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☆ The Best Markets for First-Time Home Buyers
▼ + stars: | 2024-02-29 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

In a market with high prices, low inventory and high mortgage interest rates, no one faces a steeper uphill climb than first-time home buyers. Generally, they have lower incomes and are younger, meaning they’ve had less time to build good credit and amass a down payment. In all, 2,738 markets within the 100 largest U.S. metro areas (with populations of more than 5,000) were considered. For geographic diversity, the top 10 list was limited to one market per metro area. The median home price in each of the top 10 markets was below $300,000 — less than the national median of about $380,000 — and in four of the 10, it was below $200,000.

☆ Where Splitting the Rent Saves Couples the Most Money
▼ + stars: | 2024-02-08 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

When it comes to moving in together and splitting the rent, yes. Yes, you save the most when you split the rent in places that cost the most. Sharing a home can be stressful — many couples are vocal about needing to sleep in separate bedrooms (also good for post-argument cool-downs). Luckily, New York couples in two-bedrooms could still save $19,000 a year on a median-priced unit when splitting the rent. This week’s chart shows the 25 cities (among the 50 studied) where savings were greatest when sharing a median-priced one-bedroom compared to renting it alone.

Persons: what’s Organizations: ApartmentAdvisor, Las Vegas Locations: New York, , New York, Anchorage, Jacksonville, Fla

☆ Millennials Have the Children, but Boomers Have the Houses
▼ + stars: | 2024-02-01 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

You’re probably a millennial, the generation now likeliest to be raising children. Millennial households with children own half as many, about 14 percent. And the disparity persists despite the fact that millennials (aged 26 to 41) now outnumber boomers, making up 28 percent of the U.S. population. Boomers (aged 58 to 76) account for 27 percent. Among the other generations, Gen X-ers (aged 42 to 57, making up 24 percent of the population) with children own 12 percent of larger homes, while Gen Z households (aged 19 to 25, with 12 percent of the population) with children own just 0.2 percent.

Persons: You’re, Redfin, Gen

☆ Where Can Gen Z Buy a Home?
▼ + stars: | 2024-01-25 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

If Gen Z can’t afford the rent, how are they ever going to buy a home? A recent study by Point2 examined housing markets in 100 of the largest U.S. cities, using earnings and employment data to find the places where Gen Z-ers have the best and worst chances of buying a home. Older Gen Z-ers, that is. The study found that Gen Z-ers are out of luck in most large cities. Richmond, Va., Newark, Boston and New York all were among the hardest areas for Gen Z-ers to own homes.

Persons: Z, Point2, Gen Organizations: Gen Locations: Fremont, Calif, California, Fresno, East Coast, Richmond, Va ., Newark, Boston, New York, Bronx

☆ Where Are the Country’s Hottest Rental Markets?
▼ + stars: | 2023-11-16 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

What are the hottest rental markets in New York these days? The answers may come as a surprise: According to a new national study by RentCafe, as of October, Queens, N.Y., had the highest level of renter activity among the 150 largest metropolitan markets in the United States. But the real dark horse was Buffalo, which came in at No. With higher interest rates keeping potential buyers in the rental market across the country, rental activity and competition have ballooned. Queens was found to be the most popular location for renters looking for apartments on RentCafe.com, with 72 percent fewer available listings compared with last October.

Persons: ”, Alexandra Both Organizations: The Bronx, Bronx, Buffalo, Overland, Minneapolis, Cincinnati Locations: New York, Queens, N.Y, United States, Buffalo, RentCafe.com, Kan, Kansas City, Mo

☆ Which U.S. Cities Are the Safest?
▼ + stars: | 2023-10-19 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

To find the most and least safe places in the United States, a new study by WalletHub scored 182 cities (including at least two of the largest in each state) across three categories of metrics. The “home and community safety” category examined crime statistics, police and rescue workers per capita, traffic and pedestrian safety, among other data. “Financial safety” scored each city on employment, job security, credit ratings, savings rates and the like. For natural disasters, the capital city of Dover, Del. Two cities in “Tornado Alley,” Oklahoma City and Wichita, Kan., had the highest risks for natural disasters, followed by six cities in California.

Persons: WalletHub, ” Organizations: Memphis, “, Oklahoma City, Wichita Locations: United States, Irvine, Calif, Louis, Detroit, Birmingham, Ala, , Kansas City, Mo, Dover, Del, —, Wichita, Kan, California

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

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

Persons: You’ve, you’ve

☆ The Dirtiest Corners of New York City
▼ + stars: | 2023-08-31 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

A new study by HouseFresh aimed to find the “dirtiest” cities in the United States by analyzing 12.3 million sanitation-related complaints made to 311 systems across the country. The remaining 26 cities were ranked based on the number of sanitation complaints per 100,000 residents. By this metric, Baltimore was found to be the “dirtiest” city, with 42,295 complaints per 100,000 residents. New York landed in 17th place, with 3,728 complaints per 100,000 residents, or less than a tenth of Baltimore’s rate. Four Brooklyn ZIP codes were among the city’s dirtiest 10.

Persons: HouseFresh Organizations: Milwaukee —, Stuyvesant Locations: United States, Denver, Las Vegas, Phoenix, Baltimore, ”, Sacramento, Milwaukee, New York, Bedford, Brooklyn, Staten Island, Bronx, Manhattan

☆ If Your Rent Went to a Mortgage Instead, How Much Space Would It Buy?
▼ + stars: | 2023-08-24 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: 1 min

If you think you’re throwing away money on rent, take heart: With interest rates on 30-year fixed-rate mortgages now at 20-year highs, homeowners with loans may be worried about the very same thing. So, imagine for a moment that your monthly rent payment did go toward a mortgage payment instead. How much space would that buy in your city? A recent study by Point2 answered this question for renters in the 100 largest U.S. cities, using the local median price per square foot to find just how much space the local average rent could afford if it were a mortgage payment. The study assumed a 20 percent down payment and a monthly 30-year-fixed-rate mortgage payment at 6.78 percent (the rate at the time the study was published), and factored in local homeowners’ insurance and property taxes on the median-priced home.

Persons: Point2

☆ Houses Are Still Big. Prices Are Much Bigger.
▼ + stars: | 2023-08-17 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

Until the 1960s, a typical single-family home built in the United States measured about 1,500 square feet. By the turn of the 21st century, the median home size was topping 2,000 square feet, according to the Census Bureau. Homes in this region now average 2,477 square feet, with the highest cost per square foot in the country. In the South, new homes sold in 2022 averaged 2,608 square feet, about 3 percent smaller than they were a decade ago, and second in size behind Northeastern homes. The smallest homes were sold in the Midwest, averaging 2,397 square feet, 2 percent smaller than a decade earlier.

Organizations: Census, LendingTree, U.S Locations: United States

☆ What’s the Best State to Retire In? (Hint: It’s Not Florida.)
▼ + stars: | 2023-08-10 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

If you’re approaching retirement, there are important real estate decisions to make. A new study from Bankrate scored all 50 U.S. states in five separate categories to determine which were the best (and worst) to retire in. Topping the list for best retirement state was Iowa, which finished third in affordability and 11th in health care. West Virginia, the most affordable U.S. state, ranked third, followed by Missouri (fifth most affordable) and Mississippi (second most affordable, seventh best for weather). In case you’re wondering, the retirement mecca of Florida finished eighth overall, with third-place scores in both the well-being and weather categories.

Persons: that’s, Bankrate Locations: Iowa, Delaware, West Virginia, Missouri, Mississippi, Florida

☆ Rent Increases Are Softening, but Not Everywhere
▼ + stars: | 2023-08-03 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

The tight home-buying market is forcing many people to stay in their rentals, but the good news is that their rent may not be rising quite as fast as it has in recent years. The July rent report by the rental platform Zumper found that rate increases are slowing in many of the 100 largest U.S. cities (counter to what is typically expected during a peak moving season), though not decreasing. Since last July, rents are down in 38 of the 100 cities, steady in seven, and up in 55. The biggest drop was found in Lincoln, Neb., where the median one-bedroom costs $830 a month — 18.6 percent lower than a year ago. Also an example of short-term volatility, Lincoln saw rents rise more than 6 percent from June to July, the steepest monthly increase in the report.

Persons: Lincoln Locations: Lincoln, Neb

☆ High Interest Rates and Low Savings Could Put Renovations on Hold
▼ + stars: | 2023-07-27 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

The U.S. housing stock is aging, which means lots of bathrooms and kitchens need remodeling. Moving to a newer home that’s in better shape is out of reach for many people, because a new mortgage will usually come at a much higher interest rate. Eighty percent of interest rates on existing mortgages are below 5 percent, while the average rate for new mortgages was about 7 percent on July 20, according to Freddie Mac. But staying put and paying for a renovation may not be any easier. And faced with recent inflation, it’s no surprise that people are saving less.

Persons: Freddie Mac Organizations: & Bath Association, The New York Times

☆ New York’s Moldiest Neighborhoods
▼ + stars: | 2023-07-20 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

A recent study by RentHop may help New York City renters avoid neighborhoods where mold runs rampant. Overall, mold complaints from New York renters rose to 27,164 in 2022, up from 23,056 in 2017. But as renters returned in 2021, so did mold complaints. In the aftermath of Hurricane Ida, September 2021 had the most mold complaints of all the months counted. According to Renthop, New York City’s humidity and warmer temperatures in past years contributed to the growth of mold.

Persons: RentHop, Hurricane Ida, Renthop Organizations: World Health Organization Locations: New York City, New York, Hurricane, Renthop , New York

☆ Where Energy Is Most Affordable
▼ + stars: | 2023-07-13 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

On the flip side, the shifting climate is increasing occurrences of extremely cold, short-term weather, also adding to our total energy costs. Of course, the emissions from the energy we use to maintain a comfortable home contribute to the extreme weather we’re protecting ourselves against. The highest costs for heating oil were found in Wyoming, helping to raise its total energy costs above all the other states. Washington D.C., neither very hot nor very cold, had the lowest energy costs, helped not just by its milder climate and moderate costs across all forms of energy, but by lower gasoline consumption. Two warm states, New Mexico and Texas, followed, with their total energy costs kept down by low requirements for heating fuel.

Persons: WalletHub Organizations: D.C, Energy, Washington D.C Locations: Washington, Wyoming, — North Dakota, Alaska, New Mexico, Texas

☆ List Prices Are Creeping Downward After Years of Inflation
▼ + stars: | 2023-07-06 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

After years of steady increases, the median list price for a home in the United States has finally dropped — if only a little, according to Realtor.com’s June Housing Report. The 0.9 percent decrease is the first downward movement reported since the company began publishing its trends research in 2017. Is the tiny change a pivotal moment in the housing market after years of frenetic inflation? Homes remain expensive, and high mortgage interest rates have made them even less affordable than equally priced homes a year ago. After all, sellers face the same high prices and interest rates when they go looking for their next home, and buyers are harder to come by at these rates.

Locations: United States

☆ Lurking Beneath Home Prices: Hidden Costs
▼ + stars: | 2023-06-29 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

With the focus on rapidly rising prices, it’s easy to forget the “hidden” costs of homeownership, including property taxes, homeowner’s insurance, utility payments and maintenance. Among those metros (where sufficient data was available), San Francisco had the highest annual hidden costs (a median of $22,791), while Las Vegas had the lowest ($9,886). Overall, maintenance was found to require the greatest median outlay ($6,413 a year), followed by utilities ($3,216), property taxes ($2,827) and homeowner’s insurance ($1,699). Insurance costs were calculated at 0.5 percent of value. Utility costs were derived from 2022 state averages, while phone bills and streaming-service costs were sourced from Forbes reporting.

Persons: Zillow, Thumbtack, grout Organizations: Las, Insurance, Forbes Locations: U.S, San Francisco, Las Vegas, New York City, Pittsburgh

☆ Living in a Barbie World, Through the Decades
▼ + stars: | 2023-06-24 | by ( Mathew Brownstein | ) www.nytimes.com time to read: +2 min

The article, which was published this past week, documents the ways in which Barbie’s Dreamhouses reflect the social, cultural and economic evolution of modern American life. By 1974, when the Equal Credit Opportunity Act was passed, banning credit discrimination, Barbie’s Dreamhouse got a glamorous upgrade to three stories. Ms. Kodé wrote about this rich history, using Barbie’s Dreamhouses to mark different historical moments. But they also practiced moving and photographing Barbie using the stop-motion technique. Some Dreamhouses took over an hour to set up; the longest shoot required moving Barbie 137 times.

Persons: Barbie’s Dreamhouse, Kodé, Tony Cenicola, Michael Kolomatsky, Gabriel Gianordoli, Barbie, Dreamhouses, Cenicola Organizations: Mattel, Times, Digital News Design, eBay, Calif Locations: Barbie’s, El Segundo, New York

☆ Where Do New Yorkers Want to Rent?
▼ + stars: | 2023-06-22 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

If you’re moving to New York City and want to find the most popular rental neighborhoods, it makes sense to follow locals in the know. Recently, RentHop did just that by studying web traffic to New York City listings that originated from within the city. Two Queens neighborhoods and four Brooklyn neighborhoods showed increased popularity. Astoria, Queens, rose to the top from ninth place a year ago. Other drops in Manhattan included Greenwich Village and the West Village, ranked 10th and 11th, each dropping six spots from last year; and the Bowery area ranked 13th, falling seven spots.

Persons: RentHop Organizations: New York City, Bushwick, Greenwich, Village Locations: New York City, New York, Queens, Brooklyn, Astoria, Bedford, Stuyvesant, Williamsburg, Manhattan

☆ Where Can You Find a No-Fee Rental?
▼ + stars: | 2023-05-18 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

Fortunately, no-fee apartments still exist, and some neighborhoods have a higher share than others. This week’s chart, based on StreetEasy data as of April 2023, shows the New York neighborhoods with the highest and lowest shares of no-fee apartments. A 50 or 60 percent share of no-fee rentals may seem high to those who have done some looking. That could be because most of the city’s no-fee rentals are in expensive new buildings and go for over $3,000 a month. To reveal where the highest share of units listed both above and below $3,000 were, the study ranked neighborhoods by no-fee listings in each price range individually.

☆ New York City’s Most Expensive Neighborhoods
▼ + stars: | 2023-05-04 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

New York City’s notoriously volatile real estate market is cooling — the high end included — according to a new report from PropertyShark. The report showed that in the first quarter of 2023, the median sale price fell in 28 of the city’s 50 most-expensive neighborhoods from a year earlier, while the number of sales dropped or was flat in 46 neighborhoods. Only four of the 50 neighborhoods had a median sale price of $2 million or more, compared with eight in the first quarter of 2022. In the most expensive area, Manhattan’s Hudson Yards, the median sale price rose about 6 percent year-over-year, to $5.729 million; but in TriBeCa, the next most expensive, it fell 6 percent, to $3.5 million. But its $2.6 million median sale price was level from a year earlier, so it was price reductions in other neighborhoods that improved its ranking.

☆ The Hottest U.S. Rental Markets
▼ + stars: | 2023-04-27 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

A new study by RentCafe ranked the popularity of the 150 largest U.S. markets by tracking four metrics in each: the availability of apartments, listing views, listings saved as favorites, and saved personalized searches. Kansas City, Mo., landed in second place, followed by Albuquerque. Though scattered around the country, these markets share important traits — they’re relatively inexpensive and have healthy economies, according to the report. Next up was Detroit, which trailed only Kansas City among Midwest markets. Listings saved as favorites in the Motor City grew by more than 400 percent over a year, and saved searches grew by 150 percent — signs of its revival.

☆ Home Maintenance Inflation Is Real
▼ + stars: | 2023-04-20 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

Unfortunately for homeowners, the cost of maintenance is going up. The costs were reported directly by consumers or service professionals and were limited in the study to maintenance work, such as repairs to appliances and HVAC systems, landscaping and window washing. Nationally, the average annual maintenance cost of single-family homes during the first quarter of 2023 was $6,409, up about 9 percent year over year. Townhouse costs rose about 4 percent and condo costs rose less than 2 percent. Price drops near the other end of the spectrum were found in Columbus, Ohio, where the annual maintenance cost fell 16 percent, to $4,783, and in Greenville, S.C., where it fell 10 percent, to $5,353.

☆ The Best Places to Buy a House on a Budget
▼ + stars: | 2023-03-30 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

First-time home buyers around the country are struggling to amass a down payment in this high-inflation economy. For those who work remotely or are open to relocating, a recent study by Rocket Homes can help find a new locale. To arrive at the 10 best metros for these buyers, researchers compared home prices, mortgage payments, income and sales taxes, unemployment and crime rates, the health of residents and climate hazards. Thirty-year fixed-rate mortgages and 20 percent down payments with an interest rate of 6.5 percent were factored into the calculations. Pittsburgh came in seventh, thanks in large part to the health of its residents.

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