Latest news with #AmericanCommunitySurvey
USA Today
4 hours ago
- Business
- USA Today
Nashville sees surge in millionaire renters, report finds
As Nashville grows, so does the number of Music City millionaires. A recent report from RentCafe found Nashville's population of seven-figure earners is on the rise, and a growing number of them are renting their homes instead of owning. In the Nashville metro area, there are 928 households earning $1 million or more annually, according to the study, which analyzed IPUMS data that integrated U.S. Census and American Community Survey microdata.
Forbes
a day ago
- Business
- Forbes
Here Are The Richest Places In Oklahoma, Per The Latest Census Data
The two cities that by far the wealthiest are both located in the immediate suburbs of Oklahoma ... More City. getty You know what one of the best things about Oklahoma is? It has the lowest overall cost of living out of all 50 states (and D.C.), according to the Missouri Economic Research and Information Center's (MERIC) Cost of Living Data Series. Of course, this does not mean Oklahoma is free of any wealthy residents or wealthy towns. Recently, a series of data-based studies have been analyzing states, identifying their richest cities based on data from the Census Bureau's 2023 American Community Survey. This study analyzed 846 cities — what the Census Bureau designates as 'places' — in Oklahoma that had complete data from the Census Bureau, in terms of their median household income, mean (average) household income, median home value, and median property taxes paid per year, to come up with a list of the 15 richest cities in the state. Read on to find out what the richest city in Oklahoma is, plus the top 15 wealthiest cities in the state overall. In order to compile this list of the richest cities in Oklahoma, relevant financial data from the Census Bureau's 2023 American Community Survey was sourced. Wielding these datasets, this study put together a four-factor scoring system to help identify the wealthiest cities in Oklahoma: Median household income Mean (average) household income Median home value Median property taxes paid There are a few important conditions and provisos about what the Census Bureau does with its data. For a number of factors, the Census figures have upper limits, so there's no exact value for certain factors. For example, for median household income, the Census Bureau has an upper limit of '$250,000+'. For median home value, the upper limit is '$2,000,000+'. For median property taxes paid, the upper limit is '$10,000+'. For these reasons, the mean household income (which is the same as average household income) dataset is crucial because the Census Bureau has exact figures for it. All four of these metrics were scored, added up, and then ranked by the cities' combined scores. Another aspect of the Census to point out is the census-designated place — CDP. The Census, more or less, treats CDPs as cities — their terminology is 'place' — and so will this list of the richest cities in Oklahoma. But if you see cities on this list that you see as, say, neighborhoods, you're not wrong; they just happen to be treated as cities by the Census Bureau. You'll find a table detailing the top 15 richest cities in Oklahoma and their respective dollar figures for each metric, below: The No. 1 richest city in Oklahoma in this ranking is Lake Aluma, a small little square-shaped town northeast of Oklahoma City. This place has only 29 households in total. Like so many lakeside towns, this one is wealthy and has beautiful homes on the lakefront. This is the only town in Oklahoma where the median household income exceeded $250,000. The average household income is the second highest in the state, at $333,152. Just under 57% of households here earn a minimum of $200,000 per year. The median home value is north of $1 million, which is absurdly high for Oklahoma considering most of the wealthiest cities on this list don't have home values that exceed $500,000. Finally, the median property tax paid per household is $8,250. The No. 2 richest place in Oklahoma is Nichols Hills is an upscale residential and shopping area, northwest of downtown Oklahoma City. This suburb is much larger than Lake Aluma, containing 1,540 households. Not surprisingly for a wealthy town, Management Occupations account for 30.4% of the workforce, the largest share, according to Data USA. The top industries by employment are Health Care & Social Assistance (23.4% of the workforce), Professional, Scientific, & Technical Services (17.3% of the workforce), and Utilities (8.06% of the workforce). The median household income in Nichols Hills is $203,750. The average household income is substantially higher, at $344,808. The median home value too blows other cities' out of the water, at $855,300. And this town actually has higher property taxes than in the No. 1 richest city, the median paid being $9,281. The third richest place in Oklahoma is Cedar Valley, a small town of just 199 households. What's odd about this place is that it's composed of two rectangular areas of residents, connected by a line that runs along State Highway 33. And it seems to be the more western rectangular block that contains most of the wealth, including many newer and larger homes. The median home value reported by the Census Bureau is $322,000, but this figure is bound to far higher in the western quadrant. The median household income is $128,828, while the average household income is $146,169. Nearly two-thirds of households here earn $100,000 or more; and $100,000 goes far in a state where the median household income is $63,603.
San Francisco Chronicle
2 days ago
- Business
- San Francisco Chronicle
This California city has one of nation's worst home insurance trajectories, report finds
The cost of home insurance is rising at a much faster pace than the income of homeowners themselves, especially in Sacramento, according to new research from Zillow. Since 2019, insurance premiums across the United States have risen by an estimated 38% while homeowner income has risen just 22%, the research found. The top five metro areas with the highest premium growth were all located in hurricane-prone Florida with just one exception: Sacramento. The Census-designated Sacramento metro area stretches all the way east to Lake Tahoe, encompassing a large swath of Sierra Nevada foothill communities with high fire risk. Zillow's climate risk data, supplied by the First Street Foundation, suggests 46% of homes in the area are at major risk of wildfire. As a result, many insurers have stopped writing policies in the region as a whole, or are only offering them at a high price, according to Irene Sabourin, an independent broker based in Citrus Heights (Sacramento County). She said premiums have generally risen around 10% to 20% over the past year. The increased costs hit even before homeowners pay their first premium bill, Sabourin said. Many of her clients living in older homes can only secure coverage after going through costly upgrades to their electrical wiring, plumbing or roofs. If they can't, they'll likely end up on the California FAIR Plan, the state's insurer of last resort. That's been the path of many homeowners living in the foothills, such as Auburn and Placerville, Sabourin said. From September 2023 to September 2024, the number of Sacramento County residences and businesses insured by the FAIR Plan more than doubled from 464 to 1,124. In adjacent Placer County, there are 15,674 FAIR Plan policies — up 28% from last year. The FAIR Plan is often expensive and requires customers to seek out and pay for a second policy if they want protection against water damage, liability payments and other key types of coverage besides fire. In the analysis of 50 major metro areas, just two bucked the trend: Boston and Hartford, Conn., where insurance premiums have only risen modestly and have been outpaced by the rise in homeowner income. Premiums generally remain much higher in states like Florida and Louisiana than in California, even as California's rates climb. The report estimates the typical premium in Sacramento has risen $648 since 2019, while in Miami that figure is $1,478. As of 2022, the latest data available from the National Association of Insurance Commissioners, the average annual home insurance premium in California was $1,492 compared to $2,677 in Florida. Zillow's analysis relies on homeowners' self-reported insurance premiums from the American Community Survey from 2019 to 2023, according to senior economist Kara Ng. To extend the forecast to 2024 and 2025, Ng used the Bureau of Labor Statistics' price index for home insurance premiums, which is updated monthly. Generally, homeowners have higher incomes than renters and may be able to better weather the rise in costs, Ng said. But the data presents concerns that rising insurance prices could be driving away would-be first-time-homebuyers. In already-expensive California metro areas like San Francisco and Los Angeles, the data shows an increase in insurance costs would have a small impact on the number of listings Zillow defines as affordable for households with median incomes — ones where the monthly mortgage payments plus other recurring expenses like insurance would not exceed 30% of the median income. 'For places where houses are very unaffordable to begin with, just adding a little bit more unaffordability to the picture doesn't change the fact that it's still unaffordable,' Ng said. 'For cities where you actually have a fighting chance, or closer to a fighting chance, adding additional burden would lower the amount of listings you would have.' In Sacramento, the data shows the number of listings Zillow considers affordable would drop by 6.6% if insurance premiums rise another 20%. Even if prices rise just 5%, the number of affordable listings would decrease by 3%. The San Diego metro area could also lose up to 5.2% of affordable listings if premiums rise by 30%. Sabourin said homebuyers should contact an insurance agent to get a quote before they put an offer in on a house. Those that don't are often shocked by the price of insurance in Sacramento, she said. Though the situation has improved marginally over the last few months, Sabourin said the pain may ease only when more carriers arrive, delivering competition. 'Until we get more markets in place, the general idea is that most people have to factor in a 25% rate increase,' Sabourin said.
Business Insider
2 days ago
- Business
- Business Insider
Meet America's typical live-at-home 20-somethings
In 2023, around 40% of younger Americans lived with their parents. Living with mom and dad is a popular safety net for Gen Zers who face steep housing costs, expensive higher education, and a shaky job market. "If you have the luxury of being able to move back home and pay less for rent, groceries, and other basic bills and put some money away in an emergency fund or towards other big financial goals, it can be a really big deal," Matt Schulz, chief consumer finance analyst at LendingTree, told Business Insider. BI examined the demographics of America's live-at-home young adults — the 42% of 18- to 30-year-olds who lived with at least one parent — using the 2023 American Community Survey, available from the University of Minnesota's Integrated Public Use Microdata Series. So, who made up that 42%? The charts below show the young adults who were more likely to be living at home. A majority of young adults living with at least one parent were men Over half of young adults living with at least one parent were men, while just under half of young adults not living with a parent were men. There's also a cultural element to multigenerational living. Pew Research Center found Black, Hispanic, and Asian young adults in the US were more likely than white young adults to live with their parents. Young adults living with at least one parent were more likely not to be in school The share of young adults living with at least one parent in the household who were in school was about double that of those living on their own — 39% compared to 20%. They're less likely to have a college degree Fourteen percent of young adults with at least one parent in the household had a bachelor's degree as their highest educational attainment, compared to 27% of those without a parent. Single young adults were more likely to live with at least one parent More young adults without a parent in the household were married than those living with at least one parent. Nearly all young adults living with at least one parent were never married or single, at 96%. They're not stay-at-home kids; they're more likely to be working than not Almost two-thirds of young adults with at least one parent in the household were employed, compared to 82% of young adults without a parent in the household. The share of young adults living at home who were out of the labor force — that is, neither employed nor looking for work — was nearly double that of those living on their own. While many were employed, they weren't earning as much as those not living with a parent On average, employed young adults with at least one parent in the household weren't working as many hours or making as much money as their peers who didn't have a parent in the household. According to Pew Research Center researcher Richard Fry, who authored a recent report on where in the country younger Americans live with their parents, young people are more likely to live with their parents when jobs are hard to come by and wages are stagnant. Pew previously found the share of people living in multigenerational households surged during the Great Recession and continued rising afterward. Living at home can also mean being disconnected from work and school There are those who choose to live at home for family connection and financial convenience, and there are others who don't have a choice. So-called disconnected youth who aren't employed or in school made up about 11% of the 16 to 24 age group in 2022, per a 2024 report from the research firm Measure of America. This cohort was more likely than their peers to live in poverty, lack health insurance, and receive government aid. Minorities and young people of color have higher rates of disconnection. "These are creative young people who, for a whole host of reasons, haven't had the opportunities or the support they've needed to explore what they want to do and figure out how to transition to adulthood in a way that's exciting for them," said Megan Millenky, a senior research associate at MRDC who studies youth development.
Business Insider
2 days ago
- Business
- Business Insider
Meet America's typical live-at-home 20-somethings
Your parents' basement might be looking pretty good these days. In 2023, around 40% of younger Americans lived with their parents. Living with mom and dad is a popular safety net for Gen Zers who face steep housing costs, expensive higher education, and a shaky job market. "If you have the luxury of being able to move back home and pay less for rent, groceries, and other basic bills and put some money away in an emergency fund or towards other big financial goals, it can be a really big deal," Matt Schulz, chief consumer finance analyst at LendingTree, told Business Insider. BI examined the demographics of America's live-at-home young adults — the 42% of 18- to 30-year-olds who lived with at least one parent — using the 2023 American Community Survey, available from the University of Minnesota's Integrated Public Use Microdata Series. So, who made up that 42%? The charts below show the young adults who were more likely to be living at home. A majority of young adults living with at least one parent were men Over half of young adults living with at least one parent were men, while just under half of young adults not living with a parent were men. There's also a cultural element to multigenerational living. Pew Research Center found Black, Hispanic, and Asian young adults in the US were more likely than white young adults to live with their parents. Young adults living with at least one parent were more likely not to be in school The share of young adults living with at least one parent in the household who were in school was about double that of those living on their own — 39% compared to 20%. They're less likely to have a college degree Fourteen percent of young adults with at least one parent in the household had a bachelor's degree as their highest educational attainment, compared to 27% of those without a parent. Single young adults were more likely to live with at least one parent More young adults without a parent in the household were married than those living with at least one parent. Nearly all young adults living with at least one parent were never married or single, at 96%. They're not stay-at-home kids; they're more likely to be working than not Almost two-thirds of young adults with at least one parent in the household were employed, compared to 82% of young adults without a parent in the household. The share of young adults living at home who were out of the labor force — that is, neither employed nor looking for work — was nearly double that of those living on their own. While many were employed, they weren't earning as much as those not living with a parent On average, employed young adults with at least one parent in the household weren't working as many hours or making as much money as their peers who didn't have a parent in the household. According to Pew Research Center researcher Richard Fry, who authored a recent report on where in the country younger Americans live with their parents, young people are more likely to live with their parents when jobs are hard to come by and wages are stagnant. Pew previously found the share of people living in multigenerational households surged during the Great Recession and continued rising afterward. Living at home can also mean being disconnected from work and school There are those who choose to live at home for family connection and financial convenience, and there are others who don't have a choice. So-called disconnected youth who aren't employed or in school made up about 11% of the 16 to 24 age group in 2022, per a 2024 report from the research firm Measure of America. This cohort was more likely than their peers to live in poverty, lack health insurance, and receive government aid. Minorities and young people of color have higher rates of disconnection. "These are creative young people who, for a whole host of reasons, haven't had the opportunities or the support they've needed to explore what they want to do and figure out how to transition to adulthood in a way that's exciting for them," said Megan Millenky, a senior research associate at MRDC who studies youth development. In an unsteady economy, it's unlikely that Gen Z and younger millennials' interest in living at home will fade anytime soon. And, as Millenky said, the group reflects "quite a spectrum" of America's socioeconomic ladder.
