Today’s graphic from the Visual Capitalist reminds us that when you add up the parts, every U.S. state plays an integral role in the country’s overall economy – to the tune of $20 trillion. Take a look at how each state’s GDP plays its role in the nation’s overall big picture – it’s quite remarkable! As always, 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
We’ve had several posts about the growing problem of squatters flouting the law or even creating counterfeit documents to claim possession. Recently, law enforcement in Ft. Lauderdale, Florida removed 10 people who illegally took over an expensive home, leaving it, according to local officials, bug infested and damaged. According to the NY Post, the Broward County Sheriff’s Office evicted seven men, two women and a child from the home after it was discovered they were illegally squatting. Investigators were able to unravel an alleged crime ring after the arrest last Fall of a suspect who allegedly led a title fraud…
On a recent episode of the Rental Property Owner & Real Estate Investor Podcast, Brian Hamrick talks with a unique and fascinating family of real estate investors. Two members of the family, both teenage boys, control over 80 units of real estate investments. Their parents ave been investing for 2 decades and control hundreds of single and multi-family residential properties, as well as oil wells, crypto, and precious metals. In addition, they’ve spoken to audiences around the world and have published two #1 bestselling books. Click here to listen at RPOAonline.
A recent report from RentCafe says interest in converting older buildings into residences remains high and that adaptive reuse apartments are poised for impressive growth in the upcoming years. Interestingly, they report that 122k rental apartments are currently undergoing conversion, 45k, of which are the result of office repurposing. However they do point out that while 2019 & 2020 were peak years for adaptive reuse, it appears that the number of projects converted in 2021 and 2022 didn’t match the initial excitement. Indeed… Some Key Points: A total of 10,090 apartments were converted in 2022. In the same timeframe, the…
The NAHB’s Eye on Housing says at the end of Q2 2023, housing’s share of the economy was 15.8%, while overall GDP increased for the 4th consecutive quarter – increasing at an annual rate of 2.4%. They say housing-related activities contribute to the U.S. GDP in two basic ways. First; through residential fixed investment (RFI) – effectively the measure of the home building, multifamily development, and remodeling contributions to GDP. And, second; the measure of housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent…
According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 187k, in July 2023, with the unemployment rate standing at 3.5%. Employment continued to trend up in health care, social assistance, financial activities, and wholesale trade. Click here to read the full report at the Bureau of Labor Statistics.
The U.S. government is reporting that the national vacancy rates for Q2, 2023 were 6.3% for rental housing and 0.7% for homeowner housing. The national homeownership rate for Q2, 2023 was 65.9%. In addition, approximately 89.6% of the housing units in the United States in Q2 were occupied and 10.4% were vacant. Owner-occupied housing units made up 59.1% of total housing units, while renter-occupied units made up 30.5% of the inventory. Vacant year-round units comprised 7.9% of total housing units, while 2.4% were vacant for seasonal use. Click here to read the full release at the U.S. Census Bureau.
The U.S. government is reporting that total construction spending in June, 2023 was at a seasonally adjusted annual rate of $1,938.4 billion, which is 0.5% higher than May’s revised estimate and 3.5% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $856.3 billion in June, which is 0.9% higher than May’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
Playground equipment provider AAA State of Play reminds us that childcare can be notoriously expensive here in the U.S. They say the U.S. Department of Health and Human Services considers “affordable” childcare to cost less than 7% of a family’s income. Interestingly, data shows that only in 2% of counties in the entire country does the average cost of childcare fall within this limit. Today’s infographic identifies the top 25 most and least expensive places in the country for childcare, based on government data. Stay safe and have a Happy Friday!!! Hat tip to AAA State of Play.
CNBC’s Diana Olick says a new report from the National Association of Realtors shows foreign buyers are pulling back from the U.S. housing market reaching a new record low. According to the report, from March 2022 through April of this year, international buyers bought roughly 84,600 homes. The figure is the lowest on record since the NAR began tracking them in 2009. Interestingly, the median price of homes purchased by foreign buyers was $396,400, the highest price ever recorded. “Florida, Texas and Arizona continue to attract foreign buyers despite the hot weather conditions during the summer and the significant spike…
