Author: businessinvestopedia.com

A sign advertising a home for sale is posted outside a building in Manhattan on April 11, 2024 in New York City. BusinessInvestopedia | Getty Images Rising housing costs and rising interest rates are putting a damper on America’s housing dreams, with the dream of homeownership getting further away for renters, according to a survey released Monday by the New York Fed. The central bank’s annual housing survey for 2024 shows that as of February, the percentage of renters who have a desire for “residential mobility” — that is, the percentage of renters who are confident that they will be…

The strong post-pandemic job market has been supported by the strength of America’s immigrant workforce. And as the American workforce ages and birth rates remain low, economists and the Federal Reserve are touting the importance of immigrant workers to future overall economic growth. Immigrant workers made up 18.6% of the workforce last year, a new record, according to data from the Bureau of Labor Statistics. Workers are filling open positions in agriculture, technology, and health care, where labor supply is a challenge for those seeking employment. Even though the U.S. added fewer jobs than expected in April, the labor force…

Networking and recruiting event for professionals of color in Minneapolis.Michael Silk | Getty ImagesThe unemployment rate for Black Americans fell in April, bucking overall trends, according to data released Friday by the Labor Department.Black Americans remain the racial group with the highest unemployment rate in the United States, even after the unemployment rate for that group fell from 6.4% in March to 5.6% last month. Still, the numbers are notable when compared to the overall unemployment rate (which rose from 3.8% to 3.9% in April) and to other racial demographics whose unemployment rates rose last month.White Americans feel the unemployment…

The median rent for a one-bedroom apartment in 10 Asian cities is: Fraser Hall | Image Bank | Getty ImagesRenting a room can be a big financial decision, especially if you choose to live in a big city where prices are particularly high.A general rule of thumb is to avoid spending more than about 30% of your pre-tax income on rent, according to financial experts.Based on data collected in April from national government websites and large real estate markets, Global Property Guide researchers have compiled a list of median rental prices in several major Asian cities. Ta.The numbers listed below…

The Fed announced Wednesday that it would keep interest rates on hold as inflation continues to prove stronger than expected. But the move also dashes hopes that the Fed will soon begin cutting rates and freeing consumers from soaring borrowing costs. The market is currently pricing in one rate cut this year, according to CME’s FedWatch futures market price metric. Greg McBride, chief financial analyst at Bankrate.com, said he started 2024 expecting at least six cuts, which was “absolute dreamland.” He said this change in expectations for interest rate cuts would put many households in a bind. “Certainly from a…

BusinessInvestopedia | E+ | Getty Images Making your home hurricane-proof can be a significant financial commitment. But the plan could pay off as such storms become more intense amid climate change. According to This Old House, the national average cost to upgrade a whole home to hurricane windows in 2024 will be $1,128 to $10,293, including installation, or $100 to $500 per window. And that’s just one project. Upgrades can help consumers protect their homes, typically one of their most valuable assets, from storms and other natural disasters. A 2022 analysis of hurricane-resistant construction by the Massachusetts Institute of Technology…

Digital rendering of NEOM’s The Line project in Saudi Arabia. The Line Project Saudi Arabia’s economy minister has denied recent reports that the kingdom’s $1.5 trillion NEOM megaproject, a futuristic desert development on the Red Sea coast, is scaling back some of its plans. “All projects are moving forward at full speed,” Faisal Al Ibrahim told our reporter at a special meeting of the World Economic Forum in Riyadh on Monday. “We started something unprecedented, we are doing something unprecedented, and we will deliver something unprecedented.” In early April, Western media reported that The Line project, a glass city planned…

An aerial view of the subdivision that has replaced the once rural landscape of Hawthorn Woods, Illinois. BusinessInvestopedia | Getty Images When mortgage rates rise, consumers look for ways to lower their monthly payments, which often results in them taking out adjustable-rate mortgages. These loans offer lower interest rates than fixed-rate loans, but are considered riskier. It can be fixed for up to 10 years, but will eventually adjust to an unknown future market rate. Last week, ARM applications rose to 7.8% of mortgage demand, according to the Mortgage Bankers Association. This is the highest level this year. When mortgage…