Author: Brad Beckett

A few years ago, we discovered what $300k will get you in each state. Today’s infographic from the DailyInfographic takes a look at how much home (by square footage) you can get for $1 million in 50 major U.S. cities. And as they point out, a million dollars holds a very different value depending on the location.  Indeed…..Stay safe and have a Happy Friday!!! “Leading the pack in terms of pure value is Detroit, Michigan. In this city, a million dollars can snag you 22,222 square feet of property… The worst value in terms of how far a million dollars…

(UPDATED) Details are still emerging about how to apply for assistance under the Emergency Rental Assistance Program.  The federal government made $25 billion available to assist households that are unable to pay rent and utilities due to the COVID-19 pandemic. The funds were provided directly to States, U.S. Territories, local governments, and Indian tribes. Grantees use the funds to provide assistance to eligible households through existing or newly created rental assistance programs. “As we continue to struggle with the lingering effects of COVID-19, it is encouraging to see that the federal government has finally made resources available to state &…

In their recent 2020 market report, STORAGECafé says that even amid the Coronavirus pandemic and its subsequent economic downturn, the self storage industry pushed forward in 2020.  According to their report, current nationwide self storage inventory is close to 1.5 billion square feet, with 43.6 million square feet of new rentable space set to come online in 2021. “…self storage is a strong sector; it has proven its resiliency following the Great Recession and in the aftermath of COVID as well. Much of its value derives from the very nature of the industry as it’s a needs-based service. Self storage…

According to data from the most recent Survey of Consumer Finances (illustrated by the NAHB’s Eye on Housing), one’s primary residence continued to be the largest asset on the balance sheets for households in 2019, accounting for nearly one quarter of all assets held by households as well as surpassing other financial assets.  Indeed… “The Survey of Consumer Finances (SCF) is a triennial cross-sectional survey of U.S. families published by the Board of Governors of the Federal Reserve System. It provides detailed information on the finances of U.S. families, including income, net worth, balance sheet components, credit use, and other…

Rentable (formerly known as ABODO) says that the median nationwide rent price for one-bedroom units in March was $1,123 with two-bedroom units coming in at $1385.  Interestingly, they point out that none of the cities in their top ten loser/gainer lists moved more than 9%.  They say this is a “strong indication of a lackluster market as double-digit gainers and/or losers were not apparent.”  Indeed…. Click here to read the full report at Rentable.

Rental information site Zumper recently released their National Rent Report for March, 2021 showing that their median national rent for 1-bedroom apartment was $1,240 (up 1.1%) and the median two-bedroom rent was $1,501 (down 0.9%).  Be sure to look at their list of the top 100 metro areas. “2020 brought unprecedented shifts in the rental market, largely stemming from migration shifts brought on by the COVID-19 pandemic…..Two months into 2021, we’re seeing clear signs that these trends have plateaued, or even slightly reversed, following a bottoming out in 2020-Q4.” Click here to read the full report at Zumper.com.

The U.S. government is reporting that total construction spending in January was at a seasonally adjusted annual rate of $1,525.5 billion, which is 1.7% above than December’s revised estimate.  In addition, December’s figure was 5.8% higher than January, 2020.  Residential construction was at a seasonally adjusted annual rate of $713 billion in January, which is 2.5% higher than December’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The National Association of Realtors is reporting that pending home sales were down 2.8% in January, 2021.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell slightly to 122.8.  In addition, they report that year-over-year contract signings were up 13%.  Again….inventory, inventory, inventory [a lack thereof]. “Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” said Lawrence Yun, NAR’s chief economist. “That said, there has been an increase in permits and requests to build new homes.” Click here to read the full report at…

The U.S. Government is reporting that sales of new single-family houses in January, 2021 were at a seasonally adjusted annual rate of 923k which is 4.3% higher than December’s revised rate and is 19.3% higher than one year ago.  The median sales price of new houses sold in January was $346.400 with an average sales price of $408,800.  There were an estimated 307k new houses for sale at the end of December representing a 4-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

We have had a lot of posts about taxes and the various tax rates & collection methods across the country.  Today’s infographic from the U.S. Census Bureau takes a look at selected state sales taxes to show how the contribution of certain sales taxes vary by state.  It is interesting to note that while general sales taxes makes up the majority for most states, some state levied-sales taxes make up a greater share than others.  Stay safe and have a Happy Friday!!! Hat tip to the Census Bureau.