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☆ $1 million homes are now 'typical' in a record number of U.S. cities, analysis finds. Here’s where they are
▼ + stars: | 2024-04-09 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

In February, the country had 550 "million-dollar" cities, or areas where the "typical" home value is $1 million or more, according to a new analysis by Zillow. That is a gain of 59 cities from 2023, and edges out the previous record of 522 such cities when home values peaked in 2022. Some places have lost 'million-dollar city' statusCalifornia has the most million-dollar cities, with 210. Even though there are more million-dollar cities this year, the record amount is connected to how the lock-in effect is affecting an area's supply, according to Olsen. "In those places where we've lost million-dollar cities … they're not as locked in, and they have a lot more of that new construction that helps that picture, too," she said.

Persons: Jon Lovette, Skylar Olsen, Zillow, Olsen, we've Organizations: Colorado — Locations: U.S, California, — New York , New Jersey , Florida , Massachusetts, Colorado

☆ 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

☆ As new vehicles become more like computers, what car shoppers need to know about protecting their data
▼ + stars: | 2024-03-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

New cars today are loaded with high-tech features for car shoppers, from their own operating systems to navigation and remote unlock. Almost every new vehicle collects different types of details about you — and they will share and sell that data, according to a September report by Mozilla, a data privacy advocate, which looked at the privacy practices of 25 different car brands. Only two car brands currently allow users to delete their personal data, Mozilla found: Renault and Dacia. "This is still kind of the 'Wild, Wild West' of data collection and aggregation," said Theresa Payton, the founder, president and chief executive officer of Fortalice Solutions, a cybersecurity advisory firm. While it remains to be difficult to do your own research, there are three steps car shoppers can take as they assess potential new cars, experts say.

Persons: Ivan Drury, Theresa Payton, Tom McParland, Said Drury Organizations: Mozilla, Finance, Renault, Dacia, Fortalice Solutions, Automatch Consulting Locations: Edmunds, West

☆ Rents across the U.S. grew for the first time in 6 months — only Arizona saw price drops in every metro
▼ + stars: | 2024-03-28 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Rent prices for one- and two-bedroom apartments grew in March for the first time in six months. The monthly cost for a one-bedroom apartment across the U.S. bumped up to $1,487, a 0.3% increase from February. The price of a typical two-bedroom apartment also jumped 0.5% to $1,847, according to a new report by Zumper, a real estate data site. For example, the rent price for a one-bedroom apartment in Baltimore, Maryland, is $1,390, down 0.7% from a year ago, per Zumper. "As we get closer and closer to summer, we start to see rent prices increase in more places."

Persons: Zumper, Crystal Chen, Jacob Channel, Susan M Organizations: Zumper, Finance, The Wharton School, University of Pennsylvania Locations: U.S, Baltimore , Maryland, Zumper . Arizona

☆ Home price growth is back at pre-pandemic levels. Here's what that means for buyers and sellers
▼ + stars: | 2024-03-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

"We're back to that trend, despite these higher mortgage rates," she said. However, the market today is vastly different from the market two to eight years ago, experts say. The average home is still unaffordable for most potential buyers while inventory has slightly improved but not enough to meet demand. "The sentiment we're getting from our agents is that neither sellers nor buyers are satisfied with this market," Fairweather said. And buyers are disappointed in rising prices and rising mortgage rates."

Persons: Daryl Fairweather, Matthew Walsh, It's, Fairweather, Sellers Organizations: Finance, Moody's Locations: U.S

☆ What a $418 million settlement on home-sale commissions may mean for you
▼ + stars: | 2024-03-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

As proposed, the settlement would have the NAR completely remove commissions from its MLS system by July. watch nowIn the meantime, it's "business as usual" for buyers and sellers, Cobreiro said. What the settlement could mean for homebuyersThe settlement agreement doesn't say that the buyer's agent will not be paid nor that the buyer's agent cannot charge fees. While commission fees are negotiable between involved parties, knowing what cards you have on the table as a homebuyer will be more important now than before. As a result of the settlement, the seller will no longer be responsible for commission fees for a buyer's agent.

Persons: Cobreiro, Cobriero, Amanda Pendleton Organizations: MLS, Zillow, Federal Reserve

☆ Home prices rose 2.4 times faster than inflation since 1960s, study finds. What that means for homebuyers
▼ + stars: | 2024-03-19 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

"When demand for other consumer products comes up, or when it increases, it's usually not too hard for people to scale up supply," Brannon said. Moreover, the current housing affordability makes 64.2% of owners and renters have negative feelings about the economy, Redfin found. In fact, affordable housing is a pressing topic for both liberal and conservative voters: the topic is ranked as No. 1 for liberals while it's No.3 for conservatives, according to a separate survey by The Real Estate Witch. To address the issue, President Biden announced in early March as part of his budget for fiscal 2025, a plan to cut housing costs, boost supply and expand access to affordable housing.

Persons: Brannon, Kirabo Jackson, Qualtrics, Redfin, it's, doesn't, Brennon, Biden Organizations: Westend61, U.S . Census, White House Council, Economic Advisers, CNBC Locations: U.S

☆ The best time to sell your home — in 2023, listings in this period sold for $7,700 more, research finds
▼ + stars: | 2024-03-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Spring, the season when home buying and selling activity kicks off, is around the corner. Available housing supply is already rebounding: The number of new listings jumped 14.8% from a year ago, the largest annual gain since May 2021, according to new data from Redfin, a real estate site. Buyers are typically looking to land a new home before their children's new school year while a seller's house benefits from the fresh flowers and renewed greenery post-winter. In 2023, homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home, according to a new Zillow analysis. "We've learned that real estate cycles don't always happen [at this] time of year," said Melissa Cohn, regional vice president at William Raveis Mortgage.

Persons: Amanda Pendleton, We've, Melissa Cohn Organizations: Zillow, Finance, William, Mortgage Locations: Redfin, U.S

☆ Renters face a competitive spring market: What to know about 3 kinds of properties you may see
▼ + stars: | 2024-03-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"In a condo or co-op building, upfront costs and fees are determined at the building level and they can vary significantly," Romero said. To compare, for a typical rental building, according to New York state law, the application fee is capped at $20, and the security deposit is limited to one month's rent, Romero said. Rhode Island has a new state law that prohibits landlords, rental agents and property managers from charging application fees to rental applicants beyond the actual cost of conducting certain background checks if needed. What to know about renting a condo or co-opTo be sure: condos and co-op properties are primarily targeted to people who want to buy. If you come across condos or co-ops in your rental search, here are a few things to consider: 1.

Persons: " Romero, Romero, Frank Dong Organizations: Getty, Rhode, Ruby Locations: New York, . Wisconsin

☆ What kind of 'Barbie' are you? Here are the Barbieland jobs that most real-life women hold, according to government data
▼ + stars: | 2024-03-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

In the "Barbie" movie, the narrator says, "Barbie has a great day every day." As women's participation in the labor force has increased over the years, the group continues to face hurdles along the way. "We have the tightest labor market for women in the past 20-something years," Bustamante said. "As the labor market gets tighter and tighter and tighter, women's employment rises faster than men's," Pollak said. "To think of just the scale of construction employment and women are still such a marginal piece of that sector," he said.

Persons: Margot Robbie, Barbie, Julia Pollak, R, Bustamante, Pollak, " Pollak Organizations: Mattel, Warner Bros, U.S . Bureau of Labor Statistics, Roosevelt Institute, Census, National Women's Law, Warner Brothers Pictures Locations: New York, U.S

☆ Homebuyers need to earn 80% more than in 2020 to afford a house in this market. It's not just due to high mortgage rates
▼ + stars: | 2024-03-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Factors beyond high mortgage rates are affecting housing affordability for many Americans, according to experts. Almost four years ago, a household earning $59,000 annually could afford a new mortgage without spending more than 30% of their monthly income and with a 10% down payment, according to a recent report by Zillow Group. While the typical household in 2024 makes about $81,000 a year, up from $66,000 in 2020, wages have not kept up with housing costs. "Since January of 2020, the typical mortgage payment on the typical home in the U.S. has nearly doubled," said Orphe Divounguy, a senior economist at Zillow. Nowadays, potential homebuyers need to make about $106,500 a year in order to afford the typical home today, an 80% increase from January 2020, according to Zillow.

Persons: Orphe Divounguy, Kirabo Jackson, Jackson Organizations: Zillow Group, Finance, White House Council, Economic Advisers Locations: U.S, Zillow

In each case, substitute materials were used to make furniture that was less expensive but also less durable than the solid wood pieces that previous generations bought. "In the 1980s, you could buy a sofa for $399. You could probably still buy a sofa for $399," Koehler said. But choosing a more expensive piece isn't necessarily a guarantee of better quality, Koehler said. You can also check the furniture description to see whether it is made from solid wood or particle board under a veneer.

Persons: CoCo Ree Lemery, Lemery, Mark Schumacher, Koehler Organizations: Purdue University, Home, CNBC, telltale

☆ 'A budget is a picture of what your money is doing,' The Budgetnista says. Here's where to start
▼ + stars: | 2024-03-03 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Karan Kapoor | The Image Bank | Getty ImagesHaving a strong budget can help you build financial wellness. "A budget is a picture of what your money is doing," Tiffany Aliche, also known as The Budgetnista, told CNBC during a Women & Wealth livestream. You have to understand what your money is doing," said Aliche, a personal financial educator and author of "Get Good with Money." Make a list of expenses: The first thing to do is write a list of all the things you spend money on within a given month, said Aliche. It can also help to list out expenses you don't pay every month, such as annual memberships or quarterly taxes.

Persons: Karan Kapoor, Tiffany Aliche, Sophia Bera Daigle, who's Organizations: Bank, Getty, CNBC, Wealth, Gen, CNBC Financial Locations: Austin , Texas

Customers look at appliances for sale at a Best Buy store in Miami, Florida, Oct. 8, 2021. However, the machine broke for the same reason again a few months later, and then again shortly after that. After the mechanic's third visit, Rathner said he told her, "You need to stop calling me and just buy a new dryer. watch nowHomeowners spend about 34% more on appliances than they did 15 years ago, "above and beyond inflation," Tomalak said. "Homeowners are purchasing appliances with more bells and whistles, but which become obsolete sooner and have more aspects to repair versus appliances years ago," he said.

Persons: Joe Raedle, Sara Rathner didn't, Rathner, Todd Tomalak, Tomalak, Brian Laung Aoaeh, Aoaeh Organizations: Getty, Finance, Zonda Media, Refashiond Ventures Locations: Miami , Florida, Richmond , Virginia, New York

☆ 36% of homebuyers and sellers don’t know they can negotiate real estate agent fees. Here’s how to do it
▼ + stars: | 2024-02-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

In this article TREE Follow your favorite stocks CREATE FREE ACCOUNTFuse | Corbis | Getty ImagesHow real estate agent commissions workIn 2023, the average commission was 5.37%, LendingTree found. Yet 48% of homebuyers and sellers didn't know how much their agent received in commission for their latest home transaction, according to LendingTree. "[Real estate agents] are doing a lot of work behind the scenes that isn't necessarily [or] immediately apparent to sellers and buyers," he said. How to negotiate real estate agent feesWhile real estate agents must be upfront with their fees, buyers and sellers should make sure to ask questions about what they are charging and why. If you're working with a dual agent, or a real estate agent who's representing both the buyer and seller, you might point out to them that they don't have to split the commission with anyone.

Persons: LendingTree Organizations: Federal Reserve, National Association of Realtors . Technology, Antitrust

You get tax forms such as W-2s and 1099s from employers and financial institutions each year. "It's the [IRS] matching software that's the biggest, most consistent problem for taxpayers," said Bill Smith, national director of tax technical services at financial services firm CBIZ MHM. Since the IRS already has a copy of your tax forms, its software can easily flag missing forms, Smith explained. When to expect tax formsWhile many tax forms must be sent by Jan. 31, others won't arrive until mid-February or beyond. While most taxpayers will receive forms from their employers or financial institutions, some may not, especially for small amounts.

Persons: Bill Smith, CBIZ, Smith, Henry Grzes, Tom O'Saben, Jan, " Smith, O'Saben Organizations: IRS, American Institute of CPAs, National Association of Tax, NEC, SA

☆ Aspiring homeowners say they face two major obstacles to buying. Here's why 20% say it'll 'never' happen
▼ + stars: | 2024-02-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

With various factors keeping homeownership out of reach for Americans, many aspiring homeowners are pessimistic, doubting they ever achieve that goal. Would-be buyers point to two major obstacles holding them back, according to a new Bankrate report. About half, 51%, point to a high cost of living, and 54% say they have insufficient income given where home prices are now. The site polled 2,267 U.S. adults, 864 of whom are aspiring homeowners, in late January. Meanwhile, 30% said it could take at least five years while 10% said it could take them a decade or longer.

Persons: Bankrate, homebuyers, Mark Hamrick, Hamrick Organizations: Finance

☆ 'If your parents are homeowners, you're more likely to be a homeowner,' housing expert says. Here's why
▼ + stars: | 2024-02-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

If a parent is a homeowner, they are more likely to assist with their kid's down payment, she said. But it's harder for those with parents who are not homeowners: "Renter households are often precluded from bringing more people into their home. Having homeowner parents is 'like a 5 percentage point bonus'Young adults with homeowner parents are more likely to become homeowners themselves because they can obtain more information about the mortgage application process directly from their parents, the Urban Institute found. "Because the parents are so knowledgeable about homeownership, they're more likely to encourage their kids to do it and show them how to do it," Myers said. "It's like a 5 percentage point bonus by having parents who are homeowners."

Persons: Skylar Olsen, Myers, that's, Zers, Intuit Credit Karma, Wachter Organizations: Digitalvision, Getty, National Association of Realtors, Urban Institute, Intuit Credit Locations: Washington ,

☆ With mortgage rates remaining high, renting is less expensive than buying
▼ + stars: | 2024-02-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

watch nowThe costs of owning a home can be more stable compared to rent prices. Yet, the upfront cost of a down payment is high for most Americans, Wachter said. Mortgage rates also remain high for potential homebuyers, spiking back to 7.06% from 6.87%. The interest rate affects the monthly cost of a home, which can make or break affordability for a homebuyer. Rent prices are also expensive

Persons: Wachter Organizations: Getty Locations: U.S

☆ 52% of Black Americans say homeownership is a mark of success, report finds. But it can conflict with other goals
▼ + stars: | 2024-02-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty Images'Homeownership has a lot more expenses than renting'"Homeownership has a lot more expenses than renting: taxes, insurance, maintenance, down payment. All these factors need to be considered," said Cherry, a member of CNBC's Financial Advisor Council. "Understand what it is to be a homeowner and how things work," said Elliott, also a member of CNBC's Financial Advisor Council. "The cost of homeownership versus renting has been made [it] daunting to become a homeowner. "At the end of the day, what good is being a homeowner when you can't provide basic necessities for yourself and your loved ones?"

Persons: Cherry, Kamila Elliott, Elliott, Susan M, Wachter, Preston D, Jacob Channel Organizations: Digitalvision, Getty, CNBC's, CFP, Wealth Partners, CNBC, Council, The Wharton School, University of Pennsylvania, Cherry Locations: Atlanta, U.S

☆ More Black women are becoming homeowners — it doesn’t mean it's easier, economist says
▼ + stars: | 2024-02-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Black women are outpacing Black men when it comes homebuying. Single female homebuyers are most common among Black women, representing 27% of Black homebuyers, according to the 2023 Snapshot of Race and Home Buying in America report by the National Association of Realtors. More from Personal Finance:Rental markets are cooling, but it 'doesn't mean they're falling'What renters need to know to make rent count for credit'Housing affordability is reshaping migration trends,' economist saysBut single Black women buyers still face plenty of challenges. "There are instances where Black people are buying homes, Black women are buying homes. That doesn't mean that it's easy for them and that doesn't mean that it's not being made unnecessarily difficult by certain societal hurdles that stand in the way, that should not exist," said Jacob Channel, a senior economist at LendingTree.

Persons: Realtor.com, Jacob Channel Organizations: National Association of Realtors, Finance Locations: America

☆ 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

☆ Renters are most exposed to climate hazards in these two states, a Harvard study finds
▼ + stars: | 2024-02-12 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Jodi Jacobson | E+ | Getty ImagesMore than 18 million rental units are located in areas exposed to extreme weather hazards, according to the American Rental Housing Report from Harvard University's Joint Center for Housing Studies. While most states have at least one "high-risk" county with 2,000 or more rental units, many are concentrated in California and Florida. How many rentals are at risk in California and FloridaHarvard researchers found the number of rental units exposed to climate hazards in the U.S. by combining an area's risk of economic loss from natural disasters with the number of rental units in those areas, Wedeen said. Florida, for example, has many rental units as well as census tracts, or neighborhoods, that FEMA identified as having at least moderate risk, Wedeen said. Florida has 2.4 million rental units at risk, or about 89% of its rental stock, according to the Harvard study.

Persons: Jodi Jacobson, Sophia Wedeen, Wedeen Organizations: American, Harvard University's, for Housing Studies, Federal Emergency Management, Survey, Joint Center for Housing Studies, Florida Harvard, FEMA, Finance, Harvard Locations: California, Florida, Harvard, U.S

☆ Gen Z couples are more likely than older generations to keep finances separate. Here's why
▼ + stars: | 2024-02-08 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Deciding to combine your finances with your significant other can be a big step in the relationship. Nearly 2 in 5 couples, or 39%, of couples who live together completely combine their finances, whether they're married or not, according to a new report by Bankrate. Gen Z adults, or those between the ages 18 to 27, are the most likely to keep their finances completely separate from their significant other, with 38%. By contrast, baby boomers, or adults age 60 to 78, are the most likely generation to fully combine their finances with their spouse or partner, at 44%. Almost half, or 46%, of people who are in relationships keep their finances separate to avoid losing their financial independence, according to a recent survey from the financial services company.

Persons: they're, Gen, Bankrate, Will, Lindsay Bryan, Podvin, Bryan Organizations: Bankrate, Finance, Bread

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