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☆ Should adults be financially independent by 21? Boomers think so, but Gen Z disagrees.
▼ + stars: | 2023-04-10 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Baby boomers and Gen Z kids are divided on what age adults should start paying their own bills. 68% of US parents are sacrificing savings to financially support their adult kids, Bankrate found. Part of the reason could be that parents are sick of sacrificing their hard-earned cash to financially support their adult kids. The study found that 68% of parents have made a "financial sacrifice" to help their adult kids with their finances. As a result, adult children may find it harder to achieve financial independence.

☆ More millennials now own their own home than rent one, leaving Gen Z the only group where most still have a landlord
▼ + stars: | 2023-04-02 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

More millennials now own their own home than rent one, according to RentCafe analysis. Gen Z is now the only group with more people renters than property owners, per RentCafe. They come after Gen X and before Gen Z, or those born between 1996 and 2012. Gen Z, however, is still renting, accounting for about 5.6 million households, or almost three-quarters of the cohort. Home ownership in the US remains dominated by Boomers – those born from 1946 to 1964 – with 32.1 million owners, followed by Gen X with 24.4 million home owners.

☆ San Francisco, New York, and LA top the list of cities Americans are flocking away from, according to a report
▼ + stars: | 2023-04-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

San Francisco, New York, and Los Angeles are the top cities Americans want to leave, according to Redfin. New York City, which comes in second place on Redfin's list, is the US' most populous city, with around 8.5 million residents in July 2021, per US Census Bureau estimates. The country's next biggest cities are Los Angeles, with an estimated population of 3.8 million, and Chicago, at 2.7 million, per US Census Bureau data. For people considering leaving New York City, Miami was the most popular city, while for Los Angeles this was Las Vegas. The list of cities Americans are looking to leave is more diverse, with nine states featured.

☆ 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.

☆ Wharton professor Jeremy Siegel warns the recession threat is growing - and stocks could struggle in the days ahead
▼ + stars: | 2023-03-28 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Jeremy Siegel sees a rising risk of recession and a downbeat outlook for stocks. The retired Wharton finance professor expects the Fed to cut interest rates later this year. "The risk of recession has increased clearly," the retired Wharton finance professor warned in his weekly commentary for WisdomTree, published on Monday. Moreover, Siegel warned the Fed may be overlooking the potential fallout from the current pressure on banks, fueled by a trio of lenders folding up in recent weeks. "Equities will likely struggle with recession risk rising and an overly tight Federal Reserve."

☆ US home prices fell in January for the seventh-straight month
▼ + stars: | 2023-03-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US home prices fell for the seventh month in a row in January, even as mortgage rates eased, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. Miami had a year-over-year price increase of 13.8%, followed by Tampa with a 10.5% increase and Atlanta with an 8.4% increase. That battle has caused mortgage rates to spike over the past year, resulting in many home buyers being priced out of purchasing a home. Mortgage rates are expected to be volatile for as long as the Fed has to work to pull back runaway inflation. “Just how much prices will rise from winter lows will depend on whether mortgage rates stabilize and creep downward or stay high and volatile.”

☆ This 40-year veteran lawmaker shows top Democrats one eye-popping chart revealing her party's problem winning over the working class
▼ + stars: | 2023-03-27 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

She made a chart showing Democrats overwhelmingly represent the wealthiest congressional districts. Kaptur, the longest-serving female member of Congress in American history, has represented a Toledo-era House district since 1983. "You could question yourself and say, well, the blue districts are the wealthiest districts, so it shows that the Democrats are doing better to lift people's incomes," said Kaptur. By contrast, many other well-known Democrats represent higher-earning districts. According to her, Democrats ranging from House Minority Leader Hakeem Jeffries down to rank-and-file lawmakers are often taken aback by the visual.

☆ The 20 most diverse places to live in America are also some of the most expensive
▼ + stars: | 2023-03-27 | by ( Yoonji Han | ) www.businessinsider.com time to read: +1 min

Every year, Niche releases a list of the best places to live in America. The most diverse places to live in the US are also among the most expensive, often with higher costs of living. All of the top 20 most diverse places to live in America, which include neighborhoods, suburbs, and cities, are located along the coasts. By comparison, the national median household income is $69,021, and the national median rent is $1,163. Keep reading to discover the 20 most diverse places to live in America, along with their relative costs of living.

Lisa Andrea launched a financial blog in 2021 and consistently books $8,000 in monthly revenue. Andrea outlines 9 of the easiest ways to earn passive income, including resale and blogging. She took her experience building passive income streams and teaching herself the fundamentals of financial literacy to launch the financial-advice blog The Financial Cookbook in February 2021. Andrea shared her own financial strategy, including the nine methods of passive income she encourages everyone to try. Julia CheskyAndrea said companies typically contact her about brand partnerships, but she encourages other entrepreneurs to be more proactive when looking for passive income avenues.

☆ New home sales rose for the third month in a row
▼ + stars: | 2023-03-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —New home sales rose in February, climbing for the third month in a row as mortgage rates eased off their highs of the past year and buyers looked to new construction amid historically low inventory of existing homes for sale. Sales of new single‐family houses were at a seasonally adjusted annual rate of 640,000, up from a revised 633,000 in January. In a bit of a setback for buyers, prices of new homes rose from January. The median price for a new home rose to $438,200 in February, up from $427,500 the previous month. This is a supply of 8.2 months at the current sales rate.

☆ Restaurants and hotels are driving US job economy. Here are thousands of open roles as the hospitality sector offsets steep staffing cuts in big tech.
▼ + stars: | 2023-03-14 | by ( Danni Santana | Nancy Luna | ) www.businessinsider.com time to read: +4 min

The leisure and hospitality sector continues to drive US job gains, the Labor Department said. Still, the US Travel Association estimates about 2 million open roles in leisure and hospitality. The leisure and hospitality sector encompasses restaurants, hotels, arts, entertainment such as theme parks, and other tourism-oriented businesses. Overall, the US Travel Association estimates about 2 million open roles remain unfilled in leisure and hospitality. Here's a look at who is hiring in restaurants and hospitality at large chains.

☆ Meet the typical Tesla owner: A white man with a household income over $130,000
▼ + stars: | 2023-03-12 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Tesla drivers are typically white men, a study that analyzed Model S, 3, and X owners found. The typical Tesla owner has a household income over $130,000 per year, per the study. The average Tesla owner is an upper middle class white male, according to a study from Hedges & Company, a digital marketing firm for automakers. The analysis found Tesla drivers largely come from the upper middle class (commonly referred to as individuals that have household incomes over $100,000 per year). Hedges and Company's analysis mostly lines up with other studies of Tesla drivers when it comes to gender and income.

☆ A 24-year-old Black tattoo artist explains why she and many others are fleeing Austin: 'The soul of the city has changed'
▼ + stars: | 2023-03-12 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Imani Tatum is leaving Austin after living there for the past three years. "I wanted to create a place where specifically marginalized people could be tattooed, while being safe and enjoying themselves," Tatum told Insider. Tatum said she's done: she's closing Nana's Prayers, packing her bags and heading to a new city in May. But affordable housing remains scarce in the city, and that's driving out many minority residents, like Tatum. While price growth has slowed in Austin, the city's median home price still sits at a staggering $525,000, $140,000 above the US median sale price, according to real estate brokerage Redfin.

☆ Biden wants to bring back sending monthly checks to parents and make the program permanent
▼ + stars: | 2023-03-09 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

The first iteration of expanded child tax credit checks lifted millions of kids out of poverty. The ARP also paid out the tax credit in monthly checks, rather than as part of an annual tax refund. According to the US Census Bureau, child poverty fell to a record low of 5.2% in 2021, declining from 2020's 9.7% rate because of those monthly checks sent out to parents. However, after efforts to expand or prolong the credit fell short, child poverty skyrocketed in 2022. Several Democratic lawmakers have also pushed for the expanded Child Tax Credit to be renewed.

The average cost of a financed used car has risen significantly since the pandemic began. Even if the price of a used car comes back down, you might still get hit by high interest rates. Americans' cars are worth $313 billion more than 2020Many of the used vehicles on America's roads are worth considerably more now than they were last year. That means that while many used cars likely haven't appreciated in value, newer cars have risen in value significantly. All the used cars that were financed last year are worth a collective $1.5 trillion — $313 billion more than they were worth in 2020.

☆ People are fleeing Arizona's heat for upstate New York and Florida's flooding for North Carolina. Have you moved over climate concerns?
▼ + stars: | 2023-03-02 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

Nearly 40% of Americans moving say climate concerns have influenced their decision, said Redfin. Have you moved states over concerns about the climate crisis? We want to hear from you: Have you moved over concerns about the climate crisis? Tell us in this form how the climate crisis is affecting you and where you live. An estimated 30 million Americans moved between March 2021 and March 2022, according to a Brookings Institution analysis of the latest available US Census Bureau data.

Individuals who receive monthly SSI benefits are subject to income and asset resources set by the Social Security Administration. Those receiving SSI may worry that buying a house will make them ineligible for benefits, since SSI limits how much recipients can have in assets. So, SSI recipients can buy a house on SSI without losing their benefits. SSI benefits are capped at $914 per month for an individual and $1,371 for married couples who both receive SSI. Mortgages, programs, and other resources that can help SSI recipients purchase a homePreparing for a home purchase without losing your SSI benefits is typically very challenging.

☆ South Carolina state senator proposes a bill that would require new residents to pay $500 to move there
▼ + stars: | 2023-02-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

A South Carolina state senator proposed a bill that would ask relocators to pay $500 to move there. New residents would pay $250 to register their vehicle and $250 for a new driver's license. Most states, including South Carolina, require newcomers from different states to get a new license upon arrival. It costs $25 to get a driver's license in South Carolina, which typically lasts for eight years. The bill doesn't aim to deter migration to South Carolina, Goldfinch told the committee.

The case for falling rentSomething strange is happening in the apartment market. More than 971,000 apartment units were under construction across the US at the end of 2022, the second-largest number on record. There's only so much people are willing to pay,'" said Jon Leckie, a researcher for Rent, a platform that helps landlords market their properties. For now, though, the wave of supply that's already underway should keep rents in check over the next couple of years. Now, as landlords shift their focus from jacking up rents to filling up units, renters can once again look ahead to better days.

☆ Elon Musk calls US media and schools 'racist against whites & Asians'
▼ + stars: | 2023-02-26 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

Tesla Chief Executive Office Elon Musk speaks at his company's factory in Fremont, California. In the video, Adams discussed a poll conducted by right-leaning Rasmussen Reports that said 26% of Black respondents disagreed with the statement "It's OK to be white." In his video, Adams called Black people who rejected that phrase as a "hate group." He then added, "For a *very* long time, US media was racist against non-white people, now they're racist against whites & Asians. Musk claimed that the media coverage is "Very disproportionate to promote a false narrative."

☆ People who moved to Tennessee for cheaper homes and a laid-back life say they're happy — for the most part
▼ + stars: | 2023-02-26 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +10 min

The 50-year Florida resident decided to pack up and move to Memphis, Tennessee, for a more manageable mortgage payment while on a fixed income. Foster said clients have recently moved to Tennessee from New York, New Jersey, and California. He traded snowy Buffalo for the ease of southern livingMichael and Danielle Ekstrum moved to Tennessee after becoming empty nesters in 2018. A retiree fed up with California's overcrowding bought a home in Tennessee without thinking twiceMichael and Bonnie Tyler moved from Sacramento, California, to Jonesborough, a historic town in eastern Tennessee. "There's too much traffic, too many people, it's way too expensive, and there's no water," Tyler told Insider.

☆ New home sales rise as prices drop in January
▼ + stars: | 2023-02-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

CNN —New home sales rose in January from December, as mortgage rates eased off their highs of the past year at the start of 2023. Sales of new single‐family houses were at a seasonally adjusted annual rate of 670,000 last month, up from a revised 625,000 in December. Mortgage rates eased in January and ended the month nearly a point lower than they were at the beginning of November when they topped 7%. But in addition to volatile mortgage rates, another challenge for many buyers has been finding homes on the market to buy. “The backlog of new construction homes continues to emerge into the market just in time for the spring shopping season,” she said.

☆ Inside California's tiny-home takeover
▼ + stars: | 2023-02-24 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +8 min

For the state with the most dire housing shortage, the move could be a game changer — eventually. As the US grapples with a massive housing shortage, one possible solution is playing out in California right now — and the state may have struck gold. Oregon, Maine, and Nebraska, as well as cities like Miami, have enacted laws similar to California's. There's been opposition to ADUs from homeowners worried about the density of their neighborhoods and sometimes the aesthetics of the structures. Ultimately, the housing shortage could be alleviated, she said.

☆ Biden admin cuts some mortgage fees amid housing affordability crisis
▼ + stars: | 2023-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

The move affects mortgage insurance premiums paid by new borrowers who take out loans insured by the Federal Housing Administration. But for homebuyers struggling to enter the housing market, there are some loans like FHA that come with required mortgage insurance. But for borrowers unable to enter the housing market another way, FHA loans can often be the cheapest option. In addition, only a fraction of all home sales are financed with FHA loans. Only 811,362 out of 5.7 million purchase loans originated in 2021 were FHA loans, or about 14.3%, according to HUD.

☆ Some critics of Biden's student-loan forgiveness say the relief will help rich people the most. New data suggests the exact opposite.
▼ + stars: | 2023-02-18 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

New Education Department data suggested Biden's student-debt relief would benefit the lowest earners the most. It said that 81% of all applications received came from the bottom 80% of Congressional districts by average income. It used data from the department, along with the US Census Bureau, to make those estimates. But it's reasonable to say that Biden's relief would work as intended, targeting it to the lowest earners. Now, all eyes are on the Supreme Court to see if those borrowers will end up actually getting relief.

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