Real Estate News 10/16/2023

Today’s News Synopsis:

In high-cost US housing markets including Los Angeles, Honolulu, Seattle, San Jose and San Francisco, the premium for buying versus renting is surging, according to Zillow Group Inc. In California’s San Jose metro area, for instance, where the typical home costs $1.4 million, a buyer with 10% down faces a monthly mortgage payment of $8,771, more than $5,000 higher than monthly rent.

In The News:

Bloomberg – “Mortgage cost surge makes it cheaper to rent in   tough U.S. Market” (10-14-2023)

“The gap in favor of renting hasn’t been this big since at least 2015, according to Zillow. ”

Redfin “How to prepare you home for an Earthquake: 16 Steps for homeowners and renters” (10-13-2023)

“Earthquakes are destructive natural disasters that can strike without warning, disrupting lives and devastating communities. Thousands of tiny earthquakes occur every day across the U.S., but every once in a while, a large one strikes, leaving unprepared homes at high risk.”

Yahoo Finance –  “Social Security benefits will increase 3.2% next year” (10-12-2023)

“The Social Security Administration, the federal government agency that oversees the benefits, announced a 3.2% cost-of-living adjustment (COLA) for 2024. That’s well above the 2.6% average over the past two decades, but it’s less than half the 8.7% increase retirees saw in 2023, which was the biggest in four decades.”

Redfin – “Climate change pushes up home insurance premiums” (10-06-2023)

“A recent study from PolicyGenius found that quoted homeowner’s insurance premiums increased by 21% nationally from May 2022 to May 2023.”

CNBC – “53% of Gen Z see high cost of living as a barrier to financial success.” (10-16-2023)

“Young individuals are “buckling down” when it comes to spending, a Bank of America executive said, following a new Gen Z-focused survey by the firm.”