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☆ Fewer Americans are buying life insurance. Here's when you might need it
▼ + stars: | 2024-06-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Overall, the share of households with life insurance has "steadily" decreased since the early 1970s, according to the NAIC. That said, even as fewer people buy life insurance, "I do think there's a need for it," he added. What type of life insurance to buyThere are two broad types of life insurance: Term and permanent. Permanent life insurance, such as a whole or universal life policy, is meant to last throughout life. How much life insurance to getLuca Sage | Digitalvision | Getty Images

Persons: Knoll, Shapiro, Scott Shapiro, —, Luca Sage Organizations: Planning Center . Insurance, Getty, Illinois Department of Insurance, KPMG, Digitalvision

☆ I'm an interior designer — here are 9 things I'd absolutely buy at CB2 right now
▼ + stars: | 2024-06-25 | by ( Tyka Pryde Edwards | ) www.businessinsider.com time to read: +1 min

I'm an interior designer, and I chose furniture and decor I'd buy from the furniture retailer CB2. The Enyo travertine coffee table and Derrico acacia-wood coffee table are statement pieces. I'd upgrade a space with light-brown velvet Bettie throw pillows and CB2's Weaver Bird bust. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But I'm an interior designer who's spent years working with all sorts of spaces and a range of budgets.

Persons: Weaver, —, who's Organizations: Service, Business

☆ Here's how bad housing affordability is now
▼ + stars: | 2024-06-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Home prices set another record in April, even as mortgage rates rose and the supply of homes for sale increased. Usually, under those circumstances, prices would weaken, but today's housing market is unlike any other in recent history. The housing cost burden has hit a record, according to a new report from Harvard's Joint Center for Housing Studies. Housing supply was already low before the Covid pandemic hit, because homebuilders had yet to recover from the 2008 financial crisis. Then there was a pandemic-induced run on housing, causing supply to drop to record lows for several years.

Persons: Brian Luke, Dow, HJCH, homebuilders, Homebuilders couldn't, Orphe Divounguy Organizations: Mortgage News, Dow Jones, Harvard's, for Housing Studies

☆ America’s housing crisis continues to worsen
▼ + stars: | 2024-06-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington CNN —Homeowners in America aren’t the only ones struggling with an unaffordable housing market. A report from Harvard University’s Joint Center for Housing Studies released last week showed that both homeowners and renters in recent years have become increasingly burdened by climbing housing costs. That’s all part of a broader struggle in the US housing market, and recent data shows that it hasn’t gotten any better. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China, reports my colleague Samantha Murphy Kelly. The Chicago Fed releases its National Activity Index for May.

Persons: ” Lael Brainard, ”, “, Brainard, Biden, ” Brainard, ChatGPT —, Siri —, Samantha Murphy Kelly, OpenAI, Siri, ChatGPT, Read, Christopher Waller, Lisa Cook, Michelle Bowman, General Mills, Levi Strauss, Tom Barkin Organizations: CNN Business, Bell, Washington CNN — Homeowners, America aren’t, Harvard University’s, for Housing Studies, Harvard, “, White, Economic Council, Urban Institute, Administration, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, FedEx, Chicago Fed, Global, Index, Board, Micron, General, US Commerce Department, Federal Reserve, Nike, McCormick, Walgreens, US Labor Department, National Association of Realtors, Richmond Fed, University of Michigan Locations: Washington, America, Congress, China

☆ Kyla Scanlon explains Gen Z's divided attitudes toward investing
▼ + stars: | 2024-06-22 | by ( Anna Gleason | ) www.cnbc.com time to read: +1 min

Economic commentator Kyla Scanlon is noticing a potentially worrying trend in the investing outlook among younger generations. "But then you have the other side, which is an element to financial nihilism, where people don't want to save for retirement. They don't want to save money in general because they don't believe the future is there." Scanlon is aiming to bridge Gen Z's divided financial attitudes with her new book, "In This Economy? "The younger generation definitely wants [homeownership], because there's a lot of financial benefit to having equity," she said.

Persons: Kyla Scanlon, CNBC's, Scanlon, Gen Zers Organizations: National Association of Realtors

☆ Meet the last 20-something millennials: They're twice as wealthy as their geriatric peers were and are carving creative paths to homeownership
▼ + stars: | 2024-06-22 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +9 min

In some ways, they're actually faring better than their older millennial peers, and their struggles point to larger cracks in America's social support systems. Younger millennials are getting creative about becoming homeowners, explained Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors. Because younger millennial women are focused on their careers, they're continuing the overall millennial trend of delaying family formation. AdvertisementAnd some of younger millennials' accumulated wealth has faded thanks to inflation, Ricketts said. He pointed out that younger millennials who invest their wealth well are more likely to consume and drive economic growth.

Persons: I've, —, Diana Elliott, somethings, Gabby Davis, Davis, Gen Z, Cuspers, they've, Elliott, they'll, millennials, Rollin, Zers, Louis Fed, didn't, Louis, Lowell Ricketts, Ricketts, aren't millennials, who've, Younger millennials, Jessica Lautz, They're, Lautz, they're Organizations: Service, Pew, Population Reference, Louis Fed, Fed, National Association of Realtors, NAR, Young Locations: U.S

☆ Paying off my debt will make it easier to get my dream home, so I took on a side hustle to pay off $5,000
▼ + stars: | 2024-06-20 | by ( Choncé Maddox | ) www.businessinsider.com time to read: +4 min

I took on a seasonal job that allowed me to rapidly pay off my credit-card debt and start saving. In 2022, we ended up draining most of our emergency fund, and I quickly racked up close to $5,000 worth of credit-card debt. I picked up a seasonal jobOne of the best things I did last winter to streamline paying off my credit-card debt was getting a seasonal part-time job. All of this went toward my credit-card debt, along with any money I budgeted for extra debt payments from my main income. Paying down credit-card debt was just one thing I needed to do.

Persons: —, I'm, I've, homeownership Organizations: Service, Amazon

☆ A California millennial who makes six figures says it feels like he has to choose between buying a home, starting a family, and advancing his career: 'I feel behind financially'
▼ + stars: | 2024-06-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

The 33-year-old financial advisor, who's based in Santa Monica, California, made roughly $130,000 last year, according to a document viewed by Business Insider. This story is available exclusively to Business Insider subscribers. To feel "rich," Stroup estimated that he'd need an annual income of about $400,000 to $500,000 a year — more than triple his 2023 earnings. In January, Business Insider estimated that it would cost parents about $26,000 to care for a small child in 2024. AdvertisementWith all these expenses to consider, it might make sense for Stroup to move somewhere with lower housing costs.

Persons: —, Christopher Stroup's, who's, he's, he'd, Stroup, hasn't, Santa Monica, there's, aren't, I'd Organizations: Service, Business, Santa Locations: Los Angeles, Santa Monica , California, Santa Monica, Cincinnati, Bakersfield , California, Bakersfield, Troy , Pennsylvania

☆ A lack of estate planning contributes to the racial wealth gap in homeownership. How JPMorgan is stepping in to help
▼ + stars: | 2024-06-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Owning a home can provide a way to build wealth that will transfer from one generation to the next. One such issue, known as heirs' property, happens when homeowners die without a will and informally leave property to multiple descendants. The non-formal ownership may make it difficult to pass on property, access government assistance in the event of a natural disaster and to qualify for property tax relief, according to research from JPMorgan Chase. JPMorgan Chase on Tuesday announced it is providing more than $9.6 million in philanthropic commitments to organizations that help preserve homeownership by addressing heirs' property issues, appraisal bias and the undervaluation of homes. Both heirs' property and appraisal bias disproportionately affect communities of color.

Persons: JPMorgan Chase Organizations: D.C, JPMorgan Chase, JPMorgan Locations: Parkland , Florida, Washington

☆ 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

☆ Why Gen Z is feeling so good about money right now
▼ + stars: | 2024-06-16 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Read previewGen Zers are feeling pretty good about their financial situations right now. That was especially true for younger generations — over 60% of Gen Z and millennials said they were optimistic, compared to less than 50% of Gen X and baby boomers. How Gen Z can feel good about themselves — but still worry about high pricesBI has previously reported that many aging boomers and Gen Xers cannot retire or are struggling financially in retirement. But when it comes to retirement preparation, Gen Z might be ahead of the game. According to a survey last year from the CFA Institute, over half of Gen Z respondents said they were already investing, and 82% of them started doing so before turning 21.

Persons: —, it's, millennials, X, Zers, Charlie Wise, Wise, Gen Zers, Gen Xers, Gen, that's Organizations: Service, Federal Reserve, TransUnion's, Business, TransUnion, Alliance, Lifetime, Income, Social Security, CFA Institute, American Enterprise Institute

☆ Competition in the housing market is cooling off. Here's why
▼ + stars: | 2024-06-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"You have an increase in sellers coming back on the market," said Orphe Divounguy, a senior economist at Zillow. "Homes are staying on the market for a bit longer because the sales are not keeping up with the flow of homes coming on the market," Divounguy said. watch nowYet despite the recent jump in supply, "we're still starved for inventory in the for-sale market," said Divounguy. Homebuyers are waiting on lower mortgage ratesAs mortgage rates have remained high and housing affordability has strained household finances, buyers have been unable to jump in the market, Divounguy explained. While mortgage rates could "change pretty quickly" or "on a dime," said Fairweather, buyers are unlikely to see big movement in the near term.

Persons: Orphe Divounguy, Zillow, Divounguy, Redfin, Daryl Fairweather, We're, Fairweather, Freddie Mac, homebuyers, It's, there's Organizations: Zillow, Finance, Biden, Trump, Federal Reserve, Fed Locations: U.S, Dallas , Texas, Fort Lauderdale , Florida, Florida, Tampa, Jacksonville

☆ Housing costs are clouding an otherwise glowing economy
▼ + stars: | 2024-06-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Despite all the good news, there’s one giant, inescapable reason why people don’t feel like the economy is as good as it actually is. Shelter costs — which include rent and an estimated cost of homeownership — were up 5.4% from a year ago. There are some early signs that the housing market is becoming a bit less stuck. At the same time, the one-two punch of inflation and high borrowing costs have discouraged first-time buyers, reducing competition for houses. Of course, as Powell noted in his speech Wednesday, it may take “years” for housing inflation to normalize.

Persons: CNN Business ’, We’re, supercore, doesn’t, —, “, ”, Jay Parsons, Jerome Powell, It’s, Orphe Divounguy, Zillow, ” Divounguy, Powell, There’s, Douglas Duncan, Fannie Mae Organizations: CNN Business, New York CNN, “ Locations: New York, Madera, Texas

☆ The US needs to build 2 million houses to revive the American dream of homeownership
▼ + stars: | 2024-06-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A shortage of 2.2 million homes suggest the US housing market will remain unaffordable. The research firm said a shortage of 2.2 million homes is compounding the US housing market's affordability issues. Related stories"Since 2015, we have been warning about a chronic housing shortage, leading to a supply/demand imbalance. Rising development prices across the board suggest to NDR that housing supply will remain constrained for years to come. "The wave of immigrants has not seemed to impact the supply/demand balance for workers, a traditional area for Latino immigrants," NDR said.

Persons: —, Ned Davis, Joseph Kalish, Veneta Dimitrova, Powell Organizations: Service, Ned Davis Research, NDR, Federal Reserve

☆ Maintenance and repair costs can be an unwelcomed surprise for first-time homeowners. Here are some ways to avoid bill shock
▼ + stars: | 2024-06-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +6 min

Experts say the "hidden costs" of owning a home, especially repairs and maintenance, can come as a shock for homeowners. Based on that calculation, Bankrate estimated, annual maintenance costs in some of the states with the highest home prices — like California, Hawaii and Massachusetts — can go over $26,000 annually. Keep your 'critical eye' as a homeownerOnce you become a homeowner, it will be important to keep up with routine maintenance in your house. To avoid surprises, try to regularly inspect your home and look for spots or corners that may need to be fixed. While homeowners are "the most critical" of a house when they're buying, they often don't keep the "critical eye" after moving in, said Hicks.

Persons: Alex Marrero, " Marrero, expats, Marrero, Angi.com, they're, Angie Hicks, Bankrate.com, Massachusetts —, you've, Jeff Ostrowski, Hicks, Dan Bawden, That's, Bawden, Tom Grill Organizations: Finance, Bankrate.com, CNBC, National Association of Realtors, Legal Eagle Contractors, Co Locations: Coral Springs , Florida, California, Hawaii, Massachusetts, Kentucky, Bellaire , Texas

☆ Earning $100,000 a year isn't enough to feel 'rich' in the US anymore
▼ + stars: | 2024-06-12 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +6 min

Yet, we hardly feel rich." Americans say they'd need to earn $233,000 a year to feel financially secure and $483,000 to feel rich, according to a Bankrate survey conducted in June 2023. For Driver, getting rich isn't only about boosting one's income — it's about reducing one's expenses. To feel "rich," he guessed that he'd need an annual income of about $400,000 to $500,000 a year — more than triple his 2023 earnings. A high income can come with "lifestyle inflation"It's not just high-earning Americans who say they feel far from rich.

Persons: —, Driver, they've, hasn't, Christopher Stroup, he's, haven't, he'd, Stroup, Abid Salahi, Salahi Organizations: Service, Business Locations: Pennsylvania, Santa Monica , California, Santa Monica, Cincinnati, Vancouver, Canada

☆ Biden and Trump both want to extend tax cuts for most Americans — but paying for it could be tricky
▼ + stars: | 2024-06-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Presumptive nominees President Joe Biden and former President Donald Trump have both pledged to extend expiring tax breaks for most Americans — but questions remain on how to pay for it. Trillions in tax breaks enacted by Trump via the Tax Cuts and Jobs Act of 2017, or TCJA, will expire after 2025 without action from Congress. Expiring individual provisions include lower federal income brackets, higher standard deductions, a more generous child tax credit and more. But the federal budget deficit will be a "huge sticking point" as the 2025 tax cliff approaches, said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. The cost of extending major parts of the TCJA has grown about 50% since initial estimates in 2018, according to the Committee for a Responsible Federal Budget.

Persons: Joe Biden, Donald Trump, Erica York Organizations: Trump, Tax, Center, Federal Tax, Finance, Congressional, Budget

☆ The hidden costs of owning a home are surging for Americans
▼ + stars: | 2024-06-11 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021. The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage. Schauer isn’t alone among Californians grappling with high hidden costs of homeownership. By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate. Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).

Persons: we’re, That’s, Bankrate, Jeff Ostrowski, ”, Jennifer Schauer, Schauer, wasn’t, “, Schauer isn’t, it’s, you’ll, ” Ostrowski Organizations: New, New York CNN, CNN, P Global, Federal Reserve Locations: New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho

☆ What you'll pay in every U.S. state in hidden homeownership costs: It's like 'buying a used car every year'
▼ + stars: | 2024-06-10 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

That's how much the average "hidden costs" of homeownership will set you back for a median-priced U.S. home worth $436,291, according to a new analysis by Bankrate. Hidden costs include property taxes, homeowners insurance, home maintenance costs, as well as electricity, internet and cable bills, per Bankrate's study. "The [hidden] costs of owning a home are at the same level as buying a used car every year," says Bankrate analyst Jeff Ostrowski. While many online mortgage calculators include property taxes and homeowner insurance as part of a bundled mortgage payment estimate, not all do. As such, at least some of the hidden costs can be overlooked when budgeting for a new home.

Persons: you'd, Jeff Ostrowski

☆ I have enough saved for a down payment, but I don't see any reason to stop renting
▼ + stars: | 2024-06-10 | by ( Annie Midori Atherton | ) www.businessinsider.com time to read: +6 min

I have enough money for a 20% down payment, but I'd have to make too many compromises to own a home. I wish homeownership were easier, but renting isn't holding me back from succeeding financially. AdvertisementIn the US, the path to financial success seems set in stone: Get a degree, get a steady job, and buy a house. Despite the deeply ingrained cultural norm of glorifying homeownership, I've decided not to feel bad about renting. It's not right that gainfully employed people can't afford to buy a house in many cities anymore.

Persons: —, I'm, Seattle —, homeownership, I've, Zillow, It's, gainfully, There's, I'd, it's Organizations: Service, Cash Locations: Seattle, Washington

☆ What to expect from the housing market in the second half of 2024, according to real estate experts
▼ + stars: | 2024-06-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

While the market is seeing more listings, the boost in supply is not enough to attract buyers, according to Doug Duncan, senior vice president and chief economist at Fannie Mae. "Mortgage rates are down a bit from May highs, but that hasn't spurred a surge of competition among buyers in the housing market," Divounguy said. Many experts believe the Federal Reserve will likely hold interest rates in the upcoming board meeting on June 12. However, the National Association of Realtors forecast a potential interest rate cut by the fall of this year, according to Jessica Lautz, the NAR's deputy chief economist. 'It's hard to foresee prices really cooling'While the housing market has slowed in terms of the number of transactions, prices haven't soften despite broader expectations, Ostrowski explained.

Persons: Orphe Divounguy, Realtor.com, Kelman, Doug Duncan, Fannie Mae, Duncan, Freddie Mac, hasn't, Divounguy, Jessica Lautz, Ostrowski Organizations: Realtor.com, CNBC, Federal Reserve, Reserve, National Association of Realtors Locations: U.S

☆ I'm a millionaire and a financial expert and I still rent over buying a house
▼ + stars: | 2024-06-06 | by ( Jane Zhang | ) www.businessinsider.com time to read: +8 min

My landlord lives in a house right up the hill from me, so when I need him, I can call him, and he's right there. I'm glad I'm not doing that anymore, but I'm really glad I had that opportunity. AdvertisementRenting is also a smarter financial decision right now, with how high interest rates are. I don't think I'll rent foreverMy finances now are different than they were when I was 22. Renting really fits the current season of my life, but I don't think this is the choice I'll make forever.

Persons: —, Tori Dunlap, I've, I'm, Homeownership, That's, it's, Jane Zhang Organizations: Service, Business, PMI Locations: Seattle, North Seattle, janezhang@businessinsider.com

☆ 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

☆ Investor home purchases jump for the first time in two years. Here's what that means for buyers
▼ + stars: | 2024-06-04 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

watch nowWhat an investor home purchase meansIn this context, investors are defined as any institution or business that purchases residential real estate, according to Redfin. Investor share refers to the portion of homes purchased by investors over a certain period, said Chen Zhao, senior economist at Redfin. Part of the recent increase in real estate investor activity is due to seasonality, as more homes are typically sold during the spring, Walsh said. Sales began to decline as mortgage rates climbed, as higher interest rates affect both typical homebuyers and investors, he said. What investor interest means for buyers and rentersIf you're a consumer buying on the market, you are competing against investors on top of other typical homebuyers, Zhao explained.

Persons: Chen Zhao, Zhao, Matthew Walsh, there's, aren't, Moody's, Redfin's Zhao, Walsh, Sales Organizations: Investor, Parcl Labs, Moody's, Investors, CNBC Locations: U.S

☆ 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

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