Where are the richest and poorest counties in every state? The folks over at personal loan provider Titlemax took a deep dive into the poorest and wealthiest counties in America and ranked them by median income at the county level. The more green a county, the more “green” it has…..the more pink means less “green,” go figure. Happy Friday!!!
With homeowners sitting on record amounts of equity a new startup will buy a home and rent it back to the [former]owners for up to five years. It’s called EasyKnock and they say that with their “Sell and Stay program,” homeowners can access their home’s equity (in as little as 21 days) by selling it to them, allowing the owners to stay put and not upend their lives. They also allow the home to be repurchased at any point. They say homeowners “get the money you need, on terms you can control.” Indeed…
“Our Sell and Stay program, the first residential sale leaseback program in the United States, is an alternative to traditional equity release and refinancing programs. Our program enables homeowners to access their equity without having to move. With Sell and Stay, homeowners have the flexibility to repurchase their home or move at any point.”
The Wall Street Journal is reporting (as reposted on Realtor.com) that so-called progressive Democratic lawmakers across the nation are proposing tighter controls and/or new taxes on landlords and property owners. The article discusses recent efforts in Illinois, New York (city & state) and Oregon as well as celebrity Congresswoman Alexandria Ocasio-Cortez, who said she wants to “stand up to the luxury developer lobby” during her campaign last Fall. In New York state, the attitude of one assemblyman seems to sum up their mission quite succinctly; “Landlords have had their run of the playground, and we’re taking it back,.” However….
“Members of the real-estate community have started pushing back. If all the proposed changes were to pass, ‘it would be a serious financial blow to the industry,’ said John Banks, president of the trade group Real Estate Board of New York….He argued that making it impossible for landlords to raise rents on some units would make it harder for them to pay for repairs and renovations needed to maintain rent-stabilized apartments.”
“While the overall changes since last year are modest, the 2019 Cost vs. Value report reflects the robust market that the remodeling industry has enjoyed over the past year. All projects covered in the report show an increase in value over the previous year…”
A new report from RENTCafe says that high-income earners are the fastest growing renter segment in America. Citing data from the U..S. Census Bureau, they say the annual increase in the number of high-income renter-occupied households (those earning $150k+) has been consistently growing faster than owner-occupied households. In fact, between 2007 to 2017 those rich enough to own, but preferring to rent, grew by 175% compared 67% in homeowners in the same income bracket. Indeed…
“The attitude toward renting at any income level is changing. With renters becoming the majority population in many U.S. cities, the spike in the national population of wealthy renter households could mean a change in attitude toward an American Dream that no longer belongs to this generation of renters.”
According to a recent report from ATTOM Data Solutions (as reported by Bloomberg), 1 in 11 mortgaged properties in America are “seriously underwater” – representing over 5 million properties. Drilling down into the data reveals that in 27 zip-codes, more than half of the homes are “seriously underwater,” meaning they have a loan-to-value ratio of at least 125%.
“At the end of 2018, the most “seriously underwater” zip code was Trenton’s 08611 — in New Jersey’s capital — where 70.3 percent of mortgaged homes were valued at $100 or less for every $125 owed. The St. Louis zip code 63137 follows at 64.8 percent. Zip codes 60426 in Harvey, Illinois (62.3 percent); 38106 in Memphis, Tennessee (60.5 percent) and 61104 in Rockford, Illinois (59.6 percent) round out the worst five.”
Where are all the retirees settling down? According to a recent article on Realtor.com, the coming “gray-tsunami” is reshaping real estate markets across the nation. They say that 1.2 million people aged 55+ relocated out of state in 2018 – a record high. To that end, they looked at all metros across America with 1/4 of the population aged 60+, filtered the listings for phrases like “aging in place,” “senior-friendly,” and “ground-floor master bedrooms,” then looked at the numbers of those 55+ moving to the area. Interestingly, they point out one aspect of this cohort that they say is troubling:
“…Boomers have less in retirement savings than previous generations, a vexing problem, since they’re expected to live longer than their parents, according to the Stanford Center on Longevity. They’ve only socked away a median $209,000—while one in three have no nest egg at all for their so-called golden years…”
Which states created the most jobs and which ones lost them? That question was recently put to the test by the NAHB’s Eye on Housing blog. Using data from the Bureau of Labor Statistics total non-farm employment in December, 2018 increased by 2.6 million jobs, compared with a gain of 2.2 million in 2017. It turns out that the South created the most number of jobs by adding 1.2 million total non-farm employment to the area, while the Northeast created the least number of non-farm jobs. The bottom-line; just look at the map and follow the money.
“Year-over-year, ending in December, 48 states and the District of Columbia increased in employment while Alaska and Vermont, lost payroll employment. Twenty-four states recorded annualized growth equal to and/or above 1.8% in employment, which was the national growth rate…”
According to the latest Yardi Matrix, U.S. multifamily rents held steady in January, coming in at $1,420, while year-over-year growth was 3.3% – with the growth rate exceeding 3% for six months. Yardi calls this a healthy performance and said market players are largely optimistic about 2019. Indeed….
“Multifamily continues to run strong in terms of performance and popularity as an investment alternative. Other real estate property types—such as office, retail and hotel—have long-term structural demand issues, while non-real estate sectors including stocks, corporate bonds, emerging markets and housing are showing signs of strain as the cycle lengthens.”
One of the challenges of posting social media (besides the actual content) is how to size/resize the pictures you want to display or share. It can be a mystery and best and an exercise in frustration at worst. To that end the folks over at ConstantContact put together this handy size chart for the main social media platforms. Happy Friday!!!