The National Association of Realtor’s chief economist is optimistic that the real estate sector will continue to see stable growth, amid a strong economy.
Lawrence Yun’s remarks came during a talk at the Realtors Conference & Expo in Boston last week, where he added that in his opinion another recession seems unlikely in the short term due to the country’s sound economic fundamentals.
Yun also forecast around six million new and existing home sales by the end of this year, and slightly more in the next couple of years. The economist also believes home prices will continue to grow at a modest rate, around 4.7 percent in 2018, 3.1 percent in 2019 and 2.7 percent in 2020.
However Yun said these positive trends would only occur if homebuilders are able to keep up with demand by adding new inventory to the market. New homes are being added to the market at a rate of around 1.2 million per year, but that’s below the historical average and well off the 1.9 million homes that were built in 2004.
There are no signs of a housing bubble at least, Yun added. He said that even though home prices have been outpacing income for several years now, the overall economy in the U.S. is still fundamentally sound, that mortgage quality is high, and that due to the persisting inventory shortages in many markets, there is no danger of the overbuilding that preceded the Great Recession.
Some risks do exist though. Yun said the threat of a full scale trade war between the U.S. would hamper economic growth, and lead to higher interest rates for long-term debt instruments. If that happened, it’s likely a recession would occur, Yun said.
One piece of good news is that Realtors themselves can help do their bit by reminding their clients that the economy is still healthy and that all signs point towards positive home price increases. Yun said there’s little chance of a recession happening as inflation remains under control, and so any interest rate increases by the Federal Reserve will likely be moderate.
In other words, it’s a good time to buy a home, Yun said.
“All indications are prices will keep moving higher, and buyers who wait risk missing out on wealth gains,” he said.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
Stan Ponte started his real estate career as a leasing agent but was never one to shy away from new opportunities. When the opportunity to sell luxury real estate presented itself, he jumped on it. Now, 22 years later, Stan is one of New York City’s most successful luxury specialists, consistently ranking among Manhattan’s top agents by sales volume. He even has an active $79,000,000 five-story penthouse listing! On today’s podcast, Stan shares how he made a name for himself in luxury real estate and what it takes for a new agent to break into the luxury market. Don’t miss it!
Listen to today’s show and learn:
Stan’s start in real estate [1:47]
How to get into luxury real estate [3:13]
The story of how Stan almost helped Ed Burns buy an NYC loft [3:44]
The power of gifting [5:43]
How Stan got started as a luxury real estate agent [6:52]
Financial advice for new agents [9:45]
The trick to making great money in real estate [12:06]
Stan’s sales stats [15:14]
What’s unique about New York City’s real estate market [16:45]
Selling apartments in the aftermath of 9/11 [17:50]
When to take listings and when to work with buyers [19:23]
What qualifies as a luxury listing in New York City [20:21]
Advice on running a real estate business [21:18]
A tactical way to leverage your SOI for more business [24:36]
Stan’s opinion on outbound marketing [36:15]
The key to getting more referrals from other brokers [37:48]
Stan’s approach to contact communication [40:09]
One of the craziest luxury listings we’ve ever seen [43:38]
How to reach out to Stan Ponte [47:46]
What the NYC real estate market is like right now [48:55]
Stan Ponte
Stan Ponte is a Senior Global Real Estate Advisor and Associate Broker with Sotheby’s International Realty – East Side Manhattan Brokerage. He was named the #2 agent in Manhattan by sales volume for his work in 2020 according to “The Thousand” list, an annual national ranking by The Wall Street Journal and REAL Trends.
As a realtor in New York City for the past 21 years, Stan’s client list ranges from first time home buyers to CEOs, philanthropists, hedge fund managers, tech world innovators and entertainers. Stan’s success as a top performer in New York City’s white glove firms includes two years of management experience at a global real estate firm, where he honed his business development and agent services skills.
In addition to Stan’s resale activities, he is proud to have been chosen as co-director of sales to represent the Woolworth Tower Residences. “The opportunity to sell extraordinary homes in the most recognizable and beloved building in the world is one of the proudest moments of my career,” Stan says. To explore the Woolworth Tower Residences please visit thewoolworthtower.com.
Often called on as a keynote speaker or panelist, Stan is able to discuss his deep understanding of the global reach of Sotheby’s International Realty, bringing him to New Delhi, Hong Kong, Beijing, London, Boston, Stamford, Aspen, Los Angeles, Las Vegas, Barcelona, Madrid and Washington D.C.
Stan is able to focus his time and energy on selling while his team manages the office and focuses on marketing; ensuring his clients receive the level of service and attention they deserve.
“Our tailored approach to marketing is something I look forward to sharing at my very first meeting with a seller,” Stan says. “We do our homework first. From the comparable market analysis to a carefully laid out print and e-marketing campaign, we target the buyers and brokers who are most likely to bring the highest price the market will bear.”
Stan is a proud member and co-founder of a referral group of agents in markets outside of New York City and encourages his clients to visit ourtrustednetwork.com if they are interested in being introduced to his trusted Sotheby’s International Realty colleagues who value professionalism, integrity and deep local market knowledge. “We treat our referrals for what they truly are, an extension of trust and an invitation to be added as a member of the client’s team of real estate advisors.”
A graduate of New York University’s Tisch School of the Arts, Stan previously served on the Board of Directors of the Pre-War Condominium that he calls home and is a current board member and former President of The Drama League. He was one of the founding members of the successful Broker’s Build with Habitat for Humanity NYC and was recognized with their New Partnerships Award. Stan is a strong supporter of the Anti-Violence Project which awarded him in 2017 with their highest recognition, The Courage Award. In addition, Stan and his husband were honored to receive the 2020 Bailey House Rand Harlan Skolnick Social Responsibility Award. Stan also supports the Catskill Animal Sanctuary and the American Repertory Theater at Harvard University where he serves on the NYC Leadership Circle and served as a founding board member at the Bedford Playhouse. He may be the proudest, however, to serve as President of Legacy Ranch, a horse rescue rehabilitation and adoption facility founded by his mother.
“My commitment to my friends, family, and non-profit organizations, especially through the theater, is paramount to my sense of being a responsible and grateful citizen and a proud contributing member of the community.”
Related Links and Resources:
Thank You Rockstars! It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email. -Aaron Amuchastegui
Do you remember the excitement of curling up in front of your TV for Saturday morning cartoons, or coming home from school to watch a show you’ve been waiting for all week? If you’re feeling nostalgic, look no further than this blog post. We’re talking about all the shows that were so good that we could watch every episode.
1. Wishbone
One Redditor posted, “Wishbone.”
Another replied, “PBS programming back then was [seriously great]! Watching Wishbone gave me an upper hand in my classical lit course at university. Ghost Writer was also really good!”
One user asked, “Wait? Disney got the licensing for Wishbone?”
One user added, “It was. I was technically ‘too old’ to watch Wishbone (I was in HS when it aired), but I’d watch it when I babysat my brother (who is six years younger than I am), and it was so… adorable. I felt a weird sense of pride that it was filmed in Allen, which was just a short drive (maybe an hour?) from where I grew up in Ft. Worth.”
One replied, “Loved that little dog so much!”
A user said, “I am 51, so I wasn’t exactly a kid when this was on, but I can sing every word of the theme song and own a small Wishbone stuffy.”
2. Batman: The Animated Series
One user shared “Batman: The Animated Series.”
One replied, “Consequently, Superman TAS, The New Batman Adventures, Teen Titans, and Justice League & JL Unlimited. The 90s-2000s DC animation run is one for the ages.”
Another responded, “Justice League was hands down the greatest comic-to-screen adaptation ever.”
“JL Unlimited was outstanding,” one Redditor commented.
One user shared, “90s-2000s DC animation run was great, and those shows, including BTAS, remain my favorites ever since my dad placed them on when I was younger and when they aired on tv.”
Another user replied, “Batman TAS used to come on at 4:30 PM where I lived on weekdays. I can’t tell you how happy and warm it made me to watch that show. It was an escape from a very stressful home. I watched it when I was 4-6ish yo, probably, like in ’93-’94 or so maybe.”
“You’re me, but much younger. I would have been 15 to 16—very stressful home. Batman TAS was a godsend some days,” one user concluded.
3. Batman Beyond
One user added, “AND BATMAN BEYOND.”
Another Redditor added, “Won’t ever argue with someone about BAS being the better one overall, but holy crap, Batman Beyond is still incredibly amazing, and people overlook it so much in favor of BAS. In the very same vein, obviously, Mask of the Phantasm is the better movie overall, but I can never get over just how INSANELY amazing Return of the Joker is. Tim Drake sob/laughing is one of the most full-body goosebumps and heart-wrenching scenes in animated history. And the whole final fight against the Joker was 100% perfect. Joker was losing his cool at fighting a Batman with a Spiderman-style ‘mouth.’”
Another user replied, “Lol yeah, Terry is pretty chatty for a Batman. He got more Bruce Wayne-ish later in the series, but he was still quippy.”
“I did a complete rewatch of this series about a year ago, and except for a couple of episodes here and there, it absolutely holds up,” one user added.
4. Are you Afraid of the Dark?
One user commented online, “Are you afraid of the dark?”
Another user replied, “Ahh, I loved that show!!! Same with Goosebumps, lol.”
“The episode where the girl is writing ‘help’ on the wall backward scared me a lot as a kid. I still think the imagery was quite haunting for a kid’s show,” one user replied.
Another Redditor added, “Pick the right door, and you’ll go free. Pick the wrong door, and [he’ll] be………”
One user shared, “I can only remember the episode where the one dude attempted to flirt with girls but later is revealed to be a ghost that only his sister could see.”
5. Count Duckula
One user commented on the thread, “Probably showing my age here, but there was a show in the UK back in the early 90s called Count Duckula. As a kid, it was enjoyable, but some of the jokes went over my head. ‘Your cousin lives in Spain, m’Lord. He’s sure to give us a warm welcome.’ ‘Oh, he’s a friendly kind of guy?’ ‘No, m’Lord, he’s a pyromaniac.’
Another user replied, “This is the one where he’s a duck vampire but only eats vegetables?”
One user replied, “They used to show this at 5 AM on Saturday morning in America when I was a kid, I still remember the song. ‘From the halls of Transylvania / There’s no one more insane. / Dun dun dun da da da / DUCKULA’ Well, I kind of remember it.”
6. Duck Tales
One Redditor commented, “Duck Tales(1987).”
Another user exclaimed, “OoOooh!”
One commenter replied, “‘Racecars, lasers, aeroplanes.’”
Another added, “‘It’s a duck-blur!’”
One user replied, “I can hear it in my head, lmao.”
7. Looney Tunes
“Looney Tunes. I still laugh off watching them,” one user posted.
One replied, “They are where most people my age (69) first heard classical music. The Boston Symphony Orchestra used to run an instrument petting zoo every year, and they played Looney Tunes cartoons in Symphony Hall non-stop all day.”
Another user stated, “The Indianapolis Symphony did a performance of “Bugs Bunny on Broadway. They showed the cartoons on a movie screen while the Symphony played the soundtrack! It was SO much fun.”
One user added, “My favorite all-time bugs bunny line is right after he finishes destroying a man’s bagpipes thinking they were the Loch Ness monster. ‘Well, he put up a good fight. But clean livin’ prevailed.’”
8. The Muppets
One user commented, “The Muppet Show and Fraggle Rock.”
Another user replied, “The Muppets aren’t for kids. They’re for everybody.”
“Fraggle Rock was on HBO, wasn’t it? It was forbidden to all those who didn’t have a rich friend,” one commenter replied.
Another user commented, “LOVED the Muppet show! Statler and Waldorf were the bombs! Saturday morning cartoons were Hong Kong Phooey.”
One Redditor added, “The Swedish Chef herdy gurd gurd herdy bork bork!”
“And Dr. Bunsen Honeydew and Beaker MEEP MEEP MEEP MEEP…. we could do this all day because the whole show and all the characters are awesome!” another user said.
9. Gargoyles
One user shared, “Gargoyles.”
A user replied, “Did a rewatch when Disney+ started up. Very rewarding.”
One added, “Up until the boat episodes…it became such a slog around then.”
One user also added, “‘Avalon doesn’t take you where you want to go, AVALON SENDS YOU WHERE YOU NEED TO BE!’ Ugh that entire bit, like 20 [whole] episodes, is nothing but filler.”
10. Animaniacs
One Redditor posted, “‘Wheel of morality turn turn turn tells us the lesson we must learn.’”
Another replied, “‘If at first, you don’t succeed, blame it on your parents’ even as an adult that makes me giggle. Edit: and winning the trip to Tahiti.”
One commenter added, “‘Lake Titicaca, oh lake Titicaca, it’s between Bolivia and Peru. Lake Titicaca, yes lake Titicaca, with waters tranquil and blue. Lake Titicaca, oh lake Titicaca, why do we sing of its fame? Lake Titicaca, yes lake Titicaca: ’cause we really like saying it’s name! Titicaca!’”
11. The Magic School Bus
One user shared, “The Magic School Bus!”
Another added, “‘I knew I should have stayed home today!!’”
Another user replied, “‘With the Frizz??’”
One commenter exclaimed, “‘NO WAY! aaaaaaaAAAAAAA’.”
Another replied, “‘Cruising [on] down Main Street.’”
12. Teen Titans
One user shared, “Teen Titans.”
Another user replied, “The old one, not the new overly cartooned characters.”
Another responded, “I do believe that one’s called ‘Teen Titans Go’.”
One user commented, “I think I’m the only person who likes the original and Go.”
Another added, “Honestly, I like it too. It has its own charm. I just see them as alternate universe versions of the first show characters.”
One also commented, “They’re both great, for different reasons. The original for the stories and action. Go! For the comedy.”
Another user shared, “Just introduced my son to this. He was addicted to Teen Titans Go but now prefers this and wants to know why it changed lol.”
13. Recess
One user posted, “Recess.”
Another user replied, “The episode about stickers was making fun NFTs long before they were even a thing.”
One person responded, “That episode whomps.”
One user added, “This is literally the only show on TV at my house ever since it went up on Disney plus, it’s the best show in terms of nostalgia for me, but I believe no other show quite captures the mind of children better than it. All the rumours, the secrets, the relatable boredom, takes me back to my childhood with each episode!”
Another person stated, “I watched this as an adult and loved it. I’m constantly looking for the Ashleys in my workplaces, lol.”
14. Hey Arnold
One user commented, “Hey Arnold.”
Another poster wrote, “Watching it as an adult… it’s bittersweet because I watched it all the time as a kid but, man they really have some ‘hidden gems’ in there kid. I definitely didn’t understand.”
One commenter added, “The episode where the popular cool girl goes home and her dad is crying about eating their last can of soup is forever in my brain. And the episode where he teaches one of his adult neighbors to read. ‘LOOK I am petting the kitty!’”
Another replied, “Far too many real, legit situations in that show that were just casually thrown around and us kids just thought it was hilarious. I need to watch the show again at my own risk. I feel incredibly sad for Helga now that I’m older.”
15. Rocko’s Modern Life
One user shared “Rocko’s Modern Life.”
Another added, “I loved this show as a kid. As an adult, my thoughts are, this show is really weird and I can’t believe I watched it as a kid. I still love it lol. Similar to Ren and Stimpy.”
One Redditor responded, “Yes! This is my pick as well! It gets even better as an adult with all the innuendos!”
Another exclaimed, “‘Oh baby oh baby oh baby.’”
One user responded, “‘Rocko?!?!’”
Source: Reddit.
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It’s no secret that celebrities have said some wild and outrageous things—both on-screen and off. From ridiculous demands to understanding complicated topics, these famous people will make you shake your head in disbelief. Whether it was a misinformed statement or something downright silly, prepare to be amazed by what they had to say or did! So get ready for an entertaining read as we explore the dumbest statements uttered by our beloved stars of stage and screen.
1. Not Fake a Hate Crime
One user posted, “Jussie Smollett. Tracy Morgan said it best: ‘Yeah, they gave me a role on “Empire.” Contractually, they gave me millions of dollars. Contractually, all I gotta do is not fake a hate crime.’”
Another user replied, “Dave Chappelle’s bit about Jussie Smollett was pretty funny too. ‘The black community supported Jussie Smollett by keeping our mouths shut.’”
“This is the top one for me. It took so much careful planning and effort,” one commenter added.
2. If I Did It
One Redditor posted, “Making a book called ‘If I Did It’ after being acquitted of murder.”
Another user replied, “The family of OJs victims got the rights of the book and made the ‘if’ incredibly small.”
One commenter added, “Also, the forward they added is called ‘He Did It.’”
Another Redditor said, “Kids today will never understand what a BIG FREAKIN’ DEAL the whole OJ thing was, from the car chase to the trial. So really, if it weren’t for OJ, we wouldn’t have The Kardashians.”
One user explained, “OJ was one of those athletes who managed to cross over to pop culture. He was on TV often between his acting and product endorsements. In addition to being considered one of the best football players, he had a squeaky-clean image. The closest parallel I can draw today is if Peyton Manning killed his wife and went on a police chase. Of course, there probably wouldn’t be a racial component as there was with OJ, but as far as images are concerned, OJ and Manning would be similar.”
3. Joining Scientology
One user posted, “Joining Scientology, promoting it, and defending it.”
Another user replied, “Just look at Danny Masterson, they tried to cover up his [sexual] scandal, and thankfully he was convicted.”
4. Performing an Ukulele Apology
“Playing the ukulele to ‘apologize’ for being creepy to kids you met on the internet,” one Redditor posted.
Another user commented, “There’s no quicker way to make people think you’re diddling kids than writing a song about it!”
One commenter responded, “I saw a meme about it today, and it was like ‘Common playing in A minor got you in this situation in the first place’ and I was crying laughing.”
5. Trying to Bring a Controlled Substance On an Airplane
Another user added, “Former NBA player Damon Stoudamire tried to get over 1 ounce of [drugs] onto an airplane, but got caught at the metal detectors because he wrapped it in Aluminum Foil.”
One user asked, “Is that what happened to him?! I was wondering why he just got up and disappeared.”
“He’s the head coach of Georgia Tech,” one Redditor answered.
6. Being Bill Cosby
A Redditor shared, “Bill Cosby for being Bill Cosby. Millions adored this man as the father figure they always wanted. Until he wasn’t the father figure anyone wanted.”
One replied, “This one hurt severely. The public loved him. He had great stand-up routines and tv shows. I got to see him perform once.
“Then, Boom. It turns out he’s [sexually assaulted and] drugged women. Ugh.”
Another user added, “It was absolutely heartbreaking. I watched every episode of The Cosby Show, some more than once. It made me feel good; happy memories; everything was okay. Until it wasn’t.”
7. The Streisand Effect
“Barbra Streisand created Streisand effect. She didn’t want her home to be known on the internet, so she did everything in her power to remove pictures and addresses but wasn’t successful, and in return, her home became a hot topic,” one user added.
One user replied, “It seems dumb today, but the internet was pretty new and kind of unknown to most people. I imagine this was thought the same way as going after a tabloid. But instead, we witnessed an entirely new phenomenon.”
Another user added, “The funny thing was, prior to her lawsuit, the picture featuring her house had been viewed five times. Presumably, one of those was Streisand herself, and another was her lawyer. IIRC, the offending picture was part of a project to photograph the entirety of the California coastline. So thousands of images. One of which happened to show the back of her house. There was nothing in the picture that identified the house as hers.”
8. Antonio Brown Incidents
One user posted, “Here’s a list of Antonio Brown incidents from another thread. He could have legit been a potential Hall Of Fame player, as he was arguably one of the best WRs in the NFL. Then… he took crazy to a level that makes Kanye look sane. The dude has a lot more time to add some stupid [things] to it, but here goes:
“Edit: The newest is buying an Arena Football Team to be an owner/player then not paying league dues… currently the target of a class-action lawsuit for withholding paychecks to players as well.
“•Kicked out of Florida International University after fighting a security guard…
“• His second year in the league, he took a personal stretch limo to a charity event, had them open every single expensive bottle of wine, and rejected it. They refused to pay for it (charity, remember), then left. -credit Nduguu77…
• Trashed a condo and threw furniture out a window 14th-floor window, which almost hit some people, notably a child…
“• Threw a fit over Juju winning team MVP and trashed him on social media…
“• Held out and refused to show up to training camp because the NFL would not approve his helmet because it was too old for their safety standards…
“• Got fined by the Raiders for not attending camp…
“• Tried to fight Mike Mayock, called him a cracker, had to be held back by Vontaze Burfict, then punted a football down the practice field and said, ‘Fine me for that.’ [He was fined.]…
“• Released a video where he used audio of Jon Gruden, who didn’t know he was being recorded, which is illegal in California (full disclosure, Gruden has said he gave permission, but the generally accepted theory is that he said that in the hope that it would help get him to show up to the facility and not alienate him.)
“• Demanded a release from the Raiders…
“• Made a lot of crazy tweets saying stuff like ‘Devil is a lie,’ a proverb about burning down a village… he made a lot of crazy tweets around this time is the point here…
“• Signed with the Patriots…
“• The sexual assault allegations came out (the one where he’s getting sued)
“• The sexual harassment allegations came out (the one where he’s not getting sued)
“• Threatened the woman not suing him in a group text that included his lawyer and had a picture of her kids in the text
“• Got released by the Patriots after one week
“• Went off on a tweet storm and said a lot of crazy [things] about a lot of people, and was supportive of people sending threats to the writer of the article detailing the sexual harassment allegations
“• Said he was done with the NFL
“• Went back to college via online classes
“• Tried to outsource his homework to Twitter
“• Wants to come back to the NFL
“• Filed several grievances to try and get more than $40 million from the Raiders and Patriots…
“• Tweeted a couple of bizarre tweets about the Raiders using him for HBO ratings and the Patriots trying to steal his stuff and kept using this weird chicken-based metaphor
“• Tried out for the Saints and brought an entourage and film crew to shoot a music video with him when specifically told not to do that…
“• Tweeted ‘No more white woman 2020.’…
“• Used a bunch of slurs and profane language toward cops in an Instagram video he posted
“• A police youth football league cut ties with him and returned a donation after the release of the video saying there was an ‘irreparable rift’ between the department and AB…
“• Was involved in a dispute with movers at his home, where he allegedly threw rocks at the movers and moving vans. He is currently being investigated for battery by the police…
“• Warrant issued for the arrest of AB…
“• Rumors spread about AB signing with Tampa or Seattle
“• AB announces his retirement (for what I believe is the third time, it’s hard to find a good record of the rest of them.) Two days later, AB wants to play again and is asking for the league to wrap up its investigation
“• The NFL announces an eight-game suspension for AB… under investigation for the bike-throwing incident
“• Allegedly acquired fake covid-19 card. Confirmed to have acquired a fake covid-19 card and subsequently suspended for three games
“• Removed jerseys and pads and threw them in the stands before exiting the game verse the Jets. Was subsequently cut from the Bucs for stripping on the field…”
9. Praising Nazi Germany
“Losing a billion-dollar shoe deal b/c he couldn’t stop talking about how much he loves Hitler,” one user added.
Another user replied, “When Alex Jones is trying to reign you in, you know you’re spouting some crazy [things].”
One commenter shared, “That was such a bizarre interview. Alex REPEATEDLY gave him outs like, ‘As a fashion designer, surely you just appreciated their uniforms, RIGHT?’ And Kanye pretty much says, ‘Nah, I just like Hitler, man.’ Wtf?”
10. Staging a Hate Crime
One user answered, “[Jussie Smollet] is a contender, although many choices exist. He stages a hate crime to gain leverage in contract negotiations… He hires meatheads to do the deed and pays them with a check. Of course, he lied the whole time, then the video turns up, and the DA figures it out.
“But being famous, he pulls strings and escapes prosecution for making a false claim. THEN…the political tide shifts, and he runs his mouth and refuses to reimburse the county for the cost of the investigation. And so the new DA says f- it and prosecutes him, and he gets convicted because he was obviously guilty.”
11. Posting a Video of Violent Death
“Logan Paul posted a full YouTube video of someone hanging in a forest,” one user posted.
Another user commented, “Well, his whole family seems like crap, so no surprise he’s a huge [jerk].”
One Redditor added, “Even worse was that he was in Aokigahara, the ‘suicide forest’ in Japan. It’s unclear why that forest is such a popular place for people to un-alive themselves, but to revel in such a horrible event for internet fame is despicable.”
12. Saying You Could Have Saved Flight 11
One user posted, “Mark Wahlberg saying if he had been on flight 11 (like he was supposed to), it wouldn’t have crashed because he would have killed the terrorists then figured out how to land the plane.”
Another user replied, “So he said what every person in Boston says daily.”
13. Debating Word Definitions
One user shared, “That time Jennifer Garner corrected Conan O’Brien on the word snuck is one of my favorites. The fact that she throws in the bit about him going to Harvard makes it extra delicious.”
Another user replied, “His laugh when pulling out the dictionary to prove her wrong lives in my mind rent-free.”
14. Gwenyth Paltrow’s Goop
“Gwenyth Paltrow and everything she promotes. Here’s a tea made with echinacea, random plants I got from cutting my yard. I stirred it with my [privates]. It’ll cure ED, lung cancer, whatever. Now available at Goop,” posted one user.
Another user replied, “Doesn’t everyone want a $100 candle that smells like my [body]..?”
15. A Math Called Terryology
One user posted, “Terrance Howard ‘invented’ his own math called Terryology.”
Another user replied, “‘How can it equal one?’ he said. ‘If one [times] one equals one, that means that two is of no value because one [times] itself has no effect. One [times] one equals two because the square root of four is two, so what’s the square root of two? Should be one, but we’re told it’s two, and that cannot be.’”
Do you agree with the statements listed above? Share your thoughts!
Source: Reddit.
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10 Terrible Fads People Are Glad Died Out
Every fad has its time in the limelight, but some of them come and go faster than others; and some just need to die out right away. Check out this list of fads of which people were happy to see the last.
The luxury real estate horizon looks bright for a few counties in Florida despite a slowing sales forecast for the state overall. Interest from prospective home buyers from America’s Northeast is aimed at both Collier and Sarasota, two of the nation’s fastest-growing luxury housing price markets. These areas, along with interest in Jacksonville and a new projects across the state, are bright spots in a sagging Florida luxury market.
According to the May 2018 Luxury Home Index from realtor.com®,
interest from buyers in New York, Boston, and Chicago boosted Sarasota (North
Port) and Collier (East Naples) price growth of 19 and 14 percent respectively.
In that report, even Fort Lauderdale, which ranked 19th on the national list,
showed a 9% uptick in sales prices. Javier Vivas, director of economic research
for realtor.com® offered this comment in a press release:
“Luxury prices in the Sunshine State are rising quickly as buyers from places like New York, Boston, and Chicago get wind that there is a better bang for their buck available down South. Meanwhile, we are seeing signs of a luxury market glut in many established markets, which is in some cases leading to spillover demand for their less pricey neighbors.”
Luxury properties in the news in Sarasota have helped peak interest in the area. An instance that comes to mind was the recent announcement that the one of America’s most talked about restaurants, the Beach Bistro opening at the luxurious BLVD Sarasota (feature image) beginning of 2020 put an exclamation point on one of the city’s most exciting new developments. Remaining BLVD residences range from 3,550 to 5,500 square feet and are listed starting at $1.9 million.
The boost to Collier County sales prices was helped by big home sales in Naples where one
sale came in at a record $48.8 million. Naples’ 34102 ZIP code ranked is the
15th richest in America according to a recent report by Bloomberg. The recent
sale of a Port Royal beachfront mansion of 9,394 square feet that originally
listed for $60.9 million dollars, obviously did nothing to lower the areas
ranking.
Amazing new luxury developments dot the state and draw attention from high net worth investors, even as the market trends toward oversupply. One that comes to mind is the Waterfall Condominiums going up at Jax Beach. This eight-floor complex of 42 residences will have two fantastic penthouses on the top level, and range in size from 2,721 to 3,077 square feet. Expansive terraces will offer unmatched beach views listed by the Hanley Home Team at about $1.3 million on average.
An interesting aspect for these luxury residences is the fact new height restrictions have now limited beachside properties to no more than three stories tall. But, the beach property on which the condos will be built, at 14th Avenue South and 1st Street South, was grandfathered in, allowing for a high-rise residential structure. This brings up another important variable for all Florida luxury properties. Once the growth in new development sinks (and this is inevitable), the exclusivity of these properties will rise accordingly. Short story, prices will probably skyrocket.
Finally, “one of” luxury properties all across the Sunshine State help prop up high-end property prices. An example here is the so-called “Victory House” (above) that sits on 200 fabulous bayfront acres overlooking St. Petersburg and downtown Tampa Bay. This amazing property has its own private beach and has hurricane-proof doors and windows throughout. The six-bedroom, six-bath house is on a 13-acre parcel that includes about seven acres of uplands and the canals, a place where the owner will never have neighbors. Listed at $18 million, the mansion named for Nasr “Vic” Abuoleim is but one example of hundreds of similarly “exclusive” properties in the state.
A wonderful friend
of my father’s who was a land developer, he had this saying that has never
failed me. “Always buy land, they don’t
make any more of it,” he’d say. In
the case of Florida property, the more expansive the market gets, the more
“land” becomes a luxury. My bet is on prices rising in the mid-term to long.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
RealtyTrac has released a new report that identifies potential bubble markets based upon three early warning signs.
There has been increased fear of another housing bubble for a while now, with some markets already identified as bubbles and others supposedly suffering from an affordability crisis.
Signs of a possible housing bubble include the following:
– A market that was less affordable in October 2014 than its peak price during the previous bubble between 2005 and 2008 – A market that was less affordable in October 2014 compared to its historical average since 2000 – A market with a rising foreclosure rate on loans originated this year compared to last year
Overall, the price of a median-priced home required 26% of median income in October in 475 counties nationwide.
This compares to a historical average of 28% going back to January 2000, and is still well below the 41% average seen in each county’s peak month during the most recent housing bubble.
In fact, just six counties were deemed less affordable in October than during their peak between 2005 and 2008, thanks in part to higher incomes and low mortgage rates.
The short list includes Suffolk County, Massachusetts, Travis County, Texas, Jefferson County, Alabama, Brazos County, Texas, Allegan County, Michigan, and Montgomery County, Tennessee.
These counties correspond to the metro areas of Boston, Austin, Birmingham, College Station, Grand Rapids, and Clarksville.
However, 21% of counties nationwide are now less affordable than their historic averages, including hot spots like Los Angeles, Orange County, San Francisco, Dallas, San Antonio, and even parts of Detroit.
Meanwhile, 37% of counties are reporting rising foreclosure rates on loans originated this year compared to last, including places like Chicago, San Diego, Brooklyn, Miami, Las Vegas, and Seattle.
And six percent (30%) of counties are both unaffordable by historic measures and experiencing rising foreclosure rates on recent loans.
This combined problem list includes places like the San Francisco metro area, Suffolk County, Orange County, Honolulu, Denver, the St. George, Utah metro area, and the Bend, Oregon metro area.
RealtyTrac vice president Daren Blomquist noted in the report that affordability and foreclosure rate by loan vintage are key metrics that help determine if a certain market is at risk of another pricing bubble.
He added that about 20% of markets have now surpassed their historical affordability norms, a “strong sign” that a bubble is forming or that appreciation will soon plateau until wages have a chance to catch up.
The fact that foreclosure rates are rising on new loans could be an indication that affordability is once again a concern as buyers stretch themselves too thin.
12% of Counties Have Reached New Home Price Peaks
In October, a total of 58 counties had higher median home prices than their prior peaks seen in 2005 to 2008.
The usual suspects made this list too, including San Fran, New York, Boston, and Denver, along with Charlotte, Raleigh, and Buffalo.
However, low interest rates are keeping homes in these highly sought-after areas affordable. But if rates rise and home prices continue to climb, the story could change in a hurry.
But nearly half (48%) of counties nationwide are still historically affordable and experiencing flat or declining foreclosure rates. So the whole nation isn’t yet at risk of another housing bubble.
The most affordable regions include Lansing, Syracuse, Cincinnati, Atlanta, and Buffalo.
There’s clearly some divergence in terms of affordability and home price peaks. Put another way, some areas of the country are experiencing new all-time highs but are still historically affordable.
The concerning thing is the unaffordable places, especially at a time when interest rates have never been lower. It doesn’t bode well for them or those at new highs, unless interest rates stay low forever.
Read more: When will the next housing crash take place?
Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices, a move that could push U.S. gas prices higher.
The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year.
The national average for U.S. gas prices stood at about $3.82 a gallon on Tuesday — about 30 cents higher than a month ago, according to motor club AAA. While today’s prices at the pump remain far lower than they were last year, when energy costs soared worldwide in the months following Russia’s invasion of Ukraine, experts say such a jump is unusual.
The kingdom announced the extension in a statement on the state-run Saudi Press Agency, quoting an anonymous official in the Energy Ministry. The official added that the cut “can be extended or deepened” if the need arises.
Mortgage rates tick higher
The average long-term U.S. mortgage rate rose again this week, bad news for Americans seeking to upgrade or buy their first home.
The average rate on the 30-year home mortgage rate ticked up to 6.90% this week from 6.81% a week ago. A year ago, the benchmark home loan rate stood at 4.99%, mortgage buyer Freddie Mac reported Thursday.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, climbed to 6.25% from 6.11% last week. A year ago, it was 4.26%.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already overpriced for many Americans.
High inflation has driven the Federal Reserve to raise its benchmark interest rate 11 times since March 2022. Its fed funds rate has hit the highest level in 22 years.
While Rhode Island is the smallest state in the nation, it packs a lot of charm and natural beauty into its 1,214 square miles. Living in the Ocean State gives you access to its 400 miles of scenic coastline, quaint seaside towns and fresh, delicious seafood. Life is laidback and easy. But, as is the case with most New England states, the overall cost of living in Rhode Island is on the high side.
You’ll find that cities like Providence and popular coastal retreats like Newport have the most expensive cost of living. But, that doesn’t mean you can’t find nearby towns or cities that are more affordable. No matter where you live in Rhode Island, you’re never far from its vibrant cities, picturesque coast and fantastic art, culture and dining. This in-depth look at Rhode Island’s cost of living will help you find the best city or town to call home.
Rhode Island housing prices
That romantic vision of living in a seaside town or city in New England will cost you big in Rhode Island. Housing costs here are well above the national average. You can expect high rental rates and home prices throughout the state, with the highest rates in popular cities like Providence and Newport. The good news is that more reasonably-priced towns are never far away from major urban centers. So, you’re likely to find lower rents and home prices in the general area you want to live in.
In Rhode Island, housing costs are 19.6 percent above the national average. The average monthly rent for a one-bedroom apartment in Providence climbed 34 percent from last year to $2,410. Two-bedroom units have an average monthly rent of $2,700, up 12 percent from last year.
In Newport, another major Rhode Island city, one-bedroom units are $2,000 and two-bedroom apartments are $2,500. You’ll be paying around $1,550 for a one-bedroom and $1,750 in Cranston, Rhode Island’s second-most-populous city.
The median sale price to buy a house in Providence has gone up 14.1 percent over the past year to $405,000. This is fairly close to the national median sale price of $428,006.
Rhode Island food prices
Seafood lovers will have a field day living in Rhode Island. This coastal state has tons of famous seafood dishes, like Rhode Island clam chowder, clam cakes and Rhode Island-style calamari. Rhode Island is also famous for its domestic chicken breed the Rhode Island Red. But, for access to all these unique local specialties, you’ll be paying more than the national average.
For total grocery costs, Rhode Island is 8.7 percent above the national average. Even though food costs here are elevated, the amount of money that Rhode Island residents spend on food each month is pretty middle-of-the-road. The average Rhode Island local spends between $233 and $266 a month on food. Annually, that comes out to between $2,801 and $3,200.
Luckily, food costs in Providence are significantly cheaper than the statewide average. They actually fall 1.2 percent below the national average.
As a few examples of food prices in Providence, a dozen eggs cost $2.13. Buying a half-gallon of milk will set you back $2.19, and a loaf of bread is $4.27.
Rhode Island utility prices
When it comes to utilities like electricity and water, you’ll be paying more than the national average living in Rhode Island. In the capital city, it’s especially high at 22.9 percent above the national average.
As an example of how high utilities costs are in Providence, let’s look at some average monthly bills. Total energy costs for the month come out to around $242.81 in Providence. For water, the average statewide bill is $28.
This New England state relies on natural gas for the majority of its electric generation, followed by hydropower and petroleum. Reservoirs and rivers supply the drinking water.
Rhode Island transportation prices
One of the benefits of living in Rhode Island is that its small size allows mass transit almost everywhere. The Rhode Island Public Transit Authority provides public transportation throughout the state with its fleet of buses and vans. Its main hub is Kennedy Plaza in downtown Providence. Bigger cities like Providence and Newport have larger, extensive systems with more frequent service and stops. But rural, regional and express long-distance routes between cities are also available, as well as paratransit and vanpool commuting options.
If you don’t want to use a bus, this coastal state also has ferry routes. The private Seastreak company operates a Providence to Newport ferry route between coastal cities like Providence, Bristol and Newport. One-way fares cost $12 and roundtrip is $24.
If you do plan on using a car, Rhode Island does have some toll roads and bridges. Although I-95, a major interstate highway that runs through the entire state, does have tolls, those only apply to commercial trucks and tractor trailers. The Clairborne Pell/Newport Bridge near Newport charges a $2 toll for residents with E-ZPass and $3 otherwise.
Using public transportation is a great way to save money. It’s also more environmentally friendly and can reduce traffic congestion and commuting times. But the total cost of transportation in Rhode Island cities is above the national average. So, whether or not using mass transit saves you money depends on your personal situation.
As Rhode Island’s capital city and most populous urban center, transportation costs are higher in Providence at 6.9 percent above the national average.
RIPTA in Providence
Providence is one of the main hubs for RIPTA service, centered around downtown’s Kennedy Plaza. A range of fixed-route, rapid bus and high-frequency routes run through the city center, with some routes extending out into the metro area. A one-way ride costs $2 and a day pass is $6. Using the WAVE fare collection system, a monthly pass is available for $70. You can pay fares in cash or with the WAVE card or app.
Overall, RIPTA does a decent job of connecting Providence through mass transit. Its transit score is 56. As a compact coastal city, you can also easily get around Providence on foot or by bike, as well. It has high scores in both areas, with a walk score of 84 and a bike score of 69.
Rhode Island healthcare prices
If you’re looking for a state that offers good healthcare for reasonable prices, Rhode Island fits the bill. It ranks ninth in the nation for its overall healthcare and is fourth in the nation for healthcare access. The quality of its healthcare and general public health is also high.
The costs for this high-quality level of care are also reasonable. For example, the average cost to go to a doctor’s office in the state capital is $132.24.
If you want to go to the dentist in Providence, it costs around $115. Several of the top-ranked hospitals in Rhode Island are also located in Providence, giving locals near-instant access to top-tier care. The overall cost of healthcare in Providence is almost on-par with the national average at only 0.7 percent above the national average.
It’s difficult to calculate average healthcare costs, though. Based on personal factors like pre-existing conditions or medication needs, healthcare costs vary widely from person to person. The above healthcare figures are rough estimates, so you may pay more or less for things like doctor’s visits depending on your healthcare needs.
Rhode Island goods and services prices
Living in Rhode Island, you’ll be paying more than the national average for miscellaneous goods and services. Overall, those costs are 13.8 percent above the national average.
But, compared to other big cities in the region, it’s more affordable in Providence. Paying for a haircut in nearby Boston is $43.33, but in Providence, it only costs $28.67. Want to go to a movie? You’ll pay $13.83 for tickets in Providence compared to $14.96 in Boston. But, some services are more expensive here than in other regional cities. In Hartford, CT, which is just over an hour from Providence, dry cleaning costs $16.99. In Providence, that dry cleaning bill will be closer to $17.50.
Taxes in Rhode Island
When calculating your monthly budget and expenses, taxes are sometimes overlooked. But whether in the form of sales tax or income tax, living in a state with high tax rates does have an impact on your bottom line. If you’re living in a city with high sales tax, it can quickly whittle away at your budget. Knowing tax rates in your state will help you better understand and prepare for spending.
In Rhode Island, the statewide sales tax is 7 percent. That means that, if you spend $1,000 on clam cakes and other local goodies, you’ll be paying an additional $70 in sales tax.
While 7 percent is a decent mark-up, the good news is that cities and counties in Rhode Island don’t levy a local sales tax. That means that the sales tax rate in Providence is the same as the statewide rate of 7 percent.
For income tax, Rhode Island has a graduated individual income tax system. Rates range from 3.75 percent to 5.99 percent depending on your income level.
How much do I need to earn to live in Rhode Island?
As you can see, the cost of living in Rhode Island is expensive. So, how much do you need to make to afford to live there?
Usually, your biggest monthly expense is housing costs like rent or a mortgage payment. Experts recommend that you only spend 30 percent of your gross monthly income on rent. This general rule of thumb ensures that you have plenty of money left over after paying rent for other expenses like food and utilities.
In order to afford Rhode Island’s average rent of $2,196, you need to make $7,320 a month or $87,840 annually. However, the median household income in Rhode Island is $70,305 and the average salary is $65,317. So, some residents may struggle to follow the 30 percent rule and will need to spend more on housing.
Our rent calculator can help you determine what you can afford to pay in rent based on your income, expenses and location.
Living in Rhode Island
As you’ve seen, living in Rhode Island isn’t always cheap. Access to its scenic coastlines, fun cities and great cuisine requires a high income or flexibility with living outside the major cities. But, since you can find lower rents in smaller cities and towns, you can enjoy Rhode Island’s charms at a variety of price points.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
While Rhode Island is the smallest state in the nation, it packs a lot of charm and natural beauty into its 1,214 square miles. Living in the Ocean State gives you access to its 400 miles of scenic coastline, quaint seaside towns and fresh, delicious seafood. Life is laidback and easy. But, as is the case with most New England states, the overall cost of living in Rhode Island is on the high side.
You’ll find that cities like Providence and popular coastal retreats like Newport have the most expensive cost of living. But, that doesn’t mean you can’t find nearby towns or cities that are more affordable. No matter where you live in Rhode Island, you’re never far from its vibrant cities, picturesque coast and fantastic art, culture and dining. This in-depth look at Rhode Island’s cost of living will help you find the best city or town to call home.
Rhode Island housing prices
That romantic vision of living in a seaside town or city in New England will cost you big in Rhode Island. Housing costs here are well above the national average. You can expect high rental rates and home prices throughout the state, with the highest rates in popular cities like Providence and Newport. The good news is that more reasonably-priced towns are never far away from major urban centers. So, you’re likely to find lower rents and home prices in the general area you want to live in.
In Rhode Island, housing costs are 19.6 percent above the national average. The average monthly rent for a one-bedroom apartment in Providence climbed 34 percent from last year to $2,410. Two-bedroom units have an average monthly rent of $2,700, up 12 percent from last year.
In Newport, another major Rhode Island city, one-bedroom units are $2,000 and two-bedroom apartments are $2,500. You’ll be paying around $1,550 for a one-bedroom and $1,750 in Cranston, Rhode Island’s second-most-populous city.
The median sale price to buy a house in Providence has gone up 14.1 percent over the past year to $405,000. This is fairly close to the national median sale price of $428,006.
Rhode Island food prices
Seafood lovers will have a field day living in Rhode Island. This coastal state has tons of famous seafood dishes, like Rhode Island clam chowder, clam cakes and Rhode Island-style calamari. Rhode Island is also famous for its domestic chicken breed the Rhode Island Red. But, for access to all these unique local specialties, you’ll be paying more than the national average.
For total grocery costs, Rhode Island is 8.7 percent above the national average. Even though food costs here are elevated, the amount of money that Rhode Island residents spend on food each month is pretty middle-of-the-road. The average Rhode Island local spends between $233 and $266 a month on food. Annually, that comes out to between $2,801 and $3,200.
Luckily, food costs in Providence are significantly cheaper than the statewide average. They actually fall 1.2 percent below the national average.
As a few examples of food prices in Providence, a dozen eggs cost $2.13. Buying a half-gallon of milk will set you back $2.19, and a loaf of bread is $4.27.
Rhode Island utility prices
When it comes to utilities like electricity and water, you’ll be paying more than the national average living in Rhode Island. In the capital city, it’s especially high at 22.9 percent above the national average.
As an example of how high utilities costs are in Providence, let’s look at some average monthly bills. Total energy costs for the month come out to around $242.81 in Providence. For water, the average statewide bill is $28.
This New England state relies on natural gas for the majority of its electric generation, followed by hydropower and petroleum. Reservoirs and rivers supply the drinking water.
Rhode Island transportation prices
One of the benefits of living in Rhode Island is that its small size allows mass transit almost everywhere. The Rhode Island Public Transit Authority provides public transportation throughout the state with its fleet of buses and vans. Its main hub is Kennedy Plaza in downtown Providence. Bigger cities like Providence and Newport have larger, extensive systems with more frequent service and stops. But rural, regional and express long-distance routes between cities are also available, as well as paratransit and vanpool commuting options.
If you don’t want to use a bus, this coastal state also has ferry routes. The private Seastreak company operates a Providence to Newport ferry route between coastal cities like Providence, Bristol and Newport. One-way fares cost $12 and roundtrip is $24.
If you do plan on using a car, Rhode Island does have some toll roads and bridges. Although I-95, a major interstate highway that runs through the entire state, does have tolls, those only apply to commercial trucks and tractor trailers. The Clairborne Pell/Newport Bridge near Newport charges a $2 toll for residents with E-ZPass and $3 otherwise.
Using public transportation is a great way to save money. It’s also more environmentally friendly and can reduce traffic congestion and commuting times. But the total cost of transportation in Rhode Island cities is above the national average. So, whether or not using mass transit saves you money depends on your personal situation.
As Rhode Island’s capital city and most populous urban center, transportation costs are higher in Providence at 6.9 percent above the national average.
RIPTA in Providence
Providence is one of the main hubs for RIPTA service, centered around downtown’s Kennedy Plaza. A range of fixed-route, rapid bus and high-frequency routes run through the city center, with some routes extending out into the metro area. A one-way ride costs $2 and a day pass is $6. Using the WAVE fare collection system, a monthly pass is available for $70. You can pay fares in cash or with the WAVE card or app.
Overall, RIPTA does a decent job of connecting Providence through mass transit. Its transit score is 56. As a compact coastal city, you can also easily get around Providence on foot or by bike, as well. It has high scores in both areas, with a walk score of 84 and a bike score of 69.
Rhode Island healthcare prices
If you’re looking for a state that offers good healthcare for reasonable prices, Rhode Island fits the bill. It ranks ninth in the nation for its overall healthcare and is fourth in the nation for healthcare access. The quality of its healthcare and general public health is also high.
The costs for this high-quality level of care are also reasonable. For example, the average cost to go to a doctor’s office in the state capital is $132.24.
If you want to go to the dentist in Providence, it costs around $115. Several of the top-ranked hospitals in Rhode Island are also located in Providence, giving locals near-instant access to top-tier care. The overall cost of healthcare in Providence is almost on-par with the national average at only 0.7 percent above the national average.
It’s difficult to calculate average healthcare costs, though. Based on personal factors like pre-existing conditions or medication needs, healthcare costs vary widely from person to person. The above healthcare figures are rough estimates, so you may pay more or less for things like doctor’s visits depending on your healthcare needs.
Rhode Island goods and services prices
Living in Rhode Island, you’ll be paying more than the national average for miscellaneous goods and services. Overall, those costs are 13.8 percent above the national average.
But, compared to other big cities in the region, it’s more affordable in Providence. Paying for a haircut in nearby Boston is $43.33, but in Providence, it only costs $28.67. Want to go to a movie? You’ll pay $13.83 for tickets in Providence compared to $14.96 in Boston. But, some services are more expensive here than in other regional cities. In Hartford, CT, which is just over an hour from Providence, dry cleaning costs $16.99. In Providence, that dry cleaning bill will be closer to $17.50.
Taxes in Rhode Island
When calculating your monthly budget and expenses, taxes are sometimes overlooked. But whether in the form of sales tax or income tax, living in a state with high tax rates does have an impact on your bottom line. If you’re living in a city with high sales tax, it can quickly whittle away at your budget. Knowing tax rates in your state will help you better understand and prepare for spending.
In Rhode Island, the statewide sales tax is 7 percent. That means that, if you spend $1,000 on clam cakes and other local goodies, you’ll be paying an additional $70 in sales tax.
While 7 percent is a decent mark-up, the good news is that cities and counties in Rhode Island don’t levy a local sales tax. That means that the sales tax rate in Providence is the same as the statewide rate of 7 percent.
For income tax, Rhode Island has a graduated individual income tax system. Rates range from 3.75 percent to 5.99 percent depending on your income level.
How much do I need to earn to live in Rhode Island?
As you can see, the cost of living in Rhode Island is expensive. So, how much do you need to make to afford to live there?
Usually, your biggest monthly expense is housing costs like rent or a mortgage payment. Experts recommend that you only spend 30 percent of your gross monthly income on rent. This general rule of thumb ensures that you have plenty of money left over after paying rent for other expenses like food and utilities.
In order to afford Rhode Island’s average rent of $2,196, you need to make $7,320 a month or $87,840 annually. However, the median household income in Rhode Island is $70,305 and the average salary is $65,317. So, some residents may struggle to follow the 30 percent rule and will need to spend more on housing.
Our rent calculator can help you determine what you can afford to pay in rent based on your income, expenses and location.
Living in Rhode Island
As you’ve seen, living in Rhode Island isn’t always cheap. Access to its scenic coastlines, fun cities and great cuisine requires a high income or flexibility with living outside the major cities. But, since you can find lower rents in smaller cities and towns, you can enjoy Rhode Island’s charms at a variety of price points.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of August 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Digital software provider Stavvy has agreed to acquire fellow mortgage technology startup Brace in a deal that will boost servicing capabilities the Boston-based fintech can provide.
The deal, which was announced on Tuesday, brings together two alums of Flagstar Bank’s MortgageTech Accelerator program. Financial terms of the deal were not disclosed.
The merger with Brace, which has offices in New York and Los Angeles, will add further capabilities to better facilitate Stavvy’s goal to offer an end-to-end digital loss-mitigation process through self-serve borrower options and are expected to expedite request and review. Brace’s platform also is able to produce a digital asset report based on document verifications.
Stavvy, whose products are aimed at reducing friction and paperwork in real estate transactions through processes such as electronic signatures and remote online notarization, already offered services aimed to address potential borrower defaults. Among the transactions the fintech’s tools can currently support are digital loan modifications, in addition to technology-backed loan closings and title settlements on the origination side.
“Stavvy and Brace’s unified services are set to deliver an unparalleled solution, encompassing every critical stage of default servicing — from the initial homeowner inquiry to the ultimate resolution,” Stavvy Founder and CEO Kosta Ligris said in a press release. “Our unified team of industry experts combined with research and investments in generative AI and customizable workflows positions Stavvy to independently reduce the need for antiquated mortgage processes.”
With the acquisition, both servicers and borrowers will have access to a platform they can utilize when and where needed “on their terms,” Stavvy claimed.
“Stavvy’s vision of streamlining real estate transactions aligns seamlessly with Brace’s unwavering dedication to tackle the inefficiencies and foster transparency within the mortgage industry,” said Brace CEO Eric Rachmel.
Both Stavvy and Brace are previous participants in Flagstar Bank’s accelerator program, which mentors emerging home lending fintechs working across the spectrum of mortgage services. Brace was selected to be part of the inaugural class of startups in 2019, while Stavvy took part in the program one year later.
Flagstar has also served as one of Stavvy’s clients, using the company’s digital servicing solutions to execute remote loan modifications.
To date, the two companies have raised a combined total of $130 million in capital to develop new mortgage technology, according to a Stavvy spokesperson.
The deal between the two companies arrives after the release of a recent report from servicing technology firm Black Knight that found a high degree of willingness among over 300,000 borrowers to use its self-service tool offered by some of its clients to address their loan situations during the COVID-19 pandemic. Homeowners took advantage of self-service for everything from forbearance requests to final loan modification.
Many housing experts think the development of tools borrowers can access themselves will help to ease anxiety among struggling homeowners and help lenders identify potential financial distress early, preventing small problems from turning into foreclosures.