Tag Archives: money

U.S. Renters Spent $504 Billion on Housing in 2018

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– Renters spent more on housing than ever before in 2018, even with fewer renter households

– Renters paid $12.6 billion more in rent this year than they did in 2017 – which is about a 2.6 percent increase.

– There are about 43.2 million households renting in the United States, a slight decline from 2017.

– More than 10 percent ($55.6 billion) of all rent collected in the United States came from renters living in the New York City metro area.

– Rents are currently rising the fastest in Orlando and Las Vegas, and renters in each of those cities spent about $4.4 billion on rent this year.

SAN FRANCISCO, Dec. 21, 2018 (PRNewswire) U.S. households spent a record amount on rent in 2018 despite a decrease in the number of households who rent their home, according to a new HotPads® analysis. Overall, the U.S. spent $504.4 billion on rent in 2018 – more than the entire GDP of Belgium ($494.7 billion)(i) and three times the current net worth of Amazon CEO Jeff Bezos ($124 billion)(ii).

Renters spent $12.6 billion more paying their rent in 2018 than they did in 2017. The current median rent is $1,475, up 3 percent from a year ago. Throughout 2018, rents rose about 3 percent year over year – continuing a gradual slowdown in rent appreciation that began in mid-2016.

However, the number of renter households in the U.S. decreased slightly in 2018. There were about 43.2 million renter households across the country this year – nearly 100,000 fewer than in 2017.

A gradual slowdown in rent appreciation has allowed renters looking to purchase homes greater ability to save for a down payment in recent years, and millennials – the generation comprising half of today’s renters — are also buying homes more than any other generation(iii). With more eligible buyers on the market, the number of renter households has decreased slightly over the past year.

“After several years of a booming economy, more millennials became financially able to become home owners in 2018,” said Joshua Clark, economist at HotPads. “However, rent affordability continues to be a challenge, as those who still rent are paying even higher prices now than they were a year ago. If interest rates continue rising in 2019, more would-be homebuyers may decide to continue renting, which could put additional pressure on rent prices. Fortunately for renters, the housing market is also cooling nationwide, signaling that the entire market may be leveling off and making it easier for renters to keep up with housing expenses.”

Of the 50 largest metro areas in the U.S., renters in the New York City metro area spent the most on rent this year – a total of $55.6 billion. However, rent growth in the New York metro also slowed in 2018. Rents in the New York City metro area are rising just 1 percent annually now, compared to 1.8 percent annually at this time last year.

While rent appreciation has been steady or slowed in many metro areas, some markets in the Southeast and Southwest are still seeing significant price gains. Rents are appreciating the fastest in Orlando, Las Vegas and Phoenix, at a rate more than twice as fast as the national median. Renters in Orlando and Las Vegas spent about $4.4 billion on rent in 2018, while renters in Phoenix spent about $7.5 billion.

HotPads is a Zillow® Group-owned apartment and home search platform for renters in urban areas across the United States. For more information on the U.S. rental market, visit HotPads.com.

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HotPads is an efficient rental search platform for urban areas across the United States, with features designed for competitive markets such as map-based search, real-time notifications and detailed information on landlords and property managers that help renters spend less time searching and more time feeling excited about their next home.

Launched in 2005, HotPads is based in San Francisco and is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG).

HotPads is a registered trademark of Zillow, Inc.

(i) U.S. Bureau of Economic Analysis, 2017

(ii) As of December 20, 2018. https://www.bloomberg.com/billionaires/profiles/jeffrey-p-bezos/

(iii) Millennials are the largest single group of home renters (50 percent) and home buyers (42 percent), according to the 2018 Zillow Group Report on Consumer Housing Trends.

(iv) Projected through the end of 2018

Tips to Save Time and Money on Home Maintenance from HouseLogic

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Washington, D.C. – June 7, 2018 (PRNewswire) Many homeowners would be surprised to find out all the areas they are wasting money on maintaining their home. This month’s “Secrets for Maintaining Your Home With Less Time, Money” spotlight from HouseLogic.com, the comprehensive website for homeowners from the National Association of Realtors®, features five articles and an infographic containing information, tips and advice on how homeowners can keep their home in tip-top shape without breaking the bank.

Check out the full spotlight at www.houselogic.com.

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Here are some of HouseLogic’s suggestions keeping home upkeep costs down:

7 Household Expenses You’re Probably Wasting Your Money On. There are plenty of areas where homeowners are spending money where they simply do not need to. Check out HouseLogic’s list of common money mistakes, including buying budget light bulbs; the initial costs may be cheaper, but they die out more frequently and are harsher on energy bills than LED bulbs.

9 Money-Saving Tips That Grandma Never Told You About. People always say ‘listen to your elders,’ and for good reason! Grandparents understood the importance of pinching pennies before the DIY craze began. Look at HouseLogic’s list of time-tested, money-saving tips, such as ditching paper towels and investing in washable rags.

The 5 Contractor Scams (and How to Avoid Them). While most contractors are hardworking professionals, it is crucial that homeowners are able to identify the bad apples among them. HouseLogic breaks down how to avoid some of the most common scams, such as if a contractor says he or she doesn’t need to get a building permit or asks for more than 10 percent (or $1,000) up front.

You Only Think It’s True: 10 Myths Costing You Time and Money. Some home maintenance tips are repeated with such frequency that everyone assumes they are true – but you cannot believe everything you hear! HouseLogic debunks some of the most costly home maintenance myths, including that running lemons through the garbage disposal will act as a natural cleaner when, in fact, the citric acid will actually corrode the metal parts of the disposal.

7 Tips and Tricks to Keep Your Home Cleaner Longer. Why clean twice when you only need to clean once? Check out HouseLogic’s advice for making cleaning efforts last longer with tips like coating glass shower doors with a rain-repellent product made for car windshields, which will create an invisible barrier that causes water, oils and soap suds to roll off – like magic!

9 Habits for a Home That Always Feels Neat and Fresh. Look at HouseLogic’s infographic highlighting two-minute habits every homeowner should adopt to keep their home clean all the time, such as making the bed every morning and always unloading a clean dishwasher.

For more information on home maintenance, visit HouseLogic.com.
HouseLogic is a free source of information that helps consumers make smart, confident decisions about all aspects of home ownership. Made possible by Realtors®, the site helps owners get the most value and enjoyment from their existing home and helps buyers and sellers make the best deal possible.

The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.nar.realtor. This and other news releases are posted in the newsroom in the “About NAR” tab.

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For further information contact:
Jane Dollinger
(202) 383-1042
jdollinger@realtors.org

Millennials Are Leading An Investment Revolution

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Nuveen’s Third Annual Responsible Investing Survey of over 1,000 affluent investors found there is increased interest in working for, buying from, and investing in socially responsible companies. This is even more true among the millennials surveyed.

92% of millennials agreed with the statement “I care more about having a positive impact on society than doing well financially,” compared with only 52% of non-millennials.

Business Insider interviewed a few millennials and asked them what makes their generation different. They said access to information, aligning themselves with brands on social media, and growing up in more comfortable economic circumstances than their parents and grandparents.