Love, Money + Real Estate #011
Pay Equity for Women, Hot Reads, and Tiny Houses
It’s nice to be back. The stock market just ended its best week in awhile. We’re still down for the year in the major markets, but if you look back a year, the numbers look a little better. Perspective helps.
Pay Equity for International Women’s Day
I meant to send out this newsletter earlier in the week. Best laid plans. Still, we should be celebrating women wherever we can, so consider this:
72% of workers earning six figures are men
78% of all workers earning $200,000+ are men
It’s worse in Utah: 85% of people earning six figures are men
It’s also not great in Wyoming (83% are men), North Dakota (82%), Idaho (81%) and Louisiana (80%)
Washington, D.C. is more balanced: 57% of those earning at least six figures are men.
Not great. But there is some good news. Younger Millennials and Gen-Z are narrowing the wage gap. They want to work for companies where pay equity, social justice and transparency are the name of the game. I’ve never seen people more willing to share information about how much they make than those in their early 20s. It bodes well for the future of work.
Source: Magnify Money/Lending Tree
Real Estate (and Other) News You Can Use
Now that Covid restrictions are being rolled back, Gen-Zs are moving out of their parents’ homes and into rental apartments in urban areas. According to Rent Cafe, Zoomers are becoming a noticeable presence in large cities with a population of over 1 million.
Redfin reports that 8% of U.S. homes are worth at least $1 million. That’s double the pre-pandemic share. The biggest jump was in Anaheim, Ca, where 55% of homes are worth at least $1 million (up from 27% ).
And so far this year, 6,000 homes sold for $100,000+ above list price. Are we going to see a whole generation of home sellers feeling inadequate about selling for list price only?
Between 2010 and 2020, nearly 1 million middle-income Americans became homeowners. Their net worth soared a collective $2.1 trillion.
Nearly 40% of future car buyers plan to visit at least 3 dealerships before selecting a car. Perhaps that’s because most dealerships are way short on inventory.
Morningstar says employees have less than 1% exposure to Russian securities in their 401(k) at the end of last year. Good thing, since Russian markets have been closed and the Ruble has collapsed.
And while we’re on the subject, Russians accounted for less than 1% of foreigners purchasing homes in the U.S., according to the National Association of Realtors. Where are they buying? Florida (29%), Georgia (16%), New York (13%), California (8%), and Illinois (5%). Slightly more than half bought with cash.
The latest from ThinkGlink.com, LawProblems.com and BestMoneyMoves.com
I got a very sad letter a few weeks ago from a reader who has no heirs. He has distant cousins, but isn’t close to them. He asked: What can I do if I have no heirs?
And, this reader, a single mom on a tight budget, just got thrown out of her rental when a new investor bought it. She said, “I can’t afford my rent. What do I do?” Her situation speaks to the numbers mentioned above: it’s not just home buyers who are having trouble (particularly first-time buyers) but those who are trying to rent as well.
Other popular posts:
What is a good amount of condo reserves? I’m getting this question more often. Makes me think that condo buildings are raising their assessments.
And one mom’s worry: Should I give the farm away? While this reader wants to know if she should sell the farm or lease the land? (You’ll see a few other comments from our syndicated column mailbag as well.)
Should you buy a home in as is condition?
And for those of you struggling to keep your employees happy, here are 4 Family Friendly Benefits you may want to consider - and financial wellness is still the #1 concern. If we can help, let us know.
Books You Might Want To Check Out
From time to time, I’m going to share some of the titles I’m reading or have been sent by publishers. If you’d like to share your favorites, I’ll give ‘em a shout-out, too.
I’ve known Sheri Koones for a long time. She is a marvelous author and is incredibly on-trend when it comes to real estate. Her latest book, Bigger than Tiny, Smaller than Average, is a perfect example. Publisher’s Weekly (the bible of the book industry) called it a “captivating study of small houses.” (Her other books are great, too.) So, if you’re looking for a few smart ideas before building a new home or renovating your current digs, give it a whirl.
On a personal note
I took some time off last week to gain a little perspective of my own (and some much-needed Vitamin D). If you’re lucky enough to get a break this spring, I hope it makes you smile.
See you next week,