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House Price Appreciation by State, CRE Trends Report

$40,000 Gym membership, Q1 2024: Top/Bottom Performing Multifamily Markets and 5 more RE insights

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― Derek Sivers

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Real Estate Trends

Strong Occupancy Persists in the Upper Midwest link

  • Upper Midwest apartment occupancy remains high at 95.1%, nearly 100 basis points above the national average. This rate has been consistently outpacing the national norm, indicating a robust demand in this region.

  • The occupancy gap between the Upper Midwest and the national average has widened over the past two years, from 60 basis points two years ago to 100 basis points currently. This trend highlights the growing appeal of markets like Chicago, Minneapolis, and Indianapolis.

  • Among 48 surveyed markets in the Midwest, only two have occupancy rates below the national average. Indianapolis stands at 93.4%, and Muncie, Indiana, at 89.6%, showcasing the overall strong performance across the region.

House Price Appreciation by State and Metro Area: link

  • House prices rose 6.3% nationally between Q1 2023 and Q1 2024, continuing a positive trend since 2012. Despite higher mortgage rates, demand remains strong and inventory low.

  • Florida saw the highest price appreciation at 67%, driven by population growth and limited housing supply. Maine and Tennessee followed with increases of 63.6% and 61.7%, respectively.


  • Metro areas in the South and West experienced faster growth than those in the Midwest and Northeast. Over half of metro areas surpassed the national average growth of 47.7%, with notable increases in the South Atlantic and East South Central regions.

Top 10 U.S. Metros with Highest Down Payment Percentage for Home Purchases link


  • The median down payment on single-family homes in the top metro areas was significantly high, with Barnstable Town, MA, and Naples-Immokalee-Marco Island, FL, both at 23.6%. This indicates a substantial financial barrier for homebuyers in these regions.

  • San Francisco-Oakland-Hayward, CA, recorded a median down payment of 23.3%, reflecting the high cost of homeownership in California. Other California metros like Los Angeles and Santa Rosa also ranked high, showing the state's ongoing affordability challenges.

  • Metros in South Carolina like Myrtle Beach and Hilton Head Island had down payment percentages around 18.6%-18.9%. These areas, popular for their coastal appeal, are also seeing increased financial demands on buyers.

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Something I found Interesting

Nearly one quarter of retirement age adults are still working link

  • Twenty-two percent of adults aged 65 and older are still working, with 24.2% of them being self-employed. This rate is nearly three times higher than the self-employment rate among those aged 25 to 39.

  • New Jersey saw a sharp rise in older adults working, with an increase of over 66% from March 2022 to March 2024. Delaware and Indiana also had significant increases of 37.4% and 32.2%, respectively.

  • The share of U.S. adults reporting retirement decreased from 16.8% in March 2022 to 16.2% in March 2024. New Jersey, North Dakota, and Connecticut led the declines, while Vermont, Alaska, and Maine saw increases in retirees.

Pro Member Only Content Below

Deep Dive for Pro Members: Commercial Real Estate Trends Across the U.S. 

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Q1 2024: Top/Bottom Performing Multifamily Markets 

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Off Topic

$40,000 Gym membership  link

  • The Optimize program by Equinox begins with comprehensive health tests, including 100 biomarkers and various fitness metrics. These tests cover heart, liver, kidney health, metabolic and immune systems, cancer markers, and more.

  • Members receive a personalized health plan based on these tests, involving a fitness trainer, nutrition coach, sleep coach, and massage therapist. This includes 16 hours of coaching per month: three 60-minute training sessions weekly, bi-monthly 30-minute nutrition and sleep coaching sessions, and monthly massage therapy.

  • Initially available in New York City and Highland Park, Texas, the program costs $3,000 monthly for at least six months, excluding the Equinox gym membership fee. The total annual cost exceeds $40,000, reflecting a significant push into the high-end health and wellness market.

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