The Visual Capitalist reminds us that a state’s tax burden measures the percent of an average person’s income that is paid towards state & local taxes. It considers property taxes, income taxes, and sales & excise tax. Today’s graphic visualizes the total tax burden by U.S. state…..Watch your wallet, stay safe, and have a Happy Friday!!! Hat tip to the Visual Capitalist.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
At a recent speech in Atlanta, GA, Vice President Kamala Harris made it clear that she’s interested in continuing many of the Biden Administration’s policies regarding big business, according to Yahoo!Finance. They also report that she would “ban hidden fees and surprise late charges that banks and other companies use to pad their profits” (aka so-called junk fees). The speech was made as part of her campaign for the presidency and included support for President Biden’s cap on rental increases. However, perhaps of most concern to real estate investors were her remarks about housing: “Harris also reiterated her stance on…
Rental information site Zumper recently released their latest monthly National Rent Report for June, 2024. According to their data, median rent for 1-bedroom apartments was $1,531 (up 1.7%) and $1,911 (up 2.6%) for two-bedrooms. Be sure to check out their entire list of the top 100 metro areas. “The fact that Zumper shows national rent growth at a 12-month high at the same time as the U.S. delivers a record 50-year high of new supply shows you just how strong renter demand is today.” Said Zumper CEO Anthemos Georgiades. Click here to read the full report at Zumper.
A couple weeks ago we learned about a looming senior housing faces shortfall. With that in mind, on a recent episode of the AZREIA Show, Marcus Maloney & Michael Del Prete talk with Isabelle Guarino about the niche of residential assisted living. Isabelle shares insights on how her father transitioned from various real estate ventures into residential assisted living out of necessity and passion for better care facilities. Note; Isabelle will be a featured speaker on National REIA’s Winter Cruise Conference in February, 2025. Click here for more information! Click here to listen online.
A new report from the NAHB’s Eye on Housing found that stucco was the most common principal siding material for new single-family homes started in 2023 at 26.8%. This was was followed by vinyl siding at 25.6%, fiber cement siding (such as Hardiplank or Hardiboard) at 21.7% then by brick or brick veneer at 18.5%. Their data came from the U.S. Census Bureau’s Survey of Construction (SOC). Although stucco was the most common siding material in the country as a whole, its popularity is concentrated in select regions. In 2023, vinyl siding was the most widely used primary exterior material in four out of nine census divisions. Click here to read the full report…
Realtor.com says investors pulled back on home buying activity over the last couple of years, however, according to their new report, investor share has grown despite purchasing fewer homes. To get their data they looked at deed records dating from January 2000 to March 2024 nationally and in the 150 largest US metros. They included only single family homes, condos, townhomes and row houses and excluded multi-family buildings which is not a market the typical homebuyer is competitive in. In 2023, investor activity fell to 13.1% of home purchases, down from 13.8% in 2022. Home prices and mortgage rates remained…
A recent report from Redfin says home purchases in June fell through at the highest rate on record, as higher housing costs give buyers cold feet. They report that 56k home-purchase agreements were canceled in June, equal to 14.9% of homes that went under contract that month. In addition they report that the median home sale price rose 4% year over year to a record $442,525 in June, and the average interest rate on a 30-year mortgage was 6.92%. Click here to read the full report at Redfin.com.
According to their “advance” estimate, the U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased at an annual rate of 2.8% in Q2 2024. That figure is 1.4 percentage points higher than Q1’s annualized increase. Click here to read the full report at the U.S. Bureau of Economic Analysis.
The U.S. Government is reporting that sales of new single-family houses in June, 2024 were at a seasonally adjusted annual rate of 617k, which is 0.6% lower than May’s revised rate and is 7.4% lower than one year ago. The median sales price of new houses sold in June was $417,300 with an average sales price of $487,200. There were an estimated 476k new houses for sale at the end of June representing a 9.3-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
Are you investing in the commercial space? Data recently analyzed by Statista says the increasing acceptance of hybrid or fully remote work in a variety of industries coupled with many companies applying cost-cutting measures after pandemic growth spurts has led to a jump in vacant office space in the U.S. In fact, data from Moody’s for Q2 2024 shows the share of empty offices has hit a historic high of 20.1%. Indeed…. Stay safe and have a Happy Friday!!! Hat tip to Statista.
