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The Black homeownership rate saw a modest annual uptick to 44.1% in 2022 from 44% in 2021, but remains significantly behind the White homeownership rate of 72%, the report found. A stubborn racial homeownership gapEven with some improvement in the Black homeownership rate, the change has done little to close the yawning gap between Black and White homeownership. Over the past decade, the gap between the two groups’ homeownership rates has worsened, expanding from 27 points to 28 points. Other states with high Black homeownership rates include South Carolina and Delaware, each at 55%. Plus, the median household income for Black Americans was $47,800 in 2022, while the median income for White Americans was $75,700.
Persons: Sharan White, Jenkins, , , ” White, Black, homeownership, Jessica Lautz, Black homebuyers, ” Lautz Organizations: DC CNN, National Association of Realtors, American, Survey, Census Bureau, NAR, Joint Center for Housing Studies of Harvard University, Black, White Locations: Washington, Jamaica, Queens, New York City, Virginia, Brooklyn, Queens , New York, Wyoming, North Dakota, Mississippi, Black, South Carolina, Delaware
Housing starts collapsed 14.8% month-over-month in January to a five-month low, according to Census Bureau data released Friday. The decline in new construction flies against the trends of strong and rising demand throughout 2023 and into this year. It also marks a reversal from a period of rising supply seen recently, with new housing starts jumping 14.8% last November. David Rosenberg, economist and president of Rosenberg Research, said in a note that it's hard to determine how much seasonal factors like inclement weather played a part in sending construction starts tumbling last month. Rosenberg added that a strong pipeline of multifamily construction will continue to impact the market for the foreseeable future.
Persons: David Rosenberg, West . Rosenberg Organizations: Business, Rosenberg Research Locations: Midwest, West
But as data emerges on degreeless hiring, there are signs that some of these efforts may be falling short. It's based on limited data and doesn't consider alternative pathways that people without degrees use to join organizations, such as through apprenticeships and internships. But it's still a snapshot look at how some of the top employers in the U.S. are doing in their efforts to hire more workers based on skills versus degree attainment. Rather, it implies managers may be reticent to hire people without degrees, absent specific policies to assess these workers' skills. Companies that have been successful with skill-based hiring also articulate clearly the skills they require for a job, even before posting it.
Persons: it's, Matt Sigelman, What's, Sigelman, Schultz, Joseph Fuller, Fuller, Tyson, Lockheed Martin, Kroger, Stellantis, Backsliders, Meijer, Delta Organizations: Burning Glass Institute, Harvard Business School, Glass Institute, Workers, American, Foundation, Walmart, Apple, GM, Koch Industries, General Motors, Target, Tyson Foods, ExxonMobil, Yelp, Bank of America, Oracle, Companies, Lockheed, Stellantis, CNBC, Amazon, Nike, Delta, Uber, HSBC, Novartis, Delta Air Lines, US Foods Locations: U.S, Meijer
Florida, which has long attracted new residents thanks to its beaches and absence of state income tax, is getting an economic boost driven by young Americans seeking new opportunities. AdvertisementYoung people are driving Florida's economic strength. Getty ImagesFlorida's economy is growing thanks to the newcomersFlorida's population surge is driving the state's robust economy and demand for housing. The Sunshine State's economy is projected by Wells Fargo to expand in 2024, propelled by a robust job market. Thanks to the more damaging weather, Floridians paid more for home insurance in 2023 and the second-most for car insurance compared with other states.
Persons: , Wells, Sean Pavone, Wells Fargo, Taylor Tyson, Miami —, Policygenius, Hurricane Ian, Matias J, Forbes, Michael Bordenaro Organizations: Service, Smart Asset, " Employers, Wells, , Census, SEC, Miami, Miami Herald, Tribune, Getty Locations: Florida, Florida . Florida, Tampa , Florida, Wells, — New York , California, New Jersey, California, New York, Florida — Jacksonville, Tampa, Hurricane, Miami, St, Petersburg
Why it’s so hard to find an apartment you can afford
  + stars: | 2024-02-19 | by ( Anna Bahney | ) edition.cnn.com   time to read: +7 min
Washington, DC CNN —Finding a new apartment to rent can be a slog. In New York City, the rental vacancy rate, which is the share of habitable unoccupied units, has dropped to a record low 1.4%. In Boston, the rental vacancy rate was a very tight 2.6% at the end of last year, according to the Census Bureau. However, the most recent vacancy rate is also lower than the more typical 3.6% from prior to the pandemic. In the fourth quarter of 2023, the rental vacancy rate was 6.6%.
Persons: Maria Torres, , Orphe Divounguy, , that’s, Lawrence Yun, Yun Organizations: DC CNN, New York City Department of Housing Preservation, Development, Census, New York City, Springer, Real Estate Investment Services, Joint Center for Housing Studies of Harvard University, National Association of Realtors Locations: Washington, Northeastern, New York, Boston, New York City, Yorker, Manhattan, Northeast, Southern, Austin , Texas
Nancy, a 68-year-old retiree, moved back to Virginia from Florida due to escalating costs and the heat. “There’s so much you don’t know about living in Florida and owning a home in Florida until you’re actually living it,” Nancy said. The Census Bureau’s 2022 American Community Survey found that between 2021 and 2022, nearly 23,800 people moved from Florida to Virginia, while almost 33,000 moved from Virginia to Florida. AdvertisementNancy moved with her husband to Cape Coral 11 years ago after four of her five kids moved there. They settled on Cape Coral for the beach access and warm weather, and for the first few years, they made the most of their time there.
Persons: Nancy, , aren’t, Virginia —, , you’re, ” Nancy, “ I’m, isn't, , Hurricane Ian, Virginia Nancy, it’s Organizations: Service, Sunshine State, Virginia Tech, Bureau, Survey, Florida —, Cape Coral, Coral, Insurance Information Institute, Hurricane, Radford University Locations: Virginia, Florida, Nancy, Cape Coral, Georgia, Texas, Northern Virginia, Fairfax County, Cape, New Hampshire, Virginia Tech, Coral
Texas' fastest-growing city is a small spot outside Dallas called Josephine, census data shows. “It's a stressor being in that type of environment,” Moore told Business Insider. AdvertisementAccording to census data, Josephine is the fastest-growing city in Texas. AdvertisementAn aerial view of Josephine, Texas. “The majority of the homes in the city of Josephine are overwhelmingly priced at $300,000.
Persons: Josephine, , Cassidy Moore, Moore —, McKinney , Texas —, , ” Moore, Moore, she’d, Redfin, Dallas ’, Antonio —, , Let's, ’ ”, homebuilder, Horton, Robbie Hale, Burnet, Bonnie Hunt, Lisa Palomba “ Josephine, ” Hunt, “ It's, Lisa Palomba, ” Palomba, Josephine —, We're, Sherman Organizations: Texas, Service, Fort Worth metroplex, Google, US, Waverly Estates, Estates, Texan, Real Estate, McKinney Locations: Dallas, Fort Worth, McKinney , Texas, Josephine, Texas, Florida, San Antonio, New Braunfels, Austin, DFW, Josephine , Texas, D.R, Meadow, Horton, Sun, Florida , Georgia, Arizona, McKinney, Plano,
"It's very affordable," Lucas says. In Surprise, the average monthly rent is $1,781, only slightly higher than the national average. But similar to Sunnyvale, the median annual income among renters is also higher at $86,236, helping make it a relatively affordable place to live. RentCafe's study compared median incomes among renters in 189 U.S. cities with local average rent prices to see where renters can get the most out of their money. Here are the top 10 U.S. cities where renters' incomes go the furthest, according to RentCafe.
Persons: Shalonda Lucas, Lucas, she's Organizations: CNBC, Census Locations: Surprise , Arizona, U.S, California, North Phoenix , Arizona, Sunnyvale , California, RentCafe's, Sunnyvale
The test questions will be sent to 480,000 households, with the statistical agency expecting just over half to respond. If the questions are approved, it will be the first time sexual orientation and gender identity questions are asked on the American Community Survey, which already asks questions about commuting times, internet access, family life, income, education levels, disabilities and military service, among other topics. Possible answers: Male; Female; Transgender; Nonbinary; and “This person uses a different term” (with a space to write in a response). The second gender question will be tested in two different ways to determine whether to give respondents the opportunity to select multiple answers. The agency also plans to add what it describes as a “verification” question for anyone whose responses on the two gender questions don't match.
Persons: Mike Schneider Organizations: American Community Survey, American, Survey
The proposed questions geared toward people age 15 and older will be tested sometime this year. Intersex is an umbrella term for a number of conditions where internal or external sex characteristics aren’t exactly like typical male or female bodies. Rene Coig objected to respondents being asked their sex at birth and then being asked their current gender. Others were disheartened by transgender being separated out as a category from male, female and nonbinary in the gender question instead of including the options of transgender man or transgender female. Several Republicans in the U.S. Senate have objected to some of the proposed questions.
Persons: , Gary Gates, demographer, Gates, , ” Gates, David Ernesto Munar, Rene Coig, Coig, Amy Leite Bennett, Marco Rubio, JD Vance, Robert Santos, Mike Schneider Organizations: Associated Press, American Community Survey, UCLA, Howard Brown Health, University of Washington, Hennepin County Health, Human Services, Survey, American, Republicans, U.S . Senate, Ohio, Rutherford Institute Locations: United States, Chicago, Hennepin, Minneapolis, U.S, Sens, Marco Rubio of Florida
Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates shot higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected. Mortgage rates hit their last high in October but then fell sharply over the next two months, leveling out at around 6.6% in December. In February's report, builders said they expected mortgage rates to continue to moderate in the coming months. "And while mortgage rates still remain too high for many prospective buyers, we anticipate that due to pent-up demand, many more buyers will enter the marketplace if mortgage rates continue to decline this year."
Persons: Matthew Graham, Alicia Huey Organizations: Mortgage News, . Census, National Association of Home Builders Locations: Albany , California, Birmingham , Alabama
Housing Market Hit by Bad Weather, High Mortgage Rates
  + stars: | 2024-02-16 | by ( Tim Smart | Feb. | At A.M. | ) www.usnews.com   time to read: +3 min
The housing market began 2024 in the doldrums as housing starts and permits for new construction both fell, the Census Bureau reported on Friday. Starts fell 14.8%, way more than the flat reading expected by economists. “High mortgage rates, with maybe a dash of cold weather, caused starts and permits to fall from December. The optimism is a turnaround from August 2023, when 80% of small businesses surveyed said their long-term financial confidence was being negatively affected by the economy. Some 50% of small business owners said they were planning to expand in 2024.
Persons: didn’t, , Robert Frick, Lisa Sturtevant, Ksenia Potapov, , they’re, Bill Dunkelberg Organizations: Census, Navy Federal Credit Union, MLS, , National Federation of Independent Business, American Express Locations: American
Retail sales tumbled 0.8% in January, much more than expected
  + stars: | 2024-02-15 | by ( Jeff Cox | ) www.cnbc.com   time to read: +3 min
Consumer spending fell sharply in January, presenting a potential early danger sign for the economy, the Commerce Department reported Thursday. Advance retail sales declined 0.8% for the month following a downwardly revised 0.4% gain in December, according to the Census Bureau. Even excluding autos, sales dropped 0.6%, well below the estimate for a 0.2% gain. The sales report is adjusted for seasonal factors but not for inflation, so the report showed spending lagging the pace of price increases. While the New York survey still indicated contraction, it was a much better reading than January's -43.7 and the -15 estimate.
Persons: Dow Jones Organizations: Commerce Department, Advance, Census, Labor Department, Gas, Federal, Empire, Investors, Federal Reserve Locations: U.S, Philadelphia, New York, York
Retail Sales Dive in January as Consumers Pull Back
  + stars: | 2024-02-15 | by ( Tim Smart | Feb. | At A.M. | ) www.usnews.com   time to read: +3 min
Retail sales fell by 0.8% last month, far worse than expected, as consumers pulled back from their holiday spending and amid rising inflation and higher credit costs, the Census Bureau reported on Thursday. While overall retail trade sales declined, nonstore retailers were up 6.4 percent from last year. And consumers continued to spend on eating out, with food services and drinking places up 6.3% from a year ago. In January, retail sales rose by 2.34% from a year ago, according to the NRF/CNBC Retail Monitor powered by credit card tracking firm Affinity Solutions, but sales were down by 0.16% from December’s strong performance. “Notably, consumers are feeling strained by higher prices at the grocery store and beyond,” Patel said.
Persons: Jeffrey Roach, , Jonathan Silver, Piyush Patel, , ” Patel, Organizations: Census, Federal, LPL, CNBC Retail Monitor, Affinity Solutions, Affinity, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewHouse Republicans' main super PAC paid for private snow plows on Tuesday to ensure their voters could make it to the polls to cast their ballot in a critical New York special election. Election administrators say that Trump's favored way of running elections, a single day of hand-counted paper ballots, would be a logistical nightmare. According to the US Census Bureau, 47.1% of voters cast their ballots early in the 2022 midterms, just shy of the 49.8% of voters who voted on Election Day. AdvertisementSuozzi's challenger, Mazi Pilip, a Nassau County legislator, even cast her ballot early.
Persons: , George Santos, Scott Jennings, Tom Suozzi, Santos, Donald Trump, Trump, Glenn Youngkin, Mazi Organizations: Service, Republicans, GOP, Politico, Business, Republican, Republican Party, Democratic, Census Bureau, Republican National Committee, Virginia Gov Locations: York, Nassau, Queens, Long, Nassau County
More than 37 million Americans live alone or about 29% of all U.S. households, according to data from the U.S. Census Bureau American Community Survey. The covid-19 pandemic helped accelerate the rise of solo living, with 2.4 million more people living alone today than in 2019. The report looked at the number of one-person households in each city as well as the number of males and females living in one-person households. Data from the American Community Survey was not available for 2020 due to the covid-19 pandemic. Data for the following cities was not available for 2022, so they were omitted from the analysis: Macon, Georgia; Louisville, Kentucky; Columbus, Georgia; Spokane Valley, Washington and Rancho, California.
Organizations: U.S . Census, American Community Survey, Commerce, American, Survey Locations: U.S, America —, Macon , Georgia, Louisville , Kentucky, Columbus , Georgia, Spokane Valley , Washington, Rancho , California
It's introduced a fresh wave of young professionals who are shaking up the dating scene. But a new influx of transplants also creates divides among young professionals and locals. The rise of remote work has resulted in new waves of migration and, in turn, refreshed dating pools around the country. AdvertisementWhen it comes to the future of Midwest dating, “I hope this can change, but I think a lot of people in a lower tax bracket might just move elsewhere,” he said. Gone are the days of app dominance, especially as younger dates forsake online dating for in-person connections.
Persons: , Peggy Dainty, That’s, ” Dainty, , , St . Louis, Hatch’d, Joshua Sturma, ” Sturma, Louis, Matt R, Matt chalks, There’s “, Courtney Quinlan, She’s, There's, Quinlan, she's, ” Quinlan, It's, They're, Midwesterners, We've, ” Maranda Taylor, Taylor, everybody’s Organizations: Service, Lake Bowl & Theater, Bryant, New York, Bank of America, Indiana University, Dakotas, Twin, Google, Indiana Locations: It's, Minneapolis, there’s, St ., California, Illinois, Indiana , Iowa , Kansas , Michigan, Minnesota , Missouri , Nebraska, North Dakota , Ohio, South Dakota, Wisconsin, New, Hatch’d, , Twin Cities, Chicago , Nebraska , Iowa , Kansas, Missouri, Kansas City, Sioux, Omaha , Nebraska, , America
Homeownership is out of reach for many Americans — especially for Black Americans. In the country's largest metropolitan areas, Black people own a disproportionately small share of homes relative to population size, according to a new report from LendingTree. In 2022, Black people made up an average of 14.99% of the population across the 50 largest metropolitan areas of the U.S., but owned an average of 10.15% of owner-occupied homes in such places, the report found. "Relatively speaking, Black people don't own that many homes," said Jacob Channel, a senior economist at LendingTree who authored the study. The study ranks the nation's 50 largest metropolitan statistical areas by the difference between the percentage of owner-occupied homes in a metro owned by those who identify as Black and the share of an area's population that identifies as Black.
Persons: Homeownership, Jacob Channel, LendingTree Organizations: Black, Finance, IRS, Survey Locations: LendingTree, U.S, Memphis , Tennessee
Andy Wiesmann, 62, settled in Medellín, Colombia, after spending much of his life in California's Inland Empire. He couldn't afford an apartment in California, and he decided to move out of the country to preserve his health and happiness. Leaving California for MexicoWiesmann grew up about 60 miles east of Los Angeles and spent most of his life there. His relationship ended amid his hospital stay, and he moved back to California — though he didn't have any place to stay. Wiesmann said he has little intention of leaving Colombia except for vacations to see his kids in California and New York.
Persons: Andy Wiesmann, Wiesmann, I've, Mexico Wiesmann, he's, he'll, they're Organizations: Service, Golden State, Business, US Locations: Medellín, Colombia, Inland, Golden, California, Mexico, Los Angeles, East, Africa, Virginia, United States, Cabo San Lucas, cafés, Bogota, New York, South America
That's according to a recent study by public health experts in Canada who found stark income inequality is causing a mental health crisis. AdvertisementIt assessed Census income data, community health survey data, and hospitalization and death rates since 2006. AdvertisementResearchers said these indicators of declining community health are directly tied to economic conditions. People with less money might have a more difficult time accessing medicine and mental health services compared to their wealthier neighbors. Improving public health outcomes and reducing social stigma around money needs to start on a broad scale by addressing economic disparities, she said.
Persons: , Claire Benny, Benny said, ” Benny, , Vivek Murthy, Schwab, Zers, Benny, Organizations: Service, Business, Census Bureau, Public Health Ontario Locations: Canada
But while overall migration is down, state-to-state moves are slowly on the rise again. Nearly 20% of all Americans moved each year from the mid-1940s through the 1960s, according to census data . The Great Recession in 2008 hobbled the economy and slowed migration, sending the overall rate to 11 or 12%, according to census data. Getty ImagesLong-distance moves are on the upWhile the overall migration rate is low, big moves are slowly on the rise. Younger people are more likely to make big moves, according to census data.
Persons: , James Gregory, Gregory, Gregory said, Jim Crow, Gregory . Migration, deindustrialization, Brookings, Matthew, he’s, Rose Kemp, millennials, Florida ., X, Zers, Marie Bailey, Dallas, ” Bailey Organizations: Service, University of Washington, Gregory ., Brookings Institution, Golden State, realtors, Community Survey, Realtors, Business, Matthew Bank, ” Bank, Orlando Regional Realtor Association, Survey, University of Minnesota's Locations: Texas, New York, California, Florida, Detroit, California , Oregon, Washington, Midwest, nonresponse, Golden State for Texas, Georgia, X . Texas, migrators, millennials, homeownership
Super Bowl Sunday in Las Vegas will feature the Kansas City Chiefs against the San Francisco 49ers. The two teams from the Midwest and West Coast will face off in the Super Bowl for the second time in five seasons. Sunday’s game is a rematch of Super Bowl LIV in 2020, when the Chiefs beat the 49ers. But football isn’t the first thing that comes to mind for all schools set to be represented in the Super Bowl. When it comes to schools in the two states represented in the Super Bowl, California wins out.
Persons: Taylor Swift, Travis Kelce, , Kansas City –, Stanford – Organizations: Kansas City Chiefs, San Francisco 49ers, Midwest, Super Bowl, Bowl LIV, Chiefs, 49ers, San, Kansas City, University of Oklahoma, University of Georgia, Football Playoff, University of Florida, University of Michigan, Wolverines, Super, ., Best National Universities, Stanford, U.S, Harvard, University of Pennsylvania, Duke, Golden State, – UCLA, USC, University of Missouri, Missouri University of Science, Technology, . News, State, Missouri Locations: Las Vegas, Missouri, California, West, Kansas, San Francisco, U.S
Americans are moving to Puerto Rico for the climate, adventure, and tax breaks. Newcomers to Puerto Rico told Business Insider they've had difficulty navigating the complexities of healthcare, education, and even buying goods like furniture. From 2021 through 2022, about 27,000 people moved to Puerto Rico from the US states, according to data collected by the US Census Bureau. Lindsey noted that if somebody expressed interest in moving to Puerto Rico, she would first ask them about their health. "You must understand that in Puerto Rico, it's going to be a little laid back," he said.
Persons: , they've, it's, Ricky Santana, Santana, Jessica Peterson, Sarah Lindsey, Sean Flynn, Hurricane Maria, Lindsey, Flynn, Kimberly Sue Walker Organizations: Service, Puerto Rico, Colectivo, US Census Bureau, Puerto Ricans, Getty, Hurricane, Collectivo Locations: Puerto Rico, Puerto, Caribbean, Miami, Dorado, San Juan, San Juan ., Humacao , Puerto Rico, Austin, New York, American, Dorado , Puerto Rico
A January LendingTree report found that single women who live by themselves are more likely than single men who live by themselves to own a home in 47 of 50 U.S. states. The study also found that single women own 2.71 million more homes than single men, or an average of 12.93% of homes across the 50 states versus 10.22%. 15.34% of owner-occupied households in the state are owned by single women, while the share of households owned by single men is 9.45%. Delaware has the largest share of single women homeowners, according to a recent LendingTree report. Households owned and occupied by single men is 12.74% while its 10.66% for single women.
Persons: LendingTree, Brandon Rosenblum, Zillow Organizations: U.S . Census, U.S ., Survey, Delaware Delaware, Istock, Getty, Chemical, U.S . News, Delaware, Delaware Louisiana Mississippi Alabama Florida New Mexico South Carolina West Virginia Maryland Illinois Louisiana, Images, New Mexico New, New, Los Alamos National Laboratories and Trinity, New Mexico North Dakota Alaska South Dakota Wyoming, New Mexico North Dakota Alaska South Dakota Wyoming West Virginia Montana Michigan Iowa Ohio, Halbergman Locations: U.S, Delaware, LendingTree, Zillow . Delaware, Delaware Louisiana Mississippi Alabama Florida New Mexico South Carolina West Virginia, Louisiana, Zillow . Louisiana, Images Louisiana, New Mexico, New Mexico New Mexico, Mexico, New Mexico North Dakota Alaska South Dakota, New Mexico North Dakota Alaska South Dakota Wyoming West Virginia Montana Michigan Iowa, New Mexico North Dakota Alaska South Dakota Wyoming West Virginia Montana Michigan Iowa Ohio North Dakota, North Dakota, Zillow . North Dakota
GRAND RAPIDS, Mich. (AP) — Bartender Catey Regis had a pricey misadventure buying a used car recently — an experience that speaks to why voters are worrying about the U.S. economy going into this year's presidential election. “To me, it’s a telltale sign about the economy," Regis explained from a bar stool after her shift. But conversations with dozens of voters around Grand Rapids — a city of 200,000 in one of Michigan’s swing counties — show they're thinking about the economy through their own experiences. Grand Rapids is the seat of Kent County, which backed Trump in 2016 and then flipped to Biden in 2020. To the extent that the economy is doing well, there is little confidence that it is necessarily sustainable.
Persons: Catey Regis, it’s, Regis, Joe Biden, Donald Trump, Biden, Trump, , Cameron Brown, , Scott Thompson, Uber, ” Thompson, Teresa Johnson, Johnson, Nikki Haley, Charles Kroll, he’s, ” Kroll, Arick Davis, Davis, ” Davis, ___ Boak Organizations: Founders Brewing, Toyota Corolla, Republican, Westwood, Trump, Democrat, South, Biden, Census, Chamber, Commerce, Business Locations: GRAND RAPIDS, Mich, U.S, Grand Rapids, Kentwood, East, Ukraine, Caledonia, South Carolina, Grand, Kent County, South East Grand Rapids, Commerce “, Washington
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