Author: Brad Beckett

Zillow says that the typical home value in the U.S. is about $263k, however the number of “million-dollar cities” spiked sharply in 2020.  According to their analysis, million dollar cities are those with a typical home value of at least $1 million.  Zillow says at the end of 2020 there were 312 of these cities – 45 more than in 2019, which Zillow says was fueled by the Coronavirus pandemic.  So where are these cities?  As you might have guessed, more than 70% of them are concentrated in nine coastal metros, primarily San Francisco, New York and Los Angeles.  Indeed……

On a recent episode of Real Estate News for Investors, Kathy Fettke discusses how inventory has hit a new low while home prices are continuing to rise as well as other recent news affecting the real estate market.  Kathy Fettke is the Co-Founder and Co-CEO of RealWealth. She is passionate about researching and then sharing the most important information about real estate, market cycles and the economy.  Click here to listen at Real Estate News for Investors.

In their 44th annual National Movers study, United Van Lines says Americans are moving west and south – with the Coronavirus pandemic further accelerating those moves.  According to the report, Idaho had highest percentage of inbound migration with New Jersey experiencing the largest percentage of outbound moves.  They also found that 40% of Americans who moved for a new job, and 27% moved to be closer to family. “United Van Lines’ data makes it clear that migration to western and southern states, a prevalent pattern for the past several years, persisted in 2020,” said Michael A. Stoll, economist and professor…

According to recent analysis from the Wall Street Journal (reposted by FOX Business), there hasn’t been this many single-family homes under construction in the U.S. since 2007.  However, as they point out, many of these new homes won’t be up for sale but are being built solely for rent, driven by an increasing demand for suburban living.  Indeed… “The Covid-19 pandemic sparked a race for space among Americans, and home prices have surged to records. The gains have outpaced wage growth, straining affordability despite historically low borrowing costs.” “The build-to-rent boom was sparked a couple of years ago, when the…

Rentable (formerly known as ABODO) says most Americans will be happy to have 2020 behind them – especially after dealing with the Coronavirus pandemic for most of the year.   Their recent 2020 Rental Market Review says that nationally, rents, on average, went up however some larger metro areas saw steady declines.  Their Annual Rent Report drilled-down to take a closer look at the enitre year in renting and sought to answer the following questions: How did rent prices change nationally? At the state level? Where did rent increase the most during 2020, and where did it decline? Where are the…

A recent “chart of the week” from the Mortgage Bankers Association highlights the various metrics around extended unemployment during the (still) ongoing Coronavirus pandemic.  They point out that the pandemic continues to impact the labor market and that total employment remains 6.5% below where it was in February, 2020. “The COVID-19 pandemic continued to impact the labor market to close 2020. Today’s release from the U.S. Bureau of Labor Statistics showed that faster layoffs led to a loss of 140,000 jobs in December and kept the headline unemployment rate (U-3) at 6.7 percent. Total employment remains 6.5 percent below the…

Owning a home is more affordable than renting in nearly 2/3 of America’s housing markets, according to ATTOM Data’s 2021 Rental Affordability Report.  Breaking that down, the report says that owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.  In addition, they say while home prices are growing faster than rent in more than 80%, renting remains more affordable in most populous urban markets “Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is…

The National Multifamily Housing Council (NMHC) says that 76.6% of apartment households made a full or partial rent payment by January 6th, 2021.  This figure is 1.7% lower than those who paid rent through January 6, 2020 and compares to 75.4% that paid by December 6th, 2020.  The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.4 million professionally managed apartment units across the country. “While there is light at the end of the tunnel with the rollout of vaccines, the country and the multifamily industry continue to face steep challenges,” said Doug Bibby, NMHC President,…

One of America’s great strengths lies in the diversity of her people.  In fact, it is reflected in our country’s Latin motto, “E pluribus unum” – which means “out of many, one.  With that in mind, today’s infographic from Visual Capitalist uses Census data to visualize America’s population by race.  Stay Safe and have a Happy Friday!!! “Charting the U.S. population by race is crucial for a number of reasons. This information can be used to better understand existing income and wealth gaps, track public health outcomes, and to aid in policy decision-making at higher levels.” Hat tip to Visual…

According to the Conference Board’s latest Consumer Confidence Survey, consumer confidence fell to a 4-month low in December, after falling for two consecutive months.  The Consumer Confidence Survey reflects prevailing business conditions and likely developments for the months ahead. The monthly report details consumer attitude, buying intentions, vacation plans and consumer expectation for inflation, stock prices and interest rates. Data are data available by age, income, region and top 8 states. “Consumers’ assessment of current conditions deteriorated sharply in December, as the resurgence of COVID-19 remains a drag on confidence,” said Lynn Franco, Senior Director of Economic Indicators at The…