[{"title":"Renting Is Expensive — But It Might Be A Bargain Compared To Owning A Home","visibility":"true","publishDate":"2024-11-25","body":[{"_type":"block","style":"normal","_key":"289a3c1076aa","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/news/owning-a-home-has-rarely-been-this-much-more-expensive-than-renting-155251484.html","_key":"0135b7bb229a"}],"children":[{"text":"Even as many rental properties have become increasingly unaffordable for working-class Americans in recent years, it’s still a less expensive ","_key":"3f43cbc663df0","_type":"span","marks":[]},{"_type":"span","marks":["0135b7bb229a"],"text":"option","_key":"3f43cbc663df1"},{"_type":"span","marks":[],"text":", on average, than purchasing a home.","_key":"3f43cbc663df2"}]},{"markDefs":[],"children":[{"text":"This is nothing new, of course. With the exception of a few anomalous periods, home ownership (not only the cost of the home, but insurance, taxes, upkeep, etc.) is more expensive than renting. But the gap has been growing recently.","_key":"f5d474799d800","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"9f560e08900c"},{"style":"normal","_key":"f5970502c8b5","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Consumers are keeping tabs","_key":"b159a8df5c3e0"}],"_type":"block"},{"_key":"57dcd7c73b28","markDefs":[],"children":[{"_type":"span","marks":[],"text":"It’s not hard to come across an article or social media rant about how much landlords have been hiking up the price of rent lately. But as the costs of goods and services have also increased over the same period, it’s worth noting how costly it has become to own and maintain a home.","_key":"dbebcd22766f0"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"506fbd00df65","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here’s a look at where we’re at compared to historical trends:","_key":"e453add40a4a0"}]},{"children":[{"marks":[],"text":"Home ownership is typically ","_key":"f2efee2036430","_type":"span"},{"_type":"span","marks":["strong"],"text":"about 14% more expensive","_key":"c9a9fc2556bf"},{"text":" than renting","_key":"8e4f332069f6","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"1a262ad5904c","listItem":"bullet","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"Earlier this year, that chasm ","_key":"3217ac5384470"},{"_key":"4b47b2cae66b","_type":"span","marks":["strong"],"text":"grew to a staggering 52%"}],"level":1,"_type":"block","style":"normal","_key":"f77e37795d75","listItem":"bullet","markDefs":[]},{"_key":"850c4a7f9e4c","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Despite narrowing in recent months, owning is still ","_key":"24351ce314ac0"},{"_key":"239ffb605493","_type":"span","marks":["strong"],"text":"35% more costly"}],"level":1,"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"b50237bc3438","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Not only has the cost of home ownership continued to climb, but a spike in the construction of rental properties — and apartment buildings in particular — have allowed lease rates to remain relatively stable over the past year.","_key":"7a8e9ad2d5b40"}]},{"markDefs":[],"children":[{"text":"Is the American Dream dead?","_key":"d8406de1fb6e0","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"1b9f741a3d45"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"None of this should serve to dissuade anyone from making an informed decision about whether to purchase a home. It is telling, however, that one recent survey found a record-high 36% of consumers now prefer renting to owning a home.","_key":"3a88d579034a0"}],"_type":"block","style":"normal","_key":"ba3ef9a6049f"},{"children":[{"_type":"span","marks":[],"text":"A snapshot of the current landscape does not indicate future trends, though, and there is some reason for optimism. Mortgage rates are ","_key":"2760d0592cf10"},{"_type":"span","marks":["strong"],"text":"inching downward","_key":"6850de7d6451"},{"_key":"dc60a500e094","_type":"span","marks":[],"text":", which should help bring down the relative cost of owning a home."}],"_type":"block","style":"normal","_key":"96b4bca604cd","markDefs":[]},{"style":"normal","_key":"c5edafac1a00","markDefs":[],"children":[{"text":"But real estate prices remain high (and getting higher) without any immediate relief in 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might the next four years look like for home buyers and sellers?","title":"A Second Trump Administration Could Reshape America’s Real Estate Market","visibility":"true","_rev":"Aqim3oyLTrhUJY7g8lgc05","body":[{"children":[{"_key":"8c172f3a39210","_type":"span","marks":[],"text":"Wall Street reacted positively to Tuesday’s election results, but"},{"_type":"span","marks":["strong"],"text":" the long-term economic impact","_key":"0a3f827c63c1"},{"marks":[],"text":" of President-elect Donald Trump’s second term remains to be seen. Homebuyers and sellers, for example, could ","_key":"72d4a44d407b","_type":"span"},{"_type":"span","marks":["248436d649e2"],"text":"encounter","_key":"8c172f3a39211"},{"_key":"8c172f3a39212","_type":"span","marks":[],"text":" a significantly different market — for better or worse — under a new Trump administration."}],"_type":"block","style":"normal","_key":"10975f42e2d0","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/news/6-ways-second-trump-presidency-215200746.html","_key":"248436d649e2"}]},{"_key":"5e624d443d54","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Some things change","_key":"c6ade490f22e0"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Analysts have interpreted Trump’s campaign platform in various ways, but there are a few relevant aspects that could have a direct impact on the housing market, including:","_key":"db74db0396970"}],"_type":"block","style":"normal","_key":"a0318589da28"},{"_type":"block","style":"normal","_key":"605dbeb5dab7","listItem":"bullet","markDefs":[],"children":[{"_key":"8eb74266e2370","_type":"span","marks":["strong"],"text":"Mortgage rates"},{"marks":[],"text":": Since investors are generally predicting an economic boom in response to Trump’s election, there’s the associated possibility that inflation will remain a factor for some time to come. In response to such a scenario, the 10-year Treasury bond (and in turn mortgage rates) could remain high or even increase.","_key":"016d7e4d3aca","_type":"span"}],"level":1},{"children":[{"_type":"span","marks":["strong"],"text":"Home prices","_key":"c4e212a6be0c0"},{"_type":"span","marks":[],"text":": If Trump implements a large-scale policy of imposing tariffs on imported goods, the result could be an increase in the cost of materials used to build houses. A stricter immigration policy might also result in higher labor costs. If so, the end result could be more expensive real estate.","_key":"27f3ee76de8f"}],"level":1,"_type":"block","style":"normal","_key":"823fdd4d71d8","listItem":"bullet","markDefs":[]},{"children":[{"_key":"759f7e7678360","_type":"span","marks":["strong"],"text":"Tax incentives"},{"_key":"604baf3aee1b","_type":"span","marks":[],"text":": Some price increases associated with Trump policies might be offset by efforts to boost new home construction — and affordable housing in particular — by providing home builders with an attractive tax deal. Decreased regulations could also spur additional construction."}],"level":1,"_type":"block","style":"normal","_key":"112a64cd6b5a","listItem":"bullet","markDefs":[]},{"style":"normal","_key":"4c25f072118b","markDefs":[],"children":[{"marks":["strong"],"text":"Some things stay the same","_key":"f2761d4070a60","_type":"span"}],"_type":"block"},{"style":"normal","_key":"6447128d236d","markDefs":[],"children":[{"_type":"span","marks":[],"text":"As with any new administration, particularly one from a different party than the outgoing president,","_key":"521ecf493d050"},{"_type":"span","marks":["strong"],"text":" there will be some policy shake-ups","_key":"1c5f7ed35d3e"},{"_type":"span","marks":[],"text":". But when it’s all said and done, there are limits to the amount of influence any president has over the real estate industry.","_key":"4bfbb5be3e8f"}],"_type":"block"},{"markDefs":[],"children":[{"text":"Trump’s critics are concerned he’ll make things worse and his supporters hope he’ll fix many of the market’s problems. The truth, however, is that things might not end up changing all that much at all.","_key":"6994e1354b460","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"052d4791272d"}],"_createdAt":"2024-11-07T20:41:39Z"},{"_id":"a3e67477-bd63-4cff-8d53-1aef0b99ca66","_rev":"5oa0sOPQSbRmghhJoMdW39","category":"economy","slug":"/story/2024/11/could-you-be-earning-passive-rental-property-income-without-becoming-a-landlord","body":[{"_key":"e7d6d0eea9a1","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Buying up residences and renting them out for profit can be a lucrative business plan, as evidenced by America’s continually rising rental prices.","_key":"cf67673687330"}],"_type":"block","style":"normal"},{"style":"normal","_key":"684a0192c989","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/news/heres-many-earning-1-000-142118369.html","_key":"a3636f62272f"}],"children":[{"_type":"span","marks":[],"text":"But there are some ","_key":"f989106c58a40"},{"_type":"span","marks":["a3636f62272f"],"text":"aspects","_key":"f989106c58a41"},{"_type":"span","marks":[],"text":" of becoming a landlord that immediately","_key":"f989106c58a42"},{"text":" turn off many prospective investors","_key":"e20486f52508","_type":"span","marks":["strong"]},{"text":". Two increasingly popular options, on the other hand, promise the upside of rental income without the downsides associated with being a landlord. Let’s explore them both:","_key":"da36f29e5a4b","_type":"span","marks":[]}],"_type":"block"},{"markDefs":[],"children":[{"text":"Real Estate Investment Trusts","_key":"c190dd4863480","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":": This option is popular among investors who aren’t interested in the day-to-day maintenance of rental property. A leading REIT, The Monthly Dividend Company, has been offering services for more than half a century and boasts a staggering ","_key":"cec2288e7724"},{"_type":"span","marks":["strong"],"text":"652 monthly dividends in a row","_key":"a59c80a8624f"},{"marks":[],"text":". In fact, the rules associated with forming such a trust require that it return 90% or more of all taxable income in the form of dividends paid out to investors. With a dividend yield at or around 5.37% these days, the typical monthly payment is just over a quarter per share. Before investing, however, it’s important to remember that those dividends are not guaranteed and prices can go up or down sharply without notice.","_key":"c11023fe0208","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"eea3edba159d","listItem":"bullet"},{"_key":"71b6cfa1a68c","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Fractional investments","_key":"3cd7a708a33c0"},{"_type":"span","marks":[],"text":": Amazon founder Jeff Bezos has been a driving force behind this alternative, which essentially allows investors to purchase shares in rental properties. It’s possible to get started with ","_key":"38cd7e41dffd"},{"_key":"a37e2c45434f","_type":"span","marks":["strong"],"text":"an investment of as little as $100"},{"marks":[],"text":", so it appeals to many people who might want to test the waters before making a major commitment. 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This year alone, it has"},{"_type":"span","marks":["strong"],"text":" added about 33% to its value","_key":"79b0458b8fd5"},{"_type":"span","marks":[],"text":" to reach a recent high of $2,772 per ounce.","_key":"e93c17dd4492"}],"_type":"block","style":"normal","_key":"66df323e6ab7","markDefs":[]},{"children":[{"_key":"a0ceff2d8e820","_type":"span","marks":[],"text":"But with so much uncertainty in the world, it might be hard to determine if investing in gold is the right move for your financial future."}],"_type":"block","style":"normal","_key":"c34f30f1f8c7","markDefs":[]},{"_type":"block","style":"normal","_key":"b0e61ece9791","markDefs":[],"children":[{"_type":"span","marks":[],"text":"As Bank of America advised last month: “Gold looks to be","_key":"6815dfa1437a0"},{"_key":"451c7acd3187","_type":"span","marks":["strong"],"text":" the last ‘safe haven’ asset standing"},{"_type":"span","marks":[],"text":", incentivising traders including central banks to increase 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And since so many of them aren’t interested in selling them, ","_key":"5c6e7d5b373c0"},{"text":"forecasts","_key":"5c6e7d5b373c1","_type":"span","marks":["41e6de45e8fb"]},{"_type":"span","marks":[],"text":" of a so-called “silver tsunami” of houses going on the market seem to have been premature at best.","_key":"5c6e7d5b373c2"}]},{"style":"normal","_key":"ea2409d72a0c","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Boomers by the numbers","_key":"348abe90a9c30"}],"_type":"block"},{"children":[{"marks":[],"text":"It was only five years ago that realty platform Zillow issued its prediction that the market would soon become inundated with homes being sold by aging baby boomers. At that time, analysts thought ","_key":"b405cd45c6620","_type":"span"},{"text":"more than one-fourth of all homes ","_key":"acd9307ed90f","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":"occupied by their owners would be on the market by 2037.","_key":"151f1738bb88"}],"_type":"block","style":"normal","_key":"983184c654cc","markDefs":[]},{"_key":"b0e920e41008","markDefs":[],"children":[{"_key":"44bd01f3e0de0","_type":"span","marks":[],"text":"Since then, however, there’s been little change in the trendlines. And the reason appears to be that boomers, by and large, just aren’t keen on the idea of selling their homes."}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"075a6968d56d","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"More than three-fifths of all boomers are ","_key":"661f8cc5fc700"},{"_type":"span","marks":["strong"],"text":"currently homeowners","_key":"8f4b29e22a48"},{"_type":"span","marks":[],"text":".","_key":"7fdc1c7658fe"}],"level":1},{"children":[{"_type":"span","marks":[],"text":"Just over half of that group say they want to","_key":"9ed71bb3a91b0"},{"text":" live the rest of their lives ","_key":"7d53731c72b7","_type":"span","marks":["strong"]},{"marks":[],"text":"in their homes.","_key":"97eef539594b","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"a933e1b1e015","listItem":"bullet","markDefs":[]},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"A scant 15% say they could possibly sell their homes ","_key":"44e21e58ecd20"},{"_key":"59fb96f2dff0","_type":"span","marks":["strong"],"text":"within five years"},{"_key":"f9f76d180825","_type":"span","marks":[],"text":"."}],"level":1,"_type":"block","style":"normal","_key":"777c0342fb6b"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Another 15% might sell somewhere between","_key":"6b1fc4f7e3f50"},{"marks":["strong"],"text":" five and 10 years","_key":"67489f2b2ff1","_type":"span"},{"_type":"span","marks":[],"text":" from now.","_key":"da1a061c832f"}],"level":1,"_type":"block","style":"normal","_key":"411e9cbdc926","listItem":"bullet"},{"_key":"23b23d0d1eac","markDefs":[],"children":[{"_key":"8df8ccf9ffd40","_type":"span","marks":["strong"],"text":"Aging in place"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Determined to remain independent into their golden years, a larger number of boomers say they want to stay in their homes as long as they can. It’s called “aging in place,” and those who are practicing it say it can provide a sense of ","_key":"8709fe6714e90"},{"marks":["strong"],"text":"financial security and independence","_key":"63f1dc2f6d34","_type":"span"},{"_type":"span","marks":[],"text":".","_key":"5aa8088068f5"}],"_type":"block","style":"normal","_key":"34b4cef33440"},{"_key":"3b74f89a4f13","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But those boomers who are thinking about selling their homes, there are some compelling reasons. ","_key":"eb86918071720"},{"_type":"span","marks":["strong"],"text":"A whopping 90%","_key":"6d87d506b5a1"},{"_type":"span","marks":[],"text":" of the older homeowners in one survey said they were concerned about being able to take care of home repairs.","_key":"fee4c8ec838f"}],"_type":"block","style":"normal"},{"_key":"6f523693e94b","markDefs":[],"children":[{"_type":"span","marks":[],"text":"And among those planning to sell, ","_key":"54962c216d7b0"},{"_type":"span","marks":["strong"],"text":"about two-thirds","_key":"b3f68019379a"},{"_type":"span","marks":[],"text":" say they expect to rake in profits of more than $100,000.","_key":"15b6b22cddd1"}],"_type":"block","style":"normal"}],"_updatedAt":"2024-09-13T21:28:21Z","title":"How Today’s Retirees Are Thwarting ‘Silver Tsunami’ Predictions","summary":"Millions of baby boomers are staying right where they are. ","_type":"story","publishDate":"2024-09-14"},{"author":{"_ref":"phCNL32Gn","_type":"reference"},"_createdAt":"2024-09-08T23:09:38Z","_updatedAt":"2024-09-08T23:15:51Z","publishDate":"2024-09-09","_type":"story","body":[{"children":[{"_type":"span","marks":[],"text":"As consumers look back on the soaring prices of the past couple of years, it’s only natural to ask which policymakers and institutions deserve blame. And central bankers ","_key":"2bc4ff40ce3d0"},{"_type":"span","marks":["strong"],"text":"have been a major factor","_key":"7acedabf9fc1"},{"_type":"span","marks":[],"text":" in the decisions that have been made in an effort to bring the inflation rate down — so that leaves us with an obvious question. Was the Federal Reserve’s ","_key":"c7b7a7b77957"},{"_key":"2bc4ff40ce3d1","_type":"span","marks":["53c050757e14"],"text":"decision"},{"_type":"span","marks":[],"text":" right or wrong?","_key":"2bc4ff40ce3d2"}],"_type":"block","style":"normal","_key":"9f0de51e6bbd","markDefs":[{"_key":"53c050757e14","_type":"link","href":"https://finance.yahoo.com/news/why-it-may-not-be-fair-to-say-fed-made-inflation-mistake-141024169.html"}]},{"_key":"40ab26f31b92","markDefs":[],"children":[{"marks":["strong"],"text":"Unpacking the Fed’s strategy","_key":"7049a51457e70","_type":"span"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Let’s start with what the central bank actually did and why. Generally speaking, the Federal Reserve","_key":"558254dfd94a0"},{"_type":"span","marks":["strong"],"text":" hikes interest rates","_key":"f79347e42ec8"},{"_type":"span","marks":[],"text":" in an effort to cool spending, thereby reducing demand and (hopefully) leading to lower inflation.","_key":"08ad08dbd98a"}],"_type":"block","style":"normal","_key":"b9265712f4b4"},{"children":[{"text":"And in this case, the Federal Reserve did exactly that. But some critics say it was too little, too late.","_key":"a454f863e29b0","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"8e3ee3ed60c8","markDefs":[]},{"style":"normal","_key":"83bb7345352a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Interest rate increases began in March 2022, at which time the annual inflation rate was at a higher-than-optimal 5.5% but","_key":"517205ed7b070"},{"_type":"span","marks":["strong"],"text":" far lower than its recent peak","_key":"dd6cb4bf7cc8"},{"_type":"span","marks":[],"text":". At the same time, the unemployment rate was at a historically low 3.6%.","_key":"45c6fdf9d07c"}],"_type":"block"},{"_key":"43c8737b5737","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Central bankers had to figure out how much to raise rates so costs would stabilize without triggering widespread job losses.","_key":"6722d8a815d70"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Damned if you do, damned if you don’t","_key":"8b5ea14136bd0"}],"_type":"block","style":"normal","_key":"54f8c8784553"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"There’s no question that the inflation rate continued to climb long after the Fed took its initial action, so it’s easy for people to point accusatory fingers at the central bank.","_key":"8596dee60c010"}],"_type":"block","style":"normal","_key":"2ff6a4ce59d9"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"But does that mean interest rates should have started climbing much earlier? 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For A Career With Serious Growth Potential? Consider One Of These Industries.","author":{"_ref":"phCNL32Gn","_type":"reference"},"_createdAt":"2024-08-29T23:21:38Z","id":"UeZ7K0VT","body":[{"style":"normal","_key":"fa8338949a9c","markDefs":[],"children":[{"marks":[],"text":"The jobs market is still relatively strong despite some serious economic headwinds, but that doesn’t mean everybody’s job will survive the impact of AI and other variables in the coming months and years.","_key":"ef94dbd5a2170","_type":"span"}],"_type":"block"},{"style":"normal","_key":"b165017c9708","markDefs":[{"_type":"link","href":"https://www.businessinsider.in/policy/economy/news/the-15-fastest-growing-jobs-in-the-us/articleshow/112905248.cms","_key":"ba06e4d1d1e2"}],"children":[{"text":"Nevertheless, the Bureau of Labor Statistics recently released a ","_key":"83b8b50adc820","_type":"span","marks":[]},{"_type":"span","marks":["ba06e4d1d1e2"],"text":"report","_key":"83b8b50adc821"},{"_type":"span","marks":[],"text":" identifying some of the occupations expected to see the most rapid growth over the course of the next decade.","_key":"83b8b50adc822"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Starting at the top","_key":"71100fc9ed510"}],"_type":"block","style":"normal","_key":"4bb63ad973a9"},{"children":[{"_type":"span","marks":[],"text":"Without further ado, let’s reveal the occupation that","_key":"b4d9feb01f520"},{"_type":"span","marks":["strong"],"text":" topped the list","_key":"60f4e0de61e6"},{"marks":[],"text":": wind turbine service technician.","_key":"d8068d9ecd67","_type":"span"}],"_type":"block","style":"normal","_key":"293bc5705ea8","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"With renewable energy trends being what they are it actually makes a lot of sense why it came in at the #1 spot (and solar photovoltaic installers came in a close second).","_key":"8f69f472c5890"}],"_type":"block","style":"normal","_key":"0084cf15fcd5","markDefs":[]},{"_key":"afc3a99877ad","markDefs":[],"children":[{"_type":"span","marks":[],"text":"As the BLS report determined: “The increased demand for electricity is related to growth in electric vehicles and new data centers. Although these occupations are expected to be fast growing, the two occupations are projected to add ","_key":"e99ac10a2afd0"},{"_type":"span","marks":["strong"],"text":"fewer than 20,000","_key":"5f504d0ed26e"},{"_type":"span","marks":[],"text":" jobs combined.”","_key":"8122a8b66b28"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"cc9ea93005ca","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Their respective rate of growth might be higher than other occupations, but some other entries in the top 10 are poised to create a lot more jobs.","_key":"82144106db680"}]},{"style":"normal","_key":"e4bbf4a0fbc1","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Health and tech domination","_key":"d4878c7005420"}],"_type":"block"},{"style":"normal","_key":"f7d5ec4fdd2a","markDefs":[],"children":[{"marks":[],"text":"Starting with the third occupation on the list — nurse practitioner — and including several others near the top, it seems clear that the medical field will be responsible for much of the employment growth between now and the mid 2030s.","_key":"be4c21a720fb0","_type":"span"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Coming in at #6 is medical and health services manager, which is expected to add the most jobs in real numbers … ","_key":"9644da6d94920"},{"marks":["strong"],"text":"more than 160,000","_key":"dee4819e00f2","_type":"span"},{"text":" between 2023 and 2033, to be exact.","_key":"18b8d40e441b","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"f00597a56def"},{"_key":"a49f176bbbcd","markDefs":[],"children":[{"marks":[],"text":"Physician assistant and physical therapist assistant also landed on the list at numbers 7 and 9, respectively.","_key":"a1c2d6d8b2d90","_type":"span"}],"_type":"block","style":"normal"},{"style":"normal","_key":"304f632f8729","markDefs":[],"children":[{"_key":"cc113c6ff2030","_type":"span","marks":[],"text":"Tech jobs like data scientist, information security analyst, computer and information research scientist, and operations research analyst rounded out the top 10."}],"_type":"block"}]},{"author":{"_ref":"phCNL32Gn","_type":"reference"},"body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Whether you’re shopping for groceries or a new car, you’re probably expecting some sticker shock. Even though the inflation rate has slowed considerably in recent months, prices remain much higher across the board than they were a few years ago.","_key":"b2622c2aa7ce0"}],"_type":"block","style":"normal","_key":"adb82c0790ce"},{"children":[{"text":"But if you take a look at the bigger ","_key":"733b7ea2218f0","_type":"span","marks":[]},{"text":"picture","_key":"733b7ea2218f1","_type":"span","marks":["5667789c7619"]},{"_type":"span","marks":[],"text":",","_key":"733b7ea2218f2"},{"_type":"span","marks":["strong"],"text":" there’s some good news","_key":"4f58a88eca5d"},{"_key":"f5ce78a23506","_type":"span","marks":[],"text":" to report."}],"_type":"block","style":"normal","_key":"9d0c95c031cf","markDefs":[{"href":"https://www.nbcnews.com/business/economy/typical-us-worker-earned-inflation-1400-year-data-shows-rcna168579","_key":"5667789c7619","_type":"link"}]},{"markDefs":[],"children":[{"marks":["strong"],"text":"Wages are keeping up","_key":"28713194ea6b0","_type":"span"}],"_type":"block","style":"normal","_key":"24001a7865bc"},{"_type":"block","style":"normal","_key":"73333507e60f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The economy is a complex system and inflation doesn’t only impact consumer prices. Income traditionally increases at the same time, meaning most household budgets can absorb the added expense.","_key":"49ba72bad9300"}]},{"style":"normal","_key":"c1c41e0f3153","markDefs":[],"children":[{"_type":"span","marks":[],"text":"And in this inflationary cycle, the Treasury Department confirms that the average American worker is actually coming out ahead so far.","_key":"936e8d54e1a70"}],"_type":"block"},{"_key":"5f1ef3051704","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here’s how the statistics break down, as of July:","_key":"5e6e068c326c0"}],"_type":"block","style":"normal"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The Consumer Price Index ","_key":"b426aadba20f0"},{"_type":"span","marks":["strong"],"text":"increased by about 21.7% ","_key":"99a4891c89bd"},{"text":"between the end of 2019 and mid-2024.","_key":"13ae5dca2e32","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"45f4063490d9"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"During the same period, median pre-tax weekly wages ","_key":"133e6b691cbc0"},{"_type":"span","marks":["strong"],"text":"were up roughly 24%","_key":"4487fb96ee1a"},{"marks":[],"text":".","_key":"662b11487d0d","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"23890619e2aa"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"That means a typical worker can afford the same goods and services now as compared to 2019 … with","_key":"efa3bbaab1f80"},{"_key":"072320d303f7","_type":"span","marks":["strong"],"text":" $1,400 left over"},{"_key":"b90fa5c8546c","_type":"span","marks":[],"text":" per year."}],"level":1,"_type":"block","style":"normal","_key":"37e6ba4d8d12"},{"style":"normal","_key":"1a38910bb537","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Your mileage may vary","_key":"41023abb0c3b0"}],"_type":"block"},{"style":"normal","_key":"b8788bf70afe","markDefs":[],"children":[{"_type":"span","marks":[],"text":"There’s a big difference between citing median wage growth and declaring inflation to be no big deal. Many workers haven’t seen their income increase while many others have lost their jobs as prices keep rising.","_key":"798db7fc52360"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Blue-collar workers were more likely than their white-collar counterparts to receive a significant pay bump, with ","_key":"b2bd0c4ca9b10"},{"text":"an average increase of about 3.8% ","_key":"c9045c3f1a45","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":"beyond the rate of inflation.","_key":"fc6a814cd6d1"}],"_type":"block","style":"normal","_key":"e552c8f60a43"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Nevertheless, focusing on the broader trend allows us to take some comfort in the realization that the American economy might emerge from these tumultuous few years relatively unscathed.","_key":"6172faf285480"}],"_type":"block","style":"normal","_key":"a433187b6e1d"},{"children":[{"marks":[],"text":"As Treasury Department 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One day, data will seem to show we’re headed in the right direction, and the next will drop an unexpected hammer of doom.","_key":"5bddf5f007530"}]},{"_type":"block","style":"normal","_key":"71ee214c5197","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But throughout it all, consumers have remained resilient … and the chief financial officer of one major retail chain recently shared his thoughts.","_key":"d056ffeb3b2a0"}]},{"children":[{"_type":"span","marks":["strong"],"text":"What he believes","_key":"9ecb2e0d61140"}],"_type":"block","style":"normal","_key":"7e6a4af54211","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"During recent statements tied to the release of Walmart’s second-quarter financial report, John David Rainey put the generally positive results into perspective.","_key":"7dcff79d44c20"}],"_type":"block","style":"normal","_key":"4ff2d7f7cd19","markDefs":[]},{"style":"normal","_key":"95b7289e43da","markDefs":[],"children":[{"_type":"span","marks":[],"text":"“We continue to believe that customers are discerning, they are choiceful, they are ","_key":"3cd2fd2b10980"},{"_type":"span","marks":["strong"],"text":"focusing on essentials","_key":"e6150491421a"},{"text":" versus discretionary items, but we have not seen any incremental fraying of consumer health,” he explained.","_key":"dea59f6d251b","_type":"span","marks":[]}],"_type":"block"},{"_type":"block","style":"normal","_key":"b23a0ad94eb5","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Rainey went on to determine that he “wouldn’t say strength, ","_key":"e431f8ddd3210"},{"_type":"span","marks":["strong"],"text":"but lack of weakness","_key":"39c31be7f24d"},{"_type":"span","marks":[],"text":"” describes the overarching consumer sentiment.","_key":"fc5dbf76c4ef"}]},{"_type":"block","style":"normal","_key":"17cd5f3ce108","markDefs":[],"children":[{"text":"And considering all of the variables currently impacting the future of America’s economy, “lack of weakness” might be about as good as we can expect.","_key":"3611a361c2ea0","_type":"span","marks":[]}]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"What’s at stake","_key":"8341330aba070"}],"_type":"block","style":"normal","_key":"a4cca0ba6eb0"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"While most of the media attention is focused on inflation, that is only one piece of a much larger and more complex puzzle.","_key":"7816f628ccbe0"}],"_type":"block","style":"normal","_key":"81f40e88dc1b"},{"_key":"5755b981a357","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Experts point to ","_key":"89bda1de3d110"},{"_key":"6b85f0582768","_type":"span","marks":["strong"],"text":"a wide range of data points"},{"text":" that must be considered in context if we’re going to paint any realistic picture of the nation’s economic health.","_key":"9c6020a44385","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"style":"normal","_key":"f4e1ac554056","markDefs":[],"children":[{"text":"Here’s a breakdown of some of those factors:","_key":"5901cd7211300","_type":"span","marks":[]}],"_type":"block"},{"_key":"6d117a84411a","listItem":"bullet","markDefs":[],"children":[{"text":"Retail sales","_key":"d0f98769a2f80","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":": Reports indicate 2.7% annual growth last month to reach a new record.","_key":"b3d6862dd969"}],"level":1,"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"f3814132574d","listItem":"bullet","markDefs":[],"children":[{"_key":"5645c9d793ef0","_type":"span","marks":["strong"],"text":"Card spending"},{"_type":"span","marks":[],"text":": Elevated credit use can be a bad sign, but card spending overall 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average 30-year mortgage rate is ","_key":"d6736d1048d50"},{"_type":"span","marks":["strong"],"text":"now down to 6.47%","_key":"ecec11b42e3d"},{"marks":[],"text":", according to financial services giant Freddie Mac. That represents the second straight week the rate has dropped.","_key":"0ed9259a63ce","_type":"span"}]},{"markDefs":[{"_type":"link","href":"https://www.businessinsider.com/mortgage-rates-30-year-refinance-applications-real-estate-housing-market-2024-8","_key":"6236b195105a"}],"children":[{"_key":"cec08322321d0","_type":"span","marks":[],"text":"Sure, it’s still a lot higher than it was just a few years ago … but it’s also lower than it’s been at any point since May 2023. So it’s not surprising that those "},{"_type":"span","marks":["6236b195105a"],"text":"locked","_key":"cec08322321d1"},{"_type":"span","marks":[],"text":" into a higher rate are now starting to weigh their options.","_key":"cec08322321d2"}],"_type":"block","style":"normal","_key":"dde7233141f0"},{"_type":"block","style":"normal","_key":"1b9f86aa1c66","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Borrowers react","_key":"dd8d377c173f0"}]},{"children":[{"marks":[],"text":"A new report from the Mortgage Bankers Association highlighted the trend in a new report, revealing that:","_key":"d2a7adfbdf0c0","_type":"span"}],"_type":"block","style":"normal","_key":"65b18e68cb7f","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"Its refinancing index is","_key":"7cfb72e1d6d30"},{"_type":"span","marks":["strong"],"text":" higher than it’s been","_key":"bca8d963f63b"},{"marks":[],"text":" since 2022","_key":"d3b1d3fd52f5","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"5446c27233b3","listItem":"bullet","markDefs":[]},{"style":"normal","_key":"a40bbfac45fa","listItem":"bullet","markDefs":[],"children":[{"text":"The demand for refinanced mortgages ","_key":"91c32a25c7bc0","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"spiked nearly 35%","_key":"de1b156d2414"},{"_type":"span","marks":[],"text":" in just one week","_key":"a501746b9fa3"}],"level":1,"_type":"block"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Compared to the same point last year, ","_key":"990a266a18cc0"},{"text":"the index is up 118%","_key":"fbe4dc73f918","_type":"span","marks":["strong"]}],"level":1,"_type":"block","style":"normal","_key":"cbd00354f678"},{"children":[{"_type":"span","marks":[],"text":"The motivation for refinancing is clear, considering the considerable sum each fraction of a percent can add to the cost of a mortgage over the course of its term. And Joel Kan, the chief economist for the Mortgage Bankers Association, noted that borrowers aren’t wasting any time trying to maximize their savings.","_key":"2e543cd217940"}],"_type":"block","style":"normal","_key":"ffdd0130e267","markDefs":[]},{"_key":"b6f12a4ed1c4","markDefs":[],"children":[{"_key":"1f26451810b40","_type":"span","marks":[],"text":"“Rates on both 30- and 15-year fixed rate mortgages decreased for the second consecutive week, and combined with the previous week’s rate moves,"},{"_key":"fad26934715b","_type":"span","marks":["strong"],"text":" spurred another strong week"},{"_type":"span","marks":[],"text":" for application activity as borrowers with higher rates took the opportunity to refinance,” he said.","_key":"485f47157596"}],"_type":"block","style":"normal"},{"_key":"234045e257e9","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"The bigger picture","_key":"a0699886d1f90"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"marks":[],"text":"Falling mortgage rates can be seen as","_key":"63ac784445a30","_type":"span"},{"_type":"span","marks":["strong"],"text":" a good sign for the real estate market","_key":"5cc556226743"},{"_type":"span","marks":[],"text":", if not the national economy in general.","_key":"485b890914b4"}],"_type":"block","style":"normal","_key":"b26013c70a29"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Kan noted that there’s already some evidence that would-be home owners who felt they couldn’t afford to take the plunge in this market are starting to reconsider.","_key":"4a10430a53270"}],"_type":"block","style":"normal","_key":"57115f133def"},{"_key":"c6ca9557b390","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Purchase applications ","_key":"c34875cef0840"},{"_key":"1bac342a5c2d","_type":"span","marks":["strong"],"text":"were up 3% over the past week"},{"_type":"span","marks":[],"text":", he noted, which is just one metric “indicating that prospective homebuyers are slowly re-entering the market.”","_key":"adc9004c5796"}],"_type":"block","style":"normal"}],"_type":"story","_createdAt":"2024-08-14T21:31:55Z","summary":"The cost of borrowing is lower than it's been in more than a year. 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Movers, furniture retailers, and other businesses with a vested interest in moving are seeing their revenue dwindle amid this ongoing decline.","_key":"0e8bc4a3b0eb0"}],"_type":"block","style":"normal","_key":"c587f9eed07a"},{"style":"normal","_key":"1dd0ad183cce","markDefs":[],"children":[{"marks":[],"text":"Unfortunately, even if mortgage rates do begin to trend downward as many analysts predict, there are several other expensive reasons that people might not automatically start moving again.","_key":"929356cf23740","_type":"span"}],"_type":"block"},{"_key":"e55207f4d96a","markDefs":[],"children":[{"marks":["strong"],"text":"The hidden costs","_key":"8753524c6d710","_type":"span"}],"_type":"block","style":"normal"},{"_key":"83de7789989e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Higher insurance and property tax rates are contributing to the overarching belief among many Americans that they simply can’t afford to move right now.","_key":"f53bb3d5230a0"}],"_type":"block","style":"normal"},{"_key":"bcb8260bff0e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Many movers are ","_key":"16410d0be3c00"},{"_type":"span","marks":["strong"],"text":"younger, lower-income renters","_key":"401a2b8401b7"},{"_type":"span","marks":[],"text":" looking for a less expensive place to live rather than those interested in an upgrade.","_key":"45e56753ff5b"}],"_type":"block","style":"normal"},{"_key":"31b23559b3bf","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The silver lining, if you can call it that, involves prospective movers keeping a laser focus on signs that things are becoming more affordable.","_key":"90e04a3bf5120"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"According to the Bank of America report: “The spending boost to the economy from house moves is currently being held back, but should these costs dissipate, ","_key":"1feefd43c1620"},{"_type":"span","marks":["strong"],"text":"there could be a solid tailwind ","_key":"6f450fe9117d"},{"_type":"span","marks":[],"text":"to moving-related spending and the industries that supply them.”","_key":"a6fdcc840fcf"}],"_type":"block","style":"normal","_key":"b9f8b65855f2"}],"_type":"story","publishDate":"2024-08-06","author":{"_ref":"phCNL32Gn","_type":"reference"},"summary":"A number of related industries are also feeling the pinch.","_updatedAt":"2024-08-05T22:14:05Z"},{"body":[{"_type":"block","style":"normal","_key":"122ebe6b8371","markDefs":[{"_type":"link","href":"https://finance.yahoo.com/news/retirement-surge-industries-hit-hardest-090810376.html","_key":"42802516d25a"}],"children":[{"_type":"span","marks":[],"text":"While plenty of people work well into their late 60s and beyond, the age of 65 has long been associated with retirement. 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Economists note that, as a general rule, "},{"_key":"c9edc51d5fb5","_type":"span","marks":["strong"],"text":"retirees spend less money "},{"_type":"span","marks":[],"text":"than they did during their working years — in large part because their income level decreases substantially.","_key":"29baebfd35e4"}],"_type":"block","style":"normal","_key":"4108a8b9e219"},{"markDefs":[],"children":[{"_key":"1a6add27f10e0","_type":"span","marks":[],"text":"That isn’t necessarily great for the GDP, but the reduced demand could help "},{"_type":"span","marks":["strong"],"text":"keep consumer prices in check","_key":"cda22e14f698"},{"_type":"span","marks":[],"text":" even if wages do increase.","_key":"2aa9a80f852a"}],"_type":"block","style":"normal","_key":"c24675311e16"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"The bottom line","_key":"b55e5d629bc80"}],"_type":"block","style":"normal","_key":"d4879e848e0d"},{"_type":"block","style":"normal","_key":"464c603796b9","markDefs":[],"children":[{"marks":[],"text":"Between 2010 and 2019, the average number of annual retirements was somewhere","_key":"cfcbb775f8940","_type":"span"},{"_type":"span","marks":["strong"],"text":" just north of 1 million","_key":"afd28546d8c8"},{"_type":"span","marks":[],"text":". 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Each one factors in information provided by users as well as figures about the property that are publicly available.","_key":"bab70dbbb6890"}],"_type":"block","style":"normal","_key":"7a4a56f0bbad"},{"markDefs":[],"children":[{"_key":"7e6e3c7ff8300","_type":"span","marks":[],"text":"But if you’ve used more than one in hopes of determining how much your home is worth, the process likely resulted in vastly different numbers."}],"_type":"block","style":"normal","_key":"c4432dccb64d"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Like other online platforms, internal algorithms and other","_key":"4eebf501374b0"},{"_type":"span","marks":["strong"],"text":" tightly guarded company secrets","_key":"fd8aa2a85a7f"},{"_type":"span","marks":[],"text":" contribute to these discrepancies … so it all adds up to little more than a guessing game for prospective sellers and buyers.","_key":"3782f6c79cff"}],"_type":"block","style":"normal","_key":"4dfe370e61f6"},{"children":[{"_key":"af323ac05b4a0","_type":"span","marks":["strong"],"text":"Figuring it out yourself"}],"_type":"block","style":"normal","_key":"97bc42e3747b","markDefs":[]},{"style":"normal","_key":"322c26ff963a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"As the owners of one Chicago home recently found out, the difference between home valuation tools can be","_key":"e86b644f6aaf0"},{"text":" more than $120,000","_key":"2469dcd0ea63","_type":"span","marks":["strong"]},{"text":". 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Barcelona, Spain, is on track to implement a complete ban within a few years and Germany's capital city of"},{"_type":"span","marks":["strong"],"text":" Berlin led the way","_key":"a25137924c71"},{"_type":"span","marks":[],"text":" with a ban dating back a decade (although such rentals were subsequently permitted under certain circumstances).","_key":"17859ae0b1c7"}],"_type":"block","style":"normal"},{"_key":"ee0ad860dafc","markDefs":[],"children":[{"_type":"span","marks":[],"text":"A number of municipalities in California have passed their own ordinances cracking down on short-term rentals, and the effort","_key":"91dd08e193bf0"},{"_type":"span","marks":["strong"],"text":" only seems to be gaining steam","_key":"cab87b8e72bf"},{"_type":"span","marks":[],"text":" around the world.","_key":"b853575268a1"}],"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":["strong"],"text":"What it all means","_key":"ea2736a435140"}],"_type":"block","style":"normal","_key":"6793084a43eb","markDefs":[]},{"_key":"81ded872329a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"At its root, these new restrictions stand to deliver quite a blow to Airbnb. 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18 years or so under their parents’ roof, many young adults are anxious to head out into the real world, often living on their own for the first time in a college dorm or nearby apartment. 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And with massive corporations like Amazon capable of absorbing these higher prices, it’s becoming harder than ever for entrepreneurs to remain competitive.","_key":"519d8842d4d30","_type":"span"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"dfcbbfc311e8","markDefs":[],"children":[{"_type":"span","marks":[],"text":"A new report published by the business networking organization Alignable put the reality of this trend into sharp focus.","_key":"4ee9688c33890"}]},{"_key":"6f0e5dff4fcd","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here are some particularly troubling statistics:","_key":"87fa61d0a7310"}],"_type":"block","style":"normal"},{"level":1,"_type":"block","style":"normal","_key":"ae9536e6855d","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"43% of all U.S. small businesses","_key":"b9701a56cda10"},{"_key":"64cc17d96b36","_type":"span","marks":[],"text":" weren’t able to pay their April rent in full."}]},{"_type":"block","style":"normal","_key":"c8d065e57905","listItem":"bullet","markDefs":[],"children":[{"_key":"251df0e9157a0","_type":"span","marks":["strong"],"text":"More than one half"},{"_type":"span","marks":[],"text":" of restaurant owners couldn’t afford to pay rent that month.","_key":"f864652f472a"}],"level":1},{"listItem":"bullet","markDefs":[],"children":[{"_key":"8e0789100b460","_type":"span","marks":["strong"],"text":"Fewer than 1 in 3"},{"_type":"span","marks":[],"text":" small business owners are making as much as before COVID.","_key":"5dcfa9cbea95"}],"level":1,"_type":"block","style":"normal","_key":"cb6e00b05f4e"},{"children":[{"_type":"span","marks":[],"text":"And with 54% of those surveyed saying rent was higher than it was just six months earlier, it’s clear that this problem isn’t one that will be resolved anytime soon.","_key":"5cff9cff609a0"}],"_type":"block","style":"normal","_key":"1ebabd18dedb","markDefs":[]},{"style":"normal","_key":"10eefa56a897","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"“Very worrisome”","_key":"8ef42164bca20"}],"_type":"block"},{"_key":"00de4a8d80b3","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Not only are small businesses vital components of communities nationwide, they’re also pivotal sources of revenue for the nation as a whole. 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One recent report determined that about 5% of Americans went without homeowners insurance in 2019 — a percentage that","_key":"93a32685e4670"},{"_type":"span","marks":["strong"],"text":" has since ballooned to 12%","_key":"1b5aa782e64a"},{"_type":"span","marks":[],"text":".","_key":"0a42836ccb1a"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"a689960906a8","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The Insurance Information Institute’s Mark Friedlander put the situation into perspective, explaining: “It is a very concerning trend as catastrophe losses continue to escalate. 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But as with almost any economic trend, there could be some pros ","_key":"d2454b2b86d10","_type":"span"},{"_type":"span","marks":["f7db66f82b03"],"text":"mixed","_key":"d2454b2b86d11"},{"_type":"span","marks":[],"text":" in with the cons.","_key":"d2454b2b86d12"}],"_type":"block","style":"normal"},{"style":"normal","_key":"12e671e0f36b","markDefs":[],"children":[{"_key":"3dcbf7edb0210","_type":"span","marks":["strong"],"text":"Bigger costs, smaller crowds"}],"_type":"block"},{"_type":"block","style":"normal","_key":"ca1b6759e8be","markDefs":[],"children":[{"marks":[],"text":"Let’s start by taking stock of the harsh reality surrounding the housing market. The latest Home Buyer Cost Index reveals just how much the price of an average home has increased over the past year.","_key":"98963a5ef8680","_type":"span"}]},{"children":[{"text":"Here are a few of the most significant statistics:","_key":"9572aec28a530","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"13b459fabc22","markDefs":[]},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Between May 2023 and May 2024, prices increased","_key":"8872909f95770"},{"_type":"span","marks":["strong"],"text":" in 70% of U.S. counties","_key":"4760edc5a900"},{"_type":"span","marks":[],"text":".","_key":"8243ea4df8c5"}],"level":1,"_type":"block","style":"normal","_key":"7244c05e38ad"},{"_type":"block","style":"normal","_key":"9acfb81bb721","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"The median amount of that increase","_key":"d67a8f7467bb0","_type":"span"},{"_type":"span","marks":["strong"],"text":" was $22,000","_key":"95f5a764e84f"},{"_type":"span","marks":[],"text":".","_key":"7536b9364730"}],"level":1},{"children":[{"_type":"span","marks":[],"text":"A typical home as of last month came with a","_key":"0ba2a6f124ac0"},{"_type":"span","marks":["strong"],"text":" $444,000 list price","_key":"eb4c596ae5b1"},{"_type":"span","marks":[],"text":".","_key":"248c5f032bd2"}],"level":1,"_type":"block","style":"normal","_key":"9307df597f21","listItem":"bullet","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Faced with a median price that’s","_key":"053857e9e4b10"},{"text":" more than $75,000 higher","_key":"2c5d3afa672f","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" than the typical U.S. household can afford, it’s no wonder many would-be buyers are deciding to call off their search. But in that objectively bad news is where we might find a glimmer of hope.","_key":"d7ed1e72fdf3"}],"_type":"block","style":"normal","_key":"f635add396b3"},{"_type":"block","style":"normal","_key":"ef49a6358f00","markDefs":[],"children":[{"marks":[],"text":"With fewer people shopping for a house, the market seems to be opening up for those who are still in the hunt.","_key":"2bee2454b2170","_type":"span"}]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Deciding if the time is right","_key":"d2d8011f12cb0"}],"_type":"block","style":"normal","_key":"c54378fd2e35"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"A new report compiled by NBC News found that the homebuying difficulty index fell last month even as prices got higher, which is","_key":"97a37addc4260"},{"_type":"span","marks":["strong"],"text":" a direct reflection on the reduced competition","_key":"a9966405eb87"},{"_type":"span","marks":[],"text":" in the marketplace. But while the law of supply and demand might suggest that fewer buyers will translate into lower prices, that doesn’t seem to be panning out just yet.","_key":"ef7bfc163c0d"}],"_type":"block","style":"normal","_key":"36912cd5a7b2"},{"_type":"block","style":"normal","_key":"e387488d5f53","markDefs":[],"children":[{"text":"National Association of Realtors chief economist Lawrence Yun said it could be around the corner, though, concluding: “Inventory has certainly increased [nationwide],","_key":"6d0856d62c920","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" but sales have yet to really get going","_key":"5406d944b1c0"},{"_type":"span","marks":[],"text":". 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In an announcement this week, the IRS confirmed that it would be tackling this issue head-on over the next decade.","_key":"101cdbf02979"}],"_type":"block","style":"normal","_key":"df8e1071fab8","markDefs":[{"_key":"2266936cb4c0","_type":"link","href":"https://www.nbcnews.com/business/taxes/irs-raise-50-billion-dollars-closing-loophole-exploited-wealthy-rcna157492"}]},{"_key":"9a5b353c55f4","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Assessing the situation","_key":"1597eaa9980d0"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Treasury Department officials laid out various parts of a strategy designed to crack down on the use of pass-through businesses created by wealthy taxpayers in order to avoid paying all the taxes they would otherwise owe.","_key":"15b03a87b4b00"}],"_type":"block","style":"normal","_key":"7898e85b82f6"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Estimates from the agency reveal how much revenue the federal government has lost as a result of this tactic.","_key":"d8fa2b25fdd50"}],"_type":"block","style":"normal","_key":"0111d02f28cd"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The number of pass-through businesses","_key":"85ef2da1a88a0"},{"marks":["strong"],"text":" increased by 70%","_key":"59f3bbed3e24","_type":"span"},{"_key":"c9acae0c8cb4","_type":"span","marks":[],"text":" during the 2010s"}],"level":1,"_type":"block","style":"normal","_key":"259ab2c7fd0e"},{"markDefs":[],"children":[{"_key":"21d3859fccb00","_type":"span","marks":[],"text":"During that decade, wealthy taxpayers avoided paying"},{"_type":"span","marks":["strong"],"text":" about $160 billion ","_key":"a45cf868a8e3"},{"_type":"span","marks":[],"text":"in taxes","_key":"a8d02bf47b06"}],"level":1,"_type":"block","style":"normal","_key":"daf0ace8cefd","listItem":"bullet"},{"_key":"8395df69ba61","listItem":"bullet","markDefs":[],"children":[{"text":"Enhanced enforcement should bring in","_key":"08ee5bf8a0bd0","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" more than $50 billion","_key":"7814716e3b62"},{"_type":"span","marks":[],"text":" by the mid-2030s","_key":"67683fc8e5b4"}],"level":1,"_type":"block","style":"normal"},{"_key":"bbca6e48546a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"While establishing these tax shelters isn’t necessarily illegal, Deputy Treasury Secretary Wally Adeyemo explained that many of the wealthiest Americans use them like a “","_key":"13940459f2230"},{"_type":"span","marks":["strong"],"text":"shell game","_key":"3f4bfbe73430"},{"_type":"span","marks":[],"text":"” to move money around and avoid tax liability.","_key":"529d83766d84"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"ee1334867443","markDefs":[],"children":[{"marks":["strong"],"text":"Digging into the plan","_key":"923d9af4f96b0","_type":"span"}]},{"_key":"826fc0aaf755","markDefs":[],"children":[{"text":"According to Treasury Secretary Janet Yellen, new rules being proposed by the department “are focused on ","_key":"1c88a68b66820","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":"addressing high-end tax abuse ","_key":"76da146e4e78"},{"_type":"span","marks":[],"text":"from all angles” and seek to “increase tax fairness and reduce the deficit.”","_key":"b280c3e4b816"}],"_type":"block","style":"normal"},{"style":"normal","_key":"5dc34809a567","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Part of the recommended approach involves subjecting wealthy individuals (as well as many businesses) to ","_key":"ad24f41969a60"},{"_key":"a3db7456e5dd","_type":"span","marks":["strong"],"text":"a higher number of audits"},{"_type":"span","marks":[],"text":".","_key":"a5d2b4dfed44"}],"_type":"block"},{"style":"normal","_key":"99decc22f957","markDefs":[],"children":[{"marks":[],"text":"But not everyone is on board. A number of Republican lawmakers think the Biden administration has spent too much on the IRS already and House Speaker Mike Johnson wants to cut another $10 billion from the agency in next year’s budget.","_key":"d9191ae5db7d0","_type":"span"}],"_type":"block"}],"author":{"_ref":"phCNL32Gn","_type":"reference"},"publishDate":"2024-06-19","_id":"af5e083f-1248-4889-99ce-a30e5c874951","id":"safV2irz","_createdAt":"2024-06-18T22:28:26Z","visibility":"true","_updatedAt":"2024-06-18T22:31:08Z","category":"economy","summary":"The strategy will be implemented over the course of the next 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Residential real estate gave people a place to live while generally increasing in value, setting families up for economic stability for years to come."}],"_type":"block","style":"normal","_key":"acbf6f603708","markDefs":[]},{"_key":"c3291810e8a1","markDefs":[{"_type":"link","href":"https://www.axios.com/2024/06/10/home-mortgage-debt","_key":"1abee052fdb1"}],"children":[{"marks":[],"text":"And while that is still true to some extent in many communities across the country, those living in other ","_key":"82e93066329a0","_type":"span"},{"text":"areas","_key":"82e93066329a1","_type":"span","marks":["1abee052fdb1"]},{"_type":"span","marks":[],"text":" are less likely to find such an advantageous result under current market conditions.","_key":"82e93066329a2"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"c5e74da78d47","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Drowning in debt","_key":"2f2b3502bc7b0"}]},{"_key":"534fd7f2d313","markDefs":[],"children":[{"_type":"span","marks":[],"text":"There’s a term for people who owe more on their homes than the property is worth: underwater. This group of homeowners has grown larger in recent years amid","_key":"0f8892ba2dca0"},{"_type":"span","marks":["strong"],"text":" rising interest rates","_key":"6c4ed8f11df5"},{"_type":"span","marks":[],"text":" and ","_key":"6b08d1419a15"},{"marks":["strong"],"text":"falling home values","_key":"7f086e273239","_type":"span"},{"_type":"span","marks":[],"text":".","_key":"015dafc3bb87"}],"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":[],"text":"Nowhere is this more obvious, according to experts, than in the South and Midwest. A new study found that a disproportionate number of underwater mortgage holders live in these regions.","_key":"8bfa98add1860"}],"_type":"block","style":"normal","_key":"793d471a47d2","markDefs":[]},{"markDefs":[],"children":[{"text":"At the top of the list is Louisiana, where","_key":"5026dbc23a150","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" more than 11% of mortgages","_key":"d15fd57adf78"},{"_key":"48b4e2362964","_type":"span","marks":[],"text":" are underwater. That’s about one point higher than last year, with the increase due in large part to the 6% decline in home values statewide over the past two years."}],"_type":"block","style":"normal","_key":"c90ef090d544"},{"children":[{"_type":"span","marks":[],"text":"Wyoming comes in second with nearly 9% of mortgage holders underwater — and home prices have plummeted even more drastically in that state, falling a whopping 12% in only a year.","_key":"65ae62ff07c60"}],"_type":"block","style":"normal","_key":"16c7658bf63c","markDefs":[]},{"_type":"block","style":"normal","_key":"80390694530e","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"A blip or a trend","_key":"21c006f2e3990"}]},{"_key":"b812f4bbbccd","markDefs":[],"children":[{"_key":"9714b1f89ce40","_type":"span","marks":[],"text":"As for how concerned homeowners in this swath of the country should feel, that probably depends on whom you 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previously covered the rise of installment-plan purchasing, whereby so-called “buy now pay later” lenders allow people to make relatively small purchases and pay for them over time. 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Companies like Klarna and Affirm grew exponentially during COVID-19 along with a surge in online shopping.","_key":"29ad022398a80"}]},{"_type":"block","style":"normal","_key":"45ffadc8176f","markDefs":[],"children":[{"marks":[],"text":"Since the economy has reopened, the outlook for these firms has been slightly less rosy. One report found that","_key":"49065f1987490","_type":"span"},{"_type":"span","marks":["strong"],"text":" 56% of adults","_key":"c35bea089526"},{"_type":"span","marks":[],"text":" had taken out at least one BNPL loan in 2021, but ","_key":"afd432b6d4cb"},{"_type":"span","marks":["strong"],"text":"just 35% said the same","_key":"c18f48fcb398"},{"_type":"span","marks":[],"text":" last year.","_key":"faee2d1c3741"}]},{"style":"normal","_key":"dfe78aa1162a","markDefs":[],"children":[{"marks":[],"text":"This doesn’t mean BNPL is over, though. In fact, a growing number of retailers and service providers are getting in on the action by either launching their own services, partnering directly with an established brand, or even buying out loan providers directly.","_key":"6faa6149b3e70","_type":"span"}],"_type":"block"},{"_key":"efeabba4184d","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Where you’ll find them","_key":"ad06404a122d0"}],"_type":"block","style":"normal"},{"style":"normal","_key":"280601f76741","markDefs":[],"children":[{"_type":"span","marks":[],"text":"There are several sectors of the economy that are increasingly implementing BNPL options within their existing business model. A few of the most notable include:","_key":"a4165b4286c60"}],"_type":"block"},{"children":[{"_type":"span","marks":["strong"],"text":"Credit cards","_key":"4bb8f046b09a0"},{"_type":"span","marks":[],"text":": If you can’t beat ‘em, join ‘em. That’s what companies like Mastercard and Amex figured when rolling out their own installment-pay programs.","_key":"aa914c0c8183"}],"level":1,"_type":"block","style":"normal","_key":"199a08488a60","listItem":"bullet","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Retailers","_key":"7ca6e2cd34530"},{"_type":"span","marks":[],"text":": Walmart made news earlier in April by introducing its own BNPL service after a partnership with Affirm that dated back several years.","_key":"54124abd428c"}],"level":1,"_type":"block","style":"normal","_key":"31709de93d7e","listItem":"bullet"},{"children":[{"marks":["strong"],"text":"Banks","_key":"c8676d90a59d0","_type":"span"},{"text":": If you bank with institutions like Chase or Citibank, you might have noticed a new BNPL option for your recent qualifying purchases.","_key":"27475ed64f17","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"5a0e259655db","listItem":"bullet","markDefs":[]}],"category":"economy","slug":"/story/2024/06/here-are-the-surprising-new-places-buy-now-pay-later-is-showing-up","summary":"A pandemic-era trend continues to spread far and wide. ","id":"4fNkWIcJ"},{"_id":"f6a6a79f-fc4d-4216-8fc5-df8c3b46efe3","category":"economy","publishDate":"2024-06-08","body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"You don’t have to scan too many news outlets these days to find","_key":"9937d499502d0"},{"_type":"span","marks":["strong"],"text":" some pessimistic outlooks ","_key":"6e7b32908c0e"},{"_type":"span","marks":[],"text":"regarding the U.S. economy. Inflation remains too high for comfort, economists are still wary of a looming recession, and the central bank seems to have put a hold on interest rate relief.","_key":"a69f2111e168"}],"_type":"block","style":"normal","_key":"bd6f2bb4cf64"},{"children":[{"_key":"31e38d465c870","_type":"span","marks":[],"text":"But these are (hopefully) short-term problems in the grand scheme of things. There’s a much longer-term trend that might be even more telling … and a recent "},{"text":"report","_key":"31e38d465c871","_type":"span","marks":["82240628cd2a"]},{"_type":"span","marks":[],"text":" put things in perspective.","_key":"31e38d465c872"}],"_type":"block","style":"normal","_key":"972f46836ed9","markDefs":[{"href":"https://www.pewresearch.org/race-and-ethnicity/2024/05/31/the-state-of-the-american-middle-class/","_key":"82240628cd2a","_type":"link"}]},{"style":"normal","_key":"27b833f9c082","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Waking up from the American Dream","_key":"26f3be666a360"}],"_type":"block"},{"_type":"block","style":"normal","_key":"3fef806467f0","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Sure, most of us would love to receive a massive financial windfall. 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you’ve tried to rent or buy a home recently, you’ve likely been faced with the twin problems of ","_key":"284a213b6c300"},{"_type":"span","marks":["strong"],"text":"limited availability and shockingly high prices","_key":"2463a260d850"},{"_type":"span","marks":[],"text":". This ongoing crisis is playing out across the U.S. and around the world with few prospects for a short-term solution.","_key":"54b7cd01c253"}],"_type":"block","style":"normal","_key":"10d28b263133"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"But some advocates are pushing for more public housing, or at least a public-private partnership that could cap prices and increase availability. Would such a system work in America?","_key":"27355173563a0"}],"_type":"block","style":"normal","_key":"926a86bb03d4"},{"_type":"block","style":"normal","_key":"fcf2a50c0586","markDefs":[{"href":"https://www.nytimes.com/2024/05/24/world/asia/singapore-public-housing-program.html","_key":"a3a41e325dd1","_type":"link"}],"children":[{"_type":"span","marks":[],"text":"In an attempt to answer that ","_key":"dfab60a5761b0"},{"_type":"span","marks":["a3a41e325dd1"],"text":"question","_key":"dfab60a5761b1"},{"_key":"dfab60a5761b2","_type":"span","marks":[],"text":", let’s take a look at how it’s been handled in one Southeast Asian nation."}]},{"_type":"block","style":"normal","_key":"b6a884f1887d","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"A brief history lesson","_key":"39560abbd4c70"}]},{"_key":"7075e35313ad","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Singapore was beset by","_key":"4424bf516ac10"},{"_type":"span","marks":["strong"],"text":" extreme poverty and unsustainable overcrowding","_key":"21d441da3e6f"},{"_key":"9bb4fd9b1c8a","_type":"span","marks":[],"text":" during its first years as an independent nation. That presented many unique housing challenges that have taken decades to address."}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"1eebfd944aff","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But now, much of the nation is prosperous and many of its citizens have spacious and comfortable places to call home. Roughly","_key":"224aa6209e230"},{"_type":"span","marks":["strong"],"text":" half of Singapore’s 6 million citizens","_key":"81df8f892b13"},{"_type":"span","marks":[],"text":" are living in apartments that were built and subsidized by the government.","_key":"c81f257d4d0a"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Despite receiving public assistance, most of the residents consider themselves the owners of their affordable homes.","_key":"66a2311951d30"}],"_type":"block","style":"normal","_key":"ed7768a2fa2a"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Upside vs. downside","_key":"ce593d95d1c10"}],"_type":"block","style":"normal","_key":"8dec4abd0b33"},{"markDefs":[],"children":[{"_key":"ab4fba7acf9c0","_type":"span","marks":[],"text":"In some ways, Singapore is a victim of its own success. If the U.S. hopes to replicate the positive attributes of this subsidized housing system, it should beware of the related pitfalls."}],"_type":"block","style":"normal","_key":"30a7d23556a0"},{"children":[{"_type":"span","marks":[],"text":"Most notably, there’s been a significant uptick in purchases by secondary buyers, which has served to push the prices of these apartments to new heights. More than 50 units have recently sold for","_key":"1e3b439272e40"},{"_key":"c0551674e924","_type":"span","marks":["strong"],"text":" the equivalent of $1 million "},{"_type":"span","marks":[],"text":"or more.","_key":"d9cf7bb5afc4"}],"_type":"block","style":"normal","_key":"30693c0ecaba","markDefs":[]},{"_type":"block","style":"normal","_key":"a937f6428e7b","markDefs":[],"children":[{"marks":[],"text":"And “ownership” is a misnomer. In actuality,","_key":"0b094403739c0","_type":"span"},{"_type":"span","marks":["strong"],"text":" these are 99-year leases","_key":"32fa9a0366b4"},{"_type":"span","marks":[],"text":" after which time the government retains possession. That has caused many residents to worry that as the deadline draws nearer, the value of their apartments will plummet.","_key":"9c6a8242290f"}]}],"publishDate":"2024-05-25","_createdAt":"2024-05-24T22:52:58Z","_id":"89877da5-a0bc-4504-a484-4cc690bcc7cd","_updatedAt":"2024-05-24T22:52:58Z","slug":"/story/2024/05/what-can-america-learn-about-the-housing-crisis-from-singapores-system","summary":"It's been largely effective, but there are some pitfalls to consider.","visibility":"true","title":"What Can America Learn About The Housing Crisis From Singapore’s System?"}]