More than one in five Americans—or 21%—are not saving any of their annual income, according to a survey from Bankrate.com of 1,000 working American adults. A separate study, meanwhile, shows that only 29%—or 73 million of Americans—say they are financially “strong,” indicating they are spending, saving, borrowing, and planning well financially, according to a 2019 study from the Financial Health Network. More than half—or 54%—inst
Head to the Midwest or the East Coast for some of the biggest hotspots to cash in on a rental investment this year, according to a new analysis from TurboTenant, a property management tool. Overall, 31 cities from 20 states are featured in the report, which names the cities for the best rental investments in 2020. New York and Ohio tied for the most cities making the list, at three each.“When identifying the top 31 cities, we looked for a posit
A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense. Michael Hyman, a research data specialist at the National Association of REALTORS®, shares the charges that make up closing costs in a post at the association's Economists’ Outlook blog so that home buyers can be prepared.Lenders provide a Closing Disclosure at least three business da
The 30-year fixed-rate mortgage averaged 3.65% this week, continuing to entice home buyers to the market with cheaper financing opportunities. “By all accounts, mortgage rates remain low and, along with a strong market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months,” says Sam Khater, Freddie Mac’s chief economist.Still, worsening affordability
Smart contact lenses that grant the wearer night vision as well as act as a private, super-discreet interface for your digital life could be coming to your eyeball, if startup Mojo Vision has its way. The company has clawed its way from stealth to reveal its early prototypes and the diminutive display technology that it promises will overlay everything from your calendar to urgent messages on top of the view around you.It’s something Mojo
Builders are on the path to complete more new apartments in 2020 than in the past 40 years. In that feat, they’re increasingly targeting the luxury sector for adding new apartments.About 371,000 new rental units are set to arrive across the country this year, a 50% increase over the number of new units that were completed last year, according to an analysis from RealPage. About 80% of that new supply is expected to come from luxury developments
Homebuyer demand hit its highest level in 11 years, as January continues to shape up to be a hot month for the housing market. Weekly mortgage applications jumped 30% for the week ending Jan. 10, a sign that home buyers are emerging, the Mortgage Bankers Association’s seasonally adjusted index shows.“The mortgage market saw a strong start to 2020,” says Joel Kan, associate vice president of economic and industry forecasting for the MBA. “
A downsizing trend is occurring in new-home construction, with the declining number of bedrooms in newly built homes a solid sign of the change. The U.S. Census Bureau’s survey of construction data confirms that the number of bedrooms in the typical newly constructed single-family home is dropping.The number of new single-family homes that were started with four bedrooms or more dropped from 44.8% in 2017 to 43.5% in 2018, continuing a trend th
A higher credit score could mean thousands of dollars in savings on a mortgage, according to a new study from LendingTree that compares very good credit scores to fair ones.A fair credit score is considered in the range of 580 to 669, while a very good credit score ranges from 740 to 799.The average borrower with a fair credit score will pay about $261,076 in total interest over the lifetime of their mortgage. On the other hand, a borrower with a
The median age of a home buyer has risen from 31 in 1981 to 47 in 2019, according to research from the National Association of REALTORS®.But the median age of the segment of first-time buyers has actually changed very little over the past three decades, staying between 28 to 32.Instead, the number that has changed the most significantly since 1981 is the rise in the age of repeat buyers, Jessica Lautz, vice president of demographics and behavior
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