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☆ A Bay Area county gave low-income moms of color $1,000 a month. 2 years later, more families could put food on the table and afford stable housing.
▼ + stars: | 2024-06-21 | by ( Allie Kelly | Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

With basic income, families had more housing and food securityUpTogether reported that basic income positively impacted participants' financial stability, well-being, and food and housing security. The percentage of participants with housing stability rose from 45% to 60%, while the participants reported an 8% decline in homelessness. More basic income programs are aimed at parentsMarin County's pilot isn't the only basic program to focus on low-income mothers. A basic income program in New Mexico also gave $500 a month to mixed-citizenship status immigrant families with children. Compared to federal safety nets like SNAP, Medicaid, or rental vouchers, basic income allows families more flexible spending.

Persons: —, Claudia Muralles, San Francisco Bay — Muralles, Muralles, UpTogether, Community Action Marin, Marin County's, Flint, Jesús Gerena, Marin, Gerena Organizations: Service, Marin County , California —, Business, UpTogether, Marin Community Foundation, Marin Housing, Community Action, Children, Child Tax, Local, Medicaid Locations: Marin County , California, San Francisco Bay, Marin, Marin County, America, Flint , Michigan, New Mexico, GBI

☆ More single-family built-for-rent homes are under construction in the U.S.
▼ + stars: | 2024-06-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Leopatrizi | E+ | Getty ImagesMore built-for-rent single-family homes are being constructed in the U.S., according to the National Association of Home Builders, and experts say this is in part due to the housing affordability crisis. Construction began on about 18,000 single-family, built-for-rent homes in the first quarter of 2024, a 20% jump compared with the first quarter of 2023, according to NAHB, which analyzed data from the U.S. Census Bureau's Quarterly Starts and Completions by Purpose and Design. Single-family built-for-rent starts grew to 90,000 units in 2023, up from 81,000 units in 2022, the National Association of Realtors reported. The growing share of built-for-rent single-family homes is a response to demand from "people who can't afford today's very expensive, out-of-reach housing market," Lautz said. Homeowners are also responsible for shouldering "hidden costs" that aren't figured into a mortgage payment, such as maintenance, repairs, taxes and insurance.

Persons: Robert Dietz, Molly Boesel, Jessica Lautz, Lautz, NAHB's Dietz, Boesel Organizations: National Association of Home Builders, Census, Finance, JPMorgan, Trump, National Association of Realtors, Survey, U.S . Census, NAR, Mortgage, Association Locations: U.S

☆ Mortgage rates fall to their lowest level in almost three months
▼ + stars: | 2024-06-20 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington CNN —Mortgage rates fell this week to their lowest level since early April, taking some pressure off America’s unaffordable housing market. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market.”Still, mortgage rates remain higher than anything seen in the decade before 2022, the year the Federal Reserve began to raise interest rates to combat inflation. Economists don’t expect the average mortgage rate to fall below 6% this year. Homebuilding constrained by high interest ratesWhile mortgage rates have eased recently, the US housing market overall remains hamstrung by elevated interest rates, which seem to be taking a toll on homebuilding. “Persistently high mortgage rates are keeping many prospective buyers on the sidelines,” NAHB Chairman Carl Harris said in a release.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, don’t, America’s homebuilders, “, Carl Harris, ” Skylar Olsen Organizations: Washington CNN —, “, Federal Reserve, Treasury, National Association of Home Builders Locations: ., Wells Fargo, America, San Diego , Los Angeles and New York, California, Honolulu

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

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

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

☆ A California millennial who makes six figures says it feels like he has to choose between buying a home, starting a family, and advancing his career: 'I feel behind financially'
▼ + stars: | 2024-06-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

The 33-year-old financial advisor, who's based in Santa Monica, California, made roughly $130,000 last year, according to a document viewed by Business Insider. This story is available exclusively to Business Insider subscribers. To feel "rich," Stroup estimated that he'd need an annual income of about $400,000 to $500,000 a year — more than triple his 2023 earnings. In January, Business Insider estimated that it would cost parents about $26,000 to care for a small child in 2024. AdvertisementWith all these expenses to consider, it might make sense for Stroup to move somewhere with lower housing costs.

Persons: —, Christopher Stroup's, who's, he's, he'd, Stroup, hasn't, Santa Monica, there's, aren't, I'd Organizations: Service, Business, Santa Locations: Los Angeles, Santa Monica , California, Santa Monica, Cincinnati, Bakersfield , California, Bakersfield, Troy , Pennsylvania

This is good news for mortgage rates, but we'll need to see more data showing that inflation is sustainably coming down before rates can fall further. As inflation slows and the Fed is able to start lowering the federal funds rate, mortgage rates are expected to go down. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.

Persons: Fannie Mae Organizations: of Labor Statistics, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ A couple got shocked messages from friends asking if they were moving. Nope, a scammer had put their home on Zillow.
▼ + stars: | 2024-06-16 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

In this sluggish real estate market, it might seem like a dream — that is, if you're actually looking to sell. In 2023, the Federal Bureau of Investigation's Internet Crime Complaint Center saw more than 880,000 complaints about internet scams totaling $12.5 billion in losses. AdvertisementReal estate scams are an especially popular internet crime. In Caldwell's case, too, a scammer told prospective buyers to contact "Mandi" in Las Vegas and send $245 to the seller's mother. Advertisement"I'm kind of stuck here," Bertram told the Kansas City Star.

Persons: —, Lauren Bertram, we're, Bertram, Burns, McDonnell, Jordan Pandy, Galen Caldwell, It's Organizations: Service, Kansas City, Business, Kansas City Star, Mandi, Federal Bureau of, FBI, BEC, Federal Bureau of Investigation, Seattle, CBS News Locations: Las Vegas, Mandi

☆ Competition in the housing market is cooling off. Here's why
▼ + stars: | 2024-06-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"You have an increase in sellers coming back on the market," said Orphe Divounguy, a senior economist at Zillow. "Homes are staying on the market for a bit longer because the sales are not keeping up with the flow of homes coming on the market," Divounguy said. watch nowYet despite the recent jump in supply, "we're still starved for inventory in the for-sale market," said Divounguy. Homebuyers are waiting on lower mortgage ratesAs mortgage rates have remained high and housing affordability has strained household finances, buyers have been unable to jump in the market, Divounguy explained. While mortgage rates could "change pretty quickly" or "on a dime," said Fairweather, buyers are unlikely to see big movement in the near term.

Persons: Orphe Divounguy, Zillow, Divounguy, Redfin, Daryl Fairweather, We're, Fairweather, Freddie Mac, homebuyers, It's, there's Organizations: Zillow, Finance, Biden, Trump, Federal Reserve, Fed Locations: U.S, Dallas , Texas, Fort Lauderdale , Florida, Florida, Tampa, Jacksonville

☆ Housing costs are clouding an otherwise glowing economy
▼ + stars: | 2024-06-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Despite all the good news, there’s one giant, inescapable reason why people don’t feel like the economy is as good as it actually is. Shelter costs — which include rent and an estimated cost of homeownership — were up 5.4% from a year ago. There are some early signs that the housing market is becoming a bit less stuck. At the same time, the one-two punch of inflation and high borrowing costs have discouraged first-time buyers, reducing competition for houses. Of course, as Powell noted in his speech Wednesday, it may take “years” for housing inflation to normalize.

Persons: CNN Business ’, We’re, supercore, doesn’t, —, “, ”, Jay Parsons, Jerome Powell, It’s, Orphe Divounguy, Zillow, ” Divounguy, Powell, There’s, Douglas Duncan, Fannie Mae Organizations: CNN Business, New York CNN, “ Locations: New York, Madera, Texas

☆ Where’s inflation really heading? Traders and economists are using this real-time inflation gauge to get ahead of the curve
▼ + stars: | 2024-06-12 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +5 min

The inflation rate the government arrives at also impacts how much you receive in Social Security benefits and likely is a factor in determining your pay. The government also has a much longer history of producing inflation reports with extremely thorough standards. Like PCE and CPI, Truflation assigns relative importance values to categories to mirror how an average consumer’s income is allocated. That’s why small increases in the cost of housing can end up having big impacts on the overall inflation rate. How Truflation data is being usedWall Street traders were the first group drawn to Truflation, Rust said.

Persons: Truflation, Hilton, Stefan Rust, Rust, “, ” Danielle DiMartino Booth, Richard Fisher, Booth Organizations: New, New York CNN, Index, Federal, Social Security, PCE, CPI, Amazon, Walmart, Nielsen, Bureau of Labor Statistics, Labor Department, CNN, Dallas Fed, QI Research Locations: New York, Zillow

☆ We sold 8 houses in Michigan to cram our family of 6 into a 2-bedroom apartment in California. We have no regrets.
▼ + stars: | 2024-06-11 | by ( Evelyn Pech-Vazquez | ) www.businessinsider.com time to read: +5 min

That morning we were surrounded by a lot of other people also speaking Spanish — a mix of Mexican, Cuban, and Puerto Rican accents could be heard in the background. After returning home, he continued to ask why no one spoke Spanish in our neighborhood, and I felt sad, explaining that Orlando had more people from different countries. I saw that my four children were the only bilingual kids in the neighborhood. AdvertisementSeeing her four kids proud to be bilingual makes the author feel proud. I was surprised by how many kids spoke Spanish, not to mention the long list of other languages.

Persons: —, Orlando, Evelyn Pech, Vazquez, we've, waives Organizations: Service, Business, United States Census Locations: Florida, Spanish, Puerto, Lansing , Michigan, Michigan, Yucatan, Mexico, Cameroon, Cleveland, California, Southern California, Simi Valley, Downtown Los Angeles, McDonald's

☆ We sold 8 houses in Michigan to cram our family of 6 into a small apartment in California. We have no regrets.
▼ + stars: | 2024-06-11 | by ( Evelyn Pech-Vazquez | ) www.businessinsider.com time to read: +5 min

☆ I have enough saved for a down payment, but I don't see any reason to stop renting
▼ + stars: | 2024-06-10 | by ( Annie Midori Atherton | ) www.businessinsider.com time to read: +6 min

I have enough money for a 20% down payment, but I'd have to make too many compromises to own a home. I wish homeownership were easier, but renting isn't holding me back from succeeding financially. AdvertisementIn the US, the path to financial success seems set in stone: Get a degree, get a steady job, and buy a house. Despite the deeply ingrained cultural norm of glorifying homeownership, I've decided not to feel bad about renting. It's not right that gainfully employed people can't afford to buy a house in many cities anymore.

Persons: —, I'm, Seattle —, homeownership, I've, Zillow, It's, gainfully, There's, I'd, it's Organizations: Service, Cash Locations: Seattle, Washington

☆ What to expect from the housing market in the second half of 2024, according to real estate experts
▼ + stars: | 2024-06-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

While the market is seeing more listings, the boost in supply is not enough to attract buyers, according to Doug Duncan, senior vice president and chief economist at Fannie Mae. "Mortgage rates are down a bit from May highs, but that hasn't spurred a surge of competition among buyers in the housing market," Divounguy said. Many experts believe the Federal Reserve will likely hold interest rates in the upcoming board meeting on June 12. However, the National Association of Realtors forecast a potential interest rate cut by the fall of this year, according to Jessica Lautz, the NAR's deputy chief economist. 'It's hard to foresee prices really cooling'While the housing market has slowed in terms of the number of transactions, prices haven't soften despite broader expectations, Ostrowski explained.

Persons: Orphe Divounguy, Realtor.com, Kelman, Doug Duncan, Fannie Mae, Duncan, Freddie Mac, hasn't, Divounguy, Jessica Lautz, Ostrowski Organizations: Realtor.com, CNBC, Federal Reserve, Reserve, National Association of Realtors Locations: U.S

☆ Buying a house of ‘Home Alone’ or John Lennon fame? There's a premium for that
▼ + stars: | 2024-06-09 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

However, that premium is hard to quantify since some uber-wealthy buyers will pay almost anything to own a piece of pop culture, according to real estate experts. "It's like owning a Picasso" or a Fabergé egg, said Tomer Fridman, a real estate agent based in Los Angeles who specializes in luxury and celebrity homes. An offer is pending on that home and was made within a week of being on the market, said Andrea Gillespie, a spokesperson for Coldwell Banker Real Estate. Infamy sells, tooInfamy can also fetch a higher price, said Arto Poladian, a Redfin luxury real estate agent in Los Angeles. Tomer Fridman luxury real estate agentSometimes, even being in the vicinity of a famous residence can help, he added.

Persons: Erin Hooley, Tomer Fridman, Fridman, Marilyn Monroe, Sylvester Stallone, Kylie Jenner, Travis Scott, Amanda Pendleton, Carlos Avila Gonzalez, Andrea Gillespie, John Lennon, Yoko Ono's, it's, —, Philip Norman, Bob Saget, John Stamos, Arto Poladian, Poladian, Charles Manson's, Leno, Rosemary LaBianca, There's, Pendleton, Brady Organizations: Chicago Tribune, Tribune, Service, Getty, San Francisco, Coldwell Banker, New York Times, Buyers Locations: Los Angeles, Chicago, loos, City , California

☆ The 'Home Alone' house found a buyer in under a week, but it's unrecognizable from the movie. See the $5 million home.
▼ + stars: | 2024-06-06 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +1 min

The house from the 1990 movie "Home Alone" has found a buyer in less than a week. The owners bought the five-bedroom home for $1.6 million in 2012 and listed it for $5.25 million. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Johnsons listed it for $5.25 million with Coldwell Banker Realty's Dawn McKenna Group. This story is available exclusively to Business Insider subscribers.

Persons: —, Trisha, Tim Johnson, Dawn McKenna Organizations: Service, Coldwell Banker, Business Locations: Chicago, Winnetka , Illinois

☆ Elon Musk, who famously vowed to 'own no house,' reportedly considered buying a tiny home that can cost around $400,000
▼ + stars: | 2024-06-05 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewElon Musk, who famously vowed to "own no house" in 2020 and claimed in 2022 that he was effectively homeless and couch surfing at his friend's properties, reportedly discussed buying a tiny house from one of Tesla's board directors, per Reuters. This story is available exclusively to Business Insider subscribers. A Samara backyard one-bedroom prefabricated house starts at $284,000. Elon Musk, Tesla, and Samara did not immediately respond to a request for comment made outside normal working hours.

Persons: —, Elon Musk, Joe Gebbia, Gebbia, Samara, Grimes, Musk Organizations: Service, Reuters, Business, SpaceX Locations: Samara, Delaware, Austin, Airbnb, Mexico

☆ Golden Age for Rich Renters: Deals Make It Better Than Buying a Home
▼ + stars: | 2024-06-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +10 min

The result is that class A units account for more than half the apartment market, compared with one-third in the early 2000s, according to Moody's Analytics. High-end apartments that offer amenities up the wazoo — and rent breaks, to boot — represent a tantalizing alternative to the for-sale market right now. But as with all good things, the golden age for America's wealthy renters must also come to an end. Nations told me she still hoped to buy a home one day. "I know how challenging it is to rent in Nashville, especially on your own," Nations told me.

Persons: Emily Nations, she's, Nicole Bachaud, Rich, Joel Sanders, Sanders, Doug Ressler, David Brasington, Ressler, they're, — Organizations: Trinity, cabana, Nations, Analytics, University of Cincinnati, Census Locations: Nashville, downtown, Nations, New York, Salt Lake City, Atlanta, America, Houston, Austin, Phoenix, Charlotte, North Carolina, Raleigh , North Carolina, Tampa , Florida

☆ 19 cities where the average mortgage payment is still under $1,200 a month — including taxes, utilities, and insurance — according to SmartAsset
▼ + stars: | 2024-06-04 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

But some markets are still very affordable relative to national median cost levels. A recent SmartAsset analysis reveals 19 cities with median monthly mortgage costs under $1,200. 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 . This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business

☆ A Gen Zer moved from South Florida to Texas after a job offer. Here are her pros and cons after moving to Dallas and uprooting her life.
▼ + stars: | 2024-06-02 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

Read previewArielle Francois, 24, would tell her past self it's fine to be nervous about making the move from South Florida to Dallas. Francois moved to Florida from Haiti because of the earthquake in 2010. Beyond scrolling through social media posts and apartment sites, there are also rent and costs to think about. Additionally, Francois said she feels it's more affordable to live in Dallas than South Florida for someone her age. "Because South Florida is so close to Haiti, you'll find a huge population of Haitians in South Florida," she said.

Persons: —, Francois, hadn't, Arielle Francois Francois, Dallas, hasn't, Dallas I'm, you'll Organizations: Service, Business, Dallas, PMG, Facebook Locations: South Florida, Dallas, Miami, Florida, Haiti, Texas, PMG, Smart, Caribbean, Little Haiti

Mortgage rates are up slightly after initially trending a bit lower over the past few weeks. "Following several weeks of decline, mortgage rates changed course this week," Sam Khater, Freddie Mac's chief economist, said in a press release. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.36%, a 12-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, it's Organizations: Federal Reserve, Zillow Locations: Chevron

Mortgage rates have been holding relatively steady this month, though 30-year mortgage rates inched up slightly this week. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.36% this week, according to Freddie Mac data, which is a 12-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve, Fed Locations: Chevron

If inflation continues to decelerate in the coming months, mortgage rates could fall further. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.

Persons: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

After finally dropping below 7% earlier this month, 30-year mortgage rates have been holding relatively steady in the mid-to-high 6% range, according to Zillow data. Once the Fed is able to start lowering rates, mortgage rates are expected to fall. Mortgage rates are expected to go down this year, but they might not drop as much as initially expected. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal, Consumer, Mortgage, Zillow, Association, Sky Locations: March's, Chevron

☆ Denmark Made Home Buying Easier. America Should Follow Its Lead.
▼ + stars: | 2024-05-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

When mortgage rates shoot up, as they did over the past two years, many would-be sellers decide they don't want to move after all. AdvertisementAs the Federal Reserve began pushing up borrowing rates in the spring of 2022, hoping to reel in rising inflation, mortgage rates went vertical. So far, this system of pooling together mortgage bonds and selling them to investors is pretty close to the American way of doing things. When US homeowners pay off their mortgages, they have only one option: pony up the amount left on the loan. That's not just good for buyers or sellers or mortgage loan officers — it's good for everyone.

Persons: It's, John Campbell, Danes, Freddie Mac, that's, Will Doerner, —, aren't, pesky, Campbell, Fannie Mae, Banks, Jesper Berg, there's, That's Organizations: Harvard, Federal Reserve, Federal Housing Finance Agency, Homeowners, Danish Financial Supervisory Authority Locations: America, …, Denmark, Zillow, Canada, Australia, Danish

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