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Housing seems to be slightly more affordable for Gen Z renters than it was for millennials at the same age. The percentage of rent-burdened millennials — renters putting more than a third of their income toward housing — peaked at 62% in 2011, according to a recent Zillow study. And although rents remain high, slightly fewer Gen Zers (those ages 18 through 25) are rent burdened today. As of 2022, the latest data available, 58% of Gen Z renters nationwide were rent-burdened, while 60% of millennials experienced rent burden at the same age in 2012, according to Zillow. According to Zillow's analysis, there are a number of major U.S. cities where it's easier for Gen Z to afford rent than it was for millennials at the same age.
Persons: Z Organizations: millennials Locations: U.S
AdvertisementI purchased a blow-up travel pillow for two long-haul flights between the US and East Africa. I did catch some Zs, but I knew by the end of the flight I'd never fly with the travel pillow again. The Kimiandy Inflatable Travel Pillow. Monica Humphries/Business InsiderI'd eyed the travel pillow for yearsI've spent the past few years watching TikTok videos, chatting with frequent flyers, and reading travel pillow roundups — and one product always stood out. AdvertisementThe $21 Kimiandy Inflatable Travel Pillow, shaped like a cube, allows sleepers to lean forward.
Persons: shamefully, Monica Humphries, I've, hasn't Organizations: US, Ethiopian, Qatar Airways, Ethiopian Airlines Locations: East Africa, Washington, Addis Ababa, Ethiopia, Doha, Qatar, Dallas
With Donald Trump reclaiming the White House , Bank of America thinks his threat of steep tariffs could hurt Five Below . The bank downgraded the discount retailer to underperform from neutral on Wednesday and slashed its price target to $75 per share from $98. BofA's new forecast implies for nearly 20% downside for the stock. President-elect Trump campaigned on the prospect of tariffs on Chinese imports, and BofA analyst Melanie Nuñez thinks that Five Below's outsized exposure to China could serve as a material headwind moving forward. FIVE YTD mountain Five Below stock.
Persons: Donald Trump, Trump, Melanie Nuñez, Nuñez Organizations: House, Bank of America Locations: China
My grandparents' vacation cabin in Lake Tahoe is the stuff of legend. My grandparents' little house in South Lake Tahoe, which they bought for $113,000 in 1984, quickly became a haven for my family. Framers of the Tahoe tax measure took inspiration from Berkeley, California, which adopted a vacancy tax this year. Since the city of South Lake Tahoe was incorporated in 1965, it's been populated by a healthy mix of year-round and seasonal residents. As of October 2024, the median sales price for homes in South Lake Tahoe was $750,000, according to Realtor.com.
Persons: George Rose, it's, Amelia Richmond, , Steve Teshara, Teshara, Frederic Lewis, Sherri Maslyar, Jeff Cowen, we'd, Amanda Yen, I'd Organizations: of Commerce, South Tahoe Association of Realtors, BI, Colorado and, Survey, Tahoe Chamber of Commerce, Realtors ' Association, Business, Tahoe, Planning Association Locations: Tahoe, South Lake, Berkeley , California, Oahu, Colorado, Aspen, Vail, Breckenridge, Bay, Colorado and Utah, Park City , Utah, Richmond, Emerald
Foruteen of the analysts covering Zillow rate it either a strong buy or buy, while 11 view it as a hold. The average price target represents potential 7% upside. The majority of analysts are bullish on platform, while the average price target implies 33% upside. Analyst Kirk Materne's $610 price target is roughly 9% higher than where HubSpot stock is currently trading. Analysts are overwhelmingly bullish on HubSpot, with the average price target representing a potential 11% gain.
Persons: Zillow, Foruteen, Wedbush, Jay McCanless, McCanless, Pinterest, Justin Post, HubSpot, Kirk Materne's Organizations: CNBC Pro, Investment, Bank of America, ISI, Software Locations: outperforming, Zillow
Wild swings in mortgage rates discouraged almost everyone from venturing out into the market. As I wrote earlier this year, a gummed-up housing market — the Ice Age I was talking about — is good for nobody. When mortgage rates hit multidecade lows during the pandemic, millions of people were able to snag or refinance their way into cheaper monthly costs. That'd be within spitting distance of what the experts at John Burns Research and Consulting, a housing-research firm, call the "magic mortgage rate." In other words, trying to predict mortgage rates — and buying or selling a home accordingly — is a fool's errand.
Persons: Green, that's, Skylar Olsen, everyone's, it's, there's, Fannie Mae, John Burns, they'd, Ralph McLaughlin, Olsen, Lawrence Yun, Altos, Mike Simonsen, Chen Zhao, Zhao, We're, Mark Palim, Palim Organizations: Federal Housing Finance Agency, Federal Reserve, John, John Burns Research, Consulting, National Association of Realtors, Altos Research, Builders, Sun Locations: Sun Belt, Midwest
As intensifying natural disasters threaten growing swaths of the country, assessing an area’s climate risk has become an essential part of shopping for a new home for many Americans. According to a recent Zillow survey, more than 4 out of 5 prospective homebuyers consider climate risks when they shop. Home shoppers can explore climate risk data on Zillow’s site through color-coded maps or on individual listings. The feature not only shows a home’s risks today, but it also estimates a home’s climate risks 15 years and 30 years into the future, which are the typical lengths of fixed mortgages. “Climate risks are now a critical factor in home-buying decisions,” Skylar Olsen, chief economist at Zillow, said in a statement.
Persons: Zillow, ” Skylar Olsen, Hurricane Helene Organizations: CNN, First Locations: United States, Hurricane Milton, Florida, Hurricane
With homes becoming increasingly unaffordable, more buyers are using an increasingly popular strategy to lower their mortgage rate. Buying points — also referred to as "discount points" or "buying down the rate" — involves paying extra to your lender at closing to reduce the interest rate on a mortgage. That reduced rate results in smaller monthly payments and long-term interest savings over the life of the loan. A larger down payment reduces the total loan amount, which also has the effect of lowering monthly payments. Ultimately, whether a larger down payment or buying points will actually lower your monthly payments depends on your specific loan terms.
Persons: That's, Aaron Gordon Organizations: Guild Mortgage
Workflow has a different business strategy than Neumann's previous company, Bloomberg reports. Neumann told the outlet that investors at Andreessen Horowitz will help keep him disciplined. Ben Bergman/BI"The lack of community and the disconnection that people feel is even more relevant today" than in the days of WeWork, Neumann told Bloomberg of Workflow. Neumann says he's learned his lessonCritics didn't just zero in on WeWork's business model but also on Neumann's management. We're really not sure that we know the answer, therefore we're taking our time," Neumann told Bloomberg.
Persons: Adam Neumann, Neumann, Andreessen Horowitz, , WeWork, he's, WeWork's, Insider's Ben Bergman, Ben Bergman, Justin Sullivan, Ben Horowitz, Marc Andreessen, Andreessen, Noam Galai, TechCrunch Neumann, We're Organizations: Bloomberg, Service, Fort, Business, Flow, TechCrunch Locations: Fort Lauderdale, Miami, Atlanta, Nashville, Riyadh, Saudi Arabia, WeWork's
AI coding tools like GitHub Copilot have transformed software development and productivity. AdvertisementBefore he graduated from university, Jacob Jackson founded the AI coding assistant TabNine in 2018. In the past two years, there has been a boom in AI coding assistants. The spike in ChatGPT usage and AI coding assistants has shifted how software developers do their jobs. AdvertisementAI assistants can empower codersMost generative AI coding assistants focus on auto-completion, meaning that the tool suggests code as the programmer types.
Persons: , Jacob Jackson, TabNine, Jackson, Claude, Nikolas Gauvreau, Dan Boneh, Kevin Baragona, Baragona, Gauvreau, he's, David Malan, Malan Organizations: Software, Service, Microsoft, Accenture, Developers, Stanford University, Harvard University, Activision Blizzard Locations: OpenAI, Canada, Brazil, Germany, India
In September, GOBankingRates ranked the best retirement towns in the U.S. for the middle class in 2024. The following factors were then considered for each city:Total populationPopulation aged 65 and overTotal householdsMedian household incomeNumber of households receiving Social Security benefitsNumber of households receiving retirement incomeAverage Social Security benefits for households receiving themAverage retirement income for households receiving itThe data sources used for the report include the U.S. Census American Community Survey, Zillow's Home Value Index and more. GOBankingRates' study found that middle-class Americans will have the most success retiring in Florida, Ohio, and Arizona. The middle class has always flocked to Florida because of its affordability," Ray Marek, GOBankingRates' media outreach manager, tells CNBC Make It. Marek added that despite the rising cost of living in Florida, the data shows that Florida is still a top destination for middle-class retirees who want to live in a place that offers a balance between affordability and quality of life.
Persons: GOBankingRates, Ray Marek, Marek Organizations: Social, Census, Community Survey, Sunshine State, CNBC Locations: U.S, Florida , Ohio, Arizona, Florida
These companies are expected to benefit from lower interest rates over the long haul, according to analysts. They include Western Alliance , Best Buy, Coca-Cola, Zillow , UPS and FedEx. The analyst said he sees Best Buy as a key beneficiary of lower interest rates in several ways. He noted that Best Buy continues to be a worthy competitor to e-commerce juggernaut Amazon, pointing to a recent pricing study the firm conducted. Meanwhile, Best Buy shares remain undervalued compared to those of its peers in the sector, Chukumba added.
Persons: Zillow, Jay McCanless, McCanless, Wells, Chris Carey, Carey, Coke bottlers, Morgan Stanley, Anthony Chukumba, Chukumba, FedEx — Goldman Sachs, — D.A, Davidson Organizations: Federal, CNBC, Western Alliance, UPS, FedEx, Software,
Read previewHomebuyers may have breathed a premature sigh of relief last month when mortgage rates dropped. In the last six weeks, mortgage rates have fallen over half a percentage point to 6.2%, according to Freddie Mac. AdvertisementAccording to Redfin Senior Economist Sheharyar Bokhari, prices are increasing because the drop in mortgage rates has spurred demand for houses while supply remains low. Year-over-year, prices rose in almost every one of the top 50 metro areas. Below are the 9 cities where home prices have risen the most in the last year, increasing at double-digit rates.
Persons: , Freddie Mac, it's, Sheharyar, Bokhari, Skylar Olsen, homebuyers, Olsen, Austin — Organizations: Service, Fed, Business, Redfin Locations: San Antonio
7:03 a.m.: Bernstein cuts price target on Nike amid innovation critiques Bernstein sees slightly less room for Nike to rebound. — Alex Harring 6:25 a.m.: Jefferies recommends buying NextEra Energy Partners despite buyout concern Jefferies came out of the gates optimistic on NextEra Energy Partners . Analyst Julien Dumoulin-Smith initiated coverage of the Florida-based renewable energy stock at a buy rating. — Alex Harring 5:54 a.m.: AI helps HubSpot compete, BofA says Bank of America is keeping an eye of HubSpot's artificial intelligence work. — Alex Harring 5:46 a.m.: JPMorgan says to sell Five Below JPMorgan turned bearish on Five Below , citing challenges that are hard to surmount for the value-focused retailer during a tough year.
Persons: Piper Sandler, Bernstein, Aneesha Sherman, Sherman, Alex Harring, BTIG, it's, Jake Fuller, Fuller, DoorDash, — Alex Harring, Jefferies, Julien Dumoulin, Smith, Hertz, Dan Levy, Levy, Avis, HubSpot, BofA, BofA's Brad Sills, Sills, monetization, Matthew Boss, Boss, Abbott, Adam Maeder, necrotizing, ABT, Maeder, Fred Imbert Organizations: CNBC, Laboratories, JPMorgan, Nike, Dow Jones, Jefferies, NextEra Energy Partners, Barclays, Hertz, Bank of America, LSEG, Abbott Laboratories Locations: Wednesday's, Florida, Thursday's premarket
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage rates already priced in today's cut and future cuts, says Zillow's DivounguyOrphe Divounguy, Zillow, joins 'Fast Money' to talk the impact of rate cuts on housing affordability.
Persons: Zillow's
Here are the biggest calls on Wall Street on Monday: Evercore ISI reiterates Alphabet as outperform Evercore says it's sticking with shares of the search giant. Morgan Stanley reiterates Micron as equal weight Morgan Stanley lowered its price target on the stock to $100 per share from $140. Morgan Stanley reiterates Tesla overweight Morgan Stanley says it's sticking with its overweight rating heading into Tesla's robotaxi day on Oct. 10. Morgan Stanley upgrades Ase Technology to overweight from equal weight Morgan Stanley said in its upgrade of Ase that the chipmaker's stock is defensive. Morgan Stanley upgrades Chart Industries to overweight from equal weight Morgan Stanley says the gas liquefication company has "significant exposure to both energy transition and renewables as well as traditional energy."
Persons: Evercore, Morgan Stanley, Tesla, Simon, Eaton, Wells, Pro Max, Carvana Evercore, Jack Sinclair, Curtis Valentine, Merchant Scott Neal, BTIG, Truist, Melius Organizations: DOJ, Micron, Technology, Industries, Citi, downgrades Colgate, Palmolive, CL, Barclays, GE, GE Vernova, JPMorgan, Apple, Pro, Ally, Mizuho, Oracle, " Bank of America, Nvidia, Bank of America Locations: Tesla's, Staples
In today's big story, this guy is ready to give up after applying to nearly 2,200 jobs . The big storyNot hiringKevin Cash Ben BoxerHow tough is the current job market? AdvertisementThe job market is in a weird spot these days. On paper — and maybe in another labor market — Kevin appears to be the perfect candidate. It's a tough reality check for employees who previously held all the power in the job market.
Persons: , Zer, Kevin Cash Ben Boxer, Kevin Cash, Tim Paradis, Kevin, it's, Forget, Tyler Le, we're, duMond, Chip Somodevilla, Alyssa Powell, Harris, Rebecca Zisser, Elon, Apple, Jensen, Goldman Sachs, David Soloman, Huang, Chelsea Jia Feng, Trump, Brian Niccol, We're, Niccol, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Business, Mensa, BI Trump, Oppenheimer, Fed, Twitter, Nvidia, Kroger, London Locations: San Francisco, Austin, New York, London
But while mortgage rates are one piece of the housing crisis puzzle, don't expect mortgage-rate relief to fix the locked-up housing market, according to Zillow's Chief Economist Skylar Olsen. In fact, she thinks falling mortgage rates could have a long-term effect of locking up the housing market even more. If more people are able to afford houses but existing owners aren't selling, then the housing market will remain frozen. As a result, mortgage rate relief might temporarily open up the housing market, but any relief is likely to be short-lived. Until then, don't bank on lower mortgage rates to unlock the housing market.
Persons: , Skylar Olsen, Olsen, Freddie Mac Organizations: Service, Business, Olsen Locations: Jackson, skyrocketing
Read previewAdam Neuman's post-WeWork venture Flow was launched with a $350 million check and stakes in six buildings. Now, one of those buildings is struggling, and equity investors risk being wiped out. Crowdfunding platform Yieldstreet, which has helped raise money for the property, recently told its equity investors that their investments could be wiped out. Flow launched in 2022 with investments in six apartment buildings, including the now-troubled Nashville property, and a $350 million check from venture firm Andreessen Horowitz. A Flow spokesperson sought to distance the Miami-based startup from the 2010 West End property, saying that Flow has never managed the building and is only the minority equity owner.
Persons: , Adam Neuman's, Andreessen Horowitz, Neumann, WeWork, Neumann's, Yieldstreet, Nazare, Adam Neumann, They're, they're Organizations: Service, Business, Nazare, Yieldstreet, BI, SEC Locations: Nashville, Miami, Denver, Fort Lauderdale
Read previewAs a freshman at Penn State University, Ezra Gershanok was set on landing a job in consulting after graduation. Four Gen Z consultants told BI they were not in the industry for the long haul. Related storiesYet she doesn't expect the consulting industry will go hungry for workers because of the opportunities the experience can bring. AdvertisementShe said the learning opportunities can help some young consultants cope with the long hours and stress of the gig. Gen Z consultants said the hours are worth it as long as they pick up new skills.
Persons: , Ezra Gershanok, There's, Gershanok, It's, he'd, Gen Zers, Vicki Salemi, Monster, Salemi, Gen, Jorge García Febles, I'm, PwC, it's, Spencer Rascoff, Surabhi Gupta Organizations: Service, Penn State University, Deloitte, McKinsey & Company, Business, Ritz Carlton, Consulting, McKinsey
Read previewHome flipping and the BRRRR method have been in the doghouse among much of the real-estate investing community over the last couple of years. As the Federal Reserve jacked up interest rates and home prices cooled off, warnings about the viability of these strategies abounded. But now, the popular strategies are due for a resurgence, according to Dave Meyer, BiggerPockets' housing market expert. Related storiesOne piece of evidence for this is that home flipping profits have generally been on the rise since the start of 2023 and jumped significantly in Q1 2024, according to real-estate data firm ATTOM. Further, he argues, the housing market is not as volatile as the stock market, and it's rare to see forced selling on a grand scale, he said.
Persons: , Dave Meyer, BiggerPockets, Meyer, he's bullish, there's, it's, Skylar Olsen, she's Organizations: Service, Federal Reserve, Business, ATTOM, Labor
Cramer's Lightning Round: Dell is a buy
  + stars: | 2024-07-25 | by ( Julie Coleman | ) www.cnbc.com   time to read: +1 min
Stock Chart Icon Stock chart icon Dell's year-to-date stock performance. Dell : "[buy, buy, buy!] Stock Chart Icon Stock chart icon Five Below's year-to-date stock performance. Stock Chart Icon Stock chart icon Toyota's year-to-date stock performance. Stock Chart Icon Stock chart icon CrowdStrike's year-to-date stock performance.
Persons: They've, Kurtz, I'm, Jim Cramer's Organizations: Dell, Toyota, Networks Locations: Alto
This year, the Chicago-area house from "Home Alone" and the iconic "Full House" townhouse in San Francisco hit the market with asking prices in the millions. In June, CardRates.com examined 25 iconic houses featured on screen. Using Zillow's estimated home values and Bankrate's mortgage calculator, the report determined the monthly mortgage rates and the annual income required to afford each property. The mortgage rates were determined assuming a 20% down payment, a 30-year fixed loan, and the current interest rate as of June 2024, according to the Federal Reserve Bank of St. Louis. Some of the properties in CardRates.com's report are currently on the market and the amounts indicated are the current list prices.
Persons: you've, CardRates.com, Louis . Organizations: Federal Reserve Bank of St Locations: Chicago, San Francisco
In America's 20 biggest cities, a 20% down payment ranges from $39,127 in Oklahoma City to $263,392 in San Jose, California. On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. The exact amount you'll pay depends on your down payment and whether you've gotten a VA loan previously. PMI protects lenders on mortgages with high loan-to-value ratios, and it's added to the borrower's monthly mortgage payment.
Persons: you'll, Insider's, Fannie Mae, Freddie Mac, you've, You'll, it's Organizations: Phoenix, Fort, Oklahoma, PMI, Opportunity, National Association of Realtors, Chevron, USDA Locations: Oklahoma City, San Jose , California, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Jose, Fort Worth , TX, Columbus, Charlotte, NC, Indianapolis, Francisco, Seattle, WA, Denver, homeownership, Chevron
A double whammyFor aspiring homebuyers such as Burress, the combination of high mortgage rates and rising list prices has left them feeling boxed out. The 30-year mortgage rate, a popular option for home financing in the U.S., has bounced around 7% for the past several months. Given this, co-author Jonah Coste said current owners touting these low mortgage rates are undoubtedly better off than those looking to buy a first home today. After welcoming three kids, they're holding off on a fourth until mortgage rates or home prices come down enough to upsize. To be clear, mortgage rates tend to follow the path of Fed-set interest levels, but they aren't the same thing.
Persons: Brandon Bell, Rachel Burress, Burress, who've, that's, That's, Jonah Coste, there's, They're, Coste, they're, Luke Nunley, Nunley, We'd, Jeffrey Roach, LPL, Roach, hasn't, It's, Daryl Fairweather, Lindsey Nicholson Organizations: Getty, Atlanta Federal Reserve, Atlanta Fed, Federal Housing Finance Agency, National Association of Realtors, Federal Reserve, Corcoran Realty, UCG Locations: Austin , Texas, Fort Worth , Texas, Aledo, U.S, Atlanta, Kentucky, Forest Hills, Queens , New York
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