Latest news with #LendingTree
Yahoo
6 hours ago
- Business
- Yahoo
Top 5 Cities With the Worst Housing Market Outlook (3 Are in Pacific Northwest)
House hunters haven't had much to cheer about the last few years, with record home values and tight inventory pricing many out of the market. That dynamic has begun to change in 2025 amid a general increase in the number of homes for sale. Find Out: Explore More: But there are still pockets of the country where finding a home remains a challenge — especially in the Pacific Northwest. In fact, that region is home to three of the five U.S. cities with the worst housing market outlook, according to a new analysis from LendingTree. LendingTree based its rankings on four key metrics: vacancy rates, housing unit approvals per 1,000 housing units, home value-to-income ratio, and annual changes in home value-to-income ratio. Low vacancy rates indicate there aren't many unoccupied homes in a particular city. This is usually a sign of heavy demand, stiff competition — and high prices. Similarly, a high home value-to-income ratio is a sign that homes are comparatively expensive. For example, a ratio of 5.0 means median home values are five times more than the median income. A ratio of 2.0 means values are only twice the median income. Here's a look at the five cities with the worst housing outlooks, per LendingTree: Vacancy rate: 4.76% Housing unit approvals per 1,000: 8.69 Home value-to-income ratio: 5.57 Change in ratio, 2022-23: 3.87% Be Aware: Vacancy rate: 4.56% Housing unit approvals per 1,000: 29.37 Home value-to-income ratio: 5.25 Change in ratio, 2022-23: 7.12% Vacancy rate: 6.70% Housing unit approvals per 1,000: 5.33 Home value-to-income ratio: 4.75 Change in ratio, 2022-23: 3.98% Vacancy rate: 6.33% Housing unit approvals per 1,000: 15.75 Home value-to-income ratio: 5.02 Change in ratio, 2022-23: 7.17% Vacancy rate: 5.31% Housing unit approvals per 1,000: 12.57 Home value-to-income ratio: 5.03 Change in ratio, 2022-23: 4.58% The main problem house hunters face in these cities is that there simply aren't enough homes available to buy, according to Matt Schulz, LendingTree's chief consumer finance analyst and author of 'Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.' 'The vacancy rates in Portland and Boise are less than half of those in many other big metros,' Schulz said in a press release. 'When that happens, prices rise, making things even more expensive. Unfortunately, this isn't likely to change in many of the most troubled metros because the data shows that insufficient building is being done.' In other parts of the country, however, market dynamics are trending in favor of buyers. Pending home sales in the U.S. decreased 6.3% in April, according to the latest data from the National Association of Realtors (NAR). A decline in sales typically means sellers have to make more concessions to buyers. 'Homebuyers in nearly every region of the country are in a better position to negotiate more favorable terms,' NAR Chief Economist Lawrence Yun said in a statement. More From GOBankingRates These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on Top 5 Cities With the Worst Housing Market Outlook (3 Are in Pacific Northwest) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
7 hours ago
- Business
- Yahoo
Top 5 Cities With the Worst Housing Market Outlook (3 Are in Pacific Northwest)
House hunters haven't had much to cheer about the last few years, with record home values and tight inventory pricing many out of the market. That dynamic has begun to change in 2025 amid a general increase in the number of homes for sale. Find Out: Explore More: But there are still pockets of the country where finding a home remains a challenge — especially in the Pacific Northwest. In fact, that region is home to three of the five U.S. cities with the worst housing market outlook, according to a new analysis from LendingTree. LendingTree based its rankings on four key metrics: vacancy rates, housing unit approvals per 1,000 housing units, home value-to-income ratio, and annual changes in home value-to-income ratio. Low vacancy rates indicate there aren't many unoccupied homes in a particular city. This is usually a sign of heavy demand, stiff competition — and high prices. Similarly, a high home value-to-income ratio is a sign that homes are comparatively expensive. For example, a ratio of 5.0 means median home values are five times more than the median income. A ratio of 2.0 means values are only twice the median income. Here's a look at the five cities with the worst housing outlooks, per LendingTree: Vacancy rate: 4.76% Housing unit approvals per 1,000: 8.69 Home value-to-income ratio: 5.57 Change in ratio, 2022-23: 3.87% Be Aware: Vacancy rate: 4.56% Housing unit approvals per 1,000: 29.37 Home value-to-income ratio: 5.25 Change in ratio, 2022-23: 7.12% Vacancy rate: 6.70% Housing unit approvals per 1,000: 5.33 Home value-to-income ratio: 4.75 Change in ratio, 2022-23: 3.98% Vacancy rate: 6.33% Housing unit approvals per 1,000: 15.75 Home value-to-income ratio: 5.02 Change in ratio, 2022-23: 7.17% Vacancy rate: 5.31% Housing unit approvals per 1,000: 12.57 Home value-to-income ratio: 5.03 Change in ratio, 2022-23: 4.58% The main problem house hunters face in these cities is that there simply aren't enough homes available to buy, according to Matt Schulz, LendingTree's chief consumer finance analyst and author of 'Ask Questions, Save Money, Make More: How to Take Control of Your Financial Life.' 'The vacancy rates in Portland and Boise are less than half of those in many other big metros,' Schulz said in a press release. 'When that happens, prices rise, making things even more expensive. Unfortunately, this isn't likely to change in many of the most troubled metros because the data shows that insufficient building is being done.' In other parts of the country, however, market dynamics are trending in favor of buyers. Pending home sales in the U.S. decreased 6.3% in April, according to the latest data from the National Association of Realtors (NAR). A decline in sales typically means sellers have to make more concessions to buyers. 'Homebuyers in nearly every region of the country are in a better position to negotiate more favorable terms,' NAR Chief Economist Lawrence Yun said in a statement. More From GOBankingRates I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on Top 5 Cities With the Worst Housing Market Outlook (3 Are in Pacific Northwest) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
2 days ago
- Business
- CNBC
The Fed held interest rates steady, but some credit card APRs keep going up. Here's why
Even with the Federal Reserve on the sidelines, credit card rates are edging higher. In June, credit card interest rates rose for the third straight month, hitting the highest level since December, according to a recent report by LendingTree. Now, the average annual percentage rate is just over 20%, according to Bankrate. For new cards, the average APR is up to 24.3%, according to LendingTree. "These are crippling rates that are compounding your debt at such a fast clip," said certified financial planner Clifford Cornell, an associate financial advisor at Bone Fide Wealth in New York City. Here's a look at other stories affecting the financial advisor business. Credit card rates stayed stable for years after the introduction of the Credit CARD Act, which passed in 2009, but shot up after the Fed started raising rates in 2015. In the decade since, APRs roughly doubled from 12% to where they stand today. Most credit cards have a variable rate so there's a direct connection to the Fed's benchmark. It follows that credit card rates spiked again along with the central bank's string of 11 rate hikes starting in March 2022. Although the Fed cut its key borrowing rate benchmark three times in 2024 and has held its benchmark steady since December, banks continued to raise credit card interest rates to record levels — and some issuers said they'll keep those higher rates in place. "This unfortunate trend could continue in coming months," said Matt Schulz, LendingTree's chief credit analyst. Card issuers are mitigating their exposure against borrowers who may fall behind on payments or default, according to Schulz. "This is a sign of banks trying to protest themselves from the risk that is out there in these uncertain times," he said. But it's also a two-way street. "When there is uncertainty in the market, this often results in consumers seeking new credit to ensure they are prepared for any future financial hurdles," said Charlie Wise, senior vice president and head of global research and consulting at TransUnion. That also has the effect of driving issuers to increase APRs. "If more balances in the hands of riskier borrowers, those rates will trend higher," Wise said. Only consumers who carry a balance from month to month feel the pain of high APRs. And higher APRs only kick in for new loans, not old debts, as in the case of new applicants for credit cards. But for those currently struggling with sky-high interest charges, even an eventual Fed rate cut may not provide much relief. "The reality is you could drop the fed funds rate by two full basis points and all you are doing is lowering your interest rate from 22% to 20%," Wise said — "that's not a material difference." Rather than wait for a rate cut that may be months away, borrowers could switch now to a zero-interest balance transfer credit card or consolidate and pay off high-interest credit cards with a lower-rate personal loan, Schulz advised. "The truth is that people have way more power over the rates they pay than they think they do, especially if they have good credit," Schulz said. The better your credit, the lower the rate you may get offered for a new card account. Cardholders who pay their balances in full and on time and keep their utilization rate — or the ratio of debt to total credit — below 30% of their available credit, can also benefit from credit card rewards and a higher credit score, experts say. That paves the way to lower-cost loans and better terms going forward.
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.
