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Nation's Most Popular and Fastest-Growing Metro Areas

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

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A Quote

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

― Confucius

Latest Rates

Loan Type

Rate

Daily Change

Wkly Change

52-Wk Low/High

30 Yr. Fixed

7.09%

+0.04%

+0.10%

6.61/8.03%

15 Yr. Fixed

6.59%

+0.01%

+0.09%

5.95/7.35%

30 Yr. FHA

6.64%

+0.02%

+0.12%

6.00/7.44%

30 Yr. Jumbo

7.35%

+0.01%

+0.05%

6.57/8.09%

7/6 SOFR ARM

7.25%

+0.00%

+0.05%

6.11/7.55%

30 Yr. VA

6.65%

+0.01%

+0.10%

6.02/7.46%

Real Estate Trends

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.

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States Where Home Insurance Costs Are Surging Highest link

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  • 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.

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

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  • 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.

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Something I found Interesting

Construction Self-Employment at 23% link

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  • 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.

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From Boomers to Zoomers: Housing Priorities by Generation 

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Charting a 22-year roller coaster of investor activity 

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New Jersey Leads Northeast in Industrial Sales Volume link

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How Capital Allocations to the Office Sector Are Changing 

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Off Topic

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.

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Cheers,

Vidit

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