Latest news with #ConstructionCoverage
Yahoo
3 days ago
- Business
- Yahoo
San Diego ranks third worst US city to find a starter home: report
SAN DIEGO (FOX 5/KUSI) — For first-time homebuyers in the San Diego metropolitan area, the search for a starter home remains a steep uphill battle. According to a new report from Construction Coverage, an online publisher of construction industry research reports, San Diego, Chula Vista and Carlsbad ranked 52nd out of 54 large U.S. metros in its 2025 analysis of the best cities to find a starter home. The report, which evaluates more than 300 U.S. metros and all 50 states, combines data from Zillow, Redfin, and the U.S. Census to assess where young buyers still have a shot at homeownership. Factors included the availability of smaller homes, affordability relative to income, and the current rate of homeownership among people under 35. UC San Diego impacted by crackdown on student visas Key findings for the San Diego, Chula Vista and Carlsbad metros: Starter-sized homes dominate the market with 63.3% of homes having three or fewer bedrooms. Affordability remains a major hurdle. The median sale price for a starter home in the area is $825,397, based on this report. Monthly mortgage payments for these homes would consume approximately 66.2% of the median renter income—one of the highest rates in the country. These area's, ranking of 52 out of 54 large metros, highlights the ongoing challenges for young and first-time buyers in the region. Popular reality TV show to hold casting event in San Diego Nationally, the report shows a sharp decline in the construction of starter-sized homes. In the mid-1980s, one and two-bedroom homes made up about 24% of new single-family builds. By 2023, that number had dropped to just 5%, while four-bedroom homes surged to over 50%. At the same time, housing prices have outpaced income growth dramatically. Since 2000, inflation-adjusted home prices have climbed by 56.5%, while median household income has increased by only 8.5%, according to researchers with Construction Coverage. The full report, along data for all metros and states, is available at online: Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNBC
23-05-2025
- Business
- CNBC
How Nashville transformed from Music City into a booming business hub
Nashville, Tennessee, has transformed from its reputation as "Music City" into a major U.S. metro thanks to rapid population growth, job opportunities in key industries like healthcare and tech and a good quality of life. It's now become one of the fastest-growing U.S. cities, boasting a diverse community and a competitive economy. "It's not just economics. It's our climate here," said John Eldridge, founder and CEO of development company E3 Construction Services. "It's our culture here. It's our location." Some of the biggest names in tech like Amazon and Oracle have invested in the region, too, fueling a rapid tech expansion. Oracle has developed a $1.4 billion Nashville campus for its global headquarters, and Amazon has leased over 1 million square feet of office space in downtown — on top of opening a $230 million East Coast operations hub in 2018. According to a joint report by the Great Nashville Technology Council and Middle Tennessee State University, the number of tech jobs in the Nashville area grew by 17% between 2017 and 2022. "We found that we could locate here, we found that we could find the talent here," said Amazon's Vice President of Worldwide Economic Development Holly Sullivan adding that both the state of Tennessee and the city of Nashville had very business-friendly policies. "When you find that, you want to double down on that." Many other corporate giants have been recruited to the area thanks to the city's 10-year strategy that gets upgraded every decade. Under the plan, more than 600,000 jobs have been created since 1990 and per-capita income in the region has grown by more than 234%, according to the U.S. Bureau of Labor Statistics. Commercial and residential real estate have boomed, though the city has struggled to keep up with enough affordable housing. Nashville ranked among cities with the biggest increase in home prices between 2014 and 2024, according to Construction Coverage. Watch this video to learn more about Nashville's rise.
Yahoo
28-04-2025
- Business
- Yahoo
What's driving up gas prices in Washington and 4 ways you can save
Drivers in Washington are frustrated at the high price of gas and the condition of the state's highways. Despite the Evergreen State having the third-highest gas tax in the country, our roads consistently rank among the top 10 for worst roads in the country. Construction Coverage ranks Washington as the #10 state with the worst roads, and U.S. News and World Report ranks Washington #7 for worst road quality. State lawmakers are pointing the finger at inflation. 'We see egg prices at the grocery store. Well, concrete prices have been going up even faster,' said Sen. Marko Liias, D-Edmonds, who chairs the Senate Transportation Committee. 'So buying power for our transportation investments is falling short each year. And that means we're repaving less and less highway,' he said. That was the biggest driver behind lawmakers passing an additional six-cent tax per gallon on gasoline over the weekend. But the factors making fuel so expensive in the Evergreen State go far beyond taxes - and will continue to drive up costs for drivers. GAX TAX: The change in the gas tax will kick in July 1, 2025, increasing the rate from 49.4 cents to 55.4 cents per gallon. Making fuel even more expensive, the gas tax will also increase by 2% every year. Diesel drivers will see a hike too - 3 cents in July, and another 3 cents in 2027, then a 2 percent hike annually starting the following year. Over six years, the new tax will raise $3.2 billion for the state's transportation budget. Drivers KIRO 7 spoke with are somewhere between furious and disappointed. 'Yeah, it sucks,' said Joel Garland, a driver from Federal Way. 'The regular people were struggling just to try to survive already,' he said. Gas taxes in Washington state are the third highest in the country already, behind California and Pennsylvania. The six-cent increase keeps us in third place, but it doesn't count in other factors driving up the price. Why is gasoline already so expensive in Washington? Our state has no income tax, so lawmakers heavily rely on the gas tax to fund road projects. The state constitution mandates that gas tax funding be used for things like building and repairing roads and Washington State Patrol policing highways. 'The highest portion of our revenues is the gas tax. It's unfortunate that it's that way, but the reality is if you're going to raise money, you have to raise the gas taxes,' said Rep. Jake Fey, D-Tacoma, who chairs the House Transportation Committee. GEOGRAPHY: Another reason for our more expensive fuel: Washington's primary petroleum supplier is pricier, coming from Alaska and Canada instead of the South or Southeast because of geography - the mountain ranges block easy transport of crude oil to the west. The bulk of Washington's crude oil is turned into gasoline at one of our state's five refineries. CAP AND TRADE: Plus, Washington's Climate Commitment Act, or cap and trade program, charges the state's biggest carbon emitters for carbon credits past a certain level. Companies end up passing that cost along to you. 'Anytime a gallon of gas is sold in Washington State, whether it is produced in state or out of state, it gets taxed,' said Todd Myers, vice president of research at the Washington Policy Center. The think tank has been critical of Washington's cap and trade policy. It says currently, cap and trade adds about 40 cents per gallon for the consumer (though the Washington Department of Ecology believes the number is lower). And brace yourselves - soon, you'll be shelling out even more. In 2030, Washington is dramatically lowering its carbon emissions target, which means companies will have to pay even more for credits - and you'll likely pay more to fill up. 'Should people really be preparing to pay significantly more at the pump?' KIRO7's Deedee Sun asked Myers. 'Yeah, absolutely,' he said. 'The only question is how much more,' Myers said. People say the gas prices are surging at a time when they're already concerned about making ends meet. 'What would you say to your constituents who are worried?' KIRO7's Deedee Sun asked Sen. Liias, D-Edmonds. 'Construction inflation has moved faster even than inflation,' Liias said. He says that's part of the reason why the state's transportation budget faced such a big budget gap. 'I'm seeing more potholes than I can remember in my lifetime on our highways,' he said. He points to aging infrastructure – like the Fairfax Bridge to Mount Rainier that had to be shut down this month, to things like repair work such as Revive I-5. 'That's what the gas tax pays for. So we're trying to balance that with the reality that folks are having a tough time affording,' Liias said. However, KIRO7 discovered, cap and trade is generating more money than expected. 'Why can't we use that money for roads instead?' Sun asked Rep. Fey. 'We made a promise about how this money was going to be spent,' Fey said. Lawmakers say cap and trade money is intended for things that lower greenhouse gases – like electrifying ferries, getting kids free rides on public transit, and adding bike lanes. 'To do a substitution, I think, goes against promises that we made,' Fey said. 'We're doing the best we can,' he said. SAVING AT THE PUMP: So what can you do to save money at the pump? KIRO7 checked in with AAA Washington for tested ways to cut down on spending. 1) You must price compare. Gas Buddy or AAA's apps both help you do that. For example, a Chevron in Renton last week was charging $4.57 per gallon when you pay with credit or debit. A few blocks away, the Fred Meyer was charging $4.19 – or 38 cents less. That's a difference of $300 dollars per year! 2) Remember some stations offer a discount if you pay with cash. That same Renton Chevron was charging 14 cents less per gallon for cash purchasers. 3) Slow down: AAA Washington says, 'reducing highway speeds by 5 to 10 mph can increase fuel economy by as much as 14 percent.' 4) Avoiding excessive idling. AAA says a car engine uses up to half a gallon per hour when idling. Starting up a warm engine uses about 10 seconds worth of fuel. So if you're going to be stopped for more than a minute and it's safe to turn off your car, you'll save fuel if you do so. Meanwhile some drivers say what would help most? 'Well, just quit taxing us,' said Nelson Vitous, a driver in Renton.
Yahoo
05-04-2025
- Business
- Yahoo
Here's how much more buying rather than renting costs in Salt Lake City
Buying a home in Salt Lake City is more than two times as expensive as renting, a new analysis shows. That's based on Salt Lake's median monthly mortgage payment of $3,463 compared to the median rent of $1,627, a so-called 'buying premium' of 112.8%, according to the research company Construction Coverage. Nationwide, the extra paid for ownership is just 21%, based on a U.S. median monthly mortgage payment of $2,382 and a median monthly rent of $1,968. The median home price is much lower for the U.S. compared to Salt Lake City, $355,328 versus $549,528. Salt Lake City ranked 13th on a list of the most expensive midsize cities in the analysis, behind cities in California, Washington state, Texas, North Carolina and Arizona, where Scottsdale took the No. 10 spot with a buying premium of 125.6%. Sunnyvale, in California's Silicon Valley, had the highest buying premium of any midsize city, at 298.1%. The technology hub also had the most expensive cities in the other categories analyzed, with San Jose topping the list of large cities at 205.5% and Santa Clara, small cities at 235.6%. The analysis looked at 343 U.S. cities, identifying only 32 where buying is more affordable than renting, mostly in southern states like Alabama, Georgia and Texas or in the nation's Rust Belt, including Ohio and Michigan. Detroit had the biggest 'buying discount,' at just over minus 60%. Among midsized cities, Alabama's Birmingham and Montgomery ranked No. 1 and No. 2 on the list of places where it's cheaper to buy than rent, at just over minus 36% and 31%, respectively. No places in the West made the Top 15 cheapest lists for large, midsize or small cities. Among the 343 cities in the analysis, Salt Lake City ranked the 306th cheapest in 2025. Last year, the Utah capital was 303rd, with a buying premium calculated at 116.3%. 'Buying a home used to be the financially savvy move but that's no longer the case for many would-be buyers in America,' the analysis concluded, adding, 'renting has become the more affordable choice in most markets.' The shift occurred, the Construction Coverage analysis stated, as demand during the COVID-19 pandemic started driving up home prices and mortgage rates, at record lows in January 2021, have since more than doubled.
Yahoo
04-03-2025
- Business
- Yahoo
Sellers Are Getting Desperate, Flipping U.S. Real Estate Into A Buyers Market, Redfin says
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Remember the home-buying frenzy and bidding wars of 2021? In many parts of the country, those have disappeared into the rearview mirror as home buyers find the real estate market has finally flipped in their favor, according to new data from Redfin (NASDAQ:RDFN). Due to increased supply, new homes are now transacting for nearly 2% less than the listing price. In January, inventory was up by 5% over the same time last year, and in some markets, listings are higher than any time over the previous six years. At the same time, high prices and high interest rates have lessened the demand, which has also contributed to turning the market from a seller's to a buyer's. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Many don't know there are tax benefits when buying a unit as an investment — Sluggish sales: Homes in contract by 6.3% to the lowest figure since the early days of the pandemic Listings sitting longer: Homes that sold in January had been on the market an average of 56 days — the longest period since 2020. Home price growth is slowing down: The median home price appreciation in 2024 was 4.1%, which hadn't been experienced in over five years. Sellers are more willing to negotiate: In January, homes sold on average for 1.8% less than the asking price. Deals are failing to close: Deals were canceled in January at the highest rate since at least 2017. "Historically, a buyer's market has been defined as when months of supply reaches 4-6 months—but old definitions don't fit the reality of today's market," said Redfin Economics Research Lead Chen Zhao. "Many buyers don't feel like they are in a buyer's market, with home prices at near-record highs and mortgage rates elevated. But we are more than halfway through the decade, and this is the first time we can say that buyers have as much, if not more, power than sellers." Trending: This Jeff Bezos-backed startup will allow you to . New home construction has occurred in the Sunbelt much faster than anywhere else; according to Construction Coverage, the top ten states with the most homes include Texas, North Carolina, Florida, Tennessee, and Arizona, some of which appear multiple times. The abundance of new construction has turned the Sunbelt into a buyer's market. Florida is particularly favorable to new buyers because the construction boom there failed to account for increased house prices, the fear of natural disasters, and increased insurance costs, causing buyers to press pause. "It's 100% a buyer's market right now," said Bryan Carnaggio, a Redfin agent in Jacksonville, Florida. "There's a ton of inventory. Everywhere you go, there's a house for sale. Most sellers here know the market is bad and it's not advantageous to sell right now, but either they're tired of waiting for things to improve, or they really have to sell because they are moving out of state. For buyers, this means there are more opportunities to negotiate on price and terms." Conversely, Northeast sellers still have the upper hand in some markets. According to Altos Research, the Northeast lacked markedly in inventory at the end of 2024 compared to the Sunbelt. However, inventory levels are expected to even out in 2025, which predicts could be the last year of an inventory shortage. Read Next: CEO of Integris gathered a team of senior investment managers who have $34.22 billion in combined owned and managed assets in the West Coast — , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. This article Sellers Are Getting Desperate, Flipping U.S. Real Estate Into A Buyers Market, Redfin says originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
