Archive for Taylor Borden

A list of all the powerful people moving to Florida

melania trump arriving in florida
Donald and Melania Trump flew from Washington to Palm Beach on Wednesday as his presidential term ended.

Different cities are vying for a coveted pandemic title: the next Silicon Valley.

By all accounts, there are two definitive frontrunners. Texas and Florida have both pulled ahead, as tech tycoons and venture capitalists alike announce their intentions to pack their bags and head to warmer pastures.

In Miami, Mayor Francis Suarez has been actively trying to lure Silicon Valley mainstays to Miami, chiming in on Twitter threads and indicating that he'd be happy to talk to some of the bigger names contemplating a change. It seems to be working: Heavyweights like Peter Thiel are coming to town.

The exodus from Silicon Valley - or lack thereof - is well-documented. It's just one of the myriad changes the coronavirus pandemic has prompted. And some of those making a move have retained their northeastern or San Francisco homes, meaning it may end up being a seasonal or temporary move.

But Florida has earned a special distinction. It is hosting some of Wall Street's hottest relocations - and perhaps America's most controversial family. Former president Donald Trump is now settled at Mar-a- Lago, skipping President Joe Biden's inauguration and heading straight down the coast. Several members of his family may be joining him.

Here are some of the most powerful figures who have recently decamped to the Sunshine State.

Donald Trump
trump properties secret service
Donald Trump.

Donald Trump retreated to Mar-a-Lago, his private club in Palm Beach, on January 20 following the end of his presidential term. While the property served as a "winter White House" for Trump over the last four years, it will now be his full-time residence, even though neighbors don't seem to be thrilled at the prospect.

Read more: I spent the day around Mar-a-Lago. See the exclusive enclave where Trump is retreating, complete with billionaire neighbors, ornate mansions, and Floridian Ferraris.

Ivanka Trump and Jared Kushner
Jared Kushner, Ivanka Trump
Jared Kushner and Ivanka Trump.

Ivanka Trump and Jared Kushner signed a lease for a Miami Beach condo in a ritzy new building, the Wall Street Journal reported on January 19. The condo is just a five-minute drive from an empty lot the couple paid $32 million for in December. That property, where they're expected to build a house for their post-DC life, is located in Indian Creek, a high-security private island in Miami known as the "Billionaire Bunker."

Read more: Inside Miami's exclusive, high-security 'Billionaire Bunker,' where Ivanka Trump and Jared Kushner just dropped $30 million on an empty lot

Peter Thiel
Peter Thiel
Peter Thiel.

Business Insider's Becky Peterson reported on January 19 that tech billionaire Peter Thiel dropped $18 million on a Miami mansion. He bought the property from former Ford CEO Jacques Nasser in September. The home was once the site of a season of MTV's "The Real World: Miami."

Read more: Another tech titan heads to Miami. Peter Thiel buys $18 million island estate.

Dan Loeb
dan loeb
Dan Loeb.

Billionaire hedge fund manager Dan Loeb scooped up a brand new waterfront mansion in Miami Beach for $20 million, the Real Deal reported on January 18. The home has a rooftop deck, separate entrance for guest quarters, along with a pool and dock.

Donald Trump Jr. and Kimberly Guilfoyle
Kimberly Guilfoyle and Donald Trump Jr.
Kimberly Guilfoyle and Donald Trump Jr.

The New York Post's Jennifer Gould reported that Donald Trump Jr. and his girlfriend, Kimberly Guilfoyle, are house hunting in Jupiter, just 20 miles north of Mar-a-Lago. Trump's ex-wife and five children live in the area, and soon, other Trumps will, too. Even newly engaged Tiffany Trump is thought to be apartment shopping in Miami.

Read more: Even more Trump family members are reportedly moving to Florida

Tom Brady and Gisele Bünchden
Gisele Bundchen and Tom Brady
Tom Brady and Gisele Bündchen.

Tom Brady and Gisele Bündchen are joining Ivanka Trump and Jared Kushner as property owners on Miami's "Billionaire Bunker," Indian Creek. The NFL star and supermodel dropped roughly $17 million in December 2020 for a mansion they plan to demolish and rebuild.

David Blumberg
Hallandale Beach
A view of Hallandale Beach, Florida, where venture capitalist David Blumberg moved.

Venture capitalist David Blumberg told NPR that he left Silicon Valley in December for Hallandale Beach, an enclave between Miami and Fort Lauderdale. He cited Florida's "lighter regulatory touch" as a driver in his decision to move. "They're pro-business," he said, "and they're active about it."

Read more: Silicon Valley elites are fleeing the region for states like Texas and Florida, but that shouldn't be surprising — it's the culmination of a culture clash that has been brewing in the tech industry for years

Keith Rabois
Keith Rabois
Keith Rabois.

Keith Rabois, a venture capitalist who made early investments in companies like DoorDash and Airbnb and previously served as an exec at PayPal, LinkedIn, and Square, also abandoned Silicon Valley for the Sunshine State in December. He moved to Miami, where he bought a newly-built $29 million mansion complete with a $1 million Japanese aquarium that is just a 20-minute walk from Peter Thiel's new digs.

Read more: Unicorn investor Keith Rabois says tech talent is fleeing Silicon Valley and successful startups will now be built elsewhere

Tommy Hilfiger
Tommy Hilfiger
Tommy Hilfiger.

Tommy Hilfiger officially sold his Greenwich, Connecticut, estate for $45 million in January; Insider's Katie Warren reported that he first listed the property in September. 

In September, Hilfiger told the Wall Street Journal's Katherine Clarke that he and his wife were decamping to their Palm Beach spread — a move they had planned on making anyway but was hastened by the pandemic.

Carl Icahn
Carl Icahn 2
Carl Icahn.

Even though billionaire Carl Icahn has numerous New York buildings named after him, the activist investor has opted for warmer climes. In 2019, he decided to move his investment firm to Miami (and reportedly told employees who didn't want to make the move that they wouldn't receive severance).

Icahn and the firm actually relocated in the first six months of 2020, according to the Miami Herald. Icahn, who also has property in Indian Creek, had already been a seasonal Florida resident prior to the move. 

Read more: I toured the only home for sale on Miami's 'Billionaire Bunker,' a private island home to hedge-fund billionaires and celebs. Look inside the $22 million mansion that recently got a $2 million price cut.

Charles Schwab
Charles Schwab, the founder and chairman of Charles Schwab.
Charles Schwab.

Insider reported in December that Charles Schwab — the man behind the famed brokerage — relocated this year. Voting records show that he is in Palm Beach.

Read the original article on Business Insider

Even more Trump family members are reportedly moving to Florida

donald trump jr ivanka tiffany move to florida
Donald Trump's adult children, from left, Ivanka, Eric, Donald Jr., and Tiffany.

Florida, which is emerging as a growing tech and finance hub that could rival Wall Street, has been attracting scores of new residents amid the pandemic, with sunnier vistas and lower taxes.

The entire Trump family could make the already long list of people abandoning big cities for the Sunshine State even longer.

Donald Trump Jr. and his girlfriend, Kimberly Guilfoyle, are house hunting in Jupiter, Florida, the New York Post's Jennifer Gould reported on Wednesday. His ex-wife and five children live in the area‚ and soon other Trumps might too. Jupiter is about 20 miles north of President Donald Trump's Palm Beach club, Mar-a-Lago.

Read more: Meet 4 millennials ditching New York for Florida to escape pandemic winter

Earlier on Thursday, the Post's Page Six section reported Tiffany Trump was apartment shopping in Miami. The recent Georgetown law-school graduate is apparently looking for a condo or house in the South Beach area with her boyfriend, Michael Boulos. Those close to Tiffany previously told Insider's Hillary Hoffower that she could soon take a more active role in the Trump business empire, regardless of the election's outcome.

The Trump siblings could be following Ivanka Trump's lead. She and her husband, Jared Kushner, dropped $32 million on an empty lot on a high-security private island in Miami last month. A truck - which appeared to be a moving truck - was spotted outside their Washington, DC, mansion last week.

The news of fleeing Trump family members comes after last week's Capitol siege, an attack that even House GOP leader Kevin McCarthy says the president "bears responsibility" for. On Wednesday afternoon, the House voted to impeach the president for a second time for his role inciting the mob attack on the Capitol.

See also: 'It was degrading': Black Capitol custodial staff talk about what it felt like to clean up the mess left by violent pro-Trump white supremacists

Heading south over returning to Manhattan makes sense for most of the family - there's no warm welcome waiting for them there.

"There is no way they can stay in New York," a source close to the Trumps told the Post. "They'd be tortured in the streets."

The potential exodus to Florida keeps the Trump children solidly within a well-trodden family bubble.

After his term ends on January 20, Trump is expected to decamp to Mar-a-Lago, the private club known as "the winter White House."

All the properties considered (or acquired) by Donald Jr., Ivanka, and Tiffany are within a 90-minute drive of Mar-a-Lago. Donald Trump Jr. recently rang in the new year there with a maskless indoor party, while Ivanka Trump and Kushner have notably spent holidays there - once even amid a government shutdown.

The White House did not respond to Insider's request for comment.

Read the original article on Business Insider

The 10 American cities that saw the most residents flee at the height of the coronavirus pandemic

moving truck new york city
People loading a moving truck in Manhattan on September 12, 2020.
  • Millions of Americans have requested mail-forwarding services amid the coronavirus pandemic, signaling people relocating in droves.
  • MyMove analyzed US Postal Service data and found that Americans moving between February and July mostly fled urban cores for more suburban areas, like tiny Texas towns.
  • The country's largest cities, like New York City, emptied first.
  • Visit Business Insider's homepage for more stories.

Big cities have been the clear losers of the coronavirus pandemic.

Millions of Americans moved away from urban cores in the early days of the coronavirus pandemic. The rise of remote work has spurred many to consider searching for more idyllic work-from-home locales that offer an escape from the high cost of city living.

A MyMove analysis of US Postal Service data found that almost 16 million Americans moved between February and July of this year. Mail-forwarding requests made to USPS in that time frame confirmed reports of urban exodus.

The majority of the requests came from the country's largest cities. New York City topped the list, having lost over 110,000 residents just between February and July.

More have undoubtedly left since then, and some of the reported moves were short-term. Overall, temporary change-of-address requests were up 27% in 2020 versus 2019, while permanent change-of-address requests were up just 2%.

While places like New York and California will remain essential to business in the future, other locales are popping up as possibly major new business centers, like Austin, Texas and South Florida. As hundreds of thousands are fleeing Manhattan, San Francisco, Houston and more, thousands are decamping to suburbs. Texas suburbs seem to have gained the most residents.

Here's a look at which cities lost the largest number of residents amid the coronavirus pandemic: 

10. Fort Meyers, Florida
fort myers
Fort Myers, Florida.

Number of residents lost: 11,889

Population in 2019: 87,103

9. Philadelphia, Pennsylvania
Philadelphia City Hall Pennsylvania
Philadelphia City Hall is pictured on September 29, 2020.

Number of residents lost: 12,833

Population in 2019: 1.58 million

8. Houston, Texas
Houston, Texas
A view of downtown Houston.

Number of residents lost: 14,883

Population in 2019: 2.3 million

7. Washington, DC
Washington DC
A view of the Capitol in Washington, DC.

Number of residents lost: 15,520

Population in 2019: 705,749

6. Naples, Florida
Naples, Florida
An aerial shot of Naples, Florida.

Number of residents lost: 22,100

Population in 2019: 384,902

5. Los Angeles, California
california coronavirus lockdown gavin newsom los angeles
The Echo Park Lake recreation area in Los Angeles, California, on May 23, 2020, during the coronavirus pandemic.

Number of residents lost: 26,438

Population in 2019: 4 million

4. San Francisco, California
empty downtown san francisco
An aerial view of an empty Powell Street Cable Car turnaround on March 30, 2020 in San Francisco, California.

Number of residents lost: 27,187

Population in 2019: 881,549

3. Chicago, Illinois
Chicago bean coronavirus
The Bean, one of the city's prime tourist attractions, closed to visitors in March.

Number of residents lost: 31,347

Population in 2019: 2.7 million

 

2. Brooklyn, New York
Brooklyn Bridge Coronavirus Pedestrian Empty 19
A view of Brooklyn Bridge amid the coronavirus pandemic.

Number of residents lost: 43,006

Population in 2019: 2.6 million

1. Manhattan, New York
A street cleaner walks through the closed Broadway theatre district near Times Square following the outbreak of the coronavirus disease (COVID-19) in Manhattan, New York City, U.S., May 24, 2020. REUTERS/Andrew Kelly     TPX IMAGES OF THE DAY
A street cleaner walks through the Broadway theatre district near Times Square in Manhattan on May 24, 2020.

Number of residents lost: 110,978

Population in 2019: 1.6 million

Read the original article on Business Insider

How much money you need to make to live comfortably in every state in America

new york
The annual income needed to live comfortably in New York is $95,724.

Living paycheck to paycheck is an unfortunately common hallmark of American life. And that's more evident than ever now, amid the coronavirus pandemic.

Many are reconsidering their living situations as the US faces a recession: Earlier this year, over 51 million people filed for unemployment in just a 17-week period. For context, the Great Recession eliminated 37 million jobs over 18 months.

Having it all - the ability to cover basic expenses, while still having "fun money" and contributing to savings - currently seems like an impossible feat.

That total amount, also known as the minimum annual "living wage," varies significantly depending on what state you're in.

In September, GoBankingRates determined the necessary living wage in each state using data from the Bureau of Labor Statistics and the 50/30/20 budgeting rule. This popular general budgeting rule allocates 50% of annual income to necessities like housing, 30% to discretionary expenses like travel, and the remaining 20% to savings.

The median necessary living wage across the entire US is $67,690. The state with the lowest annual living wage is Mississippi, with $58,321. The state with the highest living wage is Hawaii, with $136,437. Other expensive states (unsurprisingly) included New York and California, which have notoriously high costs of living and expensive housing markets.

Keep reading to see the annual wage necessary for living comfortably in every US state, listed in alphabetical order by state name. Also included is the actual median household income in each state, according to 2018 data from the US Census Bureau and the median price of homes listed for sale in each state from Zillow.

The living wage in Alabama is $60,016.
Huntsville, Alabama
Huntsville, Alabama.

Median household income in 2018: $61,584

Median price of homes currently listed: $220,000

The living wage in Alaska is $91,996.
Anchorage, Alaska
Anchorage, Alaska.

Median household income in 2018: $74,346

Median price of homes currently listed: $284,900

The living wage in Arizona is $68,504.
Phoenix Arizona
Phoenix.

Median household income in 2018: $59,246

Median price of homes currently listed: $299,000

The living wage in Arkansas is $59,641.
little rock arkansas
Little Rock, Arkansas.

Median household income in 2018: $47,062

Median price of homes currently listed: $176,000 

The living wage in California is $99,971.
Los Angeles California
Los Angeles.

Median household income in 2018: $75,277

Median price of homes currently listed: $535,000

The living wage in Colorado in $74,215.
Denver, Colorado
Denver.

Median household income in 2018: $71,953

Median price of homes currently listed: $425,000

The living wage in Connecticut is $90,278.
New London, Connecticut
New London, Connecticut.

Median household income in 2018: $76,348

Median price of homes currently listed: $312,900

The living wage in Delaware is $71,254.
South Bethany, Delaware
South Bethany Beach, Delaware.

Median household income in 2018: $64,805

Median price of homes currently listed: $299,990

The living wage in Florida is $67,614.
orlando florida
Orlando, Florida.

Median household income in 2018: $55,462

Median price of homes currently listed: $298,900

The living wage in Georgia is $62,074.
savannah georgia
Savannah, Georgia.

Median household income in 2018: $58,756

Median price of homes currently listed: $260,000

The living wage in Hawaii is $136,437.
Kailua, Oahu, Hawaii
Oahu, Hawaii.

Median household income in 2018: $80,212

Median price of homes currently listed: $639,000

The living wage in Idaho is $66,486.
hailey idaho
Hailey, Idaho.

Median household income in 2018: $55,583

Median price of homes currently listed: $334,115

The living wage in Illinois is $66,847.
chicago illinois
Chicago.

Median household income in 2018: $65,030

Median price of homes currently listed: $229,000

The living wage in Indiana is $62,086.
Fort Wayne Indiana
Fort Wayne, Indiana.

Median household income in 2018: $55,746

Median price of homes currently listed: $186,870

The living wage in Iowa is $63,397.
des moines
Des Moines, Iowa.

Median household income in 2018: $59,955

Median price of homes currently listed: $174,900

The living wage in Kansas is $62,090.
Wichita Kansas
Wichita, Kansas.

Median household income in 2018: $58,218

Median price of homes currently listed: $184,900

The living wage in Kentucky is $63,086.
louisville kentucky
Louisville, Kentucky.

Median household income in 2018: $50,247

Median price of homes currently listed: $194,500

The living wage in Louisiana is $63,842.
new orleans
New Orleans.

Median household income in 2018: $58,218

Median price of homes currently listed: $212,790

The living wage in Maine is $80,336.
portland maine
Portland, Maine.

Median household income in 2018: $55,602

Median price of homes currently listed: $249,000 

The living wage in Maryland is $92,227.
baltimore maryland
Baltimore.

Median household income in 2018: $83,242

Median price of homes currently listed: $320,000

The living wage in Massachusetts is $93,895.
Boston
Boston.

Median household income in 2018: $79,835

Median price of homes currently listed: $469,000

The living wage in Michigan is $67,712.
Grand Rapids, Michigan
Grand Rapids, Michigan.

Median household income in 2018: $56,697

Median price of homes currently listed: $179,900 

The living wage in Minnesota is $68,944.
Minneapolis
Minneapolis.

Median household income in 2018: $70,315

Median price of homes currently listed: $270,000

The living wage in Mississippi is $58,321.
Jackson Mississippi
Jackson, Mississippi.

Median household income in 2018: $44,717

Median price of homes currently listed: $189,000

The living wage in Missouri is $60,858.
st. louis missouri
St. Louis.

Median household income in 2018: $54,478

Median price of homes currently listed: $189,000

The living wage in Montana is $70,719.
missoula montana
Missoula, Montana.

Median household income in 2018: $55,328

Median price of homes currently listed: $324,500

The living wage in Nebraska is $65,162.
Lincoln Nebraska
Lincoln, Nebraska.

Median household income in 2018: $59,566

Median price of homes currently listed: $200,000

The living wage in Nevada is $75,902.
reno, nevada
Reno, Nevada.

Median household income in 2018: $58,646

Median price of homes currently listed: $320,922

The living wage in New Hampshire is $74,415.
New Hampshire
Concord, New Hampshire.

Median household income in 2018: $74,991

Median price of homes currently listed: $309,000

The living wage in New Jersey is $86,244.
jersey city new jersey
Jersey City, New Jersey.

Median household income in 2018: $81,740

Median price of homes currently listed: $340,000

The living wage in New Mexico is $63,629.
albuquerque new mexico
Albuquerque, New Mexico.

Median household income in 2018: $47,169

Median price of homes currently listed: $235,000

The living wage in New York is $95,724.
new york
New York City.

Median household income in 2018: $67,844

Median price of homes currently listed: $419,000

The living wage in North Carolina is $64,406.
Charlotte, North Carolina
Charlotte, North Carolina.

Median household income in 2018: $53,855

Median price of homes currently listed: $275,000 

The living wage in North Dakota is $69,085.
Fargo North Dakota
Fargo, North Dakota.

Median household income in 2018: $63,837

Median price of homes currently listed: $215,000 

The living wage in Ohio is $63,204.
columbus ohio
Columbus, Ohio.

Median household income in 2018: $56,111

Median price of homes currently listed: $169,900 

The living wage in Oklahoma is $60,318.
Tulsa

Median household income in 2018: $51,924

Median price of homes currently listed: $195,000

The living wage in Oregon is $93,285.
Eugene Oregon A Airbnb 20 for 2020
Eugene, Oregon.

Median household income in 2018: $63,426

Median price of homes currently listed: $379,000

The living wage in Pennsylvania is $68,581.
Philadelphia
Philadelphia.

Median household income in 2018: $60,905

Median price of homes currently listed: $212,900

The living wage in Rhode Island is $83,942.
Providence, Rhode Island
Providence, Rhode Island.

Median household income in 2018: $64,340

Median price of homes currently listed: $319,000

The living wage in South Carolina is $65,953.
South Carolina
Charleston, South Carolina.

Median household income in 2018: $52,306

Median price of homes currently listed: $247,900

The living wage in South Dakota is $67,657.
Yankton, South Dakota
Yankton, South Dakota.

Median household income in 2018: $56,274

Median price of homes currently listed: $224,900

The living wage in Tennessee is $60,682.
chattanooga tennessee
Chattanooga, Tennessee.

Median household income in 2018: $52,375

Median price of homes currently listed: $257,500

The living wage in Texas is $63,469.
Austin, Texas
Austin, Texas.

Median household income in 2018: $60,629

Median price of homes currently listed: $274,900

The living wage in Utah is $67,807.
Salt Lake City, Utah
Salt Lake City.

Median household income in 2018: $71,414

Median price of homes currently listed: $372,900 

The living wage in Vermont is $83,878.
Charlotte, Vermont
Charlotte, Vermont.

Median household income in 2018: $60,782

Median price of homes currently listed: $269,000

The living wage in Virginia is $69,886.
Norfolk, Virginia
Norfolk, Virginia.

Median household income in 2018: $72,577

Median price of homes currently listed: $300,000

The living wage in Washington is $77,207.
seattle washington
Seattle.

Median household income in 2018: $74,073

Median price of homes currently listed: $415,000

The living wage in West Virginia is $62,635.
Charleston, West Virginia
Charleston, West Virginia.

Median household income in 2018: $44,097

Median price of homes currently listed: $163,000

The living wage in Wisconsin is $67,667.
Milwaukee Skyline in Milwaukee, Wisconsin
Milwaukee.

Median household income in 2018: $60,773

Median price of homes currently listed: $213,900 

The living wage in Wyoming is $61,788.
Jackson Hole
Jackson Hole, Wyoming.

Median household income in 2018: $61,584

Median price of homes currently listed: $260,000

Read the original article on Business Insider

How much money you need to make to live comfortably in every state in America

new york
The annual income needed to live comfortably in New York is $95,724.

Living paycheck to paycheck is an unfortunately common hallmark of American life. And that's more evident than ever now, amid the coronavirus pandemic.

Many are reconsidering their living situations as the US faces a recession: Earlier this year, over 51 million people filed for unemployment in just a 17-week period. For context, the Great Recession eliminated 37 million jobs over 18 months.

Having it all - the ability to cover basic expenses, while still having "fun money" and contributing to savings - currently seems like an impossible feat.

That total amount, also known as the minimum annual "living wage," varies significantly depending on what state you're in.

In September, GoBankingRates determined the necessary living wage in each state using data from the Bureau of Labor Statistics and the 50/30/20 budgeting rule. This popular general budgeting rule allocates 50% of annual income to necessities like housing, 30% to discretionary expenses like travel, and the remaining 20% to savings.

The median necessary living wage across the entire US is $67,690. The state with the lowest annual living wage is Mississippi, with $58,321. The state with the highest living wage is Hawaii, with $136,437. Other expensive states (unsurprisingly) included New York and California, which have notoriously high costs of living and expensive housing markets.

Keep reading to see the annual wage necessary for living comfortably in every US state, listed in alphabetical order by state name. Also included is the actual median household income in each state, according to 2018 data from the US Census Bureau and the median price of homes listed for sale in each state from Zillow.

The living wage in Alabama is $60,016.
Huntsville, Alabama
Huntsville, Alabama.

Median household income in 2018: $61,584

Median price of homes currently listed: $220,000

The living wage in Alaska is $91,996.
Anchorage, Alaska
Anchorage, Alaska.

Median household income in 2018: $74,346

Median price of homes currently listed: $284,900

The living wage in Arizona is $68,504.
Phoenix Arizona
Phoenix.

Median household income in 2018: $59,246

Median price of homes currently listed: $299,000

The living wage in Arkansas is $59,641.
little rock arkansas
Little Rock, Arkansas.

Median household income in 2018: $47,062

Median price of homes currently listed: $176,000 

The living wage in California is $99,971.
Los Angeles California
Los Angeles.

Median household income in 2018: $75,277

Median price of homes currently listed: $535,000

The living wage in Colorado in $74,215.
Denver, Colorado
Denver.

Median household income in 2018: $71,953

Median price of homes currently listed: $425,000

The living wage in Connecticut is $90,278.
New London, Connecticut
New London, Connecticut.

Median household income in 2018: $76,348

Median price of homes currently listed: $312,900

The living wage in Delaware is $71,254.
South Bethany, Delaware
South Bethany Beach, Delaware.

Median household income in 2018: $64,805

Median price of homes currently listed: $299,990

The living wage in Florida is $67,614.
orlando florida
Orlando, Florida.

Median household income in 2018: $55,462

Median price of homes currently listed: $298,900

The living wage in Georgia is $62,074.
savannah georgia
Savannah, Georgia.

Median household income in 2018: $58,756

Median price of homes currently listed: $260,000

The living wage in Hawaii is $136,437.
Kailua, Oahu, Hawaii
Oahu, Hawaii.

Median household income in 2018: $80,212

Median price of homes currently listed: $639,000

The living wage in Idaho is $66,486.
hailey idaho
Hailey, Idaho.

Median household income in 2018: $55,583

Median price of homes currently listed: $334,115

The living wage in Illinois is $66,847.
chicago illinois
Chicago.

Median household income in 2018: $65,030

Median price of homes currently listed: $229,000

The living wage in Indiana is $62,086.
Fort Wayne Indiana
Fort Wayne, Indiana.

Median household income in 2018: $55,746

Median price of homes currently listed: $186,870

The living wage in Iowa is $63,397.
des moines
Des Moines, Iowa.

Median household income in 2018: $59,955

Median price of homes currently listed: $174,900

The living wage in Kansas is $62,090.
Wichita Kansas
Wichita, Kansas.

Median household income in 2018: $58,218

Median price of homes currently listed: $184,900

The living wage in Kentucky is $63,086.
louisville kentucky
Louisville, Kentucky.

Median household income in 2018: $50,247

Median price of homes currently listed: $194,500

The living wage in Louisiana is $63,842.
new orleans
New Orleans.

Median household income in 2018: $58,218

Median price of homes currently listed: $212,790

The living wage in Maine is $80,336.
portland maine
Portland, Maine.

Median household income in 2018: $55,602

Median price of homes currently listed: $249,000 

The living wage in Maryland is $92,227.
baltimore maryland
Baltimore.

Median household income in 2018: $83,242

Median price of homes currently listed: $320,000

The living wage in Massachusetts is $93,895.
Boston
Boston.

Median household income in 2018: $79,835

Median price of homes currently listed: $469,000

The living wage in Michigan is $67,712.
Grand Rapids, Michigan
Grand Rapids, Michigan.

Median household income in 2018: $56,697

Median price of homes currently listed: $179,900 

The living wage in Minnesota is $68,944.
Minneapolis
Minneapolis.

Median household income in 2018: $70,315

Median price of homes currently listed: $270,000

The living wage in Mississippi is $58,321.
Jackson Mississippi
Jackson, Mississippi.

Median household income in 2018: $44,717

Median price of homes currently listed: $189,000

The living wage in Missouri is $60,858.
st. louis missouri
St. Louis.

Median household income in 2018: $54,478

Median price of homes currently listed: $189,000

The living wage in Montana is $70,719.
missoula montana
Missoula, Montana.

Median household income in 2018: $55,328

Median price of homes currently listed: $324,500

The living wage in Nebraska is $65,162.
Lincoln Nebraska
Lincoln, Nebraska.

Median household income in 2018: $59,566

Median price of homes currently listed: $200,000

The living wage in Nevada is $75,902.
reno, nevada
Reno, Nevada.

Median household income in 2018: $58,646

Median price of homes currently listed: $320,922

The living wage in New Hampshire is $74,415.
New Hampshire
Concord, New Hampshire.

Median household income in 2018: $74,991

Median price of homes currently listed: $309,000

The living wage in New Jersey is $86,244.
jersey city new jersey
Jersey City, New Jersey.

Median household income in 2018: $81,740

Median price of homes currently listed: $340,000

The living wage in New Mexico is $63,629.
albuquerque new mexico
Albuquerque, New Mexico.

Median household income in 2018: $47,169

Median price of homes currently listed: $235,000

The living wage in New York is $95,724.
new york
New York City.

Median household income in 2018: $67,844

Median price of homes currently listed: $419,000

The living wage in North Carolina is $64,406.
Charlotte, North Carolina
Charlotte, North Carolina.

Median household income in 2018: $53,855

Median price of homes currently listed: $275,000 

The living wage in North Dakota is $69,085.
Fargo North Dakota
Fargo, North Dakota.

Median household income in 2018: $63,837

Median price of homes currently listed: $215,000 

The living wage in Ohio is $63,204.
columbus ohio
Columbus, Ohio.

Median household income in 2018: $56,111

Median price of homes currently listed: $169,900 

The living wage in Oklahoma is $60,318.
Tulsa

Median household income in 2018: $51,924

Median price of homes currently listed: $195,000

The living wage in Oregon is $93,285.
Eugene Oregon A Airbnb 20 for 2020
Eugene, Oregon.

Median household income in 2018: $63,426

Median price of homes currently listed: $379,000

The living wage in Pennsylvania is $68,581.
Philadelphia
Philadelphia.

Median household income in 2018: $60,905

Median price of homes currently listed: $212,900

The living wage in Rhode Island is $83,942.
Providence, Rhode Island
Providence, Rhode Island.

Median household income in 2018: $64,340

Median price of homes currently listed: $319,000

The living wage in South Carolina is $65,953.
South Carolina
Charleston, South Carolina.

Median household income in 2018: $52,306

Median price of homes currently listed: $247,900

The living wage in South Dakota is $67,657.
Yankton, South Dakota
Yankton, South Dakota.

Median household income in 2018: $56,274

Median price of homes currently listed: $224,900

The living wage in Tennessee is $60,682.
chattanooga tennessee
Chattanooga, Tennessee.

Median household income in 2018: $52,375

Median price of homes currently listed: $257,500

The living wage in Texas is $63,469.
Austin, Texas
Austin, Texas.

Median household income in 2018: $60,629

Median price of homes currently listed: $274,900

The living wage in Utah is $67,807.
Salt Lake City, Utah
Salt Lake City.

Median household income in 2018: $71,414

Median price of homes currently listed: $372,900 

The living wage in Vermont is $83,878.
Charlotte, Vermont
Charlotte, Vermont.

Median household income in 2018: $60,782

Median price of homes currently listed: $269,000

The living wage in Virginia is $69,886.
Norfolk, Virginia
Norfolk, Virginia.

Median household income in 2018: $72,577

Median price of homes currently listed: $300,000

The living wage in Washington is $77,207.
seattle washington
Seattle.

Median household income in 2018: $74,073

Median price of homes currently listed: $415,000

The living wage in West Virginia is $62,635.
Charleston, West Virginia
Charleston, West Virginia.

Median household income in 2018: $44,097

Median price of homes currently listed: $163,000

The living wage in Wisconsin is $67,667.
Milwaukee Skyline in Milwaukee, Wisconsin
Milwaukee.

Median household income in 2018: $60,773

Median price of homes currently listed: $213,900 

The living wage in Wyoming is $61,788.
Jackson Hole
Jackson Hole, Wyoming.

Median household income in 2018: $61,584

Median price of homes currently listed: $260,000

Read the original article on Business Insider

The great migration of 2020: People from New York and California moved in droves this year – here are the states that benefited from the mass exodus, from Idaho to Texas

idaho
Idaho's population increased by 2.1% over the past year - the highest increase in the country.
  • The US Census Bureau released data this week that showed the US population grew by just 0.35% between 2019 and 2020 — the smallest rate in the last 120 years.
  • Still, there were significant shifts. Idaho — plus other western and southern states — saw the country's largest increases in population, while New York and California recorded the largest decreases.
  • One expert, William Frey at the Brookings Institution, estimates that the official head count from the 2020 census will have political implications. California stands to lose a House of Representatives seat for the first time in its history, while the pandemic havens of Texas and Florida could gain three and two, respectively.
  • Visit Business Insider's homepage for more stories.

Between 2019, and 2020 the US population grew at the slowest rate in 120 years.

But a swath of western and southern states have beaten the odds by luring new residents, while coastal heavyweights like New York and California lost the most people during that time.

According to new data released this week by the US Census Bureau, the country's population grew by only 0.35% from July 2019 to July 2020, by just 1.1 million people.

It marked the "lowest annual growth rate since at least 1900," demographer William Frey, a fellow at the Brookings Institution's Metropolitan Policy Program, said in an analysis for the Washington, DC-based think tank.

States in the Northeast and Midwest saw slight declines in population, while the South and West saw slight upticks.

The increases, though, are significant because they reveal where Americans moved during the coronavirus pandemic - and they overwhelmingly flocked to less dense swaths in the middle of the country.

Idaho had the largest year-over-year increase. The state grew by 2.1% to a total of 1.8 million residents. Californians, in particular, have flocked to Idaho amid the COVID-19 crisis.

In search of more idyllic work-from-home locales, people have also been fleeing to Arizona, Nevada, Utah, and Texas, which followed Idaho in the list of states with the biggest population increases.

New York, on the other hand, saw the largest population decrease. Its population dipped 0.65%, or by about 126,000 residents. The state has notched population declines in several recent years, but 2020's drop was notably larger than before - most likely attributable to New York City being the epicenter of the coronavirus pandemic at its outset in March. The New Yorkers who fled likely left for neighboring states like New Jersey and Connecticut or for sunnier skies in Florida or California.

These shifts in population may have political implications.

The forthcoming official census data determines how many congressional seats each state gets based on population, according to Frey, so New York's dip, however slight, signals that it could lose a congressional seat

Frey's analysis also found that California stands to lose a House seat for the first time in the state's history. Other states that could lose one seat include Alabama, Illinois, Michigan, Minnesota, Ohio, Pennsylvania, Rhode Island, and West Virginia.

Meanwhile, two states welcoming new residents in droves amid the coronavirus pandemic could gain seats. Texas, where everyone seems to be moving - even Elon Musk - could gain three seats. Florida, which is emerging as a growing financial hub and even a "new Wall Street," could gain two. Arizona, Colorado, Montana, North Carolina, and Oregon may also gain a seat each, according to Frey.

The data released by the US Census Bureau and analyzed by Frey represents population estimates made independently of the 2020 census. While it's not a final head count, it does provide a sneak preview at what census numbers could look like.

Frey also noted that national population growth has been dipping for years - mostly due to economic crises following the 2008 financial crisis and recession coupled with immigration restrictions. This year, he wrote, the decline was compounded by the coronavirus pandemic. 

"I think it's a first glimpse of where we may be heading as far as low population growth," Frey told the Associated Press of the data. 

Read the original article on Business Insider

The great migration of 2020: People from New York and California moved in droves this year – here are the states that benefited from the mass exodus, from Idaho to Texas

idaho
Idaho's population increased by 2.1% over the past year - the highest increase in the country.
  • The US Census Bureau released data this week that showed the US population grew by just 0.35% between 2019 and 2020 — the smallest rate in the last 120 years.
  • Still, there were significant shifts. Idaho — plus other western and southern states — saw the country's largest increases in population, while New York and California recorded the largest decreases.
  • One expert, William Frey at the Brookings Institution, estimates that the official head count from the 2020 census will have political implications. California stands to lose a House of Representatives seat for the first time in its history, while the pandemic havens of Texas and Florida could gain three and two, respectively.
  • Visit Business Insider's homepage for more stories.

Between 2019, and 2020 the US population grew at the slowest rate in 120 years.

But a swath of western and southern states have beaten the odds by luring new residents, while coastal heavyweights like New York and California lost the most people during that time.

According to new data released this week by the US Census Bureau, the country's population grew by only 0.35% from July 2019 to July 2020, by just 1.1 million people.

It marked the "lowest annual growth rate since at least 1900," demographer William Frey, a fellow at the Brookings Institution's Metropolitan Policy Program, said in an analysis for the Washington, DC-based think tank.

States in the Northeast and Midwest saw slight declines in population, while the South and West saw slight upticks.

The increases, though, are significant because they reveal where Americans moved during the coronavirus pandemic - and they overwhelmingly flocked to less dense swaths in the middle of the country.

Idaho had the largest year-over-year increase. The state grew by 2.1% to a total of 1.8 million residents. Californians, in particular, have flocked to Idaho amid the COVID-19 crisis.

In search of more idyllic work-from-home locales, people have also been fleeing to Arizona, Nevada, Utah, and Texas, which followed Idaho in the list of states with the biggest population increases.

New York, on the other hand, saw the largest population decrease. Its population dipped 0.65%, or by about 126,000 residents. The state has notched population declines in several recent years, but 2020's drop was notably larger than before - most likely attributable to New York City being the epicenter of the coronavirus pandemic at its outset in March. The New Yorkers who fled likely left for neighboring states like New Jersey and Connecticut or for sunnier skies in Florida or California.

These shifts in population may have political implications.

The forthcoming official census data determines how many congressional seats each state gets based on population, according to Frey, so New York's dip, however slight, signals that it could lose a congressional seat

Frey's analysis also found that California stands to lose a House seat for the first time in the state's history. Other states that could lose one seat include Alabama, Illinois, Michigan, Minnesota, Ohio, Pennsylvania, Rhode Island, and West Virginia.

Meanwhile, two states welcoming new residents in droves amid the coronavirus pandemic could gain seats. Texas, where everyone seems to be moving - even Elon Musk - could gain three seats. Florida, which is emerging as a growing financial hub and even a "new Wall Street," could gain two. Arizona, Colorado, Montana, North Carolina, and Oregon may also gain a seat each, according to Frey.

The data released by the US Census Bureau and analyzed by Frey represents population estimates made independently of the 2020 census. While it's not a final head count, it does provide a sneak preview at what census numbers could look like.

Frey also noted that national population growth has been dipping for years - mostly due to economic crises following the 2008 financial crisis and recession coupled with immigration restrictions. This year, he wrote, the decline was compounded by the coronavirus pandemic. 

"I think it's a first glimpse of where we may be heading as far as low population growth," Frey told the Associated Press of the data. 

Read the original article on Business Insider

14 million Americans are about to lose unemployment benefits if Trump holds stimulus talks up

President Donald Trump
President Donald Trump
  • President Donald Trump is slowing momentum on stimulus. The delay could result in millions — up to 14 — of Americans losing unemployment benefits the day after Christmas.
  • In a Tuesday night video, the lame-duck president slammed the $900 billion relief package passed by Congress. Trump called the package a "disgrace" and asked that Congress amend the bill to increase $600 stimulus checks to $2,000. It is unclear if Trump would veto an unamended stimulus package.
  • The stall could further devastate the finances of millions of jobless Americans. 
  • Per a new data release from the Dept. of Labor, the week ending in December 5 saw 9.3 million self-employed and gig workers relying on the Pandemic Unemployment Assistance Program and 4.8 million people relying on the Pandemic Emergency Unemployment Compensation program.
  • Both pandemic-related programs are slated to end on December 26.
  • Those Americans may not get another chance at a monetary lifeline until the January 20 inauguration.
  • "President Trump's apparent refusal to immediately sign the $900 billion dollar stimulus legislation has injected uncertainty or worse into the effort to protect millions of Americans from falling over a financial cliff," Mark Hamrick, senior economist at the consumer finances firm Bankrate told Business Insider in a statement.
  • "The stimulus package was imperfect, very late, but better late than never and far better than nothing," Hamrick continued. "It would make the difference between an economy that could contract in the first quarter versus remaining above water."
  • The expirations are another lump of coal in the K-shaped Christmas, where Americans at the top of the economy are saving up and those at the bottom are falling more. 
  • Visit Business Insider's homepage for more stories.
Read the original article on Business Insider

President-elect Joe Biden just turned 78. Here’s how he went from ‘Middle-Class Joe’ to millionaire.

joe biden
The president-elect, former Vice President Joe Biden.

President-elect Joe Biden is turning 78 years old on Friday, November 20. While he will be the oldest person to take office, he will not be the richest.

He and his wife, Jill, have a net worth of $9 million, according to a Forbes estimate. They came into their wealth recently  — Biden has touted himself as "Middle-Class Joe" for decades.

The couple's fortune is mostly tied to public speaking engagements and book royalties, according to tax returns and financial disclosures released by the Biden campaign and published on the campaign's website.

A spokesperson for Biden didn't respond to a request for comment from Business Insider on Biden's net worth or personal life.

Keep reading for a look at Biden's wealth, assets, real estate, and lifestyle.

Former Vice President Joe Biden was projected to win the 2020 presidential election as of November 9, defeating President Donald Trump.
BIDEN TRUMP
Trump and Biden during a presidential debate.

Biden surpassed the 270 electoral votes necessary to win the White House by flipping the battleground state of Pennsylvania on the morning of November 9, according to Decision Desk HQ.

Biden led Trump in national polling for months. His win came after two full days of ballot counting, largely due to the surge of mail-in voting amid the coronavirus pandemic.

The 2020 race marked the third presidential race Biden has entered — but the first as a millionaire.
FILE - In this Dec. 2, 2019, file photo, Democratic presidential candidate former Vice President Joe Biden arrives at a stop on his bus tour, in Emmetsburg, Iowa. Joe Biden’s presidential bid got a boost Monday from one of the leading Latinos in Congress, with the chairman of the Hispanic Caucus' political arm endorsing the former vice president as Democrats’ best hope to defeat President Donald Trump. (AP Photo/Charlie Neibergall, File)
Democratic presidential candidate former Vice President Joe Biden arrives at a stop on his bus tour, in Emmetsburg, Iowa on December 2, 2019.

Biden's political career took off in 1972, when he was elected to the US Senate. He unseated Republican J. Caleb Boggs to become the fifth-youngest senator in history. He then continued to serve as a Delaware senator for over 30 years.

Biden has famously touted himself as the poorest member of the Senate and referred to himself as "Middle-Class Joe."

In 2008, he was the running mate for Democratic Presidential Candidate Barack Obama. From 2009 to 2017, he served as Vice President of the United States with Obama as president.

Prior to the 2020 election cycle, Biden had run for president twice: first in 1988, and again in 2008. The first run ended in a plagiarism scandal; the second time around, he withdrew from the race after the Iowa caucus

Forbes estimates that as of July 2019, Biden and his wife, Jill, are collectively worth $9 million. Some of that comes from his senatorial salary.
Joe and Jill Biden
Democratic presidential candidate, former Vice President Joe Biden accompanied by his wife Jill waves during a campaign rally at Eakins Oval in Philadelphia, Saturday, May 18, 2019.

Since 1998, the first year Biden released his tax returns, the majority of the Bidens' income was attributed to his Senate salary and her community college professor's salary, according to Forbes.

Biden's salary in 2009, his last year in the Senate, was $169,000. The vice presidency came with a 30% raise; he earned an average of $225,000 per year and served as vice president from 2009 to 2017. Forbes also reported that the pair received roughly half a million dollars in pensions and social security benefits over the course of those eight years.

But the majority of the Bidens' wealth was built after he left office. 

The couple has made more than $15 million from book royalties.
Joe Biden Promise me Dad cover

Joe Biden has written two books over the past 11 years:

And then there's the money Biden has made off of promoting his 2017 bestseller, "Promise Me, Dad." According to Biden's recent financial disclosures, he was paid anywhere from $8,000 to $90,000 per single book-tour stop.

The book tour resulted in $1.8 million, according to Forbes. Public speaking engagements also contributed $2.4 million to the couple's net worth — and Jill's speaking fees tacked $700,000 on to that. CNBC reported that Biden took in as much as $190,000 in March 2018 for one lecture at Drew University in New Jersey.

In total, the couple earned more than $15 million, according to tax filings, from book royalties and speaking events and professor of practice fees provided by the University of Pennsylvania starting in 2017.

The Bidens have endured a number of personal tragedies.
Beau Biden and Joe Biden
Biden with his late son Beau Biden acknowledge the audience at the 2008 Democratic National Convention in Denver, Colorado, August 27, 2008.

A month after Biden's election to the US Senate in 1972, his wife Neilia and 1-year-old daughter Naomi were killed in a car accident. The couple's two sons, Beau and Robert, were also in the car, but survived.

Biden went on to marry Jill Jacobs in 1977. The pair had a daughter, Ashley, in 1981.

Biden underwent brain surgery for two potentially deadly aneurysms in 1988 but was back to work within seven months. During his second term as vice president, 27 years later, his 46-year-old son Beau died of brain cancer.

The death of his 46-year-old son Beau played a prominent role in Biden's decision to sit out the 2016 presidential election.
Democratic presidential candidate former Vice President Joe Biden speaks during a town hall meeting, Friday, Nov. 22, 2019, in Winterset, Iowa. (AP Photo/Charlie Neibergall)
Democratic presidential candidate former Vice President Joe Biden speaks during a town hall meeting, Friday, Nov. 22, 2019, in Winterset, Iowa.

Although many believed Biden would have fared better than Hillary Clinton, Biden opted to steer clear of the 2016 presidential race to grieve. His grief was later widely addressed by the aforementioned memoir, "Promise Me, Dad."

In January, Politico's Michael Kruse described empathy stemming from personal tragedy as the quality that makes Biden electable: "There is no person in American politics today whose life has been so shaped by loss and grief," he wrote, noting that Biden's personal history gives him the unique opportunity to immediately connect with those who have experienced loss themselves.

The family's primary residence is in Delaware.
Barack Obama Joe Biden Michelle Obama Jill Biden
Jill and Joe Biden after Barack Obama's acceptance speech in November 2018.

The Washington Post reported that the Bidens' primary residence is a home the family built over 20 years ago in Wilmington, Delaware.

The lakeside property is said to be nearly 7,000 square feet.  They bought to property for $350,000 in 1997, but today the home is likely worth at least $2 million, Stephen Mottola of Long & Foster Real Estate told The Wall Street Journal.

The family also purchased a $2.7 million Delaware beach home in 2017.
Rehoboth Beach, Delaware
A stretch of waterfront property on Rehoboth Beach, Delaware. The Bidens home is not pictured.

The waterfront property is 4,800 square feet.

The Bidens also recently rented a lavish mansion in McLean, Virginia, according to the Washington Post.
FILE PHOTO: Democratic 2020 U.S. presidential candidate and former U.S. Vice President Joe Biden speaks during a town hall meeting, during his "No Malarkey!" campaign bus tour at Iowa State University in Ames, Iowa, U.S., December 4, 2019.  REUTERS/Shannon Stapleton
Democratic 2020 U.S. presidential candidate and former U.S. Vice President Joe Biden speaks during a town hall meeting at Iowa State University in Ames, Iowa.

They started renting it in 2017 after vacating the vice presidency. The rental price for the sprawling 12,000-square-foot residence with marble finishes, a gym, sauna, and enough parking for 20 cars was referred to as "substantial" by Biden's campaign in June 2019.

The Washington Post determined that the monthly rent for the home hovered around $20,000, according to Zillow.

The family's recent real-estate activity can be attributed to lucrative book royalties and speaking engagements.
Joe Biden
Joe Biden

Biden also holds a position at the University of Pennsylvania that carries an annual salary of  roughly $400,000 as a professor and the namesake of The Biden Center for Diplomacy and Global Engagement.

All in all, the couple reported earning $11 million immediately after leaving the White House in 2017, $4.5 million in 2018, and roughly $1 million in 2019 before Biden officially declared his candidacy, according to Forbes.

Even with his multimillionaire status, Biden was not the richest Democratic presidential candidate at the start of the race.
bernie sanders joe biden elizabeth warren

Sen. Elizabeth Warren has a similar income strategy to Biden. She, along with her husband, is worth an estimated $12 million. In addition to book royalties, Warren's wealth is largely tied to retirement accounts and real estate.

The richest of the former Democrat candidate hopefuls (by a wide margin) were former hedge-fund manager Tom Steyer, who Forbes estimates is worth $1.4 billion, and former New York City Mayor Mike Bloomberg, who Forbes estimates is worth $54.9 billion.

Read the original article on Business Insider

The racial wealth gap in real estate is growing. Here are 3 ways housing has been harder for Black Americans in 2020.

housing keys real estate
Black Americans pay higher mortgage interest rates on lower-value homes than white Americans, new studies find.
  • The racial wealth gap in real estate between Black and white Americans seems to be worsening, according to two new studies and a recently filed lawsuit.
  • On average, Black families pay over $60,000 more in lifetime homeownership costs than white families, according to MIT researchers.
  • Meanwhile, their homes don't receive valuations as high as white homeowners' properties do, per an Oxford University Press report. 
  • The challenges Black Americans face in the real estate market are underscored by a recent lawsuit against Redfin that claims the popular brokerage's pricing policies discriminate against minority sellers and buyers.
  • Visit Business Insider's homepage for more stories.

The coronavirus pandemic ushered in record-low mortgage interest rates that sparked a buying frenzy and sent the US barreling toward a housing shortage.

And while it could seem like everyone is buying a house in 2020, real estate purchases have proven to be more difficult for one demographic in particular: Black Americans.

The national homeownership rate for Black families is 44%, while it is 73.7% for white families. The difference is significant, especially when considering that home ownership is a major form of household wealth accumulation in the US, in addition to stocks and high wages.

Black families, as Business Insider's  Joseph Zeballos-Roig and Madison Hoff reported, "lack easy access to these levers of prosperity, and it's a hurdle to building wealth over generations."

The racial wealth gap in real estate has a long and insidious history, as the practice of "redlining" was a major factor in the white middle class building home equity during the 20th century — while the Black middle class largely missed out. 

And the gap just keeps growing, based off reports and lawsuits using data from the present day that show Black homeowners pay more, get lower appraisals, and may still be facing discrimination in the real-estate market. 

Black homeowners pay higher costs

An October study from the Massachusetts Institute of Technology found that, on average, Black Americans pay out more while they are homeowners than white Americans do.

The study found that Black Americans pay $743 more per year in mortgage interest payments, $550 more in mortgage insurance premiums, and $390 more in property taxes. The researchers calculated that Black families will spend $13,464 more than white families over the life of a home loan, which they estimated ultimately amounts to $67,320 in "lost retirement savings for Black homeowners."

MIT's Edward L. Golding, Michelle Aronowitz, and Jung Hyun Choi labeled it "the Black tax."

"The average Black family has about $130,000 less in savings at the time of retirement than the average white family," Golding, who is also the executive director of the MIT Golub Center for Finance and Policy, told Bloomberg. "About half of that disparity can be directly attributed to the higher cost that they're paying on homeownership."

The difference is more than enough to keep minorities priced out of the housing market, which, to compound matters for Black Americans seeking to buy, has only gotten more expensive throughout the pandemic year of 2020.

Black-owned homes are appraised at lower values

Even today, the racial makeup of a neighborhood can dictate its homes' value.

In 2015, the difference between the average home value in a predominantly white neighborhood and a predominantly Black neighborhood was $164,000, according to a September Oxford University Press study. In 1980, it was $86,000. 

The researchers said this widening gap could be attributed to appraisers using the "sales comparison approach" to valuing homes. This strategy, based off previously sold properties nearby, can result in appraisers valuing homes based on pricing that was determined prior to the implementation and enforcement of fair housing laws in the 1960s and 1970s. By using neighboring properties as benchmarks — whose prices may have been depressed for decades — appraisers today "literally baked into the system the racialized element and continued it," said Junia Howell, one of the authors on the study.

The National Association of Realtors' director of fair housing policy, Bryan Green, told CNBC that even when appraisers try to stay unbiased, they still use "market conditions" to estimate home values. But those very conditions may well have been shaped by the pervasive practice of lower prices in minority neighborhoods.

"If race is baked into market conditions, everyone can disavow blame for a big problem," Green said. "Everyone can say they are innocent, but there remains a big systematic problem."

The study noted that minority communities have built less wealth than white communities over the last 50 years as a direct result of the disparity in home appraisals.

A lawsuit alleges Redfin discriminates against Black home sellers

On top of paying more to own homes and having their homes valued at a lower prices, Black Americans could also struggle with discriminatory real estate practices.

On October 29, the National Fair Housing Alliance (NFHA) filed a lawsuit against Redfin, the popular real estate brokerage. The lawsuit alleges that the company "discriminates against sellers and buyers of homes in communities of color in many metropolitan areas."

The lawsuit hinges on Redfin's minimum home price policy, which requires that properties be listed at a specific minimum price that varies from market to market. Certain services, like agent assistance and virtual tours, are only available for listings above that minimum.

Listings in Chicago, for example, have to exceed a $400,000 listing minimum for sellers and realtors to receive those supplemental services. The city's population is 30.1 percent Black, according to census data. Meanwhile, listings in the next county over, DuPage County — which census statistics record as 5.6% Black — have a $275,000 listing minimum, according to the Washington Post. The difference in the minimum prices effectively "restricted access to services and financial incentives for sellers and buyers of homes in predominantly non-white areas."

In addition to Chicago, the NFHA's two-year investigation found that "Redfin offers no services in non-white ZIP codes at a disproportionately higher rate than in white ZIP codes" in and around Baltimore, Detroit, Kansas City, Memphis, Milwaukee, Philadelphia, Long Island, and Newark. The lawsuit's plaintiffs called the practice a form of "digital redlining," referencing the 1930s housing practice of what the Dept. of Housing and Urban Development (HUD) describes as "denying credit to residents of predominantly minority neighborhoods."

"Redfin's policies redline communities of color and will further exacerbate the racial wealth and homeownership gaps," the president of the NFHA, Lisa Rice, said in a statement. "We must ensure that all neighborhoods are treated fairly and have access to the full range of services provided by real estate companies."

Redfin CEO Glenn Kelman posted a statement on the company's website in response to the lawsuit saying the company abides by the federal laws of the Fair Housing Act. "The challenge," he wrote, "is that we don't know how to sell the lowest-priced homes while paying our agents and other staff a living wage, with health insurance and other benefits."

Some changes could be on the horizon. Kelman pledged to "expand into lower-priced communities ... faster," while the National Association of Realtors just said it is considering requiring diversity, equity, and inclusion and fair housing components into their strategic plans and leadership trainings. 

Experts like Green and Golding, however, say that sizable change will only come with new, equitable policies or further regulation at the local, state, and federal levels.

Read the original article on Business Insider