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☆ These 3 metro regions still haven't recovered from the pandemic recession as Wall Street debates when the next downturn will strike
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn. The Federal Reserve Bank of New YorkBut this trend is especially distinct in the Northeast, a region that's home to particularly impacted metros. By this indicator, a recession started in October, confirmed further by accelerating job erosion, Danielle DiMartino Booth said.

Persons: —, Danielle DiMartino Booth, it's, Frances Donald, Donald, We're, Gary Schilling Organizations: Federal Reserve Bank of New, Service, US metros, QI, Bloomberg, Wall Street Locations: COVID, Federal Reserve Bank of New York, Rust Belt, California, Hawaii, New Orleans, Honolulu, San Francisco, Cleveland , Detroit, Pittsburgh, Northeast, New York City, New York

☆ These 3 metro regions still haven't recovered from the pandemic recession
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. 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 . AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn.

Persons: — Organizations: Federal Reserve Bank of New, Service, US metros, Business Locations: COVID, Federal Reserve Bank of New York, Rust Belt

☆ New York offers the worst cost-of-living tradeoff of any major city for new college grads. Starting salaries go further in these 14 metros.
▼ + stars: | 2024-05-02 | by ( Noah Sheidlower | Juliana Kaplan | Jacob Zinkula | ) www.businessinsider.com time to read: +1 min

New graduates in Austin, Atlanta, and Houston earn the highest cost-of-living-adjusted starting salaries, per Gusto. New York City attracts the largest share of new grad hires despite offering a smaller adjusted salary. AdvertisementRecent college graduates are flocking to New York City for their first jobs, but their degrees may go the furthest in Texas or Georgia. New data from small business payment platform Gusto reveals new grads in Austin, Atlanta, and Houston have the highest cost-of-living-adjusted starting salaries when factoring in housing and other expenses. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Houston, New, Service, Business Locations: Austin , Atlanta, New York City, Texas, Georgia, Houston, Austin

☆ Employers Flee Rich Coastal Cities for South, Sunbelt, As Workers Move
▼ + stars: | 2024-05-02 | by ( Eliza Relman | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

US job creation is shifting from rich coastal cities to the Sunbelt and Midwest. The shift is in large part a result of skyrocketing housing costs in coastal cities. This is in part because these cities have a lower cost of living — driven by lower housing costs — as big coastal cities have become increasingly unaffordable. At the same time, major coastal cities like New York City, Los Angeles, and Seattle saw their hiring shares decline. The richest coastal cities are also suffering from negative perceptions about safety and public order, and those reputations likely also play a role in people leaving.

Persons: —, Benzow, EIG Organizations: Service, Economic, Group, Hilton, Employers, Seattle Locations: —, EIG, San Francisco , New York, Los Angeles, Seattle, Boston, Gainesville , Georgia, South Carolina, Midwest, Wenatchee , Washington, Lansing , Michigan, American, New York City

☆ 10 metros where sellers are slashing listing prices the most
▼ + stars: | 2024-04-28 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Sellers are reducing prices in cities with surplus housing inventory, according to Redfin data. As sellers lower prices and builders offer concessions, homebuyers are gaining more power. It means two things for prospective homebuyers: One, more sellers are likely to slash listing prices to attract buyers. To calculate which metros have the highest share of sellers reducing list prices, Redfin analyzed home price data from 85 US metros with populations of at least 750,000. Below are the 10 metros with the largest share of price drops in March, according to Redfin.

Persons: Sellers, Price, —, Eric Auciello, Auciello, Redfin Organizations: Service Locations: Florida, Texas

☆ 2 states where home prices are falling because there are too many houses and not enough buyers
▼ + stars: | 2024-04-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Despite a US housing shortage, Florida and Texas have too much supply, Redfin said. AdvertisementA lack of US housing has fenced off most would-be buyers, but two states are dealing with the opposite problem — an overflow of homes. According to Redfin, Florida and Texas have properties stagnating on the market, as demand is shifting away from these areas. The number of homes also jumped 25% in McAllen, Texas, Redfin reported on Thursday. Of the country's top 10 metros where sellers were most likely to slash listed prices, seven are located in these two states.

Persons: Redfin, —, Eric Auciello, Auciello, isn't Organizations: Service, North Port, First Locations: Florida, Texas, Redfin , Florida, Coral, North Port , Florida, McAllen , Texas, North, North Carolina, Tennessee

☆ The top 14 cities in the US people are fleeing
▼ + stars: | 2024-04-15 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

1 for its negative net domestic migration rate per 1,000 people. Business Insider looked at negative net domestic migration estimates for US metropolitan statistical areas for the period of July 1, 2022, to June 30, 2023. Negative net domestic migration means they had more people fleeing these metropolitan statistical areas for another US location than people in the US moving in. Six of the 14 metros that had the biggest negative net domestic migration rates per 1,000 people were California metros. Below are the top cities people are fleeing based on net domestic migration rates per 1,000 people.

Persons: — Organizations: New Orleans, Service, Golden State, Business, metros, Fremont — Locations: California, Golden, New York City, Los Angeles, Long, Anaheim , California, Chicago, Naperville, Elgin , Illinois, Indiana, San Jose, Sunnyvale, Santa Clara, San Francisco, Oakland, Anaheim, Orleans, Metairie , Louisiana

☆ The 20 best cities to own an electric vehicle, ranked
▼ + stars: | 2024-04-10 | by ( Dan Latu | Catherine Boudreau | ) www.businessinsider.com time to read: +3 min

Realtor.com and Kelley Blue Book ranked the top 20 US cities for EV owners to live. Cities that ranked highly have more homes that can accommodate EVs and more public charging ports. First, the percentage of homes in a market that advertised their friendliness for electric vehicles, including at-home charging stations. Second, the density of electric vehicles compared to available public charging ports. Read on for the top 20 metros for electric-car owners, as determined by Realtor.com and Kelley Blue Book.

Persons: Realtor.com, Kelley, —, Biden, Danielle Hale, Read Organizations: Kelley Blue, EV, Service, Cox Automotive, Realtor.com, metros Locations: United States, San Francisco, Boston, Salt Lake City . California, San Jose

☆ The 12 top cities in the US where everyone is moving
▼ + stars: | 2024-04-03 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

Eight Florida cities made the top 12 positive net domestic migration rates among metros. The Dallas metro area had the greatest total positive net domestic migration. The latest net domestic migration values from the Census Bureau were for the period of July 1, 2022, to June 30, 2023. Dallas-Fort Worth-Arlington, Texas, had the highest positive net domestic migration among metros, with a value of 60,457. Below are the US metros with the highest positive net domestic migration rates per 1,000.

Persons: — Organizations: Service, metros, Business, Fort Locations: Florida, Wildwood, Dallas, Fort Worth - Arlington , Texas, Houston, Pasadena, Woodlands, Texas, Tampa, St, Petersburg, Clearwater, Myrtle Beach, Conway, Myrtle Beach , South Carolina, Carolina

☆ Housing 'affordability has just totally collapsed,' economist says
▼ + stars: | 2024-04-02 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"Since the pandemic, affordability has just totally collapsed," said Chen Zhao, a senior economist at Redfin. February 2021 was the last month when the typical household earned more money than they needed to afford the median home. The U.S. Department of Housing and Urban Development (HUD) sets the standard of affordability at 30% of household income. Affordability deficit narrowed in FebruaryThe average household fell short $29,448 to afford a home in February, according to Redfin. The affordability deficit narrowed because rates have been on a consistent decline since the last peak in October, according to Zhao.

Persons: Chen Zhao, They've, Zhao, It's, Jeff Ostrowski, Veronica Fuentes, Fuentes, Ostrowski, Buyers, Redfin, Louis, What's Organizations: Getty, Redfin, Finance, U.S . Department of Housing, Urban Development, Northwestern Mutual, Cleveland Locations: U.S, Detroit, Pittsburgh, St, Philadelphia, Indianapolis, Warren, Mich, Cincinnati, Milwaukee , Kansas City , Virginia Beach, Va, Antonio, Columbus , Ohio

☆ The fastest-growing and fastest-shrinking cities in the US
▼ + stars: | 2024-03-21 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

Wildwood-The Villages, Florida, saw its population increase 4.7% from July 1, 2022, to a year later. NEW LOOK 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 . Wildwood-The Villages in Florida saw the greatest increase from July 1, 2022, to July 1, 2023, among metros. Additionally, the data from the Census Bureau shows there were also a lot of metros with population percent declines during that time.

Persons: —, Kristie Wilder, Paul Mackun Organizations: Service, Bureau Locations: Florida, Napa , California, Ithaca , New York, Charleston, West Virginia, South, Wildwood, New Orleans, Metairie, Louisiana

☆ 10 U.S. metro areas where homes are selling the fastest—none of them are in Florida
▼ + stars: | 2024-03-11 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

Creditnews Research, an independent research house, released its new ranking of the fastest-selling housing markets in the U.S. To do a pre-Covid versus 2024 comparison, the study used metrics from January 2020 to January 2024. Five of the top 10 fastest-selling metros were also among the top areas that lost the most per-capita housing inventory since the beginning of the pandemic. Florida had one of the strongest housing markets during the pandemic, according to CNBC's America's Top States for Business ranking, but not a single city in the state ranked in Creditnews Research's top 10. It's a signal that the housing market in the Sunshine State isn't what it used to be.

Organizations: Research, U.S, Business, Creditnews, Sunshine State Locations: U.S, East Coast, Florida, America's, States

☆ Hot on the trail of cherry blossoms — peak times for 2024
▼ + stars: | 2024-03-02 | by ( Forrest Brown | ) edition.cnn.com time to read: +4 min

Editor’s note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. CNN —In travel news this week: Circling the calendar for peak cherry blossoms, a very rare peek at post-pandemic North Korea and the insightful confessions of a Vegas habitué. While peak bloom can still be up in the air, the dates for the National Cherry Blossom Festival are solidly locked down: March 20-April 14. Meanwhile, Japanese forecasters are out with their own cherry blossom, or sakura, predictions. 02:06 - Source: CNNIn the best of times, a visit to communist North Korea was a rarity.

Persons: Brandon Griggs, He’s, Willy Wonka Organizations: CNN, Washington , D.C, Bloom Watch, National Cherry Blossom, –, Air Albania, AAA Locations: Korea, Netherlands, France, Washington ,, Japan, Wharf, Kochi, Tokyo, wintry Sapporo, Dubai, Atlanta, Air, London, India, United States, North Korea, Russia, Pyongyang, Masikryong, North, Las Vegas, Sin

A February study from WalletHub examined the 100 largest US cities' levels of "financial distress." A February study from WalletHub, a personal finance company, examined the 100 largest US cities and calculated the level of "financial distress" for each. Interestingly, in an earlier WalletHub study that looked at financial distress at the state level, Arizona ranked just 16th least burdened. These cities' financial woes underscore the broader economic challenges, from unemployment to high living costs, that add stress to the residents' financial difficulties. How some cities are alleviating financial distressArizona's largest cities have become a model for financial stability in a post-pandemic economy, instituting policies designed to address recent financial hardships.

Persons: WalletHub, Gilbert, Chandler, Cassandra Happe, Christian Petersen, Happe Organizations: Arizona, Four Arizona, U.S . Census, Administrative, U.S ., Google, Scottsdale, Glendale, Business, Getty Locations: Chicago, Houston, New York, Arizona's, Four, U.S, Boise , Idaho, Arizona, Glendale, Scottsdale, Glendale , Arizona, Angeles, Dallas

☆ The US housing market added $2 trillion in value last year, boosted by a nationwide shortage of homes for sale
▼ + stars: | 2024-02-28 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

The US residential market added $2.4 trillion in value last year, listings site Redfin said. AdvertisementThe housing market in the US added $2.4 trillion last year, jumping to $47.5 trillion. Though housing demand has been dampened by stubbornly high mortgage rates, the total value of the market climbed by 5.3% from December 2022, preliminary data released by Redfin on Wednesday showed. Pandemic-era mortgage rates fell below 3%, driving a frenzy of buying in 2020 and 2021. The combination of elevated mortgage rates, high home prices and a limited pool of homes for sale means homeownership is about as unaffordable as ever.

Persons: Redfin, —, aren't, Chen Zhao Organizations: Service Locations: Redfin, New York City, New Jersey, Midwest, Milwaukee, Grand Rapids, New York, Honolulu , Riverside, Denver

☆ Here’s where the price of rent is dropping in the US
▼ + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

The national median price of rent for apartments ranging from studios to two-bedroom apartments fell 0.3% year-over-year to in January. Still, prices are over 18% higher than pre-pandemic levels, due to continued strong demand and limited supply in some markets. The national median rent for a two-bedroom apartment was $1,892 in January, down 0.6%, while rent for a one-bedroom was essentially flat at $1,591. Still, even with the uptick, Chicago’s median rent of $1,852 is almost $1,000 less than coastal big cities like New York at $2,844 and Los Angeles at $2,829. But the supply of new multifamily housing is growing, which helps to bring down rental prices, according to the report.

Persons: That’s, Realtor.com, ”, Danielle Hale, Hale, weren’t Organizations: DC CNN, Kansas, Las Locations: Washington, Chicago, Indianapolis, Kansas City , Missouri, New York, Angeles, Memphis , Tennessee, Atlanta, Austin , Texas, Louis , Missouri, Miami, Phoenix, Las Vegas, Los Angeles, Seattle, Boston

☆ People are moving out of cities with poor air quality — but many end up facing other climate risks
▼ + stars: | 2024-02-16 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Much of the Sunbelt "has [a] low air-quality risk but it has high heat risk, high flood risk, high wind risk from things like hurricanes," she said. When looking at moving trends within counties and cities from 2000 to 2020 paired with flood risks, researchers at First Street Foundation noticed clear signals of people moving away from areas exposed to flooding. Additionally, more than 3.2 million (35.5%) of those residents said they left specifically because of the flood risk. 'I personally was impacted by air quality'Over 85% of homes in 13 major cities are highly exposed to poor air quality; nine are in California and the rest are spread out in Washington, Oregon and Idaho, Redfin found. "I personally was impacted by air quality," Fairweather said.

Persons: Eduardo Munoz Alvarez, Fairweather, We're, Jeremy Porter, Porter, Redfin Organizations: Getty, First Street Foundation, CNBC, riskier metros Locations: West Coast, Sunbelt, Arizona , Florida , Nevada , North Carolina, South Carolina , Texas, Tennessee, New York, U.S, California, Washington , Oregon, Idaho, Seattle, Wisconsin, riskier

☆ Black Americans still face 'disproportionately steep hurdles' to homeownership, expert says
▼ + stars: | 2024-02-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

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

☆ Home prices are 65% higher in places with high-risk air quality as climate change warps the housing market
▼ + stars: | 2024-02-12 | by ( Aruni Soni | ) www.businessinsider.com time to read: +1 min

Home prices are 65% higher in places with high-risk air quality as climate change warps the housing market, Redfin report says. The median sale price in a high-risk metro was $563,710 as of December, far above the $341,483 price in low-risk metros. Metro areas where air-quality risks are high are seeing median sale prices soar by 65%, according to a Redfin report published on Monday. That's a median price of $563,710 in high-risk areas as of December — far above the $341,483 median sale price in low-risk metros. Unsurprisingly, most of those high-risk areas are concentrated on the West Coast, an area that has recently been prone to disastrous wildfires.

Organizations: Service, Business Locations: West Coast, Metro, Los Angeles

☆ How millennials could give the suburbs a much-needed makeover
▼ + stars: | 2024-02-11 | by ( Eliza Relman | ) www.businessinsider.com time to read: +9 min

The suburbs are home to the vast majority of Americans, including millennials priced out of cities. AdvertisementThese days, the American suburbs are seeing something of a revival after a few decades of the back-to-the-city movement, in which mostly young people flocked to urban centers. The rise of remote work coupled with the soaring costs of urban housing has pulled, or pushed, lots of millennials and others to the suburbs and even far-flung exurbs. Exclusive, isolating, and inconvenient suburbsThe American suburbs have always been flawed in a host of ways. Kotkin says the American suburbs have “won the battle” with cities, reigning as the more economically and demographically dominant place.

Persons: —, ”, Andrew Justus, ” Justus, “ We’ve, Adie Tomer, Tomer, Joe Sohm, Joel Kotkin, Kotkin, “, ” Tomer, Tayana Panova, ” Panova Organizations: Service, Niskanen, Brookings Institution, MIT, Chapman University, National Review, metros Locations: American, it’s, Paoli , Indiana, America’s, Somerville , Massachusetts, Shaker Heights , Ohio, Orange , California, Bronxville, Westchester County, Woodlands, Texas, Houston, ”, walkable, Suburban

☆ Here's how much it costs to live in America's 10 most expensive cities
▼ + stars: | 2024-02-08 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Business Insider looked at the monthly costs for households with two adults and two children from the Economic Policy Institute's " Family Budget Calculator ." 1 — or the most expensive among the metros analyzed by EPI — based on its monthly total cost of around $15,000. With a monthly cost of over $3,000 for housing, based on the cost of a two-bedroom apartment, this was the largest monthly expense among the seven categories for this area. Childcare was the largest monthly expense among the seven categories for Nassau-Suffolk, New York, for instance. Below are the most expensive metros ranked based on the monthly total for two adults and two children according to EPI.

Persons: —, EPI, EPI —, San Francisco wasn't, Jerome Powell, Powell, Paige Connell Organizations: Service, Business, Affordable, Francisco, metros Locations: California, San, Stamford, Norwalk , Connecticut, Nassau, Suffolk , New York

☆ Single HENRYs are fleeing West Coast cities like San Francisco and Los Angeles for the Sunbelt, study finds
▼ + stars: | 2024-02-06 | by ( Eliza Relman | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

These movers are disproportionately higher-income, a new Bank of America report found. Las Vegas and Phoenix are the only Western cities Bank of America analyzed that had population increases compared to first quarter 2020. Housing costs are a major reason people are leaving West Coast cities for the Sunbelt. But many Sunbelt cities have more permissive land-use and zoning regulations than their coastal counterparts, meaning they're often better equipped to keep up with rising demand by building more homes. Both West Coast and Sunbelt cities that aggressively restrict housing construction will likely continue to face affordability crises.

Persons: — Organizations: Coasters, Bank of America, Service, Bank of, Jacksonville, Las, metros Locations: Southwestern, West Coast, San Francisco, Los Angeles, Las Vegas, Florida, Georgia, Texas, Austin, San Antonio, Francisco, Seattle, Portland, San Diego, Phoenix, Miami, Orlando, Tampa, South, West

☆ Severe winter weather dampens home sales, keeping prices high, Redfin says
▼ + stars: | 2024-01-25 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

Photographer:Severe winter weather is hindering home sales across the country, according to a Thursday report from real estate company Redfin . The median U.S. home-sale price has been steadily increasing, rising around 5% in the first four weeks of January, alongside asking prices, Redfin reported. While low inventory – down 4% year over year – and increased purchasing power have contributed to the high price tags, Redfin said winter weather has also factored into sluggish sales. Pending home sales are down more than 8% year over year, which Redfin reported as the biggest decline in four months. With potential homebuyers in areas facing severe winter weather staying home, that number has continued to climb.

Persons: Redfin, Christine Kooiker Organizations: National Association Of Realtors, Midwest, National Association of Realtors Locations: Geneseo , Illinois, U.S, California, Michigan, Redfin, Anaheim , California, New Brunswick , New Jersey, Miami , Florida

☆ America's Zoomtowns Face a Growing Housing, Traffic, Culture Crisis
▼ + stars: | 2024-01-24 | by ( Emily Cataneo | ) www.businessinsider.com time to read: +18 min

We're transitioning from a sleepy capital city into a midsize-to-major city," Jonathan Melton, a member of Raleigh's City Council, told me. The first wants to solve the problem of too little housing by, well, building more housing. But Melton and the YIMBYs' vision rankled some Raleigh residents who eventually started to push back on what they considered extreme pro-development policies. The new buses seem like a great idea, but as with all these changes, residents are worried that the route will have unintended consequences. It's worth noting, too, that most Raleigh residents, even those who oppose the current pace of development, point to some positives.

Persons: Raleigh, I've, Jonathan Melton, Zillow, Raleighites, We're, Frank Hielema, Hayes, Barton, Margie Case, Hayes Barton, Kesha Monk, Monk, who've, she'd, they'd, shudder, Adam Terando, Terando, Melton, that'll, Shaw, she's, Case, there's, There's Organizations: Raleigh's City Council, Council, Raleigh, Public, Shaw University, Raleigh City Council, New, Seaboard Station, Seaboard, City Council Locations: Raleigh , North Carolina, Southern, Wake County, Raleigh, Oaks, Raleigh's, Melton, Hayes Barton, Hayes, Hielema, Biltmore, New York, Los Angeles, San Francisco, Vermont, Austin, Cleveland, Scottsdale , Arizona, Wake, New Bern, downtown Raleigh, New York City, downtown that's

☆ 'Housing affordability is reshaping migration trends,' economist says. Here's where people are moving
▼ + stars: | 2024-01-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: 1 min

Homes in those consumers' new metros cost $7,500 less, on average, compared to the places they left. "Housing affordability has always mattered...and you're seeing it across the country," said Orphe Divounguy, a senior economist at Zillow. "Housing affordability is reshaping migration trends." More from Personal Finance:Gen Z, millennials are 'house hacking'Why can’t today’s young adults leave the nest? Blame high housing costsHow to vet HOAs when house hunting

Persons: Orphe Divounguy, Gen, HOAs Organizations: Van Lines, Finance

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