipovic Courtesy of Jill FilipovicThey’re also a surprisingly positive relationship model for men and women alike. Finding love isn’t always easy for American women in a more feminist world, even as American women have become far better off. Fewer than a quarter of single men say they have a hard time finding a romantic mate who meets their expectations. Swift and Kelce are both fabulously wealthy, and money does make relationships easier — she’s now a billionaire, according to Bloomberg.
Persons: Jill Filipovic, CNN — Taylor Swift, Travis Kelce, Jill Filipovic They’re, Swift, Jason, Taylor, Travis, Gloria Steinem, , Wives, Kelce, Taylor Swift, , they’re, It’s, ’ —, she’s Organizations: Twitter, CNN, Kansas City Chiefs, Chiefs, Philadelphia Eagles, Pew Research, Census, Pew, Survey Center, American Enterprise Institute, Bloomberg, NFL, ESPN, Sports, ” Sports Locations: New York, Kelce
Middle-class movers are choosing Las Vegas, Phoenix, and San Antonio as top destinations. It was the second-most popular destination for middle-class movers coming from out of state, the report said. While cities like Austin saw a surge in home prices, San Antonio has been able to maintain some of its affordability. AdvertisementAdvertisement"If you were to ask me, I'd still tell you San Antonio's more affordable than most cities in Texas," San Antonio real-estate agent Ricardo "Rico" Riojas, Jr. told Insider. San Antonio, Texas.
Persons: , Andrew Arevalo, Getty Images Arevalo, Redfin, Arevalo, there's, he's, We've, Stephanie K, Dow, I'd, Ricardo, Rico, Riojas, Jr, Allan Baxter, San Antonio — Organizations: Service, Denver, Pew Research, Getty Images, MLS, Las Vegas, San Antonio, Getty, Austin Locations: Vegas, Phoenix, San Antonio, The Nevada, Arizona , Nevada , Florida, Texas, Sin, Colorado, Nevada and Colorado, Clark County, Las Vegas, Denver, California, Arizona, Phoenix , Arizona, San, . Texas, Austin, Antonio, Antonio , Texas
Sandra, a Gen Xer, recently moved from the Los Angeles area to the beaches of North Carolina. While the weather isn't as ideal, North Carolina has been a pleasant surprise. AdvertisementAdvertisementSandra decided that instead of retirement by the beaches of Los Angeles, she'd instead enjoy life by the North Carolina shore. Even though she said insurance is a bit higher in North Carolina given the prevalence of hurricanes, her taxes have been cut by around half. AdvertisementAdvertisementThe more diverse politics of her area — since North Carolina is a purple state — was also a plus over deep red South Carolina, she said.
Persons: Sandra, , she'd, she's, doesn't Organizations: Service, Navy, Hilton, Ventura, AAA, Survey Locations: Los Angeles, North Carolina, East Coast, California, Massachusetts, East, Raleigh, Charlotte, Charleston, South Carolina, Carolina
Over 102,000 people left California for Texas during this period, many citing the state's lower housing costs are reasons for making the move. This has forced many California residents to spend a significant portion of their income on housing, cutting away at their savings. Another 74,100 left California for Arizona, in contrast to 27,400 Arizona residents who moved to California. Many are likely moving to Arizona for the state's lower cost of living, lower taxes, and employment opportunities in sectors like semiconductor manufacturing. Over 50,700 former California residents made the move cross-country to Florida — and over 28,500 vice versa.
Persons: Organizations: Service, American Community Survey, Florida —, New Locations: California, Texas, Arizona, Florida, Washington, Nevada, New Jersey, Idaho, Tennessee
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