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☆ Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for nearly 2 decades
▼ + stars: | 2023-07-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

For millennial and Gen Z homebuyers, purchasing a starter home may be a thing of the past. A starter home is usually the first home a person or family is able to purchase. Currently, nearly two-thirds of all homeowners have mortgage rates at or below 4%, according to Black Knight, a mortgage software and analytics company. Affordable homes are hard to findAs of May, the typical starter home cost about $179,407 nationwide, according to Zillow data provided to CNBC Make It. But between 2017 and 2022, the number of millennials who own their homes increased 64% to 18.2 million.

Persons: Z, Jessica Lautz, Freddie Mac, Black Knight, Jeff Tucker, Zillow, Lautz, Young, Zers, millennials Organizations: National Association of Realtors, CNBC, Bank of Locations: U.S

The housing market is still surprisingly tight despite mortgage rates at 20-year highs. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyWhat the heck is going on in the housing market? "The housing market is weird right now," LendingTree's senior economist Jacob Channel told Insider. A surprise increase in new-home salesPerhaps the most surprising development in the housing market has come in the form of recent increases in new-home sales and housing starts. "But housing supply has decreased significantly, and that's also because it's become more costly to build and harder to get materials.

Persons: aren't, —, Jacob Channel, — they're, Nadia Evangelou, Evangelou, Ali Wolf, Wolf, that's, it's Organizations: Service, Federal Reserve, National Association of Realtors Locations: Zonda

☆ These cities in Ohio have more affordable homes available for sale than any other US metro, but they're still few and far between
▼ + stars: | 2023-07-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

The US housing shortage makes it especially hard for middle-income buyers to purchase homes. But there's some good news, at least in the data: There are still a few US metros where affordable homes remain available to middle-income buyers. According to the NAR and Realtor.com analysis, among the 100 largest US metros, three areas from Ohio: Youngstown, Akron, and Toledo have the most affordable homes available for middle-income buyers. Overall, the US housing market is short 6.5 million homes. In general, homes in the low- to mid-priced range should be more plentiful in "relatively more affordable areas," than in the expensive areas, the economists wrote in the report.

Persons: —, Ian Beniston, Eric Cooper, Sellers, it's, Beniston Organizations: Service, National Association of Realtors, NAR, Youngstown Neighborhood Development Corporation, Coldwell Banker Locations: Three Ohio, Ohio, Youngstown , Akron, Toledo, Youngstown, Akron, El Paso , Texas, Boise , Idaho, Spokane , Washington

☆ California Rep. Maxine Waters introduces bills to spend hundreds of billions of dollars to fight homelessness and solve the affordable housing crisis
▼ + stars: | 2023-06-27 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

Rep. Maxine Waters, a California Democrat, introduced a trio of bills addressing the housing crisis. They would expand housing vouchers and send $100 billion to help first-generation homebuyers. The legislation — which includes expanding housing vouchers and sending $100 billion to help first-time, first-generation homebuyers — is focused on reducing the racial wealth gap. One bill — the Housing Crisis Response Act of 2023 — includes over $150 billion in funding for affordable housing and investments in closing the racial housing gap. Overall, just one in six eligible families live in public housing, receive a rent-reducing voucher, or live in a subsidized multifamily unit, according to the US Census Bureau.

Persons: Maxine Waters, —, Waters Organizations: California Democrat, Service, Interagency, Homelessness, Census Bureau, Financial Services Locations: California

☆ The 10 best cities for renters that offer affordable homes, good job markets and plenty to do
▼ + stars: | 2023-06-25 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

In fact, nine of the top 10 cities RentCafe ranked are located in the South, including four cities in Texas. Here's a closer look at some of the metrics included in each category:Cost of living : Includes local rent prices, grocery and utility costs, average apartment sizes and occupancy rates. : Includes local rent prices, grocery and utility costs, average apartment sizes and occupancy rates. Quality of life: Includes apartment locations, school quality and average commute times. While the cost of living metrics carried the most weight, the best places for renters perform relatively well across all categories.

Persons: that's, RentCafe, — Organizations: D.C, RentCafe Locations: New York, Los Angeles, Washington, South . Charleston , South Carolina, RentCafe, Texas, Here's

☆ Lab crunch: British science has nowhere to go
▼ + stars: | 2023-06-20 | by ( Kate Holton | ) www.reuters.com time to read: +9 min

Property consultants Bidwells put demand for lab space in Cambridge at 1.19 million square feet (110,000 square metres) - but only 7,000 sq ft are available. That has led to an explosion in venture capital, with much of it coming from the United States. Michael Chen moved to Cambridge from the United States in 2012 to do a doctorate in chemistry. She leads a joint venture between Oxford University and Legal & General (LGEN.L) to build lab space and homes. Pioneer Group, which provides funding and lab space in Britain, said action was needed now to address the "crazy" demand.

Persons: Zoe, Toby Melville OXFORD, Ros Deegan, Catherine Elton, Bidwells, Elton, Deegan, Diarmuid O'Brien, Rishi Sunak's, Gordon Sanghera, Michael Chen, Artem Korolev, Anna Strongman, Strongman, Glenn Crocker, Alistair Cory, Qkine's Elton, Kate Holton, Toby Melville, David Clarke Organizations: University of Oxford, Science, REUTERS, European Union, Therapeutics, McKinsey, Oxford, Cambridge Enterprise, U.S, Oxford Nanopore Technologies, Reuters, Company, Cambridge, PACE, Laboratory, Oxford University, Legal, Thomson Locations: Kidlington, Oxford, Britain, England, Cambridge, United States, London, U.S, France, Boston, North America, Europe, Asia, China

☆ Why Amazon built a second headquarters and how the pandemic reshaped HQ2
▼ + stars: | 2023-06-19 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +6 min

This week, Amazon formally opened the doors of the first part of its new East Coast headquarters, dubbed HQ2, in northern Virginia. It raises the question why Amazon, with its sprawling campus in Seattle and a growing real estate footprint globally, needed to build a second headquarters. HQ2 has some of the same quirks as Amazon's Seattle campus. The towers feature plant-filled terraces and a rooftop urban farm that echoes the feel of the "Spheres," botanical gardenlike workspaces that anchor Amazon's Seattle office. Amazon's HQ2 features some of the same quirks as its Seattle headquarters, like a community banana stand.

Persons: Jeff Bezos, John Schoettler, Schoettler, John, Glenn Youngkin, Tasha Dooley, Bezos, Holly Sullivan, Sullivan, HQ2, wouldn't Organizations: Amazon, Microsoft, Puget, Seattle, Metropolitan Park, Companies, Employees Locations: Coast, Virginia, Arlington, Seattle, Redmond , Washington, HQ2, North America, New York's Long Island City, Crystal City, Arlington , Virginia, Long Island City, Nashville , Tennessee, Bellevue, There's

☆ Australian PM pledges $1.4 bln for afforable homes
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, June 17 (Reuters) - Australia's centre-left Labor government said on Saturday it would commit A$2 billion ($1.4 billion) to deliver thousands of new affordable homes nationwide, as the country grapples with soaring living costs. "The Labor government that I lead believes that every Australian deserves the security of a roof over their head," Albanese said in Melbourne. "One hundred percent will be public housing, this is money for public housing." Separately, the government wants to establish an A$10 billion housing fund to build at least 30,000 new affordable homes, but has faced opposition in parliament from minor party senators. At June 2021, there were 417,800 households on major social housing programmes, including public housing, up from 378,600 in June 2008, according to government data.

Persons: Anthony Albanese, " Albanese, Albanese, Sam McKeith, Stephen Coates Organizations: SYDNEY, Labor, stoke, Thomson Locations: Melbourne

☆ If you make $75,000 or less, you probably can't afford to buy a home in these 12 cities
▼ + stars: | 2023-06-15 | by ( Mike Winters | ) www.cnbc.com time to read: 1 min

For middle- and low-income families, homeownership is becoming increasingly unattainable. Households earning the U.S. median income can only afford a fraction of the homes in the 100 largest U.S. cities, according to an analysis of real estate listings by the National Association of Realtors (NAR) and Realtor.com. Even though 51% of U.S. households earn $75,000 or less, they could only afford 23% of the listings on the market in April, the study finds. In some cities, the shortage is even more acute. Here's a look at the cities with the lowest share of affordable homes, based on buyers who earn $75,000, the U.S. median household income, or less.

Organizations: U.S, National Association of Realtors Locations: U.S

☆ Homebuyers on a budget should look for a house in these 15 smaller markets where the average down payment for a starter home is $50,000 or less
▼ + stars: | 2023-06-13 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Affordable starter homes that were once ubiquitous can now be rare finds. Here are 15 towns where the average down payment on a starter home is $50,000 or less. The firm found that the share of starter homes built has fallen from about 70% in the 1940s to just 7% in the early 2020s. Unlike in previous decades, homebuyers can't count on finding affordable starter homes in so-called "secondary" cities that neighbor larger metropolitan areas. 15 towns with relatively affordable homesThough prospects for first-time homebuyers seem grim, it's worth noting that starter homes in smaller secondary cities haven't been completely picked over yet.

Persons: it's, they're, It's, Alexandra Ciuntu, Point2, homebuyers, Ciuntu, unaffordability Organizations: Boomers Locations: Point2

☆ The shortage of houses is hitting some people and areas harder than others
▼ + stars: | 2023-06-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The shortage is hitting some buyers more than others. The lack of affordable homes heated up competition in the market this spring, which reversed the cooldown in home prices that started last summer. At the higher price ranges, too many homes are for sale for the number of Americans who can afford them. Areas in the Midwest continue to have the highest number of affordable homes. The four cities with the largest supply of affordable homes are all in Ohio.

Persons: Noah Herrera, Danielle Hale Organizations: National Association of Realtors Locations: Realtor.com, Las Vegas, El Paso , Texas, Boise , Idaho, Spokane , Washington, Florida, Riverside, Los Angeles , California, Ohio, Syracuse , New York, Pittsburgh , Pennsylvania, Louis , Missouri

☆ Middle-income buyers face the most severe housing shortage
▼ + stars: | 2023-06-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

These would-be buyers face the most severe housing shortage of any other income bracket, according to a new analysis from the National Association of Realtors and Realtor.com that found the market is short more than 300,000 affordable homes for these buyers. Given that income, these buyers can purchase homes valued up to $256,000 without being overburdened with housing costs. Middle-income buyers can afford to buy less than a quarter — only 23% — of listings that are currently on the market. In a balanced market, buyers earning $75,000 can afford to purchase 66% of the listings in the Youngstown metro area. However, these buyers would be able to afford to buy more than 50% of the listings in a balanced market.

Persons: ”, Nadia Evangelou, that’s, ” Evangelou, “ It’s, Toledo —, Danielle Hale, “ Organizations: DC CNN, National Association of Realtors, NAR, El, homeownership Locations: Washington, United States, homeownership, Ohio, — Youngstown , Akron, Toledo, Youngstown, El Paso , Texas, Boise , Idaho, Spokane , Washington, In Boise, Boise

☆ These are the 10 cheapest places in the U.S. to buy a beach house
▼ + stars: | 2023-05-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

Gulfport, Mississippi, ranked as the cheapest town in which to buy a beach house, according to Realtor.com. Dszc | Istock | Getty ImagesTop 10 cheapest places in the U.S. to buy a beach houseGulfport, Miss. In Newport News, the median price within one mile of a beach is $200,000 and the median price per square foot within one mile of a beach is $150. It has one of the best public beaches in the state, Ocean Beach Park, which sits on the Long Island Sound. The median price within one mile of a beach is $257,000 in New London, while the median price per square foot within one mile of a beach is $175.

☆ 10 Things in Tech: Say goodbye to the US car market as we know it, TikTok will pay for AR filters, and YouTubers share how they make money
▼ + stars: | 2023-05-17 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

I'm Diamond Naga Siu, and I'm taking a few days off to watch my best friend graduate with their PhD. (Don't worry, my colleagues in London will be bringing you your daily dose of tech news while I'm away.) Pharmacy startup TruePill is searching for its panacea. Employees told to "drink the Kool-Aid" at Larry Page's startup. Current and former employees told Insider about the recent turmoil.

☆ The 12 best places to live in the US, which have cheaper homes, good weather, and lots of jobs
▼ + stars: | 2023-05-16 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

US News & World Report released its 2023 list of best places to live in America on Tuesday. 2023 list of best places to live in America on Tuesday. The top 12 cities have affordable homes, a high quality of life, and are popular with movers. Indeed, the cities on this list all have below-average crime rates, good schools, happy residents, easy commutes, and clean air, according to the report. Without further ado, here are the 12 best places to live this year, and their metro area population, housing costs, and yearly salaries, according to US News & World Report.

Some Chinatown residents benefited from the development boom, selling properties to developers or drawing more customers from increased foot traffic. Some residents have shown tentative support for the luxury buildings, saying they might make the neighborhood safer or bring in wealthier Asian residents who could boost Chinatown's economy. Manhattan Chinatown's housing stock is "really aged," which has led to costly fires, according to Thomas Yu, executive director of Asian Americans for Equality. Chinatowns and the pandemicMany debates surrounding luxury development and affordable housing were accelerated by the pandemic, which shuttered hundreds of businesses across Chinatowns. However, business owners who spoke with CNBC said Chinatown's businesses, though still recovering, are keeping the city's culture alive.

☆ Advocates want to spend $11 billion to fix Austin's crappy public-transit system. But many critics say the price tag is too high for a system hardly anyone will use.
▼ + stars: | 2023-05-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +10 min

Officials say an $11 billion public-transit plan could make Austin safer, greener, and more affordable. Austinites voted to approve Project Connect in 2020 when its total price tag was $7.1 billion. However, nearly 50% of the riders of MetroRail — the city's current rail system — earn more than $60,000 a year. Public-transit advocates say the plan is worth the costSupporters of Project Connect are open to lowering its price tag. But on a larger scale, Project Connect supporters say that public transportation provides better access to healthcare, education, employment, and affordable housing.

☆ Home prices are falling fastest in these 28 cities as affordability gradually improves following a peak in mortgage rates, according to the National Association of Realtors
▼ + stars: | 2023-05-10 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Slight moderations in mortgage rates have also improved home affordability. Still, homebuyers across the country can celebrate the apparent peak in mortgage rates, which have an outsized influence on home affordability. Thirty-year fixed mortgage rates swung between 6.1% and 6.7% in the first quarter, according to the NAR. Mortgage rates topped out in late 2022 but remain elevated. Below are the 28 metro areas where home prices decreased by over 5% on a year-over-year basis in the first quarter of 2023, according to the NAR.

☆ How to Make Housing Less Affordable
▼ + stars: | 2023-05-09 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson, Collin Levy and Dan Henninger Images: Zuma Press/San Francisco Chronicle/AP/ Composite: Mark KellyThe Biden Administration’s regulatory onslaught continues, with almost no media coverage about the costs or consequences. A case in point is a new Department of Energy rule due to hit on May 31 that will make manufactured homes less affordable. Some 22 million Americans live in manufactured homes, often called mobile homes, and their median household income is $35,000 a year. The average cost of a manufactured home ranges from $72,000 to $132,000, compared to $365,000 for a traditional house. Manufactured homes were about 9% of new single-family home starts in 2021, providing more than 100,000 affordable homes.

☆ This house just got 25 offers. But, yes, the market is still cooling
▼ + stars: | 2023-05-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Within 48 hours the sellers were in contract with a buyer offering well over the asking price. Even though fewer people are buying homes now than a year ago, “we still have more buyers in the market than we have inventory. But it isn’t 2021, mortgage rates are now over 6%. In Rye, New York, she said, one property sold for $600,000 over the asking price. That home ultimately sold for $75,000 over the asking price.

☆ The housing slump is expanding quickly with home price declines the most widespread in 11 years
▼ + stars: | 2023-05-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

In the first quarter, 31% of US markets saw home price declines, the biggest share in 11 years. Meanwhile, 69% of housing markets saw home prices rise in the first quarter, down from 89% in the fourth quarter. That's the highest in 11 years and up from 11% of markets that saw price declines in the fourth quarter. But price declines could be short lived, he added, as inventory remains 40% below pre-COVID levels. Meanwhile, 69% of housing markets saw home prices rise in the first quarter, down from 89% in the fourth quarter.

☆ My husband and I quit our cushy jobs abroad and moved back to our tiny Indiana town, where our house cost just $80,000 and we feel like we've won at life
▼ + stars: | 2023-05-03 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Tiffany Baker and her husband have lived and traveled all over the world with their three children. But they moved back to Terre Haute, Indiana, a city of about 60,000 an hour from Indianapolis. Tiffany: We love living overseas and traveling to experience new places, but nothing beats living in Terre Haute, Indiana. The Baker Family in Terre Haute. Living in Terre Haute allows us to use our money and time to do whatever we want, whenever we want.

☆ Disney and DeSantis have been in a year-long feud that began after the company spoke out against a controversial bill. Here's a timeline of the events.
▼ + stars: | 2023-04-21 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +10 min

The feud began after the entertainment giant spoke out last March against a controversial piece of legislation critics have called the Don't Say Gay bill. The state Board of Education voted on Wednesday to expand that law to cover grades 4 to 12. The new district board also is considering more inspection regulations, building workforce affordable housing on land that borders the resort and theme park, and selling the district-owned utilities. It was the first time the board met since the revelation of the agreement between the prior district board members and Disney. On April 19, the state board approved a ban on classroom discussion of sexual orientation and gender identity for all grades, including grades 4-12.

☆ Disney and DeSantis have been in a yearlong feud that began after the company spoke out against a controversial bill. Here's a timeline of the events.
▼ + stars: | 2023-04-21 | by ( Lloyd Lee | Chris Panella | ) www.businessinsider.com time to read: +12 min

After a yearlong feud, Disney sued DeSantis on Wednesday, alleging that the Florida governor tried to "weaponize government power" over the company. The state Board of Education voted on Wednesday to expand that law to cover grades four to 12. Under the leadership of Governor DeSantis, our state has seen record growth in jobs, GDP, and net domestic in-migration. It was the first time the board met since the revelation of the agreement between the prior district board members and Disney. On April 19, the state board approved a ban on classroom discussion of sexual orientation and gender identity for all grades, including grades four through 12.

☆ Disney struck a second secret agreement to mess up DeSantis’ power grab on the company, official says
▼ + stars: | 2023-04-20 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

The board appointed by Ron DeSantis to oversee Disney said the company struck a secret agreement. A member of the board said Disney agreed a last-minute deal to set its own utilities rate. But Disney outmaneuvered DeSantis, striking a new deal for the land Disney World occupies back in March, shielding its status for the foreseeable future. According to the board chairman, it struck the utilities deal at the same time. DeSantis has claimed there are problems with the new land deal Disney struck, and he will seek to have it overturned.

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