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☆ The housing market has never been this unaffordable for new buyers
▼ + stars: | 2023-06-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

New home buyers are facing the least affordable market ever, data from the Mortgage Bankers Association shows. A higher reading indicates declining borrower affordability conditions, due to either increasing loan amounts, rising mortgage rates, or a decrease in earnings. Meanwhile, the national median mortgage payment was $2,112 in April, up from $2,093 the prior month, per MBA data. As the Federal Reserve began raising interest rates in 2022, mortgage rates on 30-year fixed loans more than doubled from 3% to above 7%. As of now, with the Fed having made 10 consecutive rate hikes and the June meeting looming, mortgage rates are hovering just under 7%.

Persons: —, Edward Seiler, MBA's, Seiler, Goldman Sachs Organizations: Mortgage Bankers Association, Service, Privacy, Mortgage, Association, Mortgage Bankers, Federal Reserve, Baltimore Locations: Idaho, Nevada, Arizona, Florida, California, Louis, Detroit, Chicago

☆ The 10 best cities to become a homeowner, where houses are affordable relative to incomes and property values tend to go up
▼ + stars: | 2023-05-31 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

LendingTree identified the best and worst places for homeownership in the US. North Carolina, Tennessee, and Georgia metros top the best places to become a homeowner, it found. Read on for the top 10 cities and what it takes to live in those places. Mortgage marketplace LendingTree has just identified which large metros across the country are the best and worst places to purchase a home. The company analyzed data from the Census Bureau on homeownership rates, home value appreciation, household income, and more.

Persons: LendingTree, —, Jacob Channel Organizations: homeownership, Georgia metros, Service, West, Buyers, metros Locations: North Carolina , Tennessee, Georgia, Austin , Texas, Boise , Idaho, Phoenix, homeownership, Raleigh , North Carolina, Nashville , Tennessee, Jacksonville , Florida, Atlanta, East, West

☆ Gen Zers are skipping New York and LA and flocking to smaller cities with cheaper homes, great jobs, and lots to do
▼ + stars: | 2023-05-30 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +8 min

Alex Akmal and her partner, Alex, along Memorial Union Terrace on Lake Mendota. In the case of Gen Z, one move often begets another, according to one demographer. Gen Z bonds have been cemented even more because many young people are delaying marriage and having children, the center found. After her studies, she said she might move to Washington, D.C., an even larger Gen Z hangout with those offerings and more. Cities must evolve for the futureFor whatever reason they are coming to these cities, these Gen Zers are here to stay.

☆ Here are the fastest-growing and fastest-shrinking big US cities
▼ + stars: | 2023-05-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

That's according to population changes from July 1, 2021, to July 1, 2022, for metropolitan statistical areas. The Villages, Florida, was the fastest-growing metro, while Houma, Louisiana, was the fastest-shrinking metro. Insider analyzed population estimates from the Census Bureau for the 384 metropolitan statistical areas in the US. The metro area of Dallas experienced the largest numerical population increase per the press release. Two other metro areas in Louisiana were among the 10 fastest-shrinking metros.

☆ These are the top 3 cities for new grads to launch their lives and careers: 'I can afford the house I want and the life I want'
▼ + stars: | 2023-05-15 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +9 min

1 best metro area for new grads in 2023 is the area surrounding Lubbock, Texas. Data is one thing, but what is it actually like to be a young person living in these areas? "Other cities did great in one or two areas max, but Lubbock offers the whole package," DeJohn says. Many of the clients Douglas works with are young homebuyers around her age and just out of college or grad school. "Here, I know I can afford the house I want and the life I want," she adds.

In midsized metros Metros with 250,000 to one million residents. An Emerging Divide Mobility has risen for college-educated workers, even as it has fallen for workers without a degree. College-educated workers leaving the most expensive parts of the country are also not spreading out equally everywhere — or even going to parts of the country that are struggling. Net migration among college graduates Loss Gain Among the 12 most expensive metros, net college migration has generally declined or turned negative. “Consumer cities,” as she puts it, are increasingly replacing “producer cities” as the places where college graduates want to live.

☆ The 10 big cities where young people are getting hired like crazy, and what your new income will buy you
▼ + stars: | 2023-05-11 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Amid graduation season, Gusto analyzed city data to see where young job seekers can get the biggest value. It ranked adjusted salaries for big cities that had the highest hiring rates for full-time young workers. 1, while New York City ranked No. To do this, Gusto looked at the 50 largest metro areas and what full-time hiring rates look like for young workers, including both college grads and non-grads. The following are large cities with high full-time hiring rates for young workers where the class of 2023 and young job seekers can get the biggest bang for their buck, per Gusto's analysis.

Choosing whether to rent or buy has never been a simple decision — and this ever-changing housing market isn't making it any easier. With surging mortgage rates, record rents and home prices, a potential economic downturn and other lifestyle considerations, there's so much to factor in. "This is an extraordinarily unique market because of the pandemic and because there was such a run on housing so you have home prices very high, you also have rent prices very high," said Diana Olick, senior climate and real estate correspondent for CNBC. In December 2022, it was more cost-effective to rent than buy in 45 of those metros, the real estate site found. In the top 10 metro regions that favored renting, monthly starter homeownership costs were an average of $1,920 higher than rents.

☆ A housing economist shares the top 5 markets with the highest risk of price declines, plus where mortgage rates could be by year-end
▼ + stars: | 2023-04-26 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Mortgage rates are expected to be in the high fives by year-end, says Selma Hepp. Five US metros including Salt Lake City and Boise are highly vulnerable to price declines. It is a rough time for the real-estate market as mortgage rates remain volatile. Although mortgage rates are difficult to predict, Hepp says they could be in the high fives or about 5.8% by year-end. Below is a list of the markets with the highest risk of price declines, according to CoreLogic data.

☆ Gen Zers are taking over college cities — after they graduate
▼ + stars: | 2023-04-26 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +7 min

Gen Z is moving in droves to college towns after they get their degree. Alex Akmal and her partner, Alex, along Memorial Union Terrace on Lake Mendota. Gen Z bonds have been cemented even more because many young people are delaying marriage and having children, the center found. After her studies, she said she might move to Washington, D.C., an even larger Gen Z hangout with those offerings and more. For whatever reason they are coming to these cities, these Gen Zers are here to stay.

☆ Viral TikTok shows a Target San Francisco store going to extreme measures to deter shoplifters, with an entire aisle locked up
▼ + stars: | 2023-04-25 | by ( Dominick Reuter | Ben Tobin | ) www.businessinsider.com time to read: +4 min

A TikTok video showing an aisle of items including toothpaste and razors under lock and key has gone viral. News outlets cited it as further evidence of "a shoplifting crisis that has crippled retailers" in San Francisco. A recent study found low-cost items in the health and beauty section are a top target for retail thieves. The new TikTok video only shows one aisle and the rear of the store, and a Target spokesperson told Fox News that other aisles were not so heavily protected. "We're taking proactive measures to keep our teams and guests safe while deterring and preventing theft," a Target spokesperson said in a statement to Insider.

☆ Home Maintenance Inflation Is Real
▼ + stars: | 2023-04-20 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

Unfortunately for homeowners, the cost of maintenance is going up. The costs were reported directly by consumers or service professionals and were limited in the study to maintenance work, such as repairs to appliances and HVAC systems, landscaping and window washing. Nationally, the average annual maintenance cost of single-family homes during the first quarter of 2023 was $6,409, up about 9 percent year over year. Townhouse costs rose about 4 percent and condo costs rose less than 2 percent. Price drops near the other end of the spectrum were found in Columbus, Ohio, where the annual maintenance cost fell 16 percent, to $4,783, and in Greenville, S.C., where it fell 10 percent, to $5,353.

☆ The 10 major US cities with the lowest property taxes — and how much typical homeowners can expect to pay in each one
▼ + stars: | 2023-04-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

LendingTree found how much homeowners pay for property taxes in 50 of the nation's largest cities. Insider broke out the 10 US metropolitan areas with the lowest property taxes. Take Birmingham, Alabama, for example, where homeowners pay the lowest property taxes on the list of an average of $995 a year. That's a staggering $8,096 cheaper than the property taxes of those living in New York. However, just because the South has relatively low property taxes now doesn't mean it will remain that way.

☆ This California city is the most popular with millennial homebuyers in the U.S.
▼ + stars: | 2023-03-30 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

San Jose, California is perfectly placed for millennials since it's close to San Francisco and Silicon Valley. 10 most popular U.S. cities for millennial homebuyersSan Jose, Calif. Denver, Colo. Boston, Mass. Seattle, Wash. Austin, Texas San Francisco, Calif. New York, N.Y. San Diego, Calif. Los Angeles, Calif. Washington, D.C. In San Jose, which topped the list, 63.57% of mortgages were offered to millennials. San Jose is ideally placed for millennials since it's close to San Francisco and Silicon Valley.

☆ The Best Places to Buy a House on a Budget
▼ + stars: | 2023-03-30 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

First-time home buyers around the country are struggling to amass a down payment in this high-inflation economy. For those who work remotely or are open to relocating, a recent study by Rocket Homes can help find a new locale. To arrive at the 10 best metros for these buyers, researchers compared home prices, mortgage payments, income and sales taxes, unemployment and crime rates, the health of residents and climate hazards. Thirty-year fixed-rate mortgages and 20 percent down payments with an interest rate of 6.5 percent were factored into the calculations. Pittsburgh came in seventh, thanks in large part to the health of its residents.

☆ These are the 10 top cities Americans are looking to move to, according to a report — and of them 5 are in Florida
▼ + stars: | 2023-03-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Florida dominates the list of US cities that Americans want to relocate to, according to Redfin. Four other Florida cities, including Tampa and Orlando, made the top ten. Miami was the most popular destination for Americans looking at property listings in a different metro area to where they currently lived, the report said. Four other Florida cities – Tampa, Orlando, Cape Coral, and North Port-Sarasota – also made it to the top ten. The top ten destinations for Americans looking to relocate outside their metro area, according to Redfin, are:Miami, Florida Phoenix, Arizona Las Vegas, Nevada Sacramento, California Tampa, Florida Orlando, Florida Cape Coral, Florida, Dallas, Texas North Port-Sarasota, Florida Houston, TexasSome people, however, are bucking the trend by moving out of the Sunshine State.

☆ Housing market in tech hubs cooling faster than other parts of US - report
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

March 27 (Reuters) - Housing markets in tech hubs are cooling more rapidly than other parts of the United States amid a wave of layoffs in the technology sector and elevated mortgage rates, according to real estate broker Redfin Corp's (RDFN.O) report on Monday. Seattle, San Jose, Austin and Phoenix are among metros that have been affected the most as high mortgage rates, turmoil in the tech sector and unavailability of homes deter buyers, the report stated. Redfin agents report that uncertainty around the stability of the banking and tech industries is exacerbating nerves in some buyers and sellers. The New York metro area is likely to feel the impact of banking turmoil as many of its residents work in the financial sector, according to the report. "Banking instability could dampen homebuying demand in the area as finance workers worry about their industry," the report added.

☆ Gen Z Investing in Real Estate, Buying Homes Early, Learning From Millennials' Mistakes
▼ + stars: | 2023-03-21 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

Unlike millennials before them, Gen Zers have grown up during a boom in home prices. In a 2020 survey by Gen Z Planet, a research and advisory firm, 87% of Gen Z respondents said they wanted to own a home in the future, while just 63% of millennial respondents said the same. The survey suggested that 68% of Gen Zers viewed homeownership as a way to build wealth, compared with 60% of millennials. But the ranks of Gen Z homeowners will almost certainly grow in the coming years as they scale corporate ladders and amass savings. All this new technology and information is fueling the real-estate-mogul dreams of ambitious Gen Z investors.

☆ The 10 US cities where it's hardest to build affordable housing
▼ + stars: | 2023-03-21 | by ( Eliza Relman | Madison Hoff | ) www.businessinsider.com time to read: +3 min

Restrictive zoning, often originally designed to exclude people of color, persists in metros across the US. Restrictive zoning policies are a major obstacle to building more housing, particularly affordable housing for lower and middle-income Americans, amid a national housing shortage. But restrictive zoning isn't limited to major coastal cities. And it prevents neighborhoods from becoming more dense, worsening the national housing shortage and limiting the supply of much-needed affordable housing. Multi-family homes, apartment buildings, and other more affordable housing are illegal to build in vast swaths of the nation's residential neighborhoods.

☆ Why Everyone Is Moving to Florida: Jobs, Economy, Cost of Living, Taxes
▼ + stars: | 2023-03-09 | by ( Emil Skandul | ) www.businessinsider.com time to read: +12 min

For other states to compete, they will need to pay attention to what Florida is doing right. Floridians pay no income tax and fewer taxes overall than people in states like New York, California, or Massachusetts. But a low tax rate isn't the only thing people care about. Despite having a budget half the size of New York's and a larger population, Florida, by many metrics, is able to do significantly more with the taxes it collects. Florida is also outshining New York and other major population centers in tackling the soaring cost of housing.

☆ The 'office apocalypse' won't doom big cities — it's actually making them stronger
▼ + stars: | 2023-03-02 | by ( Matthew E. Kahn | Christopher Okada | ) www.businessinsider.com time to read: +12 min

In San Francisco, tax revenue is projected to drop by as much as a billion dollars over the next six years. In order to bring in these new residents, cities will have to shift some of their priorities. Research coauthored by Steven Levitt of "Freakonomics" found that increases in violent and property crimes were correlated with city residents migrating to the suburbs. All is not lostThere's little doubt that superstar cities like New York and San Francisco have serious problems on their hands. Christopher Okada is the CEO of Okada & Company, a full-service commercial real estate brokerage and investment company in New York City.

☆ American workers aren't returning to the office like their international counterparts—here's why
▼ + stars: | 2023-03-02 | by ( Jennifer Liu | ) www.cnbc.com time to read: +1 min

Workers around the world throughout Europe and Asia are going back to the office while U.S. employees are still working from home. Meanwhile, office attendance has returned to 70% to 90% in Europe and the Middle East, and around 80% to 110% in some Asian cities, meaning some workers are spending more time in the office now than pre-Covid. In particular, several global cities steadily reached at least 75% office occupancy throughout 2021 and 2022, according to JLL data, including Tokyo, Seoul, Singapore, Paris and Stockholm. Average office attendance in 10 major U.S. metros only recently reached 50% for the first time since the pandemic hit, based on data from Kastle Systems. Here are three big reasons why American workers aren't returning to the office while their global counterparts are:

☆ Boomers Greed Ruined Economy for Gen Z, Millennials
▼ + stars: | 2023-03-01 | by ( Alex Yablon | ) www.businessinsider.com time to read: +14 min

The boomers' economy is brittle, stingy, and built on undersupply. While inflation may be cooling a bit, future prosperity for millennials, Gen Zers, and beyond depends on reversing this economywide bottleneck created by boomers. Boomers shrank the labor force they need nowThe baby boomers ensured the labor market of the generations after them would be inadequate in a few major ways. The boomer ethos on housing, which views homes not as places to live but as financial assets, is mirrored in the rest of the economy boomers made. They make loans, investment, and housing more expensive — putting the economy on a diet instead of growing the pie.

☆ These high school sweethearts have visited 112 countries. Here's how they pay for it on a budget
▼ + stars: | 2023-02-24 | by ( Audrey Wan | Chris Dwyer | ) www.cnbc.com time to read: +8 min

Hudson and Emily Crider have visited 112 countries, but their journey together began long before that. Hudson and Emily Crider in high school. Hudson and Emily Crider on a safari in Kenya, Africa. Hudson and Emily Crider camping during their self-drive safari in the Serengeti in Tanzania. Hudson and Emily Crider

☆ Home prices could drop 10% 'in many places' this year, said a 50-year real-estate veteran who's witnessed many booms and busts
▼ + stars: | 2023-02-24 | by ( Aj Latrace | ) www.businessinsider.com time to read: +3 min

One real-estate veteran sees the housing market cooling down further after a multiyear bull run. As prices fall, he added, there will also likely be a mass exodus of real-estate agents. For instance, San Francisco, San Jose, Seattle, and Phoenix have all seen their median home prices decline by 10% or higher since the housing market peaked last year. Liniger, who in 1973 established ReMax, which now has 140,000 real-estate agents in 110 countries, has witnessed numerous economic peaks and valleys over his 50-year career in real estate. Real-estate agents may flee the industryHowever, the housing bust of 2008 led to severe attrition of real-estate agents, and that exodus from the industry could be repeated this time around, Liniger said.

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