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☆ 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

☆ Starter homes cost more than $1 million in a record 237 cities
▼ + stars: | 2024-07-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Typical starter homes are worth at least $1 million in a record 237 US cities, Zillow reported. Nearly half of these cities are in California, with New York and New Jersey also heavily represented. AdvertisementA record number of US cities now have typical starter homes worth at least $1 million, Zillow reported. On average, homebuyers can find seven-figure starter properties in 237 metros, the firm said, a considerable jump from where values stood five years ago. Zillow defined typical starter homes as properties in the lower third of values.

Persons: —, Zillow Organizations: Service, metros, Business Locations: California, New York, New Jersey

☆ Florida's housing market is seeing 'nightmare scenarios' as buyers back out due to affordability concerns, Redfin says
▼ + stars: | 2024-07-26 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Florida's housing market is seeing a wave of buyers get cold feet. In June, 21% of home purchase agreements fell through in Orlando, Jacksonville, and Tampa, Redfin found. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFlorida's housing market is facing a wave of "nightmare scenarios," with a growing number of home deals falling through as buyers get cold feet. In key metros like Orlando, Florida, and Tampa, around 21% of home-purchase agreements were cancelled in June, according to data from Redfin.

Persons: Redfin, — Organizations: Service, Business Locations: Orlando , Jacksonville, Tampa, Orlando , Florida, Redfin

☆ The salary you need to be considered middle class in the 25 largest U.S. cities—it can be over $250,000 in San Francisco
▼ + stars: | 2024-07-22 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

A middle class lifestyle can look different depending on where you are. In the San Francisco area, an annual income of $250,000 would classify your household as middle earners, based on 2022 Census Bureau American Community Survey data. That means middle class households there earn between $85,434 and $256,302 a year. Median household incomes in each of these areas are over $100,000 a year. Here are the ranges of middle class incomes in the 25 biggest U.S. metros:

Organizations: American, Survey, D.C, U.S, metros Locations: San Francisco, Oakland, Berkeley , California, U.S, Washington, Seattle, Boston

☆ 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

☆ 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

☆ Massachusetts secured a big raise for Uber and Lyft drivers in the state, but some are worried the deal could have negative side effects
▼ + stars: | 2024-07-03 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

The settlement will pay $175 million to the state and drivers, many of whom claimed both companies violated Massachusetts wage and hour laws. Also, Massachusetts drivers will be considered independent contractors, meaning they will not receive all the protections of employees. Advertisement"The recent agreement reached in Massachusetts before the ballot initiatives were decided by Massachusetts voters is a favorable outcome for most Massachusetts drivers," Avedian said. What Massachusetts drivers sayAvedian said for the majority of drivers, this settlement is a big step in the right direction. In May, Uber and Lyft struck a deal to pay Minnesota drivers $1.28 per mile and $0.31 per minute minimum.

Persons: —, Uber, Lyft, Sergio Avedian, Guy, Avedian, Mark McInerney, he's, Matt R, Matt, Ronald Banks, Jen, isn't Organizations: Service, Business, Uber, Lyft, California Supreme, Research, UC Berkeley Labor Center, Center for Wage, Dynamics, Seattle metros, Drivers, New York City, Taxi, Limousine Commission, New York, Minnesota Locations: Massachusetts, New York , California, Washington, Minnesota, New York State , Minnesota, Boston, Texas and Massachusetts, Chicago , Portland, Virginia, California, Los Angeles, San Francisco, Chicago, New York, New York City, New, Minneapolis

☆ 'Cold' housing markets in these 3 states may be a buyer's best chance at a bargain
▼ + stars: | 2024-06-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Housing markets in Louisiana, Florida, and Texas are the country's "coldest," Realtor.com says. These cold locales are seeing inventories rise and prices fall amid a lack of buyer interest. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHousing markets in three Gulf states are the country's "coldest," with inventory moving up as prices fall lower, Realtor.com reported.

Persons: Realtor.com, —, Lake Organizations: Service, Mission, Business Locations: Louisiana , Florida, Texas, Lake Charles, Panama City, McAllen, Edinburg

☆ Here's where U.S. rents are rising — and falling — the fastest
▼ + stars: | 2024-06-26 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Zumper analyzed median asking rents for apartment listings in the largest 100 U.S. cities by population. Rents have also risen by at least 10% for both one- and two-bedroom apartments in other major metros: Lincoln, Nebraska; Chicago; Buffalo, New York; Madison, Wisconsin; Rochester, New York; and New York City, according to Zumper. What causes rent inflationAt a high level, rent inflation is guided by supply-and-demand dynamics, said Crystal Chen, an analyst who authored the Zumper analysis. Basically, areas with fast-growing rents are seeing demand outstrip the supply of available apartments, while those with falling rents have seen their apartment inventories growing. Rent inflation has fallen substantiallyRent inflation plummeted in the early days of the Covid-19 pandemic.

Persons: Jamie Kelter Davis, Zumper, Crystal Chen, Eric Adams, Fitch, Chen Organizations: Bloomberg, Getty, New, New York City Department of Housing Preservation, Development, Finance, York City Locations: Chicago, U.S, Syracuse , New York, Lincoln , Nebraska, Buffalo , New York, Madison , Wisconsin, Rochester , New York, New York City, Oakland , California, Memphis, Chattanooga , Tennessee, Cincinnati , Ohio, Colorado Springs , Colorado, Irving , Texas, Jacksonville , Florida, Raleigh, Greensboro, Durham , North Carolina, New York, Akron , Ohio, Wichita , Kansas, York

☆ Why America's housing shortage is getting worse, even as construction sees its biggest boom in 16 years
▼ + stars: | 2024-06-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

US housing construction is the strongest it's been since 2007, with 1.45 million homes added in 2023. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS housing construction just notched its best year since the great financial crisis, but it hasn't been enough to ease America's home shortage, Zillow reported on Tuesday. According to the real estate firm, 1.4 million homes were added two years ago, reaching a high not seen since 2007. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Austin, Service, Business Locations: California, Seattle

☆ American Power Shift: CEOs, Average Employees Live in Different Cities
▼ + stars: | 2024-06-12 | by ( Ned Resnikoff | ) www.businessinsider.com time to read: +9 min

Given this truism, it's no wonder that the populations of America's so-called superstar cities have stagnated while the Sun Belt's metropolitan areas have boomed. The COVID-era transition to more remote work accelerated this process of "domestic offshoring," a recent study by the workforce-analytics company ADP found. Domestic offshoring regionally segregates middle- and working-class employees from their employers, making it far more difficult for the former group to advance professionally. Domestic offshoring threatens to lock in these effects, potentially costing the country trillions of dollars in forgone wealth creation. But if domestic offshoring persists, fewer of the city's other residents will be middle-class professionals; those people will tend to congregate in domestic-offshoring sites.

Persons: Austin, Chang, Tai Hsieh, Enrico Moretti, Ned Resnikoff Organizations: Sun, Orlando, America, —, Companies, Workers Locations: California, New York, Los Angeles, San Francisco, Jacksonville , Florida, Raleigh , North Carolina, Texas , Arizona, Florida, Austin, Raleigh, Charlotte, North Carolina, America's, Nashville, Bay, Tennessee, New York City, San Francisco and New York

☆ Home prices will go down this summer as sellers can't postpone listing any longer, Redfin CEO says
▼ + stars: | 2024-06-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Home prices will fall this summer as owners cave to selling pressure, according to Redfin's CEO. Homes in Florida and Texas are already beginning to see "major price cuts," the firm said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHouse prices will drop this summer as homeowners trying to wait out high mortgage rates are realizing they can't postpone moving any longer, according to Redfin CEO Glenn Kelman. Homes in key metros, like Florida and Texas, are already seeing "major price cuts," Kelman said.

Persons: —, Glenn Kelman, Kelman, Redfin Organizations: Homes, Service, Business Locations: Florida, Texas

☆ Insider Today: Asia's superpower clash
▼ + stars: | 2024-06-09 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

The latest to get in on the act: Tesla, which is selling a $450 bottle of mezcal on its website. The election result was a blow to Modi, who has governed India for a decade with an increasingly firm grip. India watchers expect the country's new government to move slower on some issues following the surprise election result. NvidiaGoing up against Nvidia is generally considered a pretty bad idea for startups in Silicon Valley. But Silicon Valley often thrives when true technologists keep hacking away at something they believe in, even if everyone else thinks it's dumb.

Persons: —, Narendra Modi, SAJJAD HUSSAIN, Modi, He'll, Jamie Dimon, Dominic Bugatto, Alyssa Powell, hawking, Goldman Sachs, Goldman, HWA CHENG, Chelsea Jia Organizations: Service, Business, Bharatiya Janata Party's, Bharatiya Janata Party, titans, UN Security Council, Southern, Southern District of, Goldman, BI, HWA, Getty Images, Nvidia Locations: India, New Delhi, China, Southern District, Southern District of Texas, Salt Lake City, Nashville, Atlanta, AFP, Silicon Valley

☆ 3 things homebuyers should do to hack the unaffordable housing market, according to Fannie Mae's chief economist
▼ + stars: | 2024-06-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Read previewThe housing market is historically unaffordable, but according to Fannie Mae's lead economist, prospective buyers can do a few things to make things to get a leg up. Have a good credit scoreMortgage rates are elevated, and having a poor credit score makes borrowing costs even steeper, Duncan said. Buyers who shop around tend to score better deals and more affordable rates, Duncan said. AdvertisementPeople betting that mortgage rates or home prices will come down soon are taking a gamble. Some homebuyers can afford to speculate on the market, but most first-time homebuyers cannot, Duncan noted.

Persons: —, Fannie Mae's, Doug Duncan, Duncan, That's, you'll, Charles Schwab Organizations: Service, Business, Yahoo Finance, National Association of Realtors Locations: today's

☆ Home prices are cooling nationwide. These 4 cities are leading the declines.
▼ + stars: | 2024-06-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

The share of US homes seeing price declines has hit its highest level since 2022, Redfin said. It could be a sign that national price growth will soon start softening. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMore than 6% of US homes are seeing price declines, the biggest share since November 2022, according to a new Redfin report.

Persons: Redfin, —, That's Organizations: Service, metros, Business Locations: Texas, Oregon, Austin, San Antonio, Fort Worth, Portland , Oregon

☆ EV slump, Hertz fire sale take used Teslas to 'no haggle' $25,000 price
▼ + stars: | 2024-06-06 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

Also, some used EVs are eligible for up to $4,000 in federal tax credits , and several states offer tax credits or rebates. Although as with buying any used car — from manufacturers and independent dealers, online marketplaces or private owners — there are pros and cons. The Hertz Car Sales website "Shop EVs" button recently listed 1,475 of the 1,638 used EVs listed as "Hertz Certified." A March study by automotive research firm iSeeCars found that the average used car price was down 3.6% from last year, though used EV prices had plummeted 31.8%, equating to $14,418 in value. A follow-up question — "Can you tell me about 2022 Tesla Model 3s being sold by Hertz Car Sales?"

Persons: Hertz, —, iSeeCars, Elon, Karl Brauer, Brauer, Yossi Levi, Guy, Tesla, Carvana, Edmunds, ChatGPT, Hertz's, Matt Quinn, CarGurus, Eugene Park Organizations: Hertz, EV, Hertz Global Holdings, U.S, Bolts, Car, Hertz Tesla, Tesla, ChatGPT, Hertz Car Locations: U.S, Massachusetts, Colorado, Edmunds, CarGurus

Read previewAmericans are on their way to work — and they probably still have a long way to go. New research first reported by The Wall Street Journal shows that more workers are supercommuting, meaning they're traveling more than 75 miles each way for work. Some trips, they found, are as long as five hours each way, with some starting their commutes at 3 a.m. New York City experienced an 89% surge in supercommuting, from 1.9% to 3.6% of all trips. Phoenix, Arizona — a city that's seen a surge of new residents in recent years and, as a result, soaring housing costs — has also seen supercommuting increase by 57%.

Persons: —, Nick Bloom, Alex Finan, Bloom, Finan, Kyle Rice Organizations: Service, Wall Street Journal, Business, metros, Stanford University, WFH Research, Economic Locations: New York City, Los Angeles, Washington, supercommuters . Phoenix , Arizona, Bloom, Willmington , Delaware, Delaware, York

Rent costs across U.S. continue to fluctuate, but there are some major areas where prices are trending up year-over-year. California is the only state with two metro areas in the top five. The rise in rent for one-bedroom apartments in California's Stockton metro area was similar, going from $1,161 in 2023 to $1,175 in 2024 — a 1.2% increase. It is important to note that the Census Bureau defines the Albuquerque, New Mexico metro area to be part of the core-based statistical area of Albuquerque-Santa-Fe-Las Vegas, New Mexico combined statistical area, falling under the southwest and western regions of the United States. Despite the nationwide median rent trending down year-over-year, the following metro areas in the western U.S. have seen the highest increases in rent for 1-bedroom apartments, similar to several areas in the Northeast.

Organizations: U.S, CNBC, Census, Thousand, Venture, Stockton , California metros, Thousand Oaks Locations: California, Oxnard, Stockton , California, Ventura, Los Angeles, California's Stockton, Albuquerque, New Mexico, Santa, Las Vegas , New Mexico, United States, U.S

According to a May Zumper report, the national median rent for a one-bedroom apartment is $1,487. The New York-Newark-Jersey City metro area saw the average rent for a one-bedroom apartment go from $1,991 in 2023 to $2,008 in 2024, an increase of only $17 or 0.9%. Connecticut has the most metro areas with the biggest rent increase for one-bedroom apartments — four out of the top five. This includes one statistical area that covers part of northeastern Connecticut and a swath of Massachusetts including Worcester. Connecticut is also the only state in the Northeast region to have multiple metro areas in the top 20.

Organizations: CNBC, Census, New York City Locations: United States, New York, Los Angeles, Newark, Jersey City, Connecticut, Massachusetts, Worcester . Connecticut, New York City, Boston, Providence , Rhode Island

☆ From more inventory to lower prices, here are 3 signs the housing market may be getting better for buyers
▼ + stars: | 2024-05-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Read previewThe housing market may be starting to turn a corner, offering frustrated buyers a chance to jump back into the market after a long stretch of dismal prospects. "We think the housing market is going to improve over the next half of a year," Glenn Kelman, the CEO of Redfin, in a recent interview. Inventory is risingMore inventory is finally trickling into the housing market, which could help push prices down. Elevated mortgage rates are a key problem in today's housing market, as they deter both buyers and sellers from making deals. Rates dropping to 5%-6% would make the housing market "explode," but even a 6.5% 30-year mortgage rate would be enough to make the housing market "very strong," Reffkin said.

Persons: —, Glenn Kelman, That's, Robert Reffkin, Reffkin, Freddie Mac, Redfin's Kelman, Kelman, Compass's Reffkin Organizations: Service, Business, National Association of Realtors, CNBC Locations: Reffkin, Texas, Florida

☆ Many drivers for Uber, Lyft, and DoorDash are earning well below minimum wage, even with tips, a new paper finds
▼ + stars: | 2024-05-21 | by ( Noah Sheidlower | Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

Advertisement"Pay for gig drivers rarely exceeds the employee-equivalent local minimum wage," the authors wrote. While two-thirds of DoorDash drivers and just under half of Uber Eats drivers had their incomes adjusted, just 5% of Uber drivers did. The average Lyft, Uber Eats, and DoorDash driver had hourly earnings of $24, $18, and $14, respectively. Over the past year, several gig drivers have told BI that their gigs are less profitable than they used to be. For example, Uber and Lyft drivers have said the ride-hailing giants are taking a larger cut of rider fares.

Persons: —, Lyft, Uber, aren't, Gridwise Organizations: Service, Seattle metros, UC Berkeley Labor Center, Center for Wage, Dynamics, Business, metros —, UC Berkeley, Big Lake Data, Bank of America, Bank of America Institute Locations: Boston, Chicago, Los Angeles, San Francisco Bay, California, San Francisco, Seattle, New York City, Minnesota, Twin Cities, Massachusetts

☆ This US region is seeing the biggest rent declines as owners struggle to fill vacancies, Redfin says
▼ + stars: | 2024-05-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Metros in the Sun Belt are notching the steepest rent declines in the country, Redfin reported. The pandemic-era demand that led to accelerated construction has since subsided, leading to more vacancies. These declines are happening as rent rises nationwide. AdvertisementThe country's steepest rent declines are happening in metro areas across the Sun Belt as pandemic-era demand spikes subside, Redfin reported Friday. "But the boom is over, and now property owners are struggling to fill vacancies, which is causing rents to fall."

Persons: —, Redfin, Sheharyar Bokhari Organizations: Service, Business Locations: Austin , Texas, Nashville , Tennessee, Jacksonville, Miami, San Diego

☆ Young workers are flocking to these fast-growing job markets—they're not on the coasts
▼ + stars: | 2024-05-14 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

New York, Washington, D.C. and other major metros may be some of the most sought-after job markets for young professionals, but for ample opportunities and high-paying roles, they may have better luck in the Sun Belt. The metro areas around Tucson, Arizona; Tallahassee, Florida; and Gainesville, Florida; are the fastest-growing job markets for entry-level roles, according to new data from LinkedIn. The top industries hiring entry-level workers are secure fields like manufacturing, government, education and health care. 1 priority is finding a job with stability. The professional services sector has seen more layoffs in recent years, Kantenga says, but common jobs in consulting and legal services also pay "extremely well," which may be a worthwhile tradeoff for young people.

Persons: Kory Kantenga, Kantenga, grads Organizations: LinkedIn, Sun Locations: York, Washington, Tucson , Arizona, Tallahassee , Florida, Gainesville , Florida, Tallahassee, Florida, Chattanooga , Tennessee, Savannah, Georgia, Des Moines , Iowa, Birmingham , Alabama, Harrisburg , Pennsylvania, Huntsville , Alabama, Hartford , Connecticut, South, Americas, Tucson

☆ 15 cities with plenty of rentals and high enough wages to afford them
▼ + stars: | 2024-05-12 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +3 min

A new Zillow and StreetEasy analysis finds that rental price growth is far outpacing wage growth in most big cities — and New Yorkers are particularly screwed. In New York City, rents increased seven times as fast as wages from 2022 to 2023. Similarly, renters in Boston, Cincinnati, and Buffalo are seeing their wage growth dwarfed by their rent increases. But it's not all bad news for prospective and current tenants: There are still a handful of cities where wage growth has outpaced rent increases. While wages rose by 5.5% between 2022 and 2023, rents increased by just 0.8%, the Zillow/StreetEasy report found.

Persons: it's, Tesla, Austin, that's, there's Organizations: Service, Business, Apple, The Atlantic Locations: New York City, Boston , Cincinnati, Buffalo, Austin, Portland , Oregon, Salt Lake City, San Jose, Houston, Salt Lake City , Minneapolis, Riverside , California, Los Angeles, San Francisco, San Diego, California, Southern, Raleigh, Charlotte, North Carolina, Miami, Georgia, Tennessee

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