Rust Belt

First-Time Buyers Must Make $76,000 to Afford the Typical U.S. Starter Home–Up 8% From a Year Ago

Retrieved on: 
Thursday, March 28, 2024
Construction & Property, Residential Building & Real Estate, Rust Belt, Housing, Sale, Table, Real estate

The monthly housing payment for the typical U.S. starter home was $1,896 in February, also up 8.2% from a year earlier.

Key Points: 
  • The monthly housing payment for the typical U.S. starter home was $1,896 in February, also up 8.2% from a year earlier.
  • Americans earning the median U.S. income can still afford the typical starter home
    Incomes are rising, but at less than half the rate of starter-home costs.
  • That means the typical household can afford the $75,849 median-priced starter home, but they have less money left over after housing payments than they used to.
  • The income needed to afford a starter home declined in just 1 metro area: Pittsburgh (-0.8% year over year to $32,000).

S&P CORELOGIC CASE-SHILLER INDEX CONTINUED TO TREND UPWARD IN SEPTEMBER

Retrieved on: 
Tuesday, November 28, 2023
Sale, National Home, Rust Belt, S, History, Calendar, Composite, City, Housing, Cryptocurrency, Boston

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual change in September, up from a 2.5% change in the previous month.

Key Points: 
  • The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.9% annual change in September, up from a 2.5% change in the previous month.
  • The 10-City Composite showed an increase of 4.8%, up from a 3.0% increase in the previous month.
  • The 20-City Composite posted a year-over-year increase of 3.9%, up from a 2.1% increase in the previous month.
  • "U.S. home prices continued their rally in September 2023," says Craig J. Lazzara, Managing Director at S&P DJI.

National Community Investment Fund In Partnership with Innovate Illinois Submits $1 Billion "Rust Belts to Green Belts" EPA Funding Proposal

Retrieved on: 
Wednesday, November 22, 2023
World Business Chicago, EPA, Ford, Climate change, Rust Belt, Air pollution, Illinois Environmental Protection Agency, Investment, CCIA, Ecosystem, P33, Commonwealth Edison, EVBox, Health, National Urban League, Reactive armour, Innovation Illinois, Green Belt Movement, Partnership, Chickasaw Nation, Transport, Economic development, Renewable energy, Navistar

CHICAGO, Nov. 21, 2023 /PRNewswire-PRWeb/ -- The National Community Investment Fund (NCIF), a Chicago-based non-profit, national community development financial institution and impact investor, in partnership with Innovate Illinois, a public-private partnership that secures federal funding for Illinois, today announced that it has submitted a $1 billion funding proposal to the Environmental Protection Agency's Clean Communities Investment Accelerator. Named "Rust Belts to Green Belts," (R2G) the NCIF proposal addresses the historical tension between industrial corridors and their surrounding neighborhoods by supporting clean technology adoption, job creation, wealth building, retrofitting of affordable housing and environmental improvements in low-income and disadvantaged communities (LIDACs).

Key Points: 
  • The National Community Investment Fund (NCIF), a Chicago-based non-profit, national community development financial institution and impact investor, in partnership with Innovate Illinois, a public-private partnership that secures federal funding for Illinois, today announced that it has submitted a $1 billion funding proposal to the Environmental Protection Agency's Clean Communities Investment Accelerator.
  • CHICAGO, Nov. 21, 2023 /PRNewswire-PRWeb/ -- The National Community Investment Fund (NCIF), a Chicago-based non-profit, national community development financial institution and impact investor, in partnership with Innovate Illinois , a public-private partnership that secures federal funding for Illinois, today announced that it has submitted a $1 billion funding proposal to the Environmental Protection Agency's Clean Communities Investment Accelerator .
  • Led by the NCIF with support from coalition members Appalachian Community Capital, the Chickasaw Nation, Accion Opportunity Fund, and the National Urban League, the Rust Belts to Green Belts proposal also includes coordination partners Innovate Illinois, P33 and World Business Chicago.
  • "In partnership with the National Community Investment and Innovate Illinois, we have established good jobs, clean technology, economic development, and environmental justice as core tenets of our clean energy future.

Growth Opps Leads Industrial Heartland Solar Coalition in Seeking $250 Million EPA Grant for Equitable Solar Expansion

Retrieved on: 
Tuesday, November 7, 2023
Solar energy, United States Environmental Protection Agency, Carbon, EPA, The George Gund Foundation, Black Panther (soundtrack), Renewable energy, Rust Belt

CLEVELAND, Nov. 7, 2023 /PRNewswire/ -- The Industrial Heartland Solar Coalition, led by Growth Opportunity Partners (Growth Opps), applied for $250 million in funding from the Environmental Protection Agency's (EPA) Solar for All program.

Key Points: 
  • CLEVELAND, Nov. 7, 2023 /PRNewswire/ -- The Industrial Heartland Solar Coalition, led by Growth Opportunity Partners (Growth Opps), applied for $250 million in funding from the Environmental Protection Agency's (EPA) Solar for All program.
  • Solar Coalition led by Growth Opps seeks $250M EPA grant to expand solar access for 27,000 households in 8 states.
  • "With support from the EPA, we can significantly advance our mission of catalyzing an equitable transition to clean power across America's industrial heartland."
  • The Industrial Heartland Solar Coalition is composed of 31 municipalities spanning Indiana, Kansas, Michigan, Missouri, New York, Ohio, Pennsylvania and West Virginia.

Redfin Reports That Homebuyers Must Earn $115,000 to Afford the Typical U.S. Home—About $40,000 More Than the Typical American Household Earns

Retrieved on: 
Tuesday, October 17, 2023
Technology, Men, Family, Finance, Consumer, Residential Building & Real Estate, Personal Finance, Professional Services, Construction & Property, Public Relations, Investor Relations, Software, Communications, Women, Data Management, ID, Rapid transit, State, Rust Belt, Condo, Real estate, Music

“In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments.

Key Points: 
  • “In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments.
  • Mortgage rates have climbed even higher since then, hitting 7.57% during the week ending October 12—their highest level in over two decades.
  • At that time, a homebuyer would have needed to earn $75,000 per year to afford the typical home.
  • The typical American household earns about $40,000 less than the income needed to buy a median-priced home.

Sunbelt States Drowning in Debt While Midwest Keeps Its Head Above Water

Retrieved on: 
Tuesday, October 17, 2023
Household, Iran National Auto Loan, Rust Belt, MOST, Housing, Security (finance), Bank

HAUPPAUGE, N.Y., Oct. 17, 2023 /PRNewswire/ -- High growth sunbelt states, including Florida, Utah, Arizona, Colorado, and Nevada, grapple with surging household debt, while the Midwest handles debt significantly better. This regional disparity in household finances was a key takeaway from the study: "The U.S. States Most Impacted By Household Debt 2023," just published by NationalBusinessCapital.com.  

Key Points: 
  • National Business Capital's Report on U.S. States Most Impacted by Household Debt Reveals Stark Divide
    HAUPPAUGE, N.Y., Oct. 17, 2023 /PRNewswire/ -- High growth sunbelt states, including Florida, Utah, Arizona, Colorado, and Nevada, grapple with surging household debt, while the Midwest handles debt significantly better.
  • This regional disparity in household finances was a key takeaway from the study : "The U.S. States Most Impacted By Household Debt 2023," just published by NationalBusinessCapital.com .
  • The fintech lending platform for business owners discovered that as inflation and consumer demand surge, many households in high-growth Sunbelt states find themselves caught in a debt spiral.
  • Auto Loans Are Stressing Otherwise Low-Cost States: States like Texas, Georgia, and Florida face high auto loan obligations due to elevated car prices, including used vehicles.

LAND Celebrates Milestones and Rust Belt roots with 'Made in Cleveland' Campaign

Retrieved on: 
Tuesday, October 10, 2023
Partnership, Case Western Reserve University, Engineering, Transport, University, EV, Made in Cleveland, Growth, Rust Belt, Cleveland State University, Industrial design, LAND

CLEVELAND, Oct. 10, 2023 /PRNewswire/ -- On the heels of selling its 100thCleveland-made electric motorcycle, LAND, an electric mobility manufacturer, announces the launch of its 'Made in Cleveland' campaign, showcasing the company's road to success and deep connection to the Rust Belt region.

Key Points: 
  • "We're committed to designing, building and making our e-motorcycles at our facility in the heart of Cleveland," LAND Founder and CEO Scott Colosimo says.
  • One of the key milestones LAND is celebrating with this campaign is the production of its 100th electric motorcycle that signifies the company's rapid growth and support of Cleveland's economy.
  • In collaboration with Greater Cleveland Partnership, LAND offers an internship program with the goal to encourage young creatives to build their careers in Cleveland.
  • "After they see the design and innovation that's happening here, they start to see that the Midwest is on the rise."

titleLOOK® Names Jeremy Potter President

Retrieved on: 
Friday, August 18, 2023
Commercial Building & Real Estate, Technology, Construction & Property, Insurance, Banking, Professional Services, Software, Data Management, Other Construction & Property, Residential Building & Real Estate, ABA, Software as a service, University, Capital market, Connecticut Bar Association, Fintech, University of Connecticut School of Law, Rocket Mortgage, American Bar Association, CBA, University of Mary Washington, Risk, Rust Belt, JD, Law, Knowledge, GSE, Ecosystem, Family, Product strategy, Management, Property management

titleLOOK® by Mainspring Services® has named Jeremy Potter to the new position of President.

Key Points: 
  • titleLOOK® by Mainspring Services® has named Jeremy Potter to the new position of President.
  • Potter currently holds Board of Directors seats for CATIC Financial Inc., bundle, a Knox Capital company and the Massachusetts Mortgage Bankers Association (MMBA).
  • “Given the cost and value of title insurance, everyone in the buying, selling and financing process should understand the risk and coverage associated with each report; titleLOOK is uniquely positioned to provide this analysis to agents, underwriters, lenders and GSEs, and of course, to buyers and sellers,” said titleLOOK President Jeremy Potter.
  • Jeremy is planning to attend October’s MBA Annual tradeshow and conference in Philadelphia with other members of the titleLOOK team.

First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home

Retrieved on: 
Friday, July 28, 2023
Construction & Property, Residential Building & Real Estate, Housing, Table, Sale, Rust Belt, Weather, Family, Real estate, Nightclub, Grocery store, Drug, Film industry, Tunnel

A homebuyer in San Francisco must earn $241,200 to afford the typical "starter" home, down 4.5% ($11,300) from a year earlier.

Key Points: 
  • A homebuyer in San Francisco must earn $241,200 to afford the typical "starter" home, down 4.5% ($11,300) from a year earlier.
  • Austin buyers must earn $92,000, down 3.3% year over year, and Phoenix buyers must earn $86,100, down about 1%.
  • Next comes Miami, where buyers need to earn $79,500 (up 24.8%) to afford the typical $300,000 starter home.
  • Rounding out the top three is Newark, NJ, where buyers need $88,800 (up 21.1%) to afford a $335,000 home.

Extreme heat is particularly hard on older adults, and an aging population and climate change are putting ever more people at risk

Retrieved on: 
Wednesday, July 26, 2023
COPD, Heart, Diuretic, Travel, Pacific Northwest, Delirium, Anticholinergic, Information system, Ageing, Research, Lung, Depression, Dementia, Hospital, Climate change, Dizziness, Population, NASA, Risk, Roflumilast, Water, Community, Air conditioning, Disability studies, City, Weather, Transport, Health, Dehydration, Mental health, Perspiration, Caregiver, Agriculture, Personal protective equipment, Vaccine, Nursing, Dairy, Poultry farming, Rust Belt

As researchers who study older adults’ health and climate change, we have found that two societal trends point to a potentially dire future: The population is getting older, and temperatures are rising.

Key Points: 
  • As researchers who study older adults’ health and climate change, we have found that two societal trends point to a potentially dire future: The population is getting older, and temperatures are rising.
  • Some of the country’s hottest states, including Arizona, are forecast to see dramatic growth in their older adult populations.
  • But heat isn’t just a problem in the South: Northern populations also face rising risks from extreme heat that many people aren’t accustomed to.

Why older adults face higher heat risks

    • Older adults don’t sweat or cool down as efficiently as younger people.
    • Heat stress can worsen underlying conditions like heart, lung and kidney disease, and extreme heat can trigger delirium.
    • For older adults with physical health problems, temperatures as low as 80 degrees F (26.7 C) – to say nothing of 110 degrees – can pose a grave danger.
    • Having to stay indoors all day to keep cool and enduring the stress of heat emergencies can make older adults depressed and isolated.

Drawn to high-risk regions

    • Retirees are often drawn to the South’s sunny skies, low taxes and costs of living and amenities, like golf courses, beaches, health care facilities and age 55+ residential communities tailored to their needs.
    • In Phoenix, the share of residents over age 65 is projected to rise from 10% of its 1.6 million residents today to roughly 17% by 2050.
    • At the same time that these populations are rising, the number of days people will need air conditioning is rising, too.

Northern regions are at risk, too

    • These regions – historically home to high shares of older adults – are projected to experience the steepest increases in heat exposure relative to temperatures historically experienced.
    • For older adults with health conditions, a night of restless sleep may make one more depressed and confused during waking hours.

What you can do about it

    • Be sensitive to symptoms like dizziness and call for medical attention as needed.
    • Deborah Carr receives funding from National Institutes of Aging and RRF Foundation for Aging.
    • Giacomo Falchetta receives funding from the Euro-Mediterranean Centre on Climate Change (CMCC).