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New York Post
a day ago
- Business
- New York Post
Here's how much owning a home in 2030 will cost based on stagnant US salaries
Homeownership is about to cost an arm, a leg — and a second salary. A new analysis from HireAHelper, using Redfin housing data, paints a sobering picture of the next housing decade: by 2030, the cost of a median home will far exceed income growth in every US state. The national median home price is projected to climb to $615,103 by decade's end, while income gains lag behind — leaving households across the country priced out of homeownership unless their earnings rise dramatically. 7 A new study predicts that by 2030, home prices will outpace income growth in every US state, creating significant affordability gaps across the country. Jaruwan photo – Nowhere is the affordability crunch more severe than in Montana, where home prices are forecast to hit roughly $932,584. To keep up, the average household income would need to jump by an eye-popping 144%, reaching nearly $191,000. 7 According to a Redfin data analysis by HireAHelper, the national median home price is expected to hit $615,103, while wages won't keep up — especially in Western states like Montana and California. Konstantin L – Once considered a haven of affordable living, the state's housing market has spiraled upward amid a pandemic-fueled influx of remote workers. California, long a poster child for housing sticker shock, isn't far behind. The Golden State is projected to see its median home price climb to more than $1.23 million, requiring households to bring in more than $250,000 annually — nearly a 140% increase in average salary — to afford a typical property. While California boasts some of the country's highest wages, they haven't kept pace with the runaway market, the report notes. 7 In Montana, the median home is projected to cost over $932,000, requiring a 144% income increase for affordability. Andrew Kornylak – 7 California follows closely, with expected home prices topping $1.2 million and incomes needing to exceed $250,000. Rich – New York, to no one's surprise, is also poised for a pricing crunch. By 2030, the median home is expected to cost more than $780,000, while the income needed to buy it will need to surge past $179,000 — a 103% leap. Much of that growth is concentrated in dense metro areas like New York City, where demand continues to outstrip supply. Rhode Island and New Jersey round out the top five states with the biggest affordability gaps. In Rhode Island, median home prices could approach $855,000, with income requirements nearing $190,000 — a near doubling of current average earnings. 7 New York, which has long been expensive, will only become more so. goodmanphoto – 7 Even smaller states like New Hampshire and Wyoming are not immune, with affordability gaps growing due to stagnant wage growth and surging housing demand. K Issa/Wirestock Creators – And in New Jersey, residents will need to earn more than $210,000 annually to manage projected housing costs nearing $845,000. That would make it the second-most expensive state in terms of income required to afford a home, behind California. Even states not typically associated with sky-high real estate markets are feeling the squeeze. New Hampshire's projected home prices — just over $832,000 — would necessitate nearly $196,000 in annual income, while Utah's median home price is set to surpass $958,000. 7 Pandemic-era migration, remote work trends, and low housing inventory are contributing to the spike, especially in states like Idaho. Jeremy – Washington State, where housing demand remains strong in cities like Seattle, is expected to see median home prices top $900,000, with income needs nearing $187,000 — up 79% from today.
Daily Mail
08-05-2025
- Business
- Daily Mail
Homebuyers rush to state with top fall foliage, remote work perks and cash to move... if you can handle woke politics
For remote workers, nothing beats great scenery and high-speed internet. Americans are realizing Vermont offers the best of both and have made it the No 1 state for homebuyers. It also doesn't hurt that the state has influencer-approved foliage, plenty to do outdoors, farm fresh food, plenty of rivers and lakes, a lower cost of living than most other states — and you can even get paid to move there. The new residents to the area join those who bought homes during the pandemic era boom and then stayed because they loved it. The median house price in Vermont is $388k, according to Zillow. The national average home price in the US is $416k as of the first quarter of 2025. 'We have people coming from the tri-state area for second homes for skiing and we ask every winter if they can't take the cold and want to sell and no one wants to,' Vermont realtor Lynn Rawson tells 'Since Covid we've had everybody running up here and I have not had anyone say they're leaving. Rawson adds that people usually choose the area on a whim then end up growing old there. 'Usually when people will buy a home here and they don't really know anything about it then they're moving here full-time.' Highspeed broadband internet and a nature-filled lifestyle are a huge draw. In fact, the state tops a list of places people are moving to, with 61 percent more people moving into Vermont than out of it, according to a study by Hire a Helper moving company. Most of the movers bought a home in the state and moved because they preferred the area, not because it was necessary. Even big stars have called Vermont home when they needed to escape the intensity of Hollywood. Ana de Armas revealed last year that she is happier than ever following her move to a rural area in Vermont, where she quietly purchased a $7 million home last year. While reflecting on leaving Hollywood for a quieter life, the actress said she wanted peace and quiet. 'I feel like nowadays, we all want to go away from the craziness of the world,' she said at a premiere at the time. She continued: 'We all want to have the chance to build your own safe space. I've made that decision myself.' 'I can collect myself and only bring there who I want to be with. I have my little cocoon there,' she said of her sprawling six-bedroom home, complete with eight bathrooms, a swimming pool, mountain views and open meadows. Many like the lower cost of living and its stunning fall foliage. Vermont is known for its natural landscape, which is mostly covered in lush forests. One of the ways the state keeps its beauty beautiful is by refusing to allow roadside billboards. Vermont became the first in the United States to ban billboards in 1968 because they were adamant about reducing visual clutter. Instead of billboards, travel information signs to guide drivers to destinations. The state is also known for promoting a healthy lifestyle. Vermont tops a list of places people are moving to for its chill and affordable lifestyle 'Spring summer and fall are amazing here and we've had some really beautiful days lately and you see everybody's outside,' Rawson says. Vermont is a farming state and farmers' markets and farm to table restaurants and grocery stores are a prominent part of the state's culture. Hillside farms are scattered throughout the state where cows and goats can be seen grazing. The state works support local farmers and traders with tax breaks and local farm programs. It's very eco-friendly with a very low amount of pollution. There are very little natural disasters. 'I've had buyers tell me they're coming and investing here because apparently we have been identified as the state with the least likely amount of damage to happen from global warming,' Rawson says. 'It's disaster free.' Despite the influx of residents, Vermont still has one of the lowest populations in the US, so it never feels overcrowded. Vermont is a haven for outdoor enthusiasts who love to hike, bike, and ski the many trails in the state. Covered bridges, grassy meadows, and gorgeous red maple trees line the roads. They often have buckets attached for collecting sap for maple syrup. Vermont is a haven for outdoor enthusiasts who love to hike, bike, and ski the mountains Vermont makes more than half the country's maple syrup, which is more than any other state. In 2024, the state produced a record of 3.1 million gallons of the stuff. The area offers plenty to do in downtime, many weekend vacation getaways are cozy log cabins for rent. Breweries are popular in the state and most towns have a charming village street filled with local shops, cafe's and bookstores. Vermont is famous for being home to the original Ben & Jerry's Ice Cream Factory, which offers guided tours and tastings. Their mountainside grounds offer space to enjoy your ice cream, play on the playground, and pay your respects in the Flavor Graveyard for expired flavors. For nature lovers, summit of Camel's Hump Tour houses the biggest granite quarry in the world. The state offers incentives to move there, too. The Worker Relocation Incentive Program was signed into law in 2022. It provides grants to recruit remote workers and workers moving to the state to fill a position with a Vermont employer up to $7,500. The state is also known for promoting a healthy lifestyle where many people hike Often referred to as 'granola,' Vermont is known for it's outdoorsy style of dressing and progressive politics. Vermont Senator Bernie Sanders kicked off his career there, eventually rising to Burlington's mayor, a member of the United States House of Representatives, and then the United States Senate. Over that time, voters fell in love with Sanders and his progressive ideas. The Vermont Progressive Party was formally established in 2000. That's a major draw for some, especially in the current political climate. Rawson says she recently sold famed author John Irving's house to a lawyer from Miami, who was fed up with red state politics and wanted a more liberal place to live. 'He mentioned politics was a big part of the move,' she says.
CNET
06-05-2025
- Business
- CNET
4 Tips to Avoid Moving Company Scams
Take it from me: Moving homes is a massive pain. As someone who's done it many times over the last few years, moving is already draining and unpleasant, and the absolute last thing you'll want to worry about is falling victim to scams from moving companies. You might not have considered the possibility of a moving-related scam -- I certainly didn't -- but they are a very real thing, and in some ways, they are a lot scarier than more traditional scams. Why? Well, a fraudulent moving company won't just make off with your money; they may also put all your belongings at risk. As recently as 2023, moving scams were on the rise, with 12% more people filing complaints that year than in 2022, according to findings from the Better Business Bureau and Hire-A-Helper. The number declined by 9% in 2024, though data also indicated that victims were losing more money overall, a total of around $32 million. From inflated price estimates to mishandling items to straight-up failing to show up, moving scams can take a lot of different forms. So to help you avoid them, we've compiled a few key tips to help keep your money, your peace of mind and all your stuff safe during a move. For more, check out CNET's tips for moving as a first-time renter. Make sure you get an in-home estimate One common way shady moving companies try to pull one over on you is by overcharging. And they'll often do that by giving you an estimate for the cost of their services without actually going to your home to take stock of everything. These sorts of estimates are commonly conducted over the phone. Make sure the company you intend to work with conducts an in-home estimate before you proceed with them. And an itemized list of fees On a similar note, these companies will also squeeze you for more money after the move by hitting you with a bunch of surprise fees. Usually, this sort of scam, typically referred to as a bait-and-switch, will offer a really good deal for the service up front to entice you, only to reveal additional fees once the move is finished and you're stuck dealing with their terms. To avoid this, it's best to work with moving companies that will provide you with an itemized list of fees that might be incurred during your move. This will give you a full sense of what the service will cost and help you determine if the company you're working with is honest and reputable. Be thorough when searching for a moving company A key way you can avoid trouble is by doing thorough research into whatever company you hope to use for your move. Often, it's a good bet to go with nationally recognized companies that many people have used. In our most recent recommendation list, CNET named National Van Lines the best overall moving company for 2025. If you're looking for a smaller or more local option -- perhaps to get a more competitive price -- you'll want to do your due diligence first. Check out the reviews for the company: They can alert you to a history of fraudulent behavior and are an overall indicator of quality service. Also, be thorough before signing the contract Above all, you'll want to make sure that you take the time to go through your contract and see everything it entitles you to -- and what all the costs are. Moving companies likely to scam you are known for operating off relatively thin contracts that don't give you a lot of guarantees. If you're not sure about the extent of the guarantees you should be receiving from a reputable company, you can start with the information about consumer rights provided by the Federal Motor Carrier Safety Administration. For more information about how to handle your next move smoothly, find out where to get boxes for free and how to make your move more eco-friendly.
Yahoo
28-04-2025
- Business
- Yahoo
Leaving the US? Experts Explain Whether It's a Good Financial Move To Keep or Sell Your House
While the number of people moving out of the U.S. remains relatively small, interest in becoming an expat has been high for many Americans lately. A survey by HireAHelper found that 1 in 10 Americans thought about moving abroad last year, although under 0.5% did. Still, there can be several reasons to take the leap, such as to find a lower cost of living in retirement. But if you do move out of the country and own your home in the U.S., does it make financial sense to hang on to your property or sell it? Find Out: Read More: Unfortunately, as with so many things in personal finance, there's no universal best answer. It depends on your circumstances and preferences. That said, here are some factors to consider as you decide what makes the most sense for you. One of the main reasons to keep your house when moving abroad is if the math works in terms of rental prices outpacing mortgage and associated homeownership costs. 'If renting out the property can easily cover the mortgage, then that could be a great financial tool, especially if they plan on moving back at some point in the future. They can continue to grow their equity in the home, while the home also increases in value, and hopefully make some extra income at the same time,' said Cody Horvat, licensed real estate broker at The Scott Group, a division of Compass. But even if the rent doesn't quite cover your homeownership costs, you might find that offsetting most of your expenses still works out in the long run. As Horvat mentioned, if you're considering moving back at some point, then it might be worth paying down your mortgage so that you can retain that asset later on, rather than perhaps paying more down the road for a new home. Also, building up equity and holding on to property that you think will appreciate in value could make sense in certain situations, like if you want to leave an inheritance. 'America has arguably been the best country to build your wealth as a homeowner. Even if we have some rough waters ahead of us, I still believe this country always finds a way to come out on top, so I would always recommend holding onto real estate in the U.S. when possible,' Horvat said. That said, be sure to run full calculations and consider building in a maintenance buffer in addition to mortgage costs. 'They will have to keep in mind that the home is going to take on normal wear and tear from renters using the space, and there are costs associated with this. They may need to replace the home's mechanicals or appliances sooner than if they left the home empty, so homeowners will need to weigh the pros and cons of renting out their space,' Horvat explained. Be Aware: While keeping your house sometimes means coming out ahead financially, other times it can mean carrying an extra expense. Even if you no longer have a mortgage, there are lots of costs associated with holding on to your home. 'Homeowners leaving the country for a long time should consider selling if they don't have the means to cover the expensive costs associated with renting. If you can't rent your property, you are still on the hook with maintenance and taxes, without that monthly rent check,' said Gabe Abshire, founder and CEO of Move Concierge. Plus, trying to manage your property abroad can be more hassle than it's worth. 'Being a landlord is tough enough when you are local; when you live several time zones away, management becomes even more of a challenge,' Abshire explained. Granted, there are all sorts of property management companies that can help you with the logistics, but that adds another cost, and it doesn't guarantee that you'll have renters. 'The risk is what happens if the home goes unoccupied for an extended amount of time. If that happens, the entire cost will fall to you, so be sure you have enough capital to cover all your bases if you don't want to let go of your American home,' Abshire said. Also, you might face unexpected costs and headaches from squatters if your home is unoccupied. 'If you are leaving your home unoccupied for more than a few weeks at a time, you should always make sure to have a security system with cameras in place,' Horvat said. 'Depending on the local city and state laws, a squatter can establish residence in a home in as little as a month. Then the homeowner will have to go through court in order to evict the squatter, which can take easily upwards of six months.' Altogether, you have to weigh the potential financial gains that can come from potentially renting out your home and building more equity against the costs and risks associated with being an expat landlord. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying How Far $750K Plus Social Security Goes in Retirement in Every US Region 4 Things You Should Do if You Want To Retire Early 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Sources HireAHelper, 'The 2024-2025 HireAHelper Moving Migration Report.' Cody Horvat, The Scott Group Gabe Abshire, Move Concierge This article originally appeared on Leaving the US? Experts Explain Whether It's a Good Financial Move To Keep or Sell Your House Sign in to access your portfolio
