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☆ More Gen Zers are ditching college, and they want better guidance on how to succeed without it
▼ + stars: | 2024-09-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +9 min

Despite not having a high school diploma or college degree, he started multiple successful businesses that allowed him to financially support his family. During her senior year of high school, Wakeham was struggling to decide on her post-graduation route. US Census Bureau data found the enrollment rate of high school graduates at 61.4% in October 2023 was slightly down from 62% in 2022. Indeed, even as some Gen Zers don't think college is the best path for them, recent data has shown that college continues to provide long-lasting benefits when it comes to careers and earnings. Some high schools have shifted to place a greater emphasis on alternative routes since the pandemic.

Persons: LeLaina Wakeham, Wakeham, didn't, Zers, Zach Hyrnowski, Hyrnowski, we've, Hrynowski, that's, Hannah Maruyama, Maruyama, Jared Polis, — she's Organizations: Service, Business, Gallup, Walton Family Foundation, Colorado Gov, Bureau of Labor Statistics, Reinventing Public Education, roundtables Locations: Mexico, New England

☆ Both parties court Navajo voters in battleground Arizona
▼ + stars: | 2024-09-14 | by ( Veronica Stracqualursi | ) edition.cnn.com time to read: +8 min

Window Rock, Arizona CNN —Nearing the end of the annual Navajo Nation parade route last Saturday, the Arizona Republican Party’s float — pulled by an 18-wheeler and adorned with Trump-Vance campaign signs — came to a halt. The Navajo Nation makes up the largest tribe in Arizona, with about 131,000 members, according to the US Census. A Marine veteran, Gallego said his ties to the Navajo Nation stem from his military veteran friends from the tribe. “I believe we have many strong, educated women, especially on the Navajo Nation. “Not everybody wants to help the Indigenous.”Her remote part of the Navajo Nation rarely gets visitors, let alone campaigns knocking on her door.

Persons: , Arizona CNN —, Vance, —, “, Joe Biden, Kamala Harris ’ ascendance, Gina Swoboda, Trump, ” Swoboda, ”, Swoboda, we’re, Harris, it’s, “ let’s, Ruben Gallego, Kari Lake –, Eli Crane, Jonathan Nez, Sen, Kyrsten Sinema, –, Myron Lizer, Gallego, Republicans don’t, that’s, ” Gallego, Danielle Doctor, Harris ’, Tom Ranger, Biden, Allie Young, Loretta Charley, they’re, “ Who’s Organizations: , Arizona CNN, Navajo, Arizona Republican, Trump, Arizona, Democrats, White, Senate, Arizona GOP, Republican National Committee, CNN, Republican Party, Tribal, Democratic, GOP, Navajo Nation Museum, Republicans, Marine, Voters, Republican, Biden, House Administration, US, Navajo Nation Locations: , Arizona, Arizona, Washington, Navajo Nation, Flagstaff, “, Apache, Navajo, Gallego, Phoenix, House, Rocky

☆ Why people are souring on one of the country's hottest housing markets
▼ + stars: | 2024-09-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +8 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe exodus is mainly being driven by higher housing costs, a higher cost of living, and souring attitudes toward the influx of people who moved to Florida in recent years. Property insurance costs in the state are rising at the fastest pace in 20 years, according to Capital Economics. According to Cindy, her home insurance costs around $8,000 a year. The cost of living has also risen, in part due to rising housing costs and more people living in the city.

Persons: —, who's, Cindy, isn't, Rafael Corrales, Corrales, Kevin, hadn't, it's, Bill McBride, McBride, That's, It's, Darryl Fairweather, Redfin, Fairweather Organizations: Service, Business, Tampa —, Capital Economics, Bureau of Labor Statistics, Washington DC, Florida Department of Law, Sunshine State Locations: Florida, Sunshine, Tampa, Orlando, Jacksonville, South Florida, Miami, St, Pete, Seattle, New York, Fort Lauderdale, Palm Beach, Petersburg, Clearwater, Florida's

☆ Nearly half of US renters spend more than 30% of their income on housing costs
▼ + stars: | 2024-09-12 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

CNN —Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data. “Housing costs rose between 2022 and 2023 for both homeowners and renters,” Molly Ross, a survey statistician at the Census Bureau, said in a statement. Households that spend more than 30% of their income on rent, mortgage payments or other housing costs are considered “cost-burdened” by the US Department of Housing and Urban Development. In 2023, 56.2% of Black or African American households spent more than 30% of their income on housing costs, compared to 49.7% of the total population. About 2.5 million, or 30.6%, of Black households were considered “severely cost-burdened,” meaning they spent more than 50% of their income on housing costs in 2023.

Persons: Molly Ross, Kamala Harris, Donald Trump, Trump Organizations: CNN, Survey, Census, US Department of Housing, Urban Development, Federal Reserve Locations: Florida, Texas , California , New York, Louisiana, Illinois , Kansas , Minnesota, New Mexico , New York, West Virginia

☆ It’s never been harder to be Mister Softee
▼ + stars: | 2024-08-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Once, there were more than 2,000 Mister Softee trucks in 38 states during the company’s peak in the 1960s. Now, there are only around 630 Mister Softee trucks looping around neighborhoods and parks in 21 states. A Mister Softee truck during a spring training baseball game in Goodyear, Arizona, in 2013. A freshly made cup of Mister Softee ice cream is displayed during a bicycle safety event held in Evesham Township, New Jersey, in 2024. As goes the nation, so goes Mister SofteeThe Mister Softee business is a window into changes in neighborhoods, family sizes and children’s habits.

Persons: New York CNN — It’s, Softee, ” Mike Conway, Mister Softee, Mister, James, William Conway, John Sleezer, ” William Conway, Carlos Vazquez, Alexi Rosenfeld, Vazquez, ”, “, Chris Lachall, Graeme Pitkethly, Conway, They’re, ” Carlos Vazquez Organizations: New, New York CNN, Mister, CNN, Kansas City Star, Tribune, Service, Getty, USA, Unilever, Census Bureau Locations: New York, Runnemede , New Jersey, Philadelphia, United States, Goodyear , Arizona, New York City, Van Leeuwen, Maine, California, Evesham Township , New Jersey, Europe

☆ Why fewer women are running for Congress this year
▼ + stars: | 2024-08-11 | by ( Simone Pathe | Hien An Ngo | ) edition.cnn.com time to read: +10 min

The number of Republican women running for the House this cycle dropped about 36% from 2022, while the number running for Senate dropped by about 45%, according to data from the Center for American Women and Politics at Rutgers. “With fewer competitive seats up for grabs, fewer candidates in both parties are running overall, but there is still very strong interest and enthusiasm from Republican women recruits,” Danielle Barrow, executive director of Winning for Women, which works to elect GOP women, said in a statement. That began to change after the 2018 midterms – the huge success enjoyed by Democratic women that year inspired more Republican women to run in 2020. Another possible reason why there may be fewer women running is what Dittmar calls toxicity. Quality over quantityThe decline in the number of candidates running, however, doesn’t necessarily mean there will be fewer women coming to Congress next year.

Persons: Kamala Harris, ”, Kelly Dittmar, “, they’re, –, ” Danielle Barrow, wasn’t, Dittmar, there’s, Lauren Zelt, ” Zelt, hasn’t, haven’t, Donald Trump, Elise Stefanik, Joe Kent, Leslie Lewallen, Kent, Lewallen, ” Dittmar, it’s, we’re, Women’s Barrow, York’s Alison Esposito, Carolina’s Laurie Buckhout, Nancy Dahlstrom, Julie Conway Organizations: CNN, Center for American Women, Rutgers, Republican, GOP, Democratic, Senate, Republicans, 118th, National Republican Congressional, PAC, Republican House, Congressional, House GOP, “ Locations: Washington’s

☆ New homes are getting smaller. That could be big news for first-time buyers
▼ + stars: | 2024-08-05 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

In 1973, the median size of completed single-family homes was 1,525 square feet, according to US Census data. But as the cost of buying a home has exploded and McMansions have fallen out of favor, homebuilders have reversed course, building smaller homes with an eye to first-time buyers. Today, smaller, often more affordable homes under 1,000 square feet are harder to come by in most US suburbs. According to an NAHB survey, 17% of homebuilders said they built homes on smaller lots in 2023 to support home sales, and 14% said they built more townhouses. Smaller homes and fewer amenitiesHeather Eisenmann, a Realtor who specializes in selling new construction in Clarksville, Tennessee, said that she’s noticed that many of the new homes she shows now have smaller bedrooms and living rooms.

Persons: Jordyn Carias, ”, homebuilders, Alan Ratner, “, we’ve, Levittowns, wasn’t, Jacob Anbinder, ” Anbinder, Levitt, Irving Haberman, Michael Murray, Heather Eisenmann, she’s, ” Eisenmann Organizations: CNN, Zelman, Associates, National Association of Homebuilders, Cornell University, Sons, National Association of Realtors, Census Bureau Locations: Muscatine , Iowa, America, Levittown, New York, Puerto Rico, Real, United States, Horton, Clarksville , Tennessee, Muscatine, Sacramento

The average FICO credit score is 718, and the average VantageScore credit score is 702. Minnesota has the highest average FICO credit score, with an average FICO score of 742. Understanding credit scoresWhat a credit score meansA credit score is a number that indicates how likely a person is to repay their creditors back on time, based on payment history from their credit report. The 10 states with the lowest average VantageScore credit scores show a similar pattern, predominantly comprised of southern states. Along with exploring credit scores, credit reports, and how to build credit, Jennifer analyzes how current economic trends impact everyday people and offers her expert advice on budgeting, saving, and growing wealth in today’s economy.

Persons: you've, Experian, You'd, aren't, Jennifer, Read Organizations: Minnesota, . Vermont, Wisconsin, ., . New Hampshire, Washington, . South Dakota, . North Dakota, Hawaii, . Massachusetts, . Montana, Oregon, Vermont, . Wisconsin, Colorado, South Carolina, . Arkansas, Oklahoma, Georgia, . Texas, Alabama, Louisiana, US Census, West Virginia, . Kentucky, Business, America, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: Minnesota, . Mississippi, Mississippi, . New, . South, . North, Hawaii, Nevada, New Mexico, South, United States, Chevron, U.S, TheGrio, New York City

☆ The 15 fastest-growing cities and towns in America, ranked
▼ + stars: | 2024-07-30 | by ( Noah Sheidlower | Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Read previewAmerica's fastest-growing cities might surprise you. Business Insider compiled a list of the 15 fastest-growing cities and towns in America, each with a population of over 20,000, based on the most recent migration data from the US Census Bureau. Texas stands out, with roughly half of the cities on the list located within the state. While cities like Austin and Dallas have traditionally attracted more movers, census estimates from 2020 to mid-2022 show that smaller towns like Celina — ranked No. Here are the 15 fastest-growing cities and towns in America.

Persons: —, Mason, Dixon, Celina —, Michelle Clifford, Clifford Organizations: Service, . Business, Census Bureau, Business, Dallas Locations: New York, San Francisco, America, . Texas, Texas, Austin, Celina, Dallas, California

☆ 16 cities with hot job markets where homes cost $150,000 less than the national average
▼ + stars: | 2024-07-27 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Read previewAffordable homes are already rare in this cutthroat housing market, so finding a fairly priced property in a city with promising job prospects may seem like an impossible task. While property prices are no longer surging, they're still elevated, as are mortgage rates. "In-demand, affordable markets, such as those on the Wall Street Journal/Realtor.com Housing Market Ranking list, have seen prices climb, especially high relative to pre-pandemic prices." Homes in those standout cities also cost 6% more than last year, while the rest of the US had flat home prices. Within that group, there were 16 real-estate markets where homes were at least $150,000 less than the national average that also had an unemployment rate at or below 4%.

Persons: —, Realtor.com, Hannah Jones, Danielle Hale, Jones, Hale Organizations: Service, Business, Street Journal, National Association of Realtors, Wall Street Locations: Realtor.com

☆ The worst may be over for homebuyers
▼ + stars: | 2024-07-23 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

But there are now signs that maybe, just maybe, the worst could be over for homebuyers. “June, in particular, has started to show the housing market slowing down in favor of buyers,” said Skylar Olsen, Zillow’s chief economist. While the Fed doesn’t directly set mortgage rates, its actions do influence borrowing costs throughout the economy. For the past two years, potential homebuyers have faced a double whammy of high prices and high mortgage rates. “We’re sitting today at probably, if not the worst affordability ever, really close to the worst affordability ever — so we almost have nowhere to go but up,” Sharga said.

Persons: ”, Skylar Olsen, Green, Rick Sharga, CJ Patrick Company, “ We’re, ” Sharga, “, ” Olsen, “ That’s, Sharga, Leslie Heindel, ” Heindel Organizations: CNN, homebuyers, Federal Reserve, Fed, Reserve, CJ, Homes, Wall Street Locations: New Orleans

☆ The housing market is close to a rare buying opportunity with prices set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewProspective homebuyers may be better off staying on the sidelines: the housing market is on its way to a rare buying opportunity, with steep home price declines bound for key areas of the real-estate market in the coming years, according to one analyst. That's an additional ingredient on the top, which just makes it more likely that prices fall," Gerli told BI. AdvertisementThe situation in the South's housing market also bears some similarities to previous housing bubbles, Gerli noted. In key boom towns, home prices have shot up 50%-70% since the pandemic, though incomes have only risen 10%-20%, he said, citing municipal data. It'll take a long time for housing to become more affordable overall, given how overvalued the market is, Gerli said.

Persons: —, Nick Gerli, Gerli, Freddie Mac, That's, Southern homebuilders, we've, it's, Redfin, Homebuyers, It's Organizations: Service, Business, National Association of Realtors, Builders Locations: Florida, Southern, Texas

☆ The housing market is close to a rare buying opportunity as prices are set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

☆ The top-selling US Prime Day products were random house things
▼ + stars: | 2024-07-19 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +3 min

Practical purchases dominated this year's Amazon Prime Day in the US, the 48 hours of mega-discounts that generate billions in sales. Last year, consumer electronics and cosmetics were among the top Prime Day purchases, CNBC reported. Adobe Analytics forecasted before the mega-sale that this year's Prime Day would hit a record $14 billion in sales, breaking 2023's record by 10.5%. And it's too early to know what Amazon shoppers bought around the world: Some countries' Prime Day sales stretch for nearly a week, while India's Prime Day happens later this summer. "It was Christmas in July quite frankly — a bigger day than Black Friday," Brian Olsavsky, Amazon's CFO, told investors after the company's first Prime Day.

Persons: Brian Olsavsky Organizations: Business, CNBC, Amazon, Adobe, Prime, US, Health, Education, Labor, Pensions, Amazon's, US Occupational Safety, Health Administration —

☆ Biden announces plan to cap rent increases at 5% for half of American rental households
▼ + stars: | 2024-07-16 | by ( Eliza Relman | Dan Latu | ) www.businessinsider.com time to read: +5 min

Read previewPresident Joe Biden on Tuesday rolled out a plan offering landlords a choice: cap annual rent increases at 5% for the next two years or risk losing valuable tax credits. These landlords control more than half the national rental market, according to senior White House officials. Corporate landlords who increase rent by more than 5% would lose the valuable tax benefit known as depreciation deductions. AdvertisementA focus on housing affordabilityAs president, Biden has pushed a series of pro-housing policies and generally favored more federal participation in housing policy. Tuesday's move is part of a series of recent housing policy announcements from the administration.

Persons: —, Joe Biden, Lael Brainard, Biden, Donald Trump, alledgedly colluding, Kamala Harris, Janet Yellen Organizations: Service, White House, Business, Harvard Joint Center for Housing Studies, Harvard, Tax, Republicans, Union Locations: Nevada, Clark County, Henderson , Nevada, State

☆ Here’s why people have fond memories of the Trump economy
▼ + stars: | 2024-07-16 | by ( Tami Luhby | Alicia Wallace | ) edition.cnn.com time to read: +9 min

CNN —In 2018, Jonathan and Trista Schmier felt the economy was so strong that they could take a big risk. “The customers got very, very upset.”Trista and Jonathan Schmier felt confident enough about the economy during the Trump administration to open a small chain of restaurants. Poll after poll show that voters have more faith in Trump’s ability to handle the economy than President Joe Biden’s. By many measures, however, the economy under Biden — who took office while the pandemic was still underway — has also been strong. “I trust the other guy better,” said Southworth, 74, referring to Trump, whom he voted for in 2016 and 2020.

Persons: Jonathan, Trista Schmier, Angus, ”, Jonathan Schmier, ” Trista, Trump, Andrew Craft, Donald Trump, Joe Biden’s, Biden, Carroll Doherty, Doherty, Trump’s, Barack Obama, Biden —, —, Bernard Yaros, ’ paychecks, Jimmy Carter, ” Yaros, Yaros, Ted Southworth, Ted, Rebecca Southworth, Ted Southworth Southworth, Southworth, Becky Cantrell, Cantrell Organizations: CNN, Fayetteville Observer, USA, Pew Research Center, Biden, Black Americans, Census Bureau, Oxford Economics, Trump Locations: Burger, Fayetteville , North Carolina, Burlington , North Carolina, , Florida

☆ Unearthed 1980s Bill Gates interview features the Microsoft founder talking about the earliest iterations of AI
▼ + stars: | 2024-07-15 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Read previewA newly unearthed interview from the 1980s features Bill Gates talking about one of the earliest iterations of artificial intelligence. This story is available exclusively to Business Insider subscribers. "The Interviews on these radio episodes provided a contemporary account of the dawn of the microcomputer revolution — not tainted by nostalgia," Savetz told Business Insider in an email. "In the extreme case," Gates said in the 1984 interview, "once software gets 100% soft, then we will have achieved human level of intelligence. AdvertisementSpokespeople for Gates and Microsoft did not return a request for comment from BI.

Persons: —, Bill Gates, Kay Savetz, Savetz, Gates, you've, you'll, Insider's Ashley Stewart Organizations: Service, Microsoft, Business, Census Bureau, Gates

☆ Here's how much you need to earn to be middle class in each big US city
▼ + stars: | 2024-07-15 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +1 min

A Business Insider analysis reveals the household income needed to be middle class in major US cities. Some parts of the Bay Area require over $100,000 to even be considered middle class. AdvertisementMost Americans consider themselves middle class, but in reality, the cutoffs are more limiting. This chart shows exactly how much it takes in each major US city to be considered upper, middle, and lower class. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: West, Service, Business Locations: Bay

☆ The fastest-growing city in America has 2 things everyone wants, its mayor says
▼ + stars: | 2024-07-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Instead, it's a small town in the South that only welcomed its first Starbucks in 2022: Celina, Texas. Celina mayor Ryan Tubbs told Business Insider that he believes people are drawn to two main things about Celina: its relative affordability and its tight-knit community. According to the city, from 2010 until June 2024, 15,062 single-family permits have been issued for Celina. Michelle Clifford, her husband, and children are moving to Celina, Texas, in July. Courtesy of the city of CelinaTo preserve Celina's friendly vibe, the city puts on events, especially in its downtown square.

Persons: —, Celina, Ryan Tubbs, Tubbs, Taylor Morrison, Toll, Michelle Clifford, Clifford, Celina —, Antonio — Organizations: Service, Business, Census, Highland Homes, North Texas Tollway, Texans Locations: New York, Franciso, Celina , Texas, Celina, Dallas, Collin County, Texas, California , Florida, Georgia , Illinois, Missouri, Africa, Asia, Central America, Europe, Highland, Celina ., California, Prosper , Texas, San Diego, Preston, New Braunfels, Austin

☆ Young families are still fleeing major cities in huge numbers, a 'big surprise' for metros trying to escape the urban doom loop
▼ + stars: | 2024-07-11 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Read previewWhen the pandemic hit, young families fled cities across the US in droves. Overall, domestic out-migration from big cities is still double the rate it was pre-pandemic. "This data is three years out from the start of the pandemic, cities have started to recover robustly on a bunch of different measures." Families with kids under six years old are more than twice as likely to leave New York City than families without young kids, the Fiscal Policy Institute found. Some exurbs — particularly in the pro-development Sunbelt — are seeing young families flood in.

Persons: —, Connor O'Brien, EIG, O'Brien, millennials Organizations: Service, Economic Innovation Group, Business, New York City Locations: exurbs, New York, Chicago's Cook County, San Francisco, Los Angeles, nation's, downtowns, New York City, Exurban, Polk County , Florida, Orlando, Tampa, Montgomery County , Texas, Houston

☆ Mississippi and West Virginia have some of the poorest Americans — and the highest home ownership rates
▼ + stars: | 2024-07-09 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

When comparing personal wealth data with homeownership, a curious pattern emerges: Many states with high homeownership rates have lower income levels and vice versa. According to Federal Reserve data, West Virginia’s average personal income of $52,585 per capita is the second-lowest in the US. However, despite its relatively low personal income levels, it has the highest homeownership rate of all 50 states, at 77%, according to US census data. Mississippi—the only state with a lower average personal income than West Virginia—has the third-highest homeownership rate in the country. Even West Virginia, which counts three out of every four housing units in the state as owner-occupied, isn’t insulated, Sansalone said.

Persons: Vera Sansalone, Sansalone, “, ”, ” Sansalone, West Virginia —, Mike Simonsen, Loren Elliott, Simonsen, They’re, ” Simonsen, Laurie Goodman, ” Goodman, Eric Adams, ” Adams, Stephanie Moulton, ” Moulton, “ We’ve Organizations: CNN, Federal Reserve, West Virginia, Research, Housing, Center, Urban Institute, Republicans, New York City, Harvard University’s, for Housing Studies, Ohio State University Locations: West Virginia, Mannington, Boston, Mississippi, West, ” New York , California, Massachusetts, San Francisco , California, New York City, San Francisco, Manhattan, RentCafe, Washington DC, New York, Dallas

☆ Opinion: Many people can’t physically flee disasters. We are failing to help them
▼ + stars: | 2024-07-07 | by ( Opinion L. Vance Taylor | ) edition.cnn.com time to read: +14 min

Editor’s Note: Luis “Vance” Taylor is the chief of the Office of Access and Functional Needs at the California Governor’s Office of Emergency Services. And for some individuals with access and functional needs, it was a nightmare. Unfortunately, nobody from the emergency management team had told the accessible transportation provider that they were part of the plan. Yet virtually all disasters have one critical commonality: They disproportionately impact individuals with access and functional needs, such as people with disabilities and older adults. Inclusive emergency management is an achievable mission.

Persons: Luis “ Vance ” Taylor, Taylor, CNN — I’ll, I’ve, there’s, Vance Taylor, Elijah Nouvelage, arth, I’m, you’re, Bill de Blasio, Jonathan Lamberton, Andy Katz, There’s, Allen J, we’re Organizations: California Governor’s, Emergency Services, CNN, Operations Center, Governor's, Emergency, Centers for Disease Control, New, Emergency Management, Pacific Press, California State Operations Center, Los Angeles Times, Getty, Twitter, Facebook Locations: California, Oroville, United States, Sierra Nevada, Sacramento, Oroville , California, New York City, , California

☆ A Gen X dad supercommutes from Texas to Arizona every week. He explains why it's worth it for his career — despite the extra costs.
▼ + stars: | 2024-07-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Then 2022 rolled around, and Dabney was offered a promotion within his company to be a program director — in Phoenix. Dabney was excited about the opportunity, and he viewed it as the perfect chance to advance his career and boost his income. And that has been crucial to decisions that I've made over the years about where to go and where to work," Dabney told Business Insider. While he said his company helped him with relocating costs, he estimated the supercommute costs him around an extra $20,000 each year. Advertisement"It was a nonstarter ripping my kids out of high school to go to Louisiana and then eventually Phoenix," Dabney said.

Persons: Dennis Dabney, Dabney, —, I've, he's, it's, Nick Bloom, Alex Finan Organizations: Service, Air Force, Business, Survey, Census Bureau, Stanford Locations: Virginia, Fort Worth , Texas, Phoenix, Fort Worth, Louisiana, Texas

☆ Small apartments are in, and it's causing rents in new buildings to drop
▼ + stars: | 2024-07-05 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Developers have built a lot of new small apartments over the last few years, and the boost in supply has driven rents down. Rents for newly finished one-bedroom apartments are also falling — the median rent fell 11.9% year over year in the first quarter of 2024, the report found. More than 90,000 new apartments came online in the fourth quarter of 2023, finishing a big year of apartment construction, Redfin noted. The Redfin report is based on US Census data on "unfurnished, unsubsidized, privately financed rental apartments in buildings with five or more units." Studios and one-bedrooms tend to be more profitable for developers to build than larger apartments, and developers aren't building enough apartments suitable for big families.

Persons: Redfin, you've, Sheharyar Bokhari, — Organizations: Service, Business, Harvard Locations: Redfin

☆ The US cities where renters are struggling the most
▼ + stars: | 2024-07-02 | by ( John Towfighi | Eliza Relman | ) www.businessinsider.com time to read: +4 min

Related storiesIn Florida, there are five metro areas where more than 60% of renters are cost-burdened. Two Pennsylvania metro areas were in the top 10 for the highest percentage of cost-burdened renters: State College and East Stroudsburg, at 63% and 61%, respectively. According to the Harvard report, 45% of renters in Stillwater, Oklahoma, are severely cost-burdened, the highest percentage in the nation. AdvertisementCorvallis, Oregon; Port St. Lucie, Florida; and State College, Pennsylvania, are the three metro areas that are in the top 10 for both cost-burdened and severely cost-burdened renters. Home prices and mortgage interest rates have surged in recent years, putting homeownership out of reach for even more renters.

Persons: —, Alexander Hermann, erelman@businessinsider.com Organizations: Service, Harvard Joint Center for Housing Studies, Business, Harvard, Harvard's, for Housing, State College, East, State College , Locations: Naples , Florida, Corvallis , Oregon, Florida, Naples, Marco, Port St, Lucie , Florida, Pennsylvania, East Stroudsburg, Stillwater , Oklahoma, State College , Pennsylvania

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