A recent chart from the Visual Capitalist illustrates how U.S. home prices have grown over the past 50 years. In fact, they point out that in 2022 alone, prices grew significantly even as interest rates climbed higher. 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
On a recent episode of Omaha REIA’s “REIA Radio, they were joined by Clint Blackburn, who is known by most of his hometown as The Real Estate Investor that buys ugly homes and makes them nice and habitable again. In this episode, Clint shares his background story from straight out of high school into being an electrician to eventually doing real estate full time and all the steps he went through in between. (The interview begins around the 29 minute mark) Click here to listen on Spotify.
The U.S. Bureau of Economic Analysis is reporting that America’s real gross domestic product (GDP) increased in all 50 states (and D.C) in Q1 of 2023. The percent change in real GDP ranged from 12.4% in North Dakota to 0.01% in Rhode Island. Click here to read the full report at the Bureau of Economic Analysis.
When it comes right down to it, the taxes applied to a good or service ultimately will affect an area’s cost of living and along with it the price of housing. The folks over at the Tax Foundation remind us that the federal government collects an excise tax on beer (which ranges from $0.11 to $0.58 per gallon based on production, location, and quantity) as well as all 50 states and the District of Columbia. According to their research, most states charge the retailer directly for the excise tax – versus tacking it on to the bill like sales tax. …
A recently approved measure in Florida preempts local governments from landlord-tenant law, in essence making landlords & renters play by the same set of rules. According to Ft. Meyers’ WINK News, the new law, signed by Governor Ron DeSantis in late June, took effect July 1st and will keep Florida’s local governments out of “landlord-tenant turf.” “When you look at House Bill 1417, what it does is removes the authority that local entities have had to establish rules that would govern the tenant-landlord relationship,” said Dr. Shelton Weeks, Lucas Professor of Real Estate at Florida Gulf Coast University. Click here…
According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 209k, in June 2023, with the unemployment rate standing at 3.6%. Employment continued to trend up in health care, social assistance, construction and, interestingly, government. Indeed… “Employment in government increased by 60,000 in June. Employment continued to trend up in state government (+27,000) and local government (+32,000). Overall, government has added an average of 63,000 jobs per month thus far in 2023, more than twice the average of 23,000 per month in 2022.” Click here to read the full report at the Bureau…
Several states across the fruited-plain are holding off sales tax holidays for the back-to-school season. Whether you think this is good or bad public policy is irrelevant; the bottom-line is saving your hard-earned money! The data has been provided by the Federation of Tax Administrators and actually covers the entire year – as well as many more products than just school supplies & clothing. Be sure to read your state’s “fine-print” for this exemption. This list is subject to change. Please note, some states have already had some of their sales tax holidays for 2023. Upcoming States: Arkansas – August…
The U.S. government is reporting that total construction spending in May, 2023 was at a seasonally adjusted annual rate of $1,925.6 billion, which is 0.9% higher than April’s revised estimate and is 2.4% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $857.4 billion in May, which is 2.2% higher than April’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
What kind of homes are owners and renters living in? Using data from the most recent American Housing Survey, today’s infographic from the Census Bureau illustrates how owners & renters occupy housing of different types and sizes. As always, have a safe and Happy Friday!!! Hat tip to the U.S. Census Bureau.
According to Yardi’s U.S. Multifamily Outlook for Summer 2023, multifamily performance remained strong through mid-year 2023, as the robust job market boosted housing demand and rent growth. Yet the market faces challenges related to the potential economic downturn and rising interest rates that have eroded property values and is likely to lead to an increase in distress. “Rents resumed their upward climb in the spring as demand remains positive. We expect moderate 2.5% rent growth in 2023, with gains concentrated in Renter-by-Necessity units since affordability is a growing problem and new deliveries are focused on high-end Lifestyle units…” a
