The Supreme Court’s recent decision to block affirmative action — preventing colleges from using race as one of many factors when evaluating applicants for admission — may also block scholarships and grants intended for minority students, even though the ruling did not extend to financial aid.
Though some institutional scholarships that take race into account may soon disappear, minority students with financial need still have access to a variety of funding sources for their education — including grants, external scholarships, aid related to family income and federal loans.
Fewer minority scholarships could decrease college enrollment
A few states have already begun threatening scholarships meant for students of color in the wake of the Supreme Court’s affirmative action ruling. On June 29 — the day of the Supreme Court decision — Missouri’s Republican attorney general sent a letter to state universities directing them to end race-based scholarships. The Republican speaker of Wisconsin’s state assembly and the president of the University of Kentucky have also released statements indicating that race-based scholarships could fade.
More institutions could follow suit, and not just because of political leanings. “If states and schools are looking at their legal budgets, and they’re saying, ‘look, we don’t want to be sued,’ the safer thing to do would be what Missouri is doing,” says Dwayne Kwaysee Wright, an assistant professor of higher education administration and director of diversity, equity and inclusion initiatives at George Washington University.
As a result, enrollment could suffer and education could become less attainable for some minority students.
“We know that there’s a racial wealth gap in this country,” says Wil Del Pilar, senior vice president of The Education Trust, an organization that works to dismantle racial and economic barriers in the American education system. “So if we’re going to limit access to resources that help people make college affordable, then we can expect to see decreases in enrollment.”
In 2019, the median white family in the U.S. had accumulated $184,000 in wealth compared to $38,000 for the median Hispanic family and $23,000 for the median Black family, according to a 2021 analysis by the Federal Reserve Bank of St. Louis.
Other financial aid pathways remain open
While the affirmative action news may be discouraging to current and prospective students of color, both Wright and Del Pilar emphasize that college is still worth it.
“I do think that education is still a great way to try to change one’s life,” Wright says. “We know that over the course of a lifetime, a college degree brings millions if not more in additional earnings.”
Here’s how to get the financial aid you need to afford a college education, even in the face of dwindling minority scholarships.
Submit the FAFSA
The Free Application for Federal Student Aid (FAFSA) is the key to unlocking financial aid, including federal student loans, grants, work-study programs and some scholarships. Be sure to submit the FAFSA each year you’re in school, even if you don’t think you’ll qualify for any financial aid.
The FAFSA will also put you in the running for the need-based Pell Grant — an award of up to $7,395 per year. Eligibility isn’t tied to income alone, so you could qualify even if you don’t think you will.
Start planning early
Time can be a valuable tool. Start having conversations with your guidance counselor or college advisor as early as the second semester of your freshman year of high school about higher education options and costs, says Wright.
“I think the sooner families start to plan for college, and the sooner families start to have that conversation with their students, the better the outcome will be,” Wright adds.
Apply for lesser-known scholarships
To find a scholarship, start by casting a wide net. The Labor Department’s Scholarship Finder is a helpful resource because it allows you to sort through nearly 9,000 scholarships, fellowships, grants and other financial aid award opportunities. Reach out to your target schools; colleges and universities often have big lists of scholarships available to students. And take a look at scholarships offered in your community, in addition to the bigger, well-known scholarships.
“Everyone’s trying out for the Coca-Cola scholarship, it’s national, but there are probably less folks who are applying for your local Boys & Girls Club scholarship,” says Del Pilar, who once worked as a financial aid counselor.
Private external scholarships meant for minority students are not yet facing the same legal challenges as institutional or state scholarships, says Del Pilar. For example, the NAACP offers a variety of merit- and need-based scholarships to Black students and students of color.
Think outside the box when it comes time for college applications, too.
“I really hope that students will take advantage of some of the great historically Black colleges, minority-serving institutions, Hispanic-serving institutions and regional colleges we have around the country,” says Wright. “Going to community college for your first two years and then transferring is always a good cost-saving option.”
Ask how your college handles external scholarship money
It’s not enough to apply for and win an external scholarship — you also need to check your target school’s “packaging policy,” which outlines how the scholarship money will impact other financial aid you may receive, explains Del Pilar. In some cases, this policy may mean that it’s not worth it to apply for external scholarships.
For example, a school’s packaging policy may be to replace every dollar you bring in with the dollars that it has given you. So if your school awards you a $5,000 scholarship, and then you bring in a $1,000 external scholarship, then your school may decrease the scholarship they gave you to $4,000. At the end of the day, you’ll still have the same $5,000 worth of scholarship money.
“It could be disheartening for a student to do all this work to bring in extra dollars that they thought they were going to get, for the institution just to take away money that they had awarded you through their own institutional financial aid,” Del Pilar says.
Watch for new financial aid options
Lastly, keep an eye on new scholarship framing. “What might be left open is sort of an intersectional way to apply financial aid,” says Wright. “So you might not say ‘this scholarship is exclusive to Black students.’ What you may say is ‘this scholarship is exclusive to any students who come from the [historically Black] seventh or eighth wards in D.C. and whose family makes below $80,000 a year.’”
The University of North Carolina, one of the schools singled out in the Supreme Court cases for its affirmative action policies, announced on July 7 that it would provide free tuition and waive fees for all in-state students whose families earn less than $80,000 per year. The policy begins with the incoming class in 2024.
Duke University, a private North Carolina-based institution, unveiled a similar policy in June for students hailing from North Carolina or South Carolina whose families make $150,000 or less per year.
Northwestern Mutual Earns Fifth Consecutive Perfect Score on National Disability Equality Index MILWAUKEE, July 13, 2023 /PRNewswire/ — Northwestern Mutual announced today that the company earned its fifth consecutive perfect score on the Disability Equality Index (DEI), a comprehensive benchmarking tool that helps companies build a roadmap of measurable, tangible actions that they can take … [Read more…]
MCT said additional rate hikes are anticipated and may hamper origination volume, which they said is at “a new normal.”
MCT’s June data also shows a nearly 8% drop in total lock volume year over year. After hitting lows at the beginning of the year for purchase, rate/term refinance, and cash out refinance, each production type continues to creep slowly upward, MCT said.
Rhodes noted that economic reports will continue to have an outsize impact on the Federal Reserve’s decision making. The labor market is gradually moderating, but conditions remain too hot for the Fed’s liking.
Job gains were relatively solid yet again in June, with total nonfarm payroll employment reaching 209,000 jobs, compared to 339,000 in May, according to data released Friday by the Bureau of Labor Statistics.
“If labor markets cool off, that could give the Fed a reason not to raise rates in July,” Rhodes said. “This would provide a nice bounce in the markets, but I’m not holding my breath.”
Fannie Mae reported earlier this month that recent housing market data suggests prospective borrowers have come to terms with high rates.
MCT’s Rate Lock Indices present a snapshot of rate lock volume activity in the residential mortgage industry broken out by lock type (purchase, rate/term refinance, and cash out refinance) across a broad diversity of lenders (e.g., sizes, products/services offered, business models) nationally.
Out of 72 million Millennials in America, roughly 600,000 are already millionaires according to Coldwell Banker.
Like the generation they represent, Gen Y’s own one-percenters come from diverse backgrounds and share a bootstrapping attitude to building wealth and success. Their paths to riches range from the tried-and-true to the clever and lucky; some of their methods are merely admirable, while others are easily repeatable.
So who are the Millennial millionaires? How did they build their fortunes, and what can we learn from them?
Let’s investigate six Millennial millionaires, their paths to wealth, and extract one takeaway from each journey.
What’s Ahead:
Jeremy Gardner: crypto
In 2013, at age 21, Jeremy Gardner bought some bitcoins from a friend purely out of curiosity.
At the time, all he really knew about “crypto” was that it was the preferred currency of Silk Road, a darknet eBay for drugs and illegal activity. Shady traders on Silk Road liked Bitcoin because it was unregulated and difficult for authorities to trace.
The FBI shut down Silk Road in 2013 but Bitcoin lived on – and soon, Gardner began to see its true merit.
“There was this realization that I could — with just an internet connection— exchange value with anyone in the world who also has an internet connection,” he told Business Insider. “No longer did I have to rely on a centralized intermediary, a troll under the bridge, such as a bank or a government.”
Gardner converted all of his cash and holdings into Bitcoin and dedicated his life to evangelizing cryptocurrency. He won’t share his net worth publicly, but considering Bitcoin traded for as low as $50 in 2013 and now hovers around $50,000, it’s safe to say he’s beyond mere “millionaire” status.
So what does a crypto millionaire do all day?
At the time of his Business Insider interview, Gardner lived in a three-story townhome in San Francisco dubbed “The Crypto Castle.” He claims that most of the other tenants who have rotated in and out of the Castle have become millionaires as a result of cryptocurrency investing.
Despite residing in one of the most expensive cities on earth, Gardner’s biggest living expense was apparently “alcohol.” That’s because he loves taking people out to party, wax poetic about crypto, and pick up the tab.
During the day, Gardner worked “fairly full-time” at venture capital firm Blockchain Capital, which focuses on seeding crypto-based startups, for a salary of $0. He’s since moved to Miami for the lower cost of living.
Even at the time of his interview in 2017, Gardner acknowledged the possibility of a bubble popping – it may be at $60,000, $100,000, or $500,000 – so to protect his wealth, he has plenty of cash on reserve. That cash will continue to pay for his living expenses and, of course, be used to scoop up more Bitcoin after the bubble bursts.
What we can learn from Jeremy Gardner’s millions
An investment in cryptocurrency can provide generous returns, but it’s not without risk or challenges. Cryptocurrency investments are not FDIC-insured, for example, and the regulatory landscape is still unfolding.
Still, crypto can lend some high-risk, high-reward diversity to your portfolio. I’ll be covering crypto in more detail in the coming months, so stay tuned.
Shan Shan Fu: pandemic-based startup
Chinese-American immigrant Shan Shan Fu, 33, was already working hard enough when the pandemic hit in Q1 2020. Her mother and father had been an engineer and a doctor back in China, respectively, but since their degrees weren’t recognized in America they had to work in grocery stores to make ends meet. Their salaries plummeted but their work ethic stayed the same.
Inspired by her folks, Fu took on a second role in addition to her hard-enough nine-five consulting job. As soon as the pandemic hit, she saw an immediate need for high-quality, breathable face masks. So from five to one each night for seven months, she built and launched Millennials In Motion, a boutique mask and fashion vendor.
Her income from Millennials In Motion soon surpassed her consulting salary, so she left her steady gig to focus on growing her startup.
Shan Shan Fu’s financial success is doubly impressive considering everything working against her during the pandemic. She already had a full-time job, the economy was tanking, and she was an Asian woman, suffering from increased judgment and discrimination due to increasing anti-AAPI bias.
“When you immigrate from China, it’s already so difficult because you’re judged based on how you look, your accent. Your education isn’t valued as much as if [it were from the U.S.],” she told CNBC. “It’s tough to go through so much adversity and be hated on for [a pandemic] that has nothing to do with you…”
Launching Millennials In Motion wasn’t Shan Shan Fu’s first financial success. Fu briefly lived in Vancouver, where she spotted a beautiful condo for an affordable price. She called it “the Millennial dream” and sensed it would be a good investment. It was – since she bought it for $500,000 in 2015, the condo has more than doubled in value.
Technically speaking, Ms. Fu is barely a millionaire – in fact, I’d estimate that after being hammered by self-employment taxes, her net worth might have lost a digit. But I have no doubt that she’ll rebound immediately; if she can launch a successful one-woman startup during a pandemic, the sky’s the limit.
What we can learn from Shan Shan Fu’s (eventual) millions
There are four traditional paths to becoming a millionaire in this country: earning, investing, launching a successful business, and inheritance. Most rich Americans got that way by picking one, maybe two lanes at max so they can work less and stay focused. Ms. Fu is unique in that she built wealth equally between lanes one, two, and three throughout 2020. But even someone with a work ethic as incredible as Ms. Fu realized that 17-hour days aren’t worth it for any amount of money, and focusing on two lanes is just fine.
Keith Gill: high-risk stock trading
Keith Gill is the only person on this list that I can provide an almost precise net worth for, down to the penny.
That’s because Gill is the de facto leader of the infamous amateur investing subreddit r/wallstreetbets where he posts his portfolio on a semi-regular basis. Gill’s “GME YOLO” updates show how he’s turned a $53,000 investment in GameStop stock into $25+ million, peaking at $50 million in February.
Granted, Gill’s “GME YOLO” updates only reflect his GameStop holdings, not his entire net worth. Still, it’s pretty safe to say they represent the majority of his net assets now, and that he’s definitely a Millennial millionaire several times over.
Gill, 34, got his Reddit username from the investing term “deep value.” Deep value investing involves building a diverse portfolio of cheap, undervalued stocks.
Calling upon his experience as a Chartered Financial Analyst (CFA), Gill noticed that GameStop stock (GME) had become severely undervalued in 2019, so he bought up 50,000 shares plus 500 call options. He didn’t just “YOLO” his cash into the wind, either, justifying his move with trends and data in a video he posted to his YouTube channel under the pseudonym Roaring Kitty. Critically, he never said he was sharing advice – just educational material.
Gill’s early investment in GameStop, and frequent posts justifying his positions, are credited with stimulating the now-famous GameStop short squeeze of Q1 2021. The movement got so serious that Gill was called in to testify to Congress on February 18th alongside Robinhood co-founder Vladimir Tenev. His two most famous quotes arising from his testimony are “I am not a cat” and “I like the stock.” To date, no legal action has been taken against Gill, and the day after his testimony he doubled his position in GameStop to 100,000 shares.
In many ways, Keith Gill was the hero Reddit needed in 2021. By all accounts, he’s just a normal guy who wants to promote financial literacy, notably the deep value investing strategy of seeking out undervalued stocks. He lives in a normal house in Brockton, Mass with a wife and young daughter, and despite their best efforts, the hedge funds have failed to charge, muzzle, or discredit him. He’s also made a lot of normal people a lot of money during a crippling pandemic.
What we can learn from Keith Gill’s millions
While Keith Gill’s gambit certainly paid off, it’s important to remember that r/wallstreetbets is full of terrible advice, too. Tons of people lose their livelihoods chasing meme stocks and trends, so it’s better to get your lols from WSB and investing guidance from a professional wealth advisor.
A better takeaway from Gill’s millions (that’s fun to say) is that financial literacy pays off. Even though he’s the figurehead of a subreddit that celebrates badly-researched trades, Gill did do his research on GameStop and it paid off. So if you’re looking to build wealth as an amateur investor, be like Gill – not like WSB.
Amandla Stenberg: entertainment
Remember Rue from The Hunger Games movies? Yeah, she’s crushing it now.
Born in 1998 to an African-American mother and Danish father, Amandla Stenberg got her name from the Zulu word for “strength.” Living up to her namesake, she followed her global debut in The Hunger Games by starring in Everything, Everything as Maddy, a young woman homebound by a debilitating medical condition.
Although her portrayal of Maddy won her universal acclaim and further propelled her to stardom (and millionaire status), Steinberg has garnered more well-deserved attention for her outspoken philosophies and political views.
Steinberg identifies as non-binary, preferring the pronouns “she/her” or “them/they,” and has used her newfound stardom to spread pro-acceptance and feminist messaging. In 2015 she published a five-minute YouTube video titled Don’t Cash Crop My Cornrows, directly confronting the disconnect between cultural appropriation and cultural acceptance of black Americans.
On a smaller but similarly profound note, Steinberg announced in 2017 that she’d stopped using a smartphone in favor of a “dumb phone.”
“I’m legitimately concerned about my generation and how phones are going to affect us psychologically.” she told Bust in an interview. “I think [social media] is a very important tool. But at the same time, I think it can create some serious effects on our mental health.”
Amandla Steinberg, who straddles the line between Millennial and Gen Z, evokes the best possible definition of “woke.” She carries a torch of acceptance and critical thinking for both generations, using her wealth and stardom to propel society forward in the right direction.
What we can learn from Amandla Steinberg’s millions
As a “Millennial millionaire,” Steinberg exemplifies how wealth, power, and influence can absolutely be forces for good. She may not give us a clear path to riches, since acting isn’t exactly a reliable cash cow – but she sure as hell shows us how to use it.
Whitney Wolfe Herd: dating apps
Are billionaires still millionaires? Asking for a friend.
Whitney Wolfe Herd was a millionaire, at least, before the Bumble IPO in February 2021. Then, in the ring of a bell, 31-year-old Wolfe became a bonafide billionaire and the youngest woman to take a company public ever.
Unlike Kylie Jenner, nobody dispute’s Whitney Wolfe Herd’s wealth or authenticity. Wolfe launched her first business in college when she began selling bamboo tote bags to benefit victims of the BP oil spill. Two years later, she joined an incubator where she became the third employee of a new Millennial-focused dating app. The app was all about immediate sparks, so she came up with the name Tinder.
Despite Tinder’s explosive growth, Wolfe Herd resigned just two years later and sued her former partners for sexual harassment. The whole nasty episode inspired her to move to Austin and launch a female-friendly dating app called Moxie. The name was taken, unfortunately, so her second choice was Bumble.
Between 2015 and 2019, Wolfe Herd swept awards and collected accolades for her unstoppable momentum in the male-dominated tech industry. In September 2019, she even testified before the Texas House Criminal Jurisprudence Committee on the topic of explicit images sent within dating apps, further championing efforts to protect women from sexual harassment online: all before her 29th birthday.
When Bumble finally launched a successful IPO, Wolfe Herd’s hefty stake in the company reached an estimated value of $1.5 billion. But despite her 10-figure wealth and barrier-shattering success, Whitney Wolfe Herd’s path to riches is actually pretty old school.
What we can learn from Whitney Wolfe Herd’s (many) millions
If you work in a startup environment, ask for stock options. 10 years of startup salaries probably represent less than 0.05% of Herd’s net worth; the rest is entirely stock.
I myself have a few friends who were the 9th or 17th or 31st employees of no-name companies that have since become big-name companies. Even those that didn’t become Pinterest or Bumble were often bought out, resulting in massive capital gains for early employees and seed round investors. So just a few years of hard work in the right startup can make you a millionaire: as long as you get that stock!
Todd and Angela Baldwin: just save and invest
Todd Baldwin, 28, started out shoveling manure for $3 an hour. Today, his annual income exceeds $600,000. His wife Angela makes six figures also, which the couple can afford to put entirely into savings.
Todd and Angela began their relationship with a combined household income well under $100k. They couldn’t afford to live alone in Seattle, so they bought a $500k home with a small $19,000 down payment and rented out the other rooms to make their mortgage payments.
But by keeping their costs low and crushing it at work, the Baldwins were able to earn more, save more, and buy more. Within a year they invested in a second property. Now they have six.
Three factors enabled the Baldwins to keep purchasing property and build their real estate portfolio:
Their increased earnings at work.
Rent payments from tenants.
Their dedication to frugality and simple living.
Interestingly, Todd credits number three as their primary factor for success. For example, in college he couldn’t afford to take his soon-to-be-wife out for fancy meals, so he took a side gig as a mystery shopper. Now, instead of paying $60 for a nice meal, he’s paid $60 to take his wife out and report his experience. She doesn’t mind and enjoys their “free dates.”
Todd and Angela now live in a much nicer $900,000 duplex, but they still rent out their spare bedrooms, even their converted garage to cover 100% of their mortgage. The couple shares a 2009 Ford Focus, and Todd wears a $12 wedding band made of rubber.
Personally, I admire the Baldwins’ dedication to frugality – but if you find their lean lifestyle to be a bit… restricting, know this: as a result of cost-cutting, they’re able to save 80% of his income and 100% of hers. Even if they bought a pair of matching Mercedes and gave their roommates the boot, they’d likely still save more than half of both of their salaries.
The couple’s ultimate goal is to own 6,000 apartments by the time Todd turns 60, which would bring in $9 million a month in rent. If they pull it off, they’d be fast on their way to becoming a billionaire power couple: too recognizable to keep power shopping.
What we can learn from Todd and Angela Baldwin’s millions
The Baldwins aren’t startup heroes, lottery winners, or crypto zillionaires. Their path to riches didn’t even involve luck or months of 17-hour days. All they did was save and invest, save and invest.
The single most common path to becoming a millionaire in America is to invest 20% of your income for 30 years. The Baldwins were just a bit more aggressive (to say the least), investing 80% of their income for five years and counting. But the core principle still stands – you don’t need a six-figure salary, a massive inheritance, or an early stake in Bumble to get rich; just patience and the most fundamental investing knowledge.
Summary
The Millennial millionaires range from sage opportunists to Hollywood activists; glass ceiling-smashers to frugal investors. Their pathways to wealth are as diverse as the generation they represent, but each of the one-percenters on this list shares one thing in common: a plan.
When it comes to building wealth, luck plays a surprisingly tiny role, if it even factors in at all. Nobody on this list waited for luck; instead, they did their research, executed upon an opportunity, and worked hard for that second comma in their bank statement.
Anchorage, Alaska, holds a distinct place in the hearts and minds of adventurers, nature enthusiasts, and culture seekers alike. Nestled within the dramatic backdrop of the Chugach Mountains, Anchorage is a city that embodies the spirit of the ‘Last Frontier.’ Renowned for its awe-inspiring landscapes, it’s a gateway to glaciers, national parks, and wildlife encounters that stir the soul. But Anchorage is more than just a base camp for outdoor adventures. From world-class museums to the warm and welcoming spirit of its people, many things put Anchorage on the map. Whether you are looking to rent an apartment in Anchorage or purchase a home in the area on Redfin, get to know 10 things that Anchorage, Alaska, is known for.
1. It’s the largest city in Alaska
Anchorage is the state’s largest and most populous city. With a population of around 285,000 residents, it serves as Alaska’s economic, cultural, and transportation hub. Residents love living in Anchorage for its unparalleled access to breathtaking natural landscapes, offering endless opportunities for outdoor adventures and a deep connection with nature, and enjoying a strong sense of community.
2. Alaska Zoo
The Alaska Zoo showcases the unique wildlife and rich biodiversity of the ‘Last Frontier.’ Established in 1969, the zoo spans about 25 acres and provides a home to over 100 species of animals, including native Alaskan species and exotic animals from around the world. Visitors can encounter iconic Alaskan wildlife, such as grizzly bears, moose, musk oxen, and wolves, as well as exotic animals like Amur tigers, snow leopards, and African elephants. The zoo also hosts educational programs, interactive exhibits, and special events to promote awareness and appreciation for wildlife conservation.
3. Access to the outdoors
Anchorage offers unparalleled access to the outdoors, making it a paradise for outdoor enthusiasts and nature lovers. Stunning natural landscapes surround the city, including the Chugach Mountains, Cook Inlet, and nearby national parks like Denali National Park. Chugach State Park offers vast wilderness areas for hiking, biking, and wildlife viewing. The best trails include Flattop Mountain Trail, Thunderbird Falls Trail, and Mount Baldy Loop.
For those who love to be on the water, the Cook Inlet provides opportunities for kayaking, fishing, and boating. The nearby Turnagain Arm is a popular spot for birdwatching and observing the fascinating tidal bore phenomenon. During the winter months, residents can enjoy activities like cross-country skiing, snowshoeing, and dog sledding. The city also hosts the famous Iditarod Trail Sled Dog Race, a thrilling event celebrating Alaska’s rich dog sledding heritage.
4. Glaciers
Alaska is well known for its spectacular glaciers, but did you know Anchorage serves as a gateway to some of the most impressive icy landscapes in the state? One of the most iconic glaciers near Anchorage is the Portage Glacier. Located within the Chugach National Forest, the glacier was formed thousands of years ago during the last ice age when massive ice sheets covered the region. Visitors can take a boat tour or hike to the glacier’s viewing area, where they can check out the blue ice and towering walls of the glacier up close.
5. Kincaid Park
Kincaid Park is a hidden gem known for its expansive, diverse outdoor scenery and access to outdoor recreation. Spanning over 1,500 acres, the park has a lot to offer. One of the park’s highlights is its extensive trail system, which winds through coastal forests, meadows, and the scenic bluffs overlooking the Cook Inlet. Hikers and trail runners can explore over 40 miles of trails, ranging from easy strolls to challenging treks, whereas bikers can enjoy the exhilarating singletrack trails designed specifically for mountain biking.
6. Northern Lights viewing
Although Anchorage is located at a lower latitude than other parts of Alaska, it occasionally experiences the dazzling display of the Aurora Borealis. To increase your chances of seeing the Northern Lights in Anchorage, it’s advisable to visit during the winter months, particularly from late September to early April, when the nights are longer and darker. Look for nights with clear skies and head to locations away from city lights to reduce light pollution, such as nearby parks or open areas. The most common colors visible in Anchorage are green and sometimes pink, with the lights dancing across the night sky.
7. Anchorage Museum
The largest museum in the state, Anchorage Museum is a vibrant cultural institution that celebrates the art, history, and diverse heritage of Alaska. From indigenous peoples and early explorers to the modern era, the Anchorage Museum takes visitors on a journey through time, highlighting the stories of various communities. The museum also houses an extensive collection of contemporary and traditional artwork. Visitors can explore a range of mediums, including painting, sculpture, photography, and installations.
8. Whale watching
Anchorage serves as a convenient starting point for whale-watching adventures, with various opportunities available along the state’s stunning coastline. One of the most popular whale-watching destinations near Anchorage is the Kenai Fjords National Park, located a few hours south of the city. The park is home to several species of whales, including humpback whales, orcas, and gray whales. Boat tours departing from Seward, a scenic coastal town, offer visitors the chance to observe these magnificent creatures up close.
9. Eklutna Lake
Eklutna Lake is a freshwater lake located approximately 40 miles northeast of Anchorage. Nestled within the Chugach Mountains, the lake offers a tranquil retreat. One of the primary attractions of Eklutna Lake is its stunning natural beauty. Surrounded by rugged peaks and lush forests, the lake boasts crystal-clear turquoise waters. The scenic backdrop makes it an ideal location for photography, picnicking, and relaxing.
10. The midnight sun
Situated at a high latitude, Anchorage lies within the Arctic Circle, resulting in extended daylight during the summer. From late May to early August, the city experiences the phenomenon known as the “midnight sun,” where the sun remains above the horizon even at midnight. This creates a surreal and magical atmosphere, with a twilight-like glow that bathes the city throughout the night.
Welcome to Tampa, FL, a city renowned for its vibrant culture, stunning waterfront, and idyllic year-round weather. If you’re in the market for a luxury home in this thriving city, get ready to discover an array of exceptional features and amenities that will leave you captivated.
Whether you’re considering living in Tampa or currently looking at homes for sale in the city, Tampa’s luxury real estate market offers a diverse range of lavish homes, each boasting unique attributes that cater to the discerning tastes of potential homebuyers. From waterfront properties with private docks and panoramic views to expansive outdoor living spaces, cutting-edge smart home technologies, and luxurious interiors, this Redfin article unveils the extraordinary features that make luxury homes in Tampa truly stand out. Join us as we delve into the world of luxury home features in Tampa, where your dream residence awaits.
1. Waterfront property
One of the most coveted home features in Tampa is waterfront property. Living on the water offers a unique and desirable lifestyle that perfectly captures the essence of this coastal city. Whether it’s a residence situated directly on the waterfront or one with breathtaking water views, this feature instantly adds a touch of tranquility to any luxury home. Imagine waking up to stunning sunrises over the glistening waves, enjoying the gentle sea breeze from your own backyard, and having easy access to various water activities right from your doorstep.
Folding doors that provide unobstructed water views are a popular feature to create a sense of openness and connection to the natural environment. These expansive doors seamlessly blend indoor and outdoor living spaces, allowing residents to enjoy breathtaking vistas of the surrounding waterways.
2. New or updated homes
While the city embraces its charming historic architecture, there is a growing demand for modern amenities and contemporary design. New or recently updated homes offer the advantage of modern construction techniques, energy-efficient features, and the latest advancements in home technology.
These homes often boast open floor plans, gourmet kitchens with state-of-the-art appliances, luxurious master suites, and upgraded finishes throughout. From sleek finishes to smart home automation systems, every detail is carefully curated to meet the needs and preferences of today’s discerning homebuyers.
3. Boat dock
Another sought-after home feature in Tampa, Florida, is a boat dock with a lift. For those who enjoy boating and water sports, having a private dock with a lift adds convenience, security, and endless opportunities for aquatic adventures. When you’re not using the boat, you can use a lift to safely store your boat out of the water, protecting it from the elements and minimizing maintenance.
4. High-end finishes
In the luxury real estate market, there are several additional features and amenities that can truly elevate a home listing, setting it apart from other properties. High-end finishes, such as unique marble, granite, or quartz, add a touch of luxury to the home. These additional features and amenities not only enhance the aesthetic appeal but also contribute to an elevated living experience.
5. Newly remodeled kitchen
A luxury home feature that is quickly gaining popularity among homebuyers for Redfin Premier listings is a newly remodeled kitchen. In today’s real estate market, the kitchen has evolved into more than just a space for meal preparation—it’s the heart of the home and a focal point for socializing and entertaining.
A newly remodeled kitchen offers a fresh and modern aesthetic, with sleek countertops, high-end appliances, and custom cabinetry that exudes both style and functionality. It provides a seamless blend of form and function, catering to the needs and desires of discerning homeowners. With open-concept layouts, ample storage, and innovative design elements, these remodeled kitchens are perfect for hosting gatherings and creating culinary masterpieces.
6. Pool and spa
One of the quintessential luxury home features in Tampa is a pool and/or spa, often accompanied by a spacious lanai. The city’s warm climate and abundant sunshine make outdoor living a year-round delight, and a pool and spa area serves as a private oasis within your own property. Whether you prefer to take dips in the pool, relax in the spa, or simply bask in the sun on poolside loungers, a pool and spa offers endless opportunities for relaxation and recreation.
The addition of a lanai, a covered outdoor area, provides shade and protection from the elements while allowing you to enjoy the poolside ambiance. It serves as an extension of the living space, perfect for relaxing with a book, entertaining guests, or simply unwinding with family and friends.
7. Gated communities
Homebuyers in Tampa who are seeking exclusivity, security, and a sense of community often gravitate towards gated communities, especially those situated within prestigious golf communities.
A gated entry provides an extra layer of privacy and peace of mind, allowing residents to enjoy a heightened sense of security. Within these gated communities, golf enthusiasts have the advantage of convenient access to meticulously designed golf courses, where they can perfect their swing and indulge in their passion for the sport. Additionally, these communities often boast a range of amenities such as clubhouses, fitness centers, swimming pools, and tennis courts, providing a resort-like lifestyle right at your doorstep.
Top neighborhoods with luxury home features in Tampa
Notable neighborhoods that boast luxury home features include Belleair Beach, Belleair Bluffs, and Belleair Shore, as well as Palm Harbor. These areas are renowned for their exquisite residences and amenities that elevate the standard of luxury living. Bellaire Beach offers an exclusive coastal lifestyle with stunning waterfront properties, pristine beaches, and panoramic views of the Gulf of Mexico. Bellaire Bluffs exudes elegance with its tree-lined streets, upscale homes, and close proximity to boutique shops and fine dining. Bellaire Shores boasts a picturesque setting along the Intracoastal Waterway, offering residents unparalleled waterfront living and access to boating and fishing. Palm Harbor, known for its serene natural beauty and golf course communities, provides a tranquil retreat while still being conveniently located near shopping, dining, and cultural attractions.
Homebuyers are willing to pay premium prices to live in these neighborhoods, and Belleair Shore, in particular, had a median sale price of $5.92 million in December 2022, about 14x the median sale price of in Tampa.
A final note on luxury home features in Tampa
It’s no surprise that proximity to the water is a defining factor of luxury for many homes in Tampa. While it’s common for homes in Pinellas County to be situated on or near the water, what truly adds to the charm and allure is the fact that not all waterfront homes are created equal. The diversity in locations within the county ensures that each property holds its own unique appeal.
Some luxury homes may boast direct waterfront access, offering breathtaking views and easy navigation for boating enthusiasts. Others may be nestled in peaceful inland neighborhoods, where residents can still enjoy the coastal lifestyle and the beauty of nearby waterways. The variety of options means that luxury can be found in different settings, catering to the preferences and desires of discerning homebuyers. Whether it’s the tranquility of a waterfront retreat or the proximity to the water’s edge, Tampa offers a range of options that contribute to the overall charm and exclusivity of luxury living in the area.
A local Redfin Premier agent will provide invaluable insights into the market, including an in-depth understanding of the neighborhoods, pricing trends, and available luxury properties.
Some may joke that “Atlanta is full,” but that’s due to the recent influx of transplants around the country. Recently, Money named Atlanta the best place to live in the U.S. in 2022, so it’s not hard to understand why everyone flew south.
People are starting to notice the Georgia capital as a gem in the region. Steady job growth? You got it. Excellent live music and food? Yes, of course. There are many reasons why you’ll love living in Atlanta. The city knows how to capture the hearts of every visitor since the city is as versatile as it is beautiful. There’s a place for everyone here.
Here are 15 reasons to move to Atlanta.
1. There are plenty of green spaces
Atlanta is a city in a forest, no doubt. The tree canopy around the city will take you by surprise. It’s not just tree-lined streets. There are parks around every corner, shaded sidewalks and the trees embrace even the highway.
Nature is always nearby, with Piedmont Park being smack dab in the middle of Midtown Atlanta. Around the city, you can find walking trails like the Morningside Nature Preserve and Westside Park, or if you’re into kayaking, the Chattahoochee River National Recreation Area.
2. The mild weather is glorious
Winters in Atlanta are very mild, with infrequent snowfall. Bundling up, you can enjoy walks around the city and beat those winter blues without freezing. Additionally, on average, Atlanta gets 217 sunny days a year, and a lot of those are in winter.
Spring is unpredictable, with a few storms. But, the resulting blooms around town are worth the sneeze. The summers get hot and humid (its nickname is “Hotlanta” after all), but there are plenty of patios and spots to cool off, like city pools, the Chattahoochee River and Lake Lanier.
3. It’s truly one of the best food cities
Another reason to love Atlanta is the diversity of dining options within the city. Emerging chefs have set up pop-ups around the city to deliver creative offerings. Restaurants like Georgia Boy, Little Bear and Talat Market are pushing the envelope in the fine dining scene.
You can also find delicious seafood fare at Tio Lucho’s, Atlanta Fishmonger and Kimball House. The bar scene is growing, as well. Food halls, including Ponce City Market, have many options, from Szechuan to Italian to Cuban, all under one roof.
4. Southern hospitality is alive and well
Locals in Atlanta are incredibly warm and inviting. Atlanta is a big city with a small-town heart. Everyone truly knows each other, and you’ll get introduced to a handful of people anywhere you go. It’s easy to make friends and network for work.
The Southern hospitality shows up in friendly hellos everywhere you go and during parties and bars around town. You won’t encounter a stranger here.
5. Arts and culture are everywhere in the city
From the Atlanta Symphony Orchestra to the High Museum of Art to MODA, Atlanta has a thriving arts culture. Local art nonprofits create programs for families and children to boast their knowledge of the arts, music and more. Nonprofits like Living Walls beautify the city by bringing local and abroad artists to create murals around the city.
Other attractions in Atlanta that bring unexpected doses of culture are the Georgia Aquarium, the Center for Puppetry Arts and Zoo Atlanta.
6. Neighborhoods with different personalities
Every neighborhood in Atlanta has its own personality. Family-friendly Candler Park has beautiful tree-lined streets, playgrounds and family restaurants. While Little Five Points reaches a younger demographic with vintage stores, metal bars and new-age stores.
In East Atlanta, you can find nightlife and more millennial-leaning restaurants like Argosy and Banshee. On the Westside, you can find a higher concentration of rooftop bars, fine dining and spots like Ormby’s and The Painted Pin that offer games with food.
7. Access to food from many countries
Buford Highway, a state highway in Atlanta, is a place that just doesn’t exist anywhere else. Immigrant populations started settling along Buford Highway decades ago. Now, there are shopping centers filled with food from all over the world, from Korean to Mexican, Colombian, Chinese and more.
Cultural events also occur in one of the many event spaces in the area. It’s a great place to learn about other cultures and enjoy delicious food.
8. Live music and concerts 24/7
The city that gave you Usher, TLC, Outkast and the Indigo Girls — you can’t go wrong here. The Tabernacle, Variety Playhouse, Coca-Cola Roxy, Buckhead Theatre and The Earl bring all the popular acts to the stage and offer different levels of intimacy for the audience.
You’ll find free concerts at parks around the city and, of course, the world’s biggest stars rocking out at Mercedes-Benz Stadium. An obvious reason to fall in love with Atlanta.
9. Biking the Atlanta BeltLine
The Atlanta BeltLine, a network of multi-use trails, connects the city’s 45 in-town neighborhoods. You’ll find shops, restaurants, breweries and more along the BeltLine.
Each stretch also has a different feel depending on the neighborhood you’re passing. Get a bike or walk it with coffee in hand to enjoy Atlanta’s weather. It’s a great way to explore the city and how it has changed.
10. A mountain escape is just 90 minutes away
Sometimes, you need a break, right? Luckily, the Blue Ridge mountains are just 90 minutes from Atlanta. You can visit Ellijay and Blue Ridge for a quick 48-hour rejuvenating trip to the mountains.
Go apple picking, hike waterfalls, make a fire at your cabin or enjoy the view from a hot tub. The small town also has kitschy shops that are fun to visit and, of course, very good barbecue.
11. A thriving sports culture
Pick your sport — baseball, soccer, basketball or football. Atlanta’s got a fierce fan club for the Atlanta Braves (MLB), the Atlanta Falcons (NFL), the Atlanta Hawks (NBA) and Atlanta United (MLS).
If you’re into college football, both Georgia State University and Georgia Tech have excellent football teams that make home games an enjoyable time.
12. Atlanta is incredibly diverse
More than half of the city’s population identifies as Black, making it one of the largest majority-Black metro areas. It also takes the prize for the second friendliest city for those in the LGBTQ+ community, with an annual Pride Festival in October.
The city also hosts a large immigrant population from Latin America, Asia and Europe, about 14 percent of the total population. Between 2000 and 2010, metro Atlanta’s Latino population doubled.
13. Growing tech scene and job market
There’s a growing number of accelerators, incubators, venture capital firms and events like Atlanta Innovation Week and Venture Atlanta that together fuel a thriving start-up culture.
Headquarters for Microsoft, NCR, Alphabet’s Google and others have cemented their footprint in the city with new offices. The Atlanta Tech Village in Buckhead houses more than 600 startups and continues to nurture emerging founders through networking.
And, don’t forget that it’s home to Fortune 500 companies like Coca-Cola, UPS, Home Depot and Delta Air Lines.
14. There’s rich history around every corner
The Historic Auburn district, the National Center for Civil and Human Rights and the Martin Luther King, Jr. National Historic site offer insights into Atlanta’s robust history and key role during the Civil Rights era.
At the Atlanta History Center, you can learn more about Atlanta’s role in the Civil War through its exhibitions and the Cyclorama, one of the only ones left in the country. Markers around the city also show important battles. In Oakland Cemetery, you can see those fallen during past times.
15. The airport puts the world at your fingertips
The hype around the Atlanta airport is real. Busiest? Definitely. But, as an Atlanta local, you’ll also see it’s one of the most efficient in the world. The airport sees more than 100 million passengers a year.
As a Delta hub, you have the world at your fingertips with a direct flight to many destinations around the world. Don’t miss the many art installations by local artists in the terminals, including a crowd-favorite on Concourse C.
Thinking of moving to Atlanta?
You’ll undoubtedly love Atlanta as much as the locals do once you spend some time in town. From its food and history to its culture and sports teams, there are truly so many reasons to love Atlanta with something for everyone in one of its 45 in-town neighborhoods. Are you ready to make a move to Atlanta?
As head of structured finance, Newman will oversee the development and execution of asset capital strategy, finding the best market fit for the company’s home equity investments (HEI). She joined Hometap after nearly six years as managing director and head of structured finance at Redwood Trust. Newman is also currently the vice chair of the … [Read more…]
High above the Las Vegas Strip, solar panels blanketed the roof of Mandalay Bay Convention Center — 26,000 of them, rippling across an area larger than 20 football fields.
From this vantage point, the sun-dappled Mandalay Bay and Delano hotels dominated the horizon, emerging like comically large golden scepters from the glittering black panels.Snow-tipped mountains rose to the west.
It was a cold winter morning in the Mojave Desert. But there was plenty of sunlight to supply the solar array.
“This is really an ideal location,” said Michael Gulich, vice president of sustainability at MGM Resorts International.
The same goes for the rest of Las Vegas and its sprawling suburbs.
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Sin City already has more solar panels per person than any major U.S. metropolis outside Hawaii, according to one analysis. And the city is bursting with single-family homes, warehouses and parking lots untouched by solar.
L.A. Times energy reporter Sammy Roth heads to the Las Vegas Valley, where giant solar fields are beginning to carpet the desert. But what is the environmental cost? (Video by Jessica Q. Chen, Maggie Beidelman / Los Angeles Times)
There’s enormous opportunity to lower household utility bills and cut climate pollution — without damaging wildlife habitat or disrupting treasured landscapes.
But that hasn’t stopped corporations from making plans to carpet the desert surrounding Las Vegas with dozens of giant solar fields — some of them designed to supply power to California. The Biden administration has fueled that growth, taking steps to encourage solar and wind energy development across vast stretches of public lands in Nevada and other Western states.
Those energy generators could imperil rare plants and slow-footed tortoises already threatened by rising temperatures.
They could also lessen the death and suffering from the worsening heat waves, fires, droughts and storms of the climate crisis.
Researchers have found there’s not nearly enough space on rooftops to supply all U.S. electricity — especially as more people drive electric cars. Even an analysis funded by rooftop solar advocates and installers found that the most cost-effective route to phasing out fossil fuels involves six times more power from big solar and wind farms than from smaller local solar systems.
But the exact balance has yet to be determined. And Nevada is ground zero for figuring it out.
The outcome could be determined, in part, by billionaire investor Warren Buffett.
The so-called Oracle of Omaha owns NV Energy, the monopoly utility that supplies electricity to most Nevadans. NV Energy and its investor-owned utility brethren across the country can earn huge amounts of money paving over public lands with solar and wind farms and building long-distance transmission lines to cities.
But by regulatory design, those companies don’t profit off rooftop solar. And in many cases, they’ve fought to limit rooftop solar — which can reduce the need for large-scale infrastructure and result in lower returns for investors.
Mike Troncoso remembers the exact date of Nevada’s rooftop solar reckoning.
It was Dec. 23, 2015, and he was working for SolarCity. The rooftop installer abruptly ceased operations in the Silver State after NV Energy helped persuade officials to slash a program that pays solar customers for energy they send to the power grid.
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“I was out in the field working, and we got a call: ‘Stop everything you’re doing, don’t finish the project, come to the warehouse,’” Troncoso said. “It was right before Christmas, and they said, ‘Hey, guys, unfortunately we’re getting shut down.’”
After a public outcry, Nevada lawmakers partly reversed the reductions to rooftop solar incentives. Since then, NV Energy and the rooftop solar industry have maintained an uneasy political ceasefire. Installations now exceed pre-2015 levels.
Today, Troncoso is Nevada branch manager for Sunrun, the nation’s largest rooftop solar installer. The company has enough work in the state to support a dozen crews, each named for a different casino. On a chilly winter morning before sunrise, they prepared for the day ahead — laying out steel rails, hooking up microinverters and loading panels onto powder-blue trucks.
But even if Sunrun’s business continues to grow, it won’t eliminate the need for large solar farms in the desert.
Some habitat destruction is unavoidable — at least if we want to break our fossil fuel addiction. The key questions are: How many big solar farms are needed, and where should they be built? Can they be engineered to coexist with animals and plants?
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And if not, should Americans be willing to sacrifice a few endangered species in the name of tackling climate change?
To answer those questions, Los Angeles Times journalists spent a week in southern Nevada, touring solar construction sites, hiking up sand dunes and off-roading through the Mojave. We spoke with NV Energy executives, conservation activists battling Buffett’s company and desert rats who don’t want to see their favorite off-highway vehicle trails cut off by solar farms.
Odds are, no one will get everything they want.
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The tortoise in the coal mine
Biologist Bre Moyle easily spotted the small yellow flag affixed to a scraggly creosote bush — one of many hardy plants sprouting from the caliche soil, surrounded by rows of gleaming steel trusses that would soon hoist solar panels toward the sky.
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Moyle leaned down for a closer look, gently pulling aside branches to reveal a football-sized hole in the ground. It was the entrance to a desert tortoise burrow — one of thousands catalogued by her employer, Primergy Solar, during construction of one of the nation’s largest solar farms on public lands outside Las Vegas.
“I wouldn’t stand on this side of it,” Moyle advised us. “If you walk back there, you could collapse it, potentially.”
I’d seen plenty of solar construction sites in my decade reporting on energy. But none like this.
Instead of tearing out every cactus and other plant and leveling the land flat — the “blade and grade” method — Primergy had left much of the native vegetation in place and installed trusses of different heights to match the ground’s natural contours. The company had temporarily relocated more than 1,600 plants to an on-site nursery, with plans to put them back later.
The Oakland-based developer also went to great lengths to safeguard desert tortoises — an iconic reptile protected under the federal Endangered Species Act, and the biggest environmental roadblock to building solar in the Mojave.
Desert tortoises are sensitive to global warming, residential sprawl and other human encroachment on their habitat. The U.S. Fish and Wildlife Service has estimated tortoise populations fell by more than one-third between 2004 and 2014.
Scientists consider much of the Primergy site high-quality tortoise habitat. It also straddles a connectivity corridor that could help the reptiles seek safer haven as hotter weather and more extreme droughts make their current homes increasingly unlivable.
Before Primergy started building, the company scoured the site and removed 167 tortoises, with plans to let them return and live among the solar panels once the heavy lifting is over. Two-thirds of the project site will be repopulated with tortoises.
Workers removed more tortoises during construction. As of January, the company knew of just two tortoises killed — one that may have been hit by a car, and another that may have been entombed in its burrow by roadwork, then eaten by a kit fox.
Primergy Vice President Thomas Regenhard acknowledged the company can’t build solar here without doing any harm to the ecosystem — or spurring opposition from conservation activists. But as he watched union construction workers lift panels onto trusses, he said Primergy is “making the best of the worst-case situation” for solar opponents.
“What we’re trying to do is make it the least impactful on the environment and natural resources,” he said. “What we’re also doing is we’re sharing that knowledge, so that these projects can be built in a better way moving forward.”
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The company isn’t saving tortoises out of the goodness of its profit-seeking heart.
The U.S. Bureau of Land Management conditioned its approval of the solar farm, called Gemini, on a long list of environmental protection measures — and only after some bureau staffers seemingly contemplated rejecting the project entirely.
Documents obtained under the Freedom of Information Act by the conservation group Defenders of Wildlife show the bureau’s Las Vegas field office drafted several versions of a “record of decision” that would have denied the permit application for Gemini. The drafts listed several objections, including harm to desert tortoises, loss of space for off-road vehicle drivers and disturbance of the Old Spanish National Historic Trail, which runs through the project site.
Separately, Primergy reached a legal settlement with conservationists — who challenged the project’s federal approval in court — in which the company agreed to additional steps to protect tortoises and a plant known as the three-corner milkvetch.
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The company estimates just 2.5% of the project site will be permanently disturbed — far less than the 33% allowed by Primergy’s federal permit. Regenhard is hopeful the lessons learned here will inform future solar development on public lands.
“This is something new. So we’re refining a lot of the processes,” he said. “We’re not perfect. We’re still learning.”
By the time construction wraps this fall, 1.8 million panels will cover nearly 4,000 football fields’ worth of land, just off the 15 Freeway. They’ll be able to produce 690 megawatts of power — as much as 115,000 typical home solar systems. And they’ll be paired with batteries, to store energy and help NV Energy customers keep running their air conditioners after sundown.
Unlike many solar fields, Gemini is close to the population it will serve — just a few dozen miles from the Strip. And the affected landscape is far from visually stunning, with none of the red-rock majesty found at nearby Valley of Fire State Park.
But desert tortoises don’t care if a place looks cool to humans. They care if it’s good tortoise habitat.
Moyle, Primergy’s environmental services manager, pointed to a small black structure at the bottom of a fence along the site’s edge — a shade shelter for tortoises. Workers installed them every 800 feet, so that if any relocated reptiles try to return to the solar farm too early, they don’t die pacing along the fence in the heat.
“They have a really, really good sense of direction,” Moyle said. “They know where their homes are. They want to come back.”
Primergy will study what happens when tortoises do come back. Will they benefit from the shade of the solar panels? Or will they struggle to survive on the industrialized landscape?
And looming over those uncertainties, a more existential query: With global warming beginning to devastate human and animal life around the world, should we really be slowing or stopping solar development to save a single type of reptile?
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Moyle was ready with an answer: Tortoises are a keystone species. If they’re doing well, it’s a good sign of a healthy ecosystem in which other desert creatures — such as burrowing owls, kit foxes and American badgers — are positioned to thrive, too.
And as the COVID-19 pandemic has demonstrated, human survival is inextricably linked with a healthy natural world.
“We take one thing out, we don’t know what sort of disastrous effect it’s going to have on everything else,” Moyle said.
We do, however, know the consequences of relying on fossil fuels: entire towns burning to the ground, Lake Mead three-quarters empty, elderly Americans baking to death in their overheated homes. With worse to come.
The shifting sands of time
A few miles south, another solar project was rising in the desert. This one looked different.
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A fleet of bulldozers, scrapers, excavators and graders was nearly done flattening the land — a beige moonscape devoid of cacti and creosote. The solar panel support trusses were all the same height, forming an eerily rigid silver sea.
When I asked Carl Glass — construction manager for DEPCOM Power, the contractor building this project for Buffett’s NV Energy — why workers couldn’t leave vegetation in place like at Gemini, he offered a simple answer: drainage. Allowing the land to retain its natural contours, he said, would make it difficult to move stormwater off the site during summer monsoons.
Safety was another consideration, said Dani Strain, NV Energy’s senior manager for the project. Blading and grading the land meant workers wouldn’t have to carry solar panels and equipment across ground studded with tripping hazards.
“It’s nicer for the environment not to do it,” Strain said. “But it creates other problems. You can’t have everything.”
This kind of solar project has typified development in the Mojave Desert.
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And it helps explain why the Center for Biological Diversity’s Patrick Donnelly has fought so hard to limit that development.
The morning after touring the solar construction sites, we joined Donnelly for a hike up Big Dune, a giant pile of sand covering five square miles and towering 500 feet above the desert floor, 90 miles northwest of Las Vegas. The sun was just beginning its ascent over the Mojave, bathing the sand in a smooth umber glow beneath pockets of wispy cloud.
On weekends, Donnelly said, the dune can be overrun by thousands of off-road vehicles. But on this day, it was quiet.
Energy companies have proposed more than a dozen solar farms on public lands surrounding Big Dune — some with overlapping footprints. Donnelly doesn’t oppose all of them. But he thinks federal agencies should limit solar to the least ecologically sensitive parts of Nevada, instead of letting companies pitch projects almost anywhere they choose.
“Developers are looking at this as low-hanging fruit,” he said. “The idea is, this is where California can build all of its solar.”
We trekked slowly up the dune, our bodies casting long shadows in the early morning light. When we took a breather and looked back down, a trail of footprints marked our path. Donnelly assured us a windy day would wipe them away.
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“This is why I live here, man,” he said. “It’s the most beautiful place on Earth, in my mind.”
Donnelly broke his back in a rock-climbing accident, so he used a walking stick to scale the dune. He lives not far from here, at the edge of Death Valley National Park, and works as the nonprofit Center for Biological Diversity’s Great Basin director.
As we resumed our journey, the wind blowing hard, I asked Donnelly to rank the top human threats to the Mojave. He was quick to answer: The climate crisis was No. 1, followed by housing sprawl, solar development and off-road vehicles.
“There’s no good solar project in the desert. But there’s less bad,” he said. “And we’re at a point now where we have to settle for less bad, because the alternatives are more bad: more coal, more gas, climate apocalypse.”
That hasn’t stopped Donnelly and his colleagues from fighting renewable energy projects they fear would wipe out entire species — even little-known plants and animals with tiny ranges, such as Tiehm’s buckwheat and the Dixie Valley toad.
“I’m not a religious guy,” Donnelly said. “But all God’s creatures great and small.”
After a steep stretch of sand, we stopped along a ridge with sweeping views. To our west were the Funeral Mountains, across the California state line in Death Valley National Park — and far beyond them Mt. Whitney, its snow-covered facade just barely visible. To our east was Highway 95, cutting across the Amargosa Valley en route from Las Vegas to Reno.
It’s along this highway that so many developers want to build.
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“We would be in a sea of solar right now,” Donnelly said.
Having heard plenty of rural residents say they don’t want to look at such a sea, I asked Donnelly if this was a bad spot for solar because it would ruin the glorious views. He told me he never makes that argument, “because honestly, views aren’t really the primary concern at this moment. The primary concern is stopping the biodiversity crisis and the climate crisis.”
“There are certain places where we shouldn’t put solar because it’s a wild and undisturbed landscape,” he said.
As far as he’s concerned, though, the Amargosa Valley isn’t one of those landscapes, what with Highway 95 running through it. The same goes for Dry Lake Valley, where NV Energy’s solar construction site is already surrounded by energy infrastructure.
What Donnelly would like to see is better planning.
He pointed to California, where state and federal officials spent eight years crafting a desert conservation plan that allows solar and wind farms across a few hundred thousand acres while setting aside millions more for protection. He thinks a similar process is crucial in Nevada, where four-fifths of the land area is owned by the federal government — more than any other state.
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If Donnelly had his way, regulators would put the kibosh on solar farms immediately adjacent to Big Dune. He’s worried they could alter the movement of sand across the desert floor, affecting several rare beetles that call the dune home.
But if the feds want to allow solar projects along the highway to the south, near the Area 51 Alien Center?
“Might not be the end the world,” Donnelly said.
He shot me a grin.
“You know, one thing I like to do …”
Without warning, he took off racing down the dune, carried by momentum and love for the desert. He laughed as he reached a natural stopping point, calling for us to join him. His voice sounded free and full of possibility.
Some solar panels on the horizon wouldn’t have changed that.
Shout it from the rooftops
Laura Cunningham and Kevin Emmerich were a match made in Mojave Desert heaven.
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Cunningham was a wildlife biologist, Emmerich a park ranger when they met nearly 30 years ago at Death Valley. She studied tortoises for government agencies and later a private contractor. He worked with bighorn sheep and gave interpretive talks. They got married, bought property along the Amargosa River and started their own conservation group, Basin and Range Watch.
And they’ve been fighting solar development ever since.
That’s how we ended up in the back of their SUV, pulling open a rickety cattle gate off Highway 95 and driving past wild burros on a dirt road through Nevada’s Bullfrog Hills, 100 miles northwest of Las Vegas.
They had told us Sarcobatus Flat was stunning, but I was still surprised by how stunning. I got my first look as we crested a ridge. The gently sloping valley spilled down toward Death Valley National Park, whose snowy mountain peaks towered over a landscape dotted with thousands of Joshua trees.
“Everything we’re looking at is proposed for solar development,” Cunningham said.
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Most environmentalists agree we need at least some large solar farms. Cunningham and Emmerich are different. They’re at the vanguard of a harder-core desert protection movement that sees all large-scale solar farms on public lands as bad news.
Why had so many companies converged on Sarcobatus Flat?
The main answer is transmission. NV Energy is seeking federal approval to build the 358-mile Greenlink West electric line, which would carry thousands of megawatts of renewable power between Reno and Las Vegas along the Highway 95 corridor.
The dirt road curved around a small hill, and suddenly we found ourselves on the valley floor, surrounded by Joshua trees. Some looked healthy; others had bark that had been chewed by rodents seeking water, a sign of drought stress. Scientists estimate the Joshua tree’s western subspecies could lose 90% of its range as the world gets hotter and droughts get more intense.
But asked whether climate change or solar posed a bigger threat to Sarcobatus Flat, Cunningham didn’t hesitate.
“Oh, solar development hands down,” she said.
Nearly 20 years ago, she said, she helped relocate desert tortoises to make way for a test track in California. One of them tried to return home, walking 20 miles before hitting a fence. It paced back and forth and eventually died of heat exhaustion.
Solar farms, she said, pose a similar threat to tortoises. And at Sarcobatus Flat, they would cover a high-elevation area that could otherwise serve as a climate refuge for Joshua trees, giving them a relatively cool place to reproduce as the planet heats up.
“It makes no sense to me that we’re going to bulldoze them down and throw them into trash piles. It’s just crazy,” she said.
In Cunningham and Emmerich’s view, every sun-baked parking lot in L.A. and Vegas and Phoenix should have a solar canopy, every warehouse and single-family home a solar roof. It’s a common argument among desert defenders: Why sacrifice sensitive ecosystems when there’s an easy alternative for fighting climate change? Especially when rooftop solar can reduce strain on an overtaxed electric grid and — when paired with batteries — help people keep their lights on during blackouts?
The answer isn’t especially satisfying to conservationists.
For all the virtues of rooftop solar, it’s an expensive way to generate clean power — and keeping energy costs low is crucial to ensure that lower-income families can afford electric cars, another key climate solution. A recent report from investment bank Lazard pegged the cost of rooftop solar at 11.7 cents per kilowatt-hour on the low end, compared with 2.4 cents for utility solar.
Even when factoring in pricey long-distance electric lines, utility-scale solar is typically cheaper, several experts told me.
“It’s three to six times more expensive to put solar on your roof than to put it in a large-scale project,” said Jesse Jenkins, an energy systems researcher at Princeton University. “There may be some added value to having solar in the Los Angeles Basin instead of the middle of the Mojave Desert. But is it 300% to 600% more value? Probably not. It’s probably not even close.”
There’s a practical challenge, too.
The National Renewable Energy Laboratory has estimated U.S. rooftops could generate 1,432 terawatt-hours of electricity per year — just 13% of the power America will need to replace most of its coal, oil and gas, according to research led by Jenkins.
Add in parking lots and other areas within cities, and urban solar systems might conceivably supply one-quarter or even one-third of U.S. power, several experts told The Times — in an unlikely scenario where they’re installed in every suitable spot.
Energy researcher Chris Clack’s consulting firm has found that dramatic growth in rooftop and other small-scale solar installations could reduce the costs of slashing climate pollution by half a trillion dollars. But even Clack said rooftops alone won’t cut it.
“Realistically, 80% is going to end up being utility grid no matter what,” he said.
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All those industrial renewable energy projects will have to go somewhere.
Sarcobatus Flat may not be the answer. Federal officials classified all three solar proposals there as “low priority,” citing their proximity to Death Valley and potential harm to tortoise habitat. One developer withdrew its application last year.
Before leaving the area, Cunningham pointed to a wooden marker, one of at least half a dozen stretching out in a line. I walked over to take a closer look and discovered it was a mining claim for lithium — a main ingredient in electric-car batteries.
If solar development didn’t upend this valley, lithium extraction might.
On the beaten track
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The four-wheeler jerked violently as Erica Muxlow pressed her foot to the gas, sending us flying down a rough dirt road with no end in sight but the distant mountains. Five-point safety straps were the only things stopping us from flying out of our seats, the vehicle leaping through the air as we reached speeds of 40 mph, then 50 mph, the wind whipping our faces.
It was like riding Disneyland’s Matterhorn Bobsleds — just without the Yeti.
Ahead of us, Muxlow’s neighbor Jimmy Lewis led the way on an electric blue motorcycle, kicking up a stream of sand. He wanted us to see thousands of acres of public lands outside his adopted hometown of Pahrump, in Nevada’s Nye County, that could soon be blocked by solar projects — cutting off access to off-highway vehicle enthusiasts such as himself.
“You could build an apartment complex or a shopping mall here, and it would be the same thing to me,” he said.
To progressive-minded Angelenos or San Franciscans, preserving large chunks of public land for gas-guzzling, environmentally destructive dirt bikes might sound like a terrible reason not to build solar farms that would lessen the climate crisis.
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But here’s the reality: Rural Westerners such as Lewis will play a key role in determining how much clean energy gets built.
Not long before our Nevada trip, Nye County placed a six-month pause on new renewable energy projects, citing local concerns about loss of off-road vehicle trails. Similar fears have stymied development across the U.S., with rural residents attacking solar and wind farms as industrial intrusions on their way of life — and local governments throwing up roadblocks.
For Lewis, the conflict is deeply personal.
He moved here from Southern California more than a decade ago, trading life by the beach for a five-acre plot where he runs an off-roading school and test-drives motorcycles for manufacturers. His warehouse was packed with dozens of dirt bikes.
“This is my life. Motorcycles, motorcycles, motorcycles,” he said, laughing.
Lewis has worked to stir up opposition to three local solar farm proposals. So far, his efforts have been in vain.
One project is already under construction. Peering through a fence, we saw row after row of trusses, waiting for their photovoltaic panels. It’s called Yellow Pine, and it’s being built by Florida-based NextEra Energy to supply power to California.
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Lewis learned about Yellow Pine when he was riding one of his favorite trails and was surprised to find it cut off. He compared the experience to riding the best roller-coaster at a theme park, only to have it grind to a halt three-quarters of the way through.
“I don’t want my playground taken away from me,” he said.
“Me neither!” a voice called out from behind us.
We turned and were greeted by Shannon Salter, an activist who had previously spent nine months camping near the Yellow Pine site to protest the habitat destruction. She and Lewis had never met, but they quickly realized they had common cause.
“It’s the opposite of green!” Salter said.
“On my roof, not my backyard,” Lewis agreed.
Never mind that conservationists have long decried the ecological damage from desert off-roading. Salter and Lewis both cared about these lands. Neither wanted to see the solar industry lay claim to them. They talked about staying in touch.
It’s easy to imagine similar alliances forming across the West, the clean energy transition bringing together environmentalists and rural residents in a battle to defend their lifestyles, their landscapes and animals that can’t fight for themselves.
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It’s also easy to imagine major cities that badly need lots of solar and wind power — Los Angeles, Las Vegas, Phoenix — brushing off those complaints as insignificant compared with the climate emergency, or as fueled by right-wing misinformation.
But many of concerns raised by critics are legitimate. And their voices are only getting louder.
As night fell over the Mojave, Lewis shared his idea that any city buying electricity from a desert solar farm should be required to install a certain amount of rooftop solar back home first — on government buildings, at least. It only seemed fair.
“Some people see the desert as just a wasteland,” Lewis said. “I think it’s beautiful.”
The view from Black Mountain
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So how do we build enough renewable energy to replace fossil fuels without destroying too many ecosystems, or stoking too much political opposition from rural towns, or moving too slowly to save the planet?
Few people could do more to ease those tensions than Buffett.
Our conversation kept returning to the legendary investor as we hiked Black Mountain, just outside Vegas, on our last morning in the Silver State. We were joined by Jaina Moan, director of external affairs for the Nature Conservancy’s Nevada chapter. She had promised a view of massive solar fields from the peak — but only after a 3.5-mile trek with 2,000 feet of elevation gain.
“It’ll be a little StairMaster at the end,” she warned us.
The homes and hotels and casinos of the Las Vegas Valley retreated behind us as we climbed, looking ever smaller and more insignificant against the vast open desert. It was an illusion that will prove increasingly difficult to maintain as Sin City and its suburbs continue their march into the Mojave. Nevada politicians from both parties are pushing for legislation that would let federal officials auction off additional public lands for residential and commercial development.
Vegas and other Western cities could limit the need for more suburbs — and sprawling solar farms — by growing smarter, Moan said. Urban areas could embrace density, to help people drive fewer miles and reduce the demand for new power supplies to fuel electric vehicles. They could invest in electric buses and trains — and use less water, which would save a lot of energy.
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“As our spaces become more crowded, we’re going to have to come up with more creative ideas,” Moan said.
That’s where Buffett could make things easier.
The billionaire’s Berkshire Hathaway company owns electric utilities that serve millions of people, from California to Nevada to Illinois. Those utilities, Moan said, could buck the industry trend of urging policymakers to reduce financial incentives for rooftop solar and instead encourage the technology — along with other small-scale clean energy solutions, such as local microgrids.
That would limit the need for big solar farms — at least somewhat.
Berkshire and other energy giants could also build solar on lands already altered by humans, such as abandoned mines, toxic Superfund sites, reservoirs, landfills, agricultural areas, highway corridors and canals that carry water to farms and cities.
The costs are typically higher than building on undisturbed public lands. And in many cases there are technical challenges yet to be resolved. But those kinds of “creative solutions” could at least lessen the loss of biodiversity, Moan said.
“There’s money to be made there, and there’s good to be done,” she said.
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It’s hard to know what Buffett thinks. A Berkshire spokesperson declined my request to interview him.
Tony Sanchez, NV Energy’s executive vice president for business development and external relations, was more forthcoming.
“The problem for us with rooftop solar,” he said, is that it’s “not controlled at all by us.” As a result, NV Energy can’t decide when and how rooftop solar power is used — and can’t rely on that power to help balance supply and demand on the grid.
Over time, Sanchez predicted, a lot more rooftop solar will get built. But he couldn’t say how much.
Rooftop solar faces a similarly uncertain future in California, where state officials voted last year to slash incentive payments, calling them an unfair subsidy. Industry leaders have warned of a dramatic decline in installations.
As we neared the top of Black Mountain, the solar farms on the other side came into view. They stretched across the Eldorado Valley far below — black rectangles that could help save life on Earth while also destroying bits and pieces of it.
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Moan believes the key to balancing clean energy and conservation is “go slow to go fast.” Government agencies, she said, should work with conservation activists, small-town residents and Native American tribes to study and map out the best places for clean energy, then reward companies that agree to build in those areas with faster approvals. Solar and wind development would slow down in the short term but speed up in the long run, with quicker environmental reviews and less risk of lawsuits.
It’s a tantalizing concept — but I confessed to Moan that I worried it would backfire.
What if the sparring factions couldn’t agree on the best spots to build solar and wind farms, and instead wasted years arguing? Or what if they did manage to hammer out some compromises, only for a handful of unhappy people or groups to take them to court, gumming up the works? Couldn’t “go slow to go fast” end up becoming “go slow to go slow”?
In other words, should we really bet our collective future on human beings working together, rather than fighting?
Moan was sympathetic to my fears. She also didn’t see another way forward.
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“We really need to think holistically about saving everything,” she said.
The sad truth is, not everything can be saved. Not if we want to keep the world livable for people and animals alike.
Some beloved landscapes will be left unrecognizable. Some families will be stuck paying high energy bills to monopoly utilities, even as some utility investors make less money. Some tortoises will probably die, pacing along fences in the heat.
The alternative is worse.
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With the news this month that the housing market hit a milestone by showing the first year-over-year price decline in recent memory, homeowners who’d considered finally selling their home this year are finding themselves discouraged yet again.
What happened, they might wonder, to the not-so-distant glory days of frantic bidding wars and over-ask offers? Plenty of frustrated owners seem worried that the window for a fast and lucrative home sale might be shutting fast.
But here’s the reality: The U.S. housing market is no monolith. Although it’s true that many of the hottest markets of the past few years have seen prices fall in the wake of higher mortgage interest rates that broadly dampened home shoppers’ buying power, there are still cities where buyers continue to snatch up homes quickly and where sellers are getting their full asking price—or more.
This is why the Realtor.com® data team dug in to find the U.S. real estate markets that most favor sellers. (Sorry, buyers!)
The best places for sellers generally have persistently low housing inventory, strong demand from buyers, and often—but not always—lower prices that have room to swell. These are generally affordable metropolitan areas in the Northeast with a few in the Midwest.
Three of the metros on our list—Hartford, CT, Worcester, MA, and Providence, RI—are so close, you could tour homes in all of them in a single day. Our ranking also has one spot in the South and a somewhat bizarre outlier in California—more on that later.
To figure out if an area is a buyer’s or seller’s market, Pamela Ermen likes to track the change in the number of closed sales per month, compared with the change in the number of new listings per month.
“When sales are going up and inventory is going down, that’s a real seller’s market,” says Ermen, a Virginia Beach–based Realtor® at Re/Max and a speaker and coach at Real Estate Guidance.
Still, sellers who focus solely on low inventory can wrongly conclude that they can list their home at a higher price than an agent might advise. That can lead to their property languishing on the market not receiving strong offers. Meanwhile, buyers who focus only on the number of sales going down might wrongly think there’s less competition. That might result in heartache when they find out the hard way that many homes are still getting multiple offers.
To find true seller-friendly places, the Realtor.com data team looked at the May 2023 listing data for the 100 largest metropolitan areas. Then we ranked each based on the number of days that the median listing is on the market, combined with the portion of listings that have had the price reduced. These metrics tell us where homes are selling faster than average and with fewer sellers having to reduce their price to make the sale.
We selected just one metro area per state to ensure geographical diversity. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)
Here’s where sellers can expect the market to be most tilted in their favor this summer.
Median list price: $265,000 Median days on the market: 13 Listings with a price reduction: 1 in 17
Rochester, on the western edge of New York along the southern shore of Lake Ontario, not only is at the top of our seller’s saviors list—it’s also in a class of its own. Rochester had both the lowest number of days on the market and the lowest portion of listings with a price reduction. But this is nothing new for the so-called Flower City.
The metro area has become a mainstay of the Realtor.com hottest real estate markets list. It’s also where sellers are usually still getting their asking price, and where buyers can find one of the largest selections of homes for less than $200,000. Plus, home prices are well below the national median list price of $441,500 in May.
These affordable homes have made the area appealing to locals, out-of-towners, and investors.
“If you’re priced right in our market, you can expect to still sell in about one week,” says Jenna May, a local real estate agent at Keller Williams Realty.
When the market was at its pandemic peak in 2022, and even before anyone had heard of COVID-19, Rochester was still leading the nation in the low number of days on the market. Demand here for homes is high and seems destined to stay that way.
“There are people who are offering $80,000 over listing price and not getting the home,” says May. “It’s that competitive.”
Median list price: $424,925 Median days on the market: 19 Listings with a price reduction: 1 in 14
The capital city of Connecticut is also no stranger to the Realtor.com list of the nation’s hottest real estate markets. Hartford is the largest population hub in the state, with 1.2 million residents.
It also boasts home prices that are about 5% below the national median.
“The Northeast has been well undervalued compared with other markets—and not just for years, but for decades,” says Lisa Barrall-Matt, a senior broker at Berkshire Hathaway in West Hartford.
Homes in the Hartford area have been priced $100,000 less than comparable homes in other markets, Barrall-Matt says, for so long that she began to take it for granted.
Now, she’s feeling vindicated: “I used to say, ‘Why aren’t prices higher?’ Now I’m saying, ‘Where’s the ceiling?’”
Median list price: $622,500 Median days on the market: 24 Listings with a price reduction: 1 in 13
Portland became a popular pandemic destination for Northeasterners looking for a scenic, coastal city with some great restaurants, entertainment, and a brewery scene. The area has a rich history, having a Native American presence dating more than 10,000 years before becoming an early Colonial settlement.
The above-average prices in this artsy city on Casco Bay aren’t keeping sellers from enjoying quick sales. In fact, few listings are getting marked down. The demand for housing here is just so strong. Portland has been featured on our list of the best places to retire in 2022, and it has one of the last year’s hottest neighborhoods: Windham, just on the northwestern edge of Portland proper.
Prices in Portland have grown significantly faster during the pandemic—from May 2019 to now—than they did in most of the country. Where prices rose about 40% nationally, prices in Portland have grown by about 62%. Just since this time last year, prices rose 17%.
A newer four-bedroom home in South Portland that’s within walking distance of Fore River is listed for $650,000, close to the area average.
Median list price: $517,450 Median days on the market: 19 Listings with a price reduction: 1 in 10
Worcester, about 40 miles west of Boston, was nicknamed the “Heart of the Commonwealth” because of its central location in Massachusetts.
This medium-sized metro has a name that’s fun to say, like “rooster” but with a W. But it simply doesn’t have enough homes to match the high interest from potential buyers, according to Nick McNeil, a local Realtor with the Lux Group.
“The amount of demand and the absolute lack of inventory is nuts,” he says. “And there’s not much room for new construction in this area, with tight regulations on what can be built.”
Until there’s some kind of change in the supply and demand dynamic in the area, McNeil says, it’s going to be hard for buyers, and relatively easy for sellers—as long as they’re not also trying to buy.
“The best situation you can be in is if you can sell now,” he says.
Median list price: $384,250 Median days on the market: 25 Listings with a price reduction: 1 in 10
Amid the rolling hills of Eastern Pennsylvania’s Lehigh Valley, about 60 miles northwest of Philadelphia, Allentown has a few things going for sellers right now. The portion of homes with a price reduction is about half the national average, and homes are selling about 40% faster.
Like some other places on this list, the homes in this historic steel town are priced below the national average. But local incomes are a bit higher than average, offering buyers more affordability. That’s helping the real estate market to remain competitive as buyers seek out deals.
Allentown offers a mix of urban, suburban, and rural lifestyles, making it broadly attractive for buyers.
What’s especially notable about the area is the price growth over the past several years. Allentown metro prices have risen by 78% since before the pandemic, ahead of all the other places on this list.
For about the local median price in Allentown, buyers can find a five-bedroom bungalow in the Hamilton Park neighborhood west of downtown Allentown.
Median list price: $374,950 Median days on the market: 29 Listings with a price reduction: 1 in 11
Perched on the western shore of Lake Michigan in southeastern Wisconsin, Milwaukee is known for its breweries, including Miller and Pabst. It’s also where Harley-Davidson was founded. And it’s been a staple of housing affordability for some time.
However, prices have been rising in Milwaukee’s metro area: They rose by around 11% compared with this time last year.
The median number of days on the market is below the average now, just like it was before the pandemic. The same goes for the portion of listings with a price reduction. This is all very good news for home sellers hoping for a quick, profitable sale.
For $375,000, a buyer can get a large, four-bedroom home just 5 minutes from hiking trails, a golf course, and a dog park, all along the shoreline.
Median list price: $386,973 Median days on the market: 29 Listings with a price reduction: 1 in 9
The Virginia Beach metro area, a popular vacation spot for beach, maritime history, and seafood lovers, is another place where incomes are higher than average and home prices are lower.
Last year, sellers could count on getting multiple offers, usually leading to potential buyers bidding up the price, says Virginia Beach–based Realtor Ermen. Now, it’s not as easy to figure out that pricing sweet spot. If the home is listed too high, that’s when there’s eventually pressure to reduce the price.
In the month of May, even with a low number of price reductions, Erman says, “90% of price reductions were made before the listing hit the average time on market.”
That indicates sellers are getting antsy, and probably would have been better off pricing the home lower to begin with. But homes that are priced to sell are still moving briskly.
Median list price: $1,530,000 Median days on the market: 25 Listings with a price reduction: 1 in 9
San Jose is the oddball on this list.
Nestled in the heart of Silicon Valley, it is one of the most expensive real estate markets in the nation. Homes in this San Francisco Bay Area hot spot cost more than triple the national average, which means real estate attracts a very specific buyer.
Because San Jose is a global technology hub, its population is very diverse, and not just racially or ethnically. Roughly 40% of residents were born outside of the U.S., according to the U.S. Census Bureau. Most significantly, many residents have tons of money to spend, whether they’re high-salaried tech employees or they have had an entrepreneurial startup windfall.
Local real estate agents will tell you that San Jose is simply insulated from many of the market dynamics because the clientele is so wealthy. If they’re making an all-cash purchase, they don’t have to worry about higher mortgage rates. And that’s a big boon for sellers.
Median list price: $539,950 Median days on the market: 31 Listings with a price reduction: 1 in 10
Providence, home to Brown University and the Rhode Island School of Design, is a bustling town filled with older homes. About 50 miles southwest of Boston, it’s one of the medium-sized, Northeastern metros on our list that are enjoying especially strong housing markets right now.
Providence prices are significantly above the national average, but compared with nearby Boston, where the median list price is north of $850,000, Providence is a downright bargain.
Plus, it’s got a lot going for it. It boasts beautiful scenery along the Seekonk River, a thriving arts scene, and good jobs. The headquarters for CVS is located in nearby Woonsocket.
In Providence, for $550,000, a little above the local average, buyers can find a midcentury two-bedroom home with classic brick construction about 15 minutes from downtown.
Median list price: $229,950 Median days on the market: 31 Listings with a price reduction: 1 in 9
Home prices in this Rust Belt city, which has struggled in more recent years, are still dramatically lower than the national average—about 45% less expensive. And with the focus of buyers on affordability, it’s no wonder that Toledo has taken off.
In the past year, median list prices in Toledo have risen by 25% (10% per square foot), which is quite a bit higher than before the pandemic.
For less than the median list price in Toledo, buyers can get a massive, six-bedroom home in Toledo’s Old West End neighborhood, just northwest of downtown.