Nation's Most Popular and Fastest-Growing Metro Areas

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"Our greatest glory is not in never falling, but in rising every time we fall."

― Confucius

New Single-Family Home Size Decline Continues link

• The average size of new single-family homes continues to decrease, reflecting changing buyer preferences and economic pressures. In the first quarter of 2024, the average size fell to 2,480 square feet.

• This trend aligns with a shift towards smaller, more affordable homes as buyers face high mortgage rates and economic uncertainty. Builders are responding by designing more efficient living spaces.

• The decline in home size is also influenced by the increasing demand for urban living and smaller household sizes. Many buyers prioritize location and amenities over square footage.

States Where Home Insurance Costs Are Surging Highest link

• Home insurance premiums are skyrocketing, especially in states prone to natural disasters. Florida, Texas, and California are among the hardest hit, seeing significant increases in costs.

• Factors contributing to the surge include rising construction costs, increased frequency of severe weather events, and higher reinsurance rates. Homeowners in these states face steep hikes, sometimes exceeding 30% annually.

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The Nation's Most Popular and Fastest-Growing Metropolitan Areas in 2023 link

• Austin, TX, and Tampa, FL, are among the fastest-growing metro areas, reflecting a significant population influx. These cities are attracting new residents due to strong job markets and appealing lifestyles.

• Phoenix, AZ, and Charlotte, NC, also stand out for rapid growth, driven by affordable housing and robust economic opportunities. Both cities have seen substantial increases in their populations.

• The fastest-growing metro areas list includes major tech and finance hubs, indicating a trend of migration towards cities with strong industry presence. This trend highlights the importance of economic diversity and resilience in urban growth.

Construction Self-Employment at 23% link

• Nearly 23% of construction workers, or over 2.5 million individuals, are self-employed. This figure, though slightly down from recent years, remains higher than pre-pandemic levels.

• Self-employment in construction is significantly higher than the 10% average across all industries. Economic downturns often see a rise in self-employment, contrasting with the current decline during economic recovery.

• Montana has the highest construction self-employment rate at 36%, while Nevada has the lowest at 11%. This disparity reflects the dominance of home building in Montana versus commercial construction in Nevada.

From Boomers to Zoomers: Housing Priorities by Generation 

Charting a 22-year roller coaster of investor activity 

New Jersey Leads Northeast in Industrial Sales Volume link

How Capital Allocations to the Office Sector Are Changing 

The Income a Family Needs to Live Comfortably in Every U.S. State

“Comfortable” is defined as the income needed to cover a 50/30/20 budget, with 50% allocated to necessities like housing and utilities, 30% to discretionary spending, and 20% to savings or investments.

That's all, folks.

Cheers,

Vidit

P.S - Read past newsletters here