Uncommon Knowledge
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From its iconic Atlantic City Boardwalk to its deep-rooted musical heritage with legends like Bruce Springsteen, New Jersey offers a wide array of experiences. Whether you’re exploring the natural beauty of the Pine Barrens, tasting the delicious Jersey tomatoes, or walking the historic grounds of Princeton University, there is always something fascinating to discover. What else is New Jersey known for? Whether you’re considering renting a home in Newark, looking to settle into an apartment in Princeton, or just planning a visit, you’ll soon find that New Jersey has much more to offer than meets the eye. In this article, we’ll explore what makes New Jersey unique and why so many are proud to call it home. Let’s dive in.
Built in 1870, the historic Atlantic City Boardwalk was the first boardwalk in the United States. This iconic stretch offers a variety of attractions, including casinos, restaurants, and entertainment venues like the historic Steel Pier. For example, people enjoy strolling along the Boardwalk, indulging in saltwater taffy, and trying their luck at the numerous casinos. Additionally, the Boardwalk hosts events like the annual Atlantic City Airshow, drawing large crowds for its spectacular performances.
New Jersey is the proud home of rock legend Bruce Springsteen, affectionately known as “The Boss.” Springsteen was born in Long Branch and grew up in Freehold, with his music often reflecting the working-class roots of the state. Fans can visit landmarks like the Stone Pony in Asbury Park, where Springsteen frequently performed early in his career. New Jerseyans take great pride in Springsteen’s global success and his close connection to his home state.
Liberty State Park in Jersey City offers stunning views of the Statue of Liberty and Ellis Island. This 1,200-acre park contains open green spaces, picnic areas, and the Liberty Science Center, featuring interactive exhibits and a planetarium. Additionally, the park serves as a departure point for ferry rides to the Statue of Liberty and Ellis Island. With panoramic views of the Manhattan skyline, the park is popular spot for photography and outdoor activities.
New Jersey is renowned for its delicious Jersey tomatoes, celebrated for their rich flavor and vibrant color. These tomatoes are a staple in local cuisine, often featured in dishes like the classic Jersey tomato salad with fresh basil and mozzarella. Farmers’ markets across the state sell these prized tomatoes, drawing food enthusiasts eager for a taste. Furthermore, the annual New Jersey Tomato Festival in Hammonton highlights this beloved produce with tastings, contests, and recipes.
Covering over a million acres, the Pine Barrens is a vast forested area and unique natural landmark in New Jersey. This region is known for its distinctive ecology, including rare plant species and diverse wildlife. Outdoor enthusiasts enjoy activities like hiking, kayaking, and birdwatching in this relaxing setting. Additionally, the Pine Barrens have a rich folklore, including tales of the legendary Jersey Devil.
Princeton University is one of the oldest and most prestigious universities in the United States. Founded in 1746, this Ivy League institution is prized for its academic excellence and beautiful campus. Visitors can tour the historic Nassau Hall, the university’s oldest building, and the Princeton University Art Museum, which houses an impressive collection of artworks. Moreover, the charming town of Princeton offers boutique shops, cozy cafes, and a dynamic cultural scene.
The Jersey Shore stretches over 130 miles of coastline and is loved for its sandy beaches, lively boardwalks, and fun attractions. Towns like Asbury Park, Point Pleasant, and Wildwood offer a mix of beach activities, amusement parks, and lively nightlife. Furthermore, Cape May, with its Victorian architecture and quaint charm, is a popular destination for those seeking a more relaxed atmosphere. The shore also hosts numerous events and festivals, such as the annual Seafood Festival in Belmar.
The Battle of Trenton was a pivotal moment in the American Revolutionary War, taking place in Trenton on December 26, 1776. General George Washington’s daring crossing of the Delaware River and surprise attack on Hessian forces marked a significant victory for the Continental Army. Sightseers can explore the Trenton Battle Monument and the Old Barracks Museum to learn about this historic event. Furthermore, you can attend the annual reenactment of Washington’s crossing to experience a vivid portrayal of this famous battle.
The Meadowlands Sports Complex in East Rutherford is a major hub for sports and entertainment in New Jersey. This complex includes MetLife Stadium, home to the NFL’s New York Giants and New York Jets, and the Meadowlands Racetrack, which hosts harness racing events. Additionally, the nearby American Dream Mall offers a unique shopping and entertainment experience with its indoor ski slope, water park, and numerous retail stores.
Thomas Edison National Historical Park in West Orange preserves the home and laboratory of one of America’s greatest inventors. Visitors can tour Edison’s 29-room Victorian mansion, Glenmont, and his innovative laboratory complex where he developed groundbreaking inventions like the phonograph and electric light bulb. Moreover, the park offers educational programs and interactive exhibits that showcase Edison’s contributions to modern technology.
Hoboken prides itself on its music scene, famously known as the birthplace of Frank Sinatra. The city’s live music venues, like Maxwell’s Tavern, have hosted numerous iconic performances and continue to support emerging artists. Moreover, Hoboken’s proximity to New York City adds to its dynamic cultural atmosphere, making it a hotspot for music lovers. If you’d like to experience the music scene for yourself, annual events such as the Hoboken Arts and Music Festival celebrate local musical talent and showcases the area’s strong community spirit.
Source: rent.com
BOZEMAN — As housing prices continue to hit record highs here across the valley and across western Montana, buying a home is becoming more unattainable for people who live and work here.
U.S. Representative Ryan Zinke has co-sponsored legislation that would make it easier for first responders to buy a home.
“With anybody who’s relocating to Bozeman right now, you know, finding housing is a challenge,” says Bozeman Fire Chief Josh Waldo.
Waldo has seen first-hand how far some of his firefighters commute to work.
“People figure in that commute. If I have to drive, you know, an hour one way or 45 minutes one way is coming in to do a three-to-four-hour coverage,” says Waldo.
Waldo says some of his firefighters live in Belgrade, Three Forks, and even as far as Townsend. Waldo says this is hard especially with the long work hours.
“You know, really something that they want to do. So, it does create a challenge when people figure in or, you know, calculate in that commute, for just a small window of coverage here in the city,” says Waldo.
Zinke co-sponsored a bipartisan piece of legislation called Homes for Every Local Protector, Educator and Responder, also known as the HELPER Act.
“Our first responders, our teachers, our firemen—those service members are having a difficult time at that salary to enter the market,” Zinke told MTN News.
Under the proposed legislation, first responders and teachers would be eligible for a first-time home loan with no down payment.
“Now, is it the great panacea? No, but it helps, and when interest rates are high and people are being locked out of housing and are destined to be renters for life, that gnaws away at the American dream,” says Zinke.
According to the Gallatin Association of Realtors, the median price of a house in Bozeman city limits was $765,000 in April.
“At a teacher’s wage or an EMT’s wage, you know, that’s a bridge too far,” says Zinke.
Chief Waldo says they try to help firefighters find places to live. But he says their goal is living and working together.
“We want our first responders to live where they work and they serve the community,” says Waldo,
The HELPER Act still needs to move through committees before it’s introduced on the House floor.
Source: kbzk.com
The average annual cost for a homeowner to perform maintenance on their single-family property has grown 26% over the past four years, faster than the rate of inflation, a Bankrate study found.
Nationwide, the current average cost for maintaining a typical single-family home is $18,118 per year, the Bankrate Hidden Costs of Homeownership Study reported. Using an average property value of $436,291, it means the buyer is paying $1,510 per month in addition to their mortgage payment in homeownership costs.
Back in 2020, before the pandemic-fueled run-up in home prices, it cost $14,428 annually for maintaining or repairing a typical single-family home, equivalent to $1,202 per month.
The cumulative rate of inflation, as measured by the Consumer Price Index, from 2020 until now is 21.7%.
The report’s calculation assumes that the homeowner pays 2% per year of their home’s average value on these costs.
“While homeownership is worth the financial sacrifice, homeowners also need to be aware of the ongoing expenses that go along with owning property,” said Jeff Ostrowski, Bankrate analyst, in a press release. “After you achieve homeownership, you need to fatten up your emergency savings account for all those surprise repairs.”
Incentivizing homeowners to create emergency savings accounts to deal with unexpected events including job loss helped to reduce mortgage default rates, a 2018 JPMorgan Chase study claimed.
While describing these as the hidden costs of homeownership, some of the items used in the calculation are typical beyond maintenance costs, such as property taxes and homeowners insurance, the T&I portion of the mortgage payment. However, rising costs here have been seen as a stressor on troubled homeowners, a panel at a Mortgage Bankers Association conference noted earlier this year.
Some of these other costs are also common (although not necessarily a part of depending on the agreement) to renting a home, such as electricity, internet and cable television service. Many renters also have an insurance policy to cover their personal property.
In a related Bankrate report that came out at the end of May, while 24% of home purchasers said they put aside money to pay for home repairs and maintenance, 19% have needed to take out additional debt for these costs.
Of that second group, 60% financed through credit cards, one-third took out a personal loan, while 25% obtained a second mortgage (respondents were able to make more than one choice for this question).
There’s also a generational divide among those seeking financing. Gen Z makes up the largest cohort of those having to take out debt, at 31%, followed by 26% of millennial homeowners.
At the other end of the spectrum is Gen X, at 19%, and the baby boomers at 13%.
“There’s no question whether these hidden costs of homeownership, involving plumbing calls, appliance replacement or repair, or getting a new roof or HVAC, will occur,” said Bankrate Senior Economic Analyst Mark Hamrick in a press release. “The key questions involve timing and costs. Planning for the expenses, including through dedicated savings, can help affirm the positive experience of what many consider the American dream, which is homeownership.”
The same generational divide exists among the savers, with the younger groups actually claiming a higher rate, 30% of Gen Z and 25% of millennials, while the baby boomers had 24% and Gen X trailed at 20%.
“By avoiding the elevated cost of borrowing, homeowners can hold onto more of their money, which is almost always a good thing,” Hamrick said.
Source: nationalmortgagenews.com
Most Americans still view homeownership as a key to building wealth, but for many, that piece of the American dream is on hold or out of reach thanks to the heavy burden of student debt.
In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify for a mortgage. Nearly 1 in 5 millennials (19%) think their credit card debt will be a stumbling block when applying for a mortgage, while 1 in 7 (14%) think the same about their student loans.
If you’re considering buying a home but worry that student debt will prevent you from securing a mortgage, you’ll need to be strategic about your approach to increase the probability of your application getting approved.
Adding a mortgage on top of monthly student loan payments can create a significant financial strain. The more debt you carry, the fewer resources you have to allocate toward a down payment or for monthly mortgage payments, making some lenders less likely to approve your application. Student loan debt may affect your home-buying goals in a few key ways.
Lenders calculate your DTI ratio by dividing your total monthly debt payments (including student loans) by your gross monthly income to assess your ability to handle additional debt, like a mortgage. Having a high debt-to-income ratio can limit the loan amount you qualify for, or even disqualify you from certain mortgages. DTI standards vary among lenders, but most look for a DTI below 35%, while others accept up to 45%, and still others, like an FHA-backed loan, will allow 50%.
Your credit score reflects your approach to handling credit and gives lenders insight into how likely you are to make timely payments. A higher credit score is generally associated with high reliability, improving your chances of a mortgage approval. A lower credit score due to late payments or defaults may pose more challenges to getting approved.
Having a larger down payment will reduce the amount you need to borrow and can strengthen your mortgage application. Student loans, however, can make it harder to reach that down payment goal. Showing lenders you have a stable income large enough to handle both mortgage and student loan payments is a plus.
Student loan debt is just one factor lenders use to determine if you qualify for a loan. To improve your chances of getting approved, consider the following strategies.
Work to reduce your overall debt and improve your debt-to-income ratio by paying down high-interest debts first (like credit cards), and explore options for refinancing or consolidating student loans and other debt to make monthly payments more manageable. In addition, you might also explore strategies like using a “debt avalanche” to pay off high-interest loans quickly.
Boost your overall credit score to improve your chances of getting more favorable mortgage terms. It’s important to make consistent, on-time payments on all your debts, including student loans and credit cards, as even one late payment may be reflected in your credit report.
Review your credit report at least annually to check for discrepancies and address any errors promptly. If you’re struggling to bring your credit score up, consider credit counseling as an option for in-depth advice.
You might qualify for one of the federal government’s four income-driven repayment plans (IDRs) based on your current circumstances. IDRs are intended to make student loan debt more manageable by calculating a monthly payment based on your current income and family size, rather than the amount of your debt.
While an IDR can significantly reduce your monthly student loan payment, thereby freeing up more money for a mortgage payment, there are some potential downsides, including the fact that you’ll pay more interest on your student loan over the long haul. Weigh your options carefully, and seek professional advice if necessary before applying for an IDR.
Do your homework and compare the competition. Choose a reputable lender who has experience working with clients who carry student loan debt, as they’ll be able to help structure the best financing options to suit your specific needs. Consider getting pre-approved if possible, as this not only gives you a realistic idea of how much you’ll be able to borrow, but it also signals to home sellers that you’re serious rather than casually looking.
If you have a responsible family member, or trusted friend, on solid financial footing with little debt and a high credit score willing to co-sign your mortgage application, you could improve your chances of getting approved. For this kind of agreement to work, it’s advisable to work with an attorney so terms and conditions are clear within a written contract that includes repayment schedules and title agreements.
There are a number of home loan programs you may qualify for, even if you carry student loan debt.
Fannie Mae and Freddie Mac both have a number of loans that cater to lower-income borrowers or first-time home buyers and may accommodate low down payments and cancellable mortgage insurance, among other features.
Other government-backed loan programs include FHA loans which typically require only a 3.5% down payment, as well as VA loans for active-duty service members, surviving spouses, and veterans, which do not require a down payment or mortgage insurance. USDA loans may be available if you live in a designated rural area.
Work with a lender who is knowledgeable about your particular situation and can recommend a loan program to meet your needs.
Buying a home with student debt can be challenging, but it’s not impossible. Work closely with both a real estate professional and a reputable lender to create a strategy that will meet you where you are, and open the door to your new home sooner.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: [email protected]
Source: housingwire.com
Despite persistently high interest rates, big four title firm Fidelity National Financial recorded a much stronger start to 2024 than it did a year ago.
In first-quarter 2024, Fidelity reported total revenue of $3.299 billion, up from $2.474 billion a year ago. Its net earnings were $248 million, compared to a $59 million net loss in Q1 2023. The firm attributed its stronger results to better performance from both its F&G segment and its title insurance segment.
The firm’s title segment reported $1.7 billion in revenue, up 7% year over year, and pretax earnings of $218 million, up from $157 million a year ago. These improvements came as the number of direct title orders opened in the quarter jumped from 308,000 in Q1 2023 to 315,000 in Q1 2024.
These increases came despite a 2% annual decline in the number of refinance orders opened per day and flat growth in the number of commercial orders opened per day. The number of purchase orders opened per day was up 5% on a yearly basis.
“In the first quarter, we saw normal seasonality in purchase opened orders with sequential improvement coming off the fourth quarter,” Fidelity CEO Mike Nolan told investors and analysts during the firm’s Q1 2024 earnings call on Thursday.
“In April, purchase open orders per day were up 4% over last year, but higher mortgage rates may temper purchase volumes going forward. Refis are holding steady at roughly 1,000 per day at the current floor. Commercial volumes continue to be resilient and consistent.”
Looking ahead, while Nolan believes that the housing market will rebound, he noted that the timing is “uncertain and largely dependent on lower mortgage rates.”
“In the scenario where more inventory comes into the market and rates come down, we are well positioned to capture upside to last year’s performance,” Nolan added. “Overall, higher volumes above current trough levels would help to drive stronger incremental margins and showcase the scale and efficiencies that our diversified national footprint provides, much like what we saw in 2019 through 2021.”
Faced with these challenges, Nolan said the firm remains focused on monitoring its headcount and footprint, as it looks to manage expenses.
In addition to sharing his thoughts on the housing market and macroeconomic landscape, Nolan also had some things to say about the recent title insurance proposals announced by the federal government. These include the use of attorney opinion letters in place of title insurance, changes to who pays for a lender’s title policy and waivers for title insurance on certain transactions, such as refinances.
Nolan noted that he and Fidelity “strongly support” the overall goal of making homeownership more affordable. But he added that the recent announcements and comments from the Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) are “misguided and display a misunderstanding of the vital role in value that title insurance provides consumers and the broader economy, and the critical role it plays in helping to make the American dream of homeownership a reality.
“The title industry not only protects consumers’ property ownership rights but also the critical integrity of land records,” Nolan added. ” In addition, we are our first line of defense in helping protect buyers and sellers from real estate and wire fraud. Title insurance also insures a duty to defend them in the event of a covered claim, and title insurers have state-mandated reserves standing behind their policies, unlike attorney opinion letters or a GSE waiver.
“We welcome the opportunity to continue conversations with the FHFA and CFPB, and we’ll continue to actively engage with all stakeholders in discussing the fundamental value that title insurance and settlement services deliver to America’s homebuyers and sellers, lenders and other participants, in what for many is their most important real estate transaction.”
Source: housingwire.com
“The inclusion of ITIN loans in our diverse mix of products for homebuyers gives creditworthy, tax-paying customers a unique opportunity to realize their dream of homeownership,” Greg Austin, executive vice president of lending for CMS, said in a media release. “Our ITIN program demonstrates Carrington’s commitment to the unique financial needs of non-US citizens and … [Read more…]
Mohtashami kicked off the sessions by talking about the differences between the current mortgage rate environment and some of what was seen in the early days of the financial crisis of the 2000s, saying that Americans generally are in a much better position than they were back then.
The Fed has recently indicated that it is not likely to reduce interest rates anytime soon due to economic indicators, and Mohtashami revived a 2022 prediction about what it will take to get the Fed to “break” on rates.
“In 2022, I brought up the premise that the Fed will not pivot until the labor market breaks,” he said. “So, if all of you are looking for a sustained lower move in mortgage rates, that’s what you’re going to see.”
While a lot of the oxygen in the discussion is taken up by inflation, Mohtashami asserts that’s not what the Fed is primarily focused on.
“What the Fed wants to see is the labor market get very soft and to the point that it’s breaking, and then they will find all the confidence in the world to do rate cuts and talk about making sure we have a soft landing,” he said.
Reading the data, he said, might tell a different story about the situation as opposed to strictly paying attention to what Fed officials are saying.
Illuminating data points include wage growth, job openings, the number of people quitting to find higher-paying work, and jobless claims on a weekly or monthly basis. These help observers to monitor changes in the labor market similarly to the Fed, he explained.
From there — and when combined with employment in construction and housing permit data — the thinking around rates will become clearer.
“If the labor market gets softer and the Fed starts getting a little bit more dovish, then not only can the spreads get better, but if the 10-year yield goes down, there’s your 6% [or] sub-6% mortgage rates,” he said. “But this means the labor market has to break. So, we’re all focusing on inflation, but not what really matters.”
A lot of the conversation in the housing market can be focused on “vibes,” or general feelings about the way things are going. Simonsen explained to attendees at The Gathering that focusing instead on real-time data is key to having accurate, predictive indicators about where the market is at and where it will go.
Simonsen began his presentation by talking about an early Altos interaction with both Goldman Sachs and Lehman Brothers. In 2007, right around the time he started Altos Research, he was attending a conference where representatives of both companies were speaking. After they finished speaking, he aimed to pitch both companies on why they might need the kind of data Altos specializes in.
He recalled his pitch.
“I’m Mike Simonsen, my company is Altos Research, and we track every home for sale in the country every week,” he recalled saying. “We check all the pricing, all the supply and demand, and all the changes in that data, and we give that to you because traditional housing data is months behind the curve before you see what’s happening.”
The Lehman representative turned him down flatly, saying, “We’ve got so much more data than you can possibly imagine. We’re making so much money. Don’t even bother,” Simonsen recalled.
The Goldman representative was more open to hearing what he had to say, and 12 weeks later engaged with Altos as a client. A year later, Lehman Brothers went out of business, Simonsen explained.
Simonsen asserted that monitoring changing data points on a daily and weekly basis — including inventory levels, new and pending home sales, and home price data and signals —can help to more efficiently track the impact of mortgage rates.
“I believe that our obligation is to communicate with the data for everybody in the cycle, from the biggest players down to every single homebuyer and seller,” Simonsen said.
He began by looking at fresh inventory data.
“The biggest takeaway from when we’re looking at the inventory numbers is rising rates constitute rising inventory — or put another way, demand slows, inventory grows,” he said. “And that’s actually counterintuitive for a lot of folks who are just casually looking at the data.
“They think, ‘Mortgage rates are higher, nobody’s going to sell, therefore inventory is going to fall when rates fall again. Then we’ll finally get some inventory.’ But the data shows that actually, the opposite is true.”
Multiple years of higher rates will be needed to return inventory to pre-pandemic levels, but inventory growth is rising across the country, particularly in states like Florida and Texas, he explained.
More home sellers are also starting to enter the market. Last year, rising rates depressed seller participation, but higher rates are starting to be seen as more of a norm. A general sense of predictability will allow more sellers to enter the market, he said.
Prices are likely to remain stable due to higher rates, he added.
“More data, less vibes,” Simonsen said.
Daryl Fairweather of Redfin primarily spoke about housing demand; generational participation in the market; the impact of climate events and natural disasters on homebuying activity; and the flexibility that renters might experience, particularly as weather events become more prominent nationwide.
“People are spending more and more of their money on housing, and housing isn’t getting any more affordable,” she said. “We still have this underlying shortage of homes.”
But the presentation was primarily designed to be forward looking, and in that respect, interest rates and inflation are elevated, but the economy is growing. Demographics are also changing, with millennials being the largest generation and Gen Z being smaller but increasingly influential in the economy.
Changing preferences and economic realities are also disrupting long-standing paradigms related to housing in the U.S., she said.
“It used to be that homeownership was the American dream, and now it’s more the American pipe dream,” Fairweather said. “People just feel like it’s a ‘pie in the sky’ thing for them to achieve because housing affordability keeps getting worse and worse.”
Climate is also a very real issue having an impact on the housing market, Fairweather said.
“For a long time I would talk about a changing climate and people would say ‘That’s a problem for the future,’” she said. “But now, we’re seeing insurance costs going up and people are deciding where to live based on the climate. It’s becoming a more and more important issue in the housing market.”
Fairweather shared that Redfin experimented in 2020 to analyze the impacts that climate change can have on homebuying behavior over a three-month period in which users were divided into two pools: one that showed them a view of flood risk and one that did not.
“In the control view, there is no flood risk, and then in the treatment view, you could see flood risk for every single home that’s on Redfin,” she said. “The people that were shown flood risk — if they were previously looking at severely or extremely risky homes for flood risk — they went on to buy homes that had half as much risk when they saw that information,” she said.
This communicates a potential value-add opportunity for mortgage professionals to offer more robust climate information, in addition to where interest rates are projected to go or demographic information.
“[That can help] inform them about how to make the best homebuying decision,” Fairweather said.
Source: housingwire.com
American renters are fearful that their home-owning aspirations are increasingly getting out of reach, according to a recent survey by the real-estate platform Redfin, amid an environment of high home prices and elevated mortgage rates.
Almost 40 percent of the renters polled told surveyors they did not believe they would own a home of their own, up from 27 percent in a similar survey Redfin conducted in May and June. Part of the struggle for these Americans is that homes are beyond what they can afford. Securing a down payment can prove elusive, and high mortgage rates may discourage them from acquiring property.
Read more: How to Get a Mortgage in 2024
The Redfin survey sampled about 3,000 U.S. residents in February, and its analysis of renters’ expectations came from a 1,000 renters in the poll.
Mortgage rates in particular have stayed elevated over the past six months. After hitting a peak of 8 percent—the highest level since the turn of the century—mortgage rates declined to the mid-6 percent range at the end of the year and into 2024. In recent weeks, however, the cost of home loans have ticked up to above 7 percent, depressing activity in the mortgage market.
On April 11, the 30-year fixed rate rose to almost 7.4 percent, Mortgage News Daily reported, the highest levels since November 2023. The rise follows news that suggests borrowing costs may stay elevated for longer than economists initially anticipated.
High mortgage rates now mean that first-time buyers must earn about $76,000 to afford what the industry describes as a starter home, which is an 8 percent increase from a year ago and almost 100 percent higher than it was before the pandemic, Redfin said. It added that home prices have soared more than 40 percent since 2019, as buyers took advantage of low borrowing costs during the pandemic to acquire houses, increasing demand, escalating competition and pushing up prices.
Read more: Compare Top Mortgage Lenders
“Buying a home has become increasingly out of reach for many Americans due to the one-two punch of high home prices and high mortgage rates,” Redfin wrote.
Renters being unable to buy homes has in turn contributed to increased competition and price jumps in the rental market. The median asking rent is at $2,000 in the U.S., close to the record high it reached in 2022, Redfin said. Still, despite the elevated cost of rent, renting may be a more affordable option than homeownership.
“Housing costs are high across the board, but renting is a more affordable and realistic option for many Americans right now—especially those who have never owned a home and aren’t able to tap into equity from a previous sale,” said Daryl Fairweather, Redfin’s chief economist. “While owning a home is usually a sound long-term investment, the barriers to entry and upfront costs of buying are higher than renting.”
To purchase a house, a buyer would need about $60,000 as a down payment for a home loan, an amount that is out of reach for many Americans.
Fairweather added, “The sheer expense of purchasing a home is causing the American Dream of homeownership to lose some of its shine.”
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Seattle is blessed with the stunning backdrop of the Olympic and Cascade Mountains. Beyond that, it’s a city that effortlessly blends the classic PNW vibe with the American dream. Known for its innovative spirit, strong connection to tech, and a history that’s as deep and varied as its waterways, Seattle is one of those special places that just forces people to fall in love after only one visit.
Listed below are ten undeniably unique things that make Seattle such a desirable place to lay down roots or rent the perfect place for a little while.
Built for the 1962 World’s Fair, the Space Needle offers breathtaking panoramic views of the city, the mountains, and the waters that surround Seattle. This landmark, with its futuristic design, symbolizes Seattle’s forward-thinking spirit, drawing visitors from around the world to marvel at the vista from its observation deck or have a meal at the cafe.
Showcasing the art of Dale Chihuly, a native son of Washington, the Chihuly Garden and Glass exhibition blends glass and botanicals in a mesmerizing display. Located near the Space Needle, it offers a visual feast of color and form, illustrating the depth of Seattle’s commitment to the arts.
Pike Place Market is one of the oldest continuously operated public farmers’ markets in the United States. As such, it is also the heart and soul of Seattle. With its famous fish market, countless artisan stalls, and the original Starbucks coffee shop, Pike Place embodies the Pacific Coast culinary craft in all its glory.
With its innovative glass and steel design by architect Rem Koolhaas, Central Library redefines what a library can be. It’s not only a great place to learn something new but also a public space that encourages community and focuses on Seattle’s commitment to public services and intellectual growth.
Tucked under the Aurora Bridge in the quirky Fremont neighborhood, the Fremont Troll is a testament to Seattle’s creative and whimsical side. This massive concrete sculpture, clutching a real Volkswagen Beetle, has become a beloved oddity and a symbol of the city’s eclectic art scene.
Founded by Microsoft co-founder Paul Allen, the Museum of Pop Culture (MoPOP) is dedicated to contemporary popular culture. Its exhibits, which range from science fiction and fantasy to music and video games, are housed in a strikingly modern building designed by Frank Gehry.
The Amazon Spheres are a striking example of innovative urban workspace design, consisting of three glass and steel domes filled with more than 40,000 plants from around the world. As part of Amazon’s downtown Seattle campus, they underscore the city’s status as a tech hub and its commitment to integrating nature within the city limits.
On Pier 57, the Seattle Great Wheel extends over Elliott Bay, offering riders spectacular views of the city and beyond. As one of the largest Ferris wheels in North America, it lights up the waterfront with its LED light shows, adding a fun twist to Seattle’s already iconic skyline.
Managed by the Seattle Art Museum, Olympic Sculpture Park transforms nine acres of industrial land into an open space designed to blend top-tier art with pristine nature. The park features sculptures from internationally acclaimed artists, set against the stunning backdrop of the Puget Sound and the Olympic Mountains.
Ballard Locks serves as a gateway between the saltwater of Puget Sound and the freshwater of the Ship Canal, which flows into Lake Union and Lake Washington. Visitors can watch boats of all sizes navigate the locks and see salmon make their upstream journey via the fish ladder.