A new analysis from Zillow revealed that many minimum wage earners own homes nationwide, a surprising fact given how low the hourly rate of pay appears to be.
The company noted that 3.3 million Americans were paid at or below the federal minimum wage of $7.25 an hour last year.
Yet almost two-thirds of suburban minimum wage earners (and nearly half of those in urban areas) resided in their own property.
Per the analysis, minimum wage earners generally work 40 hours per week, 52 weeks a year. And about two-thirds reside in dual-earning households.
Interestingly, owners dedicated less of their income to mortgage payments, as seen in the table below.
For single and dual-earning families, the median share of income allocated to the mortgage payment was just 33% and 20%, respectively.
That compares to 45% for single-earners and 25% for dual-earners when renting a property.
Of course, there are a lot of hidden costs to owning as opposed to renting, including necessary repairs and upkeep.
Where Can Minimum Wage Earners Actually Buy a Home?
Okay, so we know minimum wage earners still own homes, even those who get no help from a spouse or partner. But where are they actually buying these properties?
Well, as you might have guessed, most of the affordable properties are located outside of major metropolitan areas, though there are a few exceptions.
Zillow made some assumptions about affordability for minimum wage earners to determine where they could buy homes nationwide.
They calculated the maximum affordable home value for single- and dual-earner families in the 35 largest metros by assuming the borrower would have to take out a 30-year fixed FHA mortgage.
And that the interest rate would be roughly 5.3% thanks to a lower credit score between 640 and 679.
Finally, they took those numbers and applied them to the median bottom-tier home (the bottom third of the housing stock) in a given metro area to determine availability.
What they found was that there were very few affordable homes available to minimum wage earners in major cities like New York, Los Angeles, DC, Boston, San Francisco, San Diego, Minneapolis-St. Paul, Portland, and so on.
In fact, the maximum home value available to these workers in NY and LA is just $85,000. Good luck finding a property under $100k in either location, or even close to it.
In all of these metros, one percent of fewer homes are considered affordable to single-earning minimum wage households.
The numbers weren’t much higher for dual-earning minimum wage households either. Still less than one percent of properties were deemed affordable in many locations.
On the other hand, single-earning minimum wage households could afford 38% of properties in Detroit. And 32% in Cleveland, 29% in Tampa, 27% in Pittsburgh, and 23% in St. Louis.
If the household has dual earners, those numbers jump up to 45%, 43%, 37%, 37%, and 33%, respectively.
But Zillow noted that many minimum wage workers tend to stay in the urban areas and rent, or move to areas where prices are a lot lower and commute across metro areas, like from Riverside to LA County.
In other words, homeownership is still out of reach for many.
39 Northwestern Mutual Advisors Represent the Future of Financial Services in Forbes’ 2023 Top Next Gen Wealth Advisors Best-in-State List MILWAUKEE, Aug. 11, 2023 /PRNewswire/ — Northwestern Mutual is celebrating its 39 financial advisors honored on this year’s Forbes’ Top Next Gen Wealth Advisors Best-in-State list. The accolade recognizes the top advisors across the country building … [Read more…]
Creating YouTube content is a great way to generate new clients, especially in real estate. Today’s guest, Sam Caudle, started his channel in 2021. Now, just two years later, he gets 99 percent of his business from YouTube with minimal effort and extremely low expenses. Listen and learn everything you need to know in order to start generating real estate leads from YouTube now. In addition to content ideas, Shelby and Sam discuss titles, thumbnails, video length, editing options, and more!
Listen to today’s show and learn:
About Sam Caudle [1:53]
Sam Caudle’s start in real estate [2:41]
Creating a YouTube channel for real estate leads [5:18]
How to get better with content creation [9:44]
The difference between paid leads and YouTube leads [11:22]
Tips for getting started on YouTube [13:23]
A simple formula for success with YouTube videos [14:49]
What to research before recording a real estate video [16:36]
How long your YouTube videos should be [18:32]
Two things not to do when creating YouTube content [20:07]
Why you should not edit your own videos [23:24]
Ideas for creating video thumbnails and titles [24:27]
Topics and tools for getting more views [25:46]
Time blocking video tasks to save you time and more on thumbnails [28:41]
Tips on where and how to shoot videos [32:10]
Why it’s not too late to get started with YouTube now [34:03]
How to convert viewers into subscribers and clients [36:04]
Easy ways to collaborate with editors [38:45]
Expenses to expect when starting a YouTube channel [40:15]
A mistake new YouTubers make that kills channel growth [42:31]
Sam’s plans for his YouTube channel in the future [44:03]
Doing a video series on areas in your market [47:25]
Sam’s final advice on starting a real estate YouTube channel [49:29]
Why agents should improve their skills as a storyteller [50:54]
Where to find and follow Sam Caudle [53:02]
Sam Caudle
Sam Caudle is a creative business developer, investor, and consultant. His primary focus is attracting real estate clients through a YouTube channel called, Living in Tampa, FL. Same visited 30 countries and had more than 30 jobs before he turned 30. All of these experiences are at work now as he builds his business through YouTube. Sam has many things in the works at all times. Follow Sam on YouTube and IG @thesamcaudle to see what he is up to.
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
A new affordable housing law passed by Florida’s legislature and signed in March by Gov. Ron DeSantis is reportedly creating anxiety among local elected officials who are concerned that the new law cedes too much control over zoning and other matters to the state government.
The “Live Local Act,” passed unanimously in the State Senate and by a vote of 103-6 in the House, represents a sizable investment in housing by incentivizing developers to construct affordable housing units while restricting zoning and planning restrictions in local jurisdictions approving multifamily construction projects in order to limit bureaucratic barriers to increase supply.
But some of those local officials are now expressing concern that the provisions of the new law are restricting their ability to more actively participate in development decisions within their communities, according to reporting by WUSF Public Media.
“I think the hesitancy comes with the fact that it’s a preemption. I think whenever we’re talking about home rule or preemption, there’s always going to be local pushback,” Florida Housing Coalition Legal Director Kody Glazer told the outlet.
The new law comes with restrictions as to how much local elected officials can influence zoning and development decisions as well as density and height restrictions. Some of these concerns have been echoed in other states that have passed restrictions on zoning in other states including Massachusetts and Washington.
The Tampa metro area has experienced among the highest home price increases in the country since 2019, in large part because the counties have in place restrictive zoning policies that increase the value of land.
Following antidevelopment protests from residents ostensibly concerned about local infrastructure, in late 2019 Hillsborough County placed a moratorium on the rezoning of land for housing in some areas. Two years later, Pasco County, north of Tampa, also put a moratorium on rezoning to multifamily use in some areas.
The new Florida law applies to any residential housing projects that sit “on commercial, industrial or mixed-use land that allocates at least 40% of units to be affordable for residents earning up to 120% of the area median income,” according to WUSF. The law went into effect on July 1, and officials in cities including St. Petersburg and Tampa were reportedly briefed on their remaining rights overseeing such projects under the new law.
The process has gone more smoothly in St. Petersburg than Tampa, where officials in the former have “already heard interest from ‘ready to build’ developers in recent weeks” based on local reporting by the Tampa Bay Business Journal. In Tampa itself, however, a city council meeting on July 13 featured sometimes tense discussions between city leaders centered on compliance anxiety with the new law.
“The state is going to just gonna keep taking and taking and taking – and I’m not willing to give an inch more than I’m required to,” said Tampa city council member Lynn Hurtak, according to WUSF. She later introduced a motion to implement only what was legally required by the city to comply with the new law until the next scheduled council meeting. That motion passed.
During the meeting, another city official – Nicole Travis, Tampa’s economic development director – explained that while she understood the council’s frustrations, “the new housing rules make the approval process of eligible affordable housing projects a solely administrative function that can circumvent city council,” according to WUSF.
It’s no secret that celebrities have said some wild and outrageous things—both on-screen and off. From ridiculous demands to understanding complicated topics, these famous people will make you shake your head in disbelief. Whether it was a misinformed statement or something downright silly, prepare to be amazed by what they had to say or did! So get ready for an entertaining read as we explore the dumbest statements uttered by our beloved stars of stage and screen.
1. Not Fake a Hate Crime
One user posted, “Jussie Smollett. Tracy Morgan said it best: ‘Yeah, they gave me a role on “Empire.” Contractually, they gave me millions of dollars. Contractually, all I gotta do is not fake a hate crime.’”
Another user replied, “Dave Chappelle’s bit about Jussie Smollett was pretty funny too. ‘The black community supported Jussie Smollett by keeping our mouths shut.’”
“This is the top one for me. It took so much careful planning and effort,” one commenter added.
2. If I Did It
One Redditor posted, “Making a book called ‘If I Did It’ after being acquitted of murder.”
Another user replied, “The family of OJs victims got the rights of the book and made the ‘if’ incredibly small.”
One commenter added, “Also, the forward they added is called ‘He Did It.’”
Another Redditor said, “Kids today will never understand what a BIG FREAKIN’ DEAL the whole OJ thing was, from the car chase to the trial. So really, if it weren’t for OJ, we wouldn’t have The Kardashians.”
One user explained, “OJ was one of those athletes who managed to cross over to pop culture. He was on TV often between his acting and product endorsements. In addition to being considered one of the best football players, he had a squeaky-clean image. The closest parallel I can draw today is if Peyton Manning killed his wife and went on a police chase. Of course, there probably wouldn’t be a racial component as there was with OJ, but as far as images are concerned, OJ and Manning would be similar.”
3. Joining Scientology
One user posted, “Joining Scientology, promoting it, and defending it.”
Another user replied, “Just look at Danny Masterson, they tried to cover up his [sexual] scandal, and thankfully he was convicted.”
4. Performing an Ukulele Apology
“Playing the ukulele to ‘apologize’ for being creepy to kids you met on the internet,” one Redditor posted.
Another user commented, “There’s no quicker way to make people think you’re diddling kids than writing a song about it!”
One commenter responded, “I saw a meme about it today, and it was like ‘Common playing in A minor got you in this situation in the first place’ and I was crying laughing.”
5. Trying to Bring a Controlled Substance On an Airplane
Another user added, “Former NBA player Damon Stoudamire tried to get over 1 ounce of [drugs] onto an airplane, but got caught at the metal detectors because he wrapped it in Aluminum Foil.”
One user asked, “Is that what happened to him?! I was wondering why he just got up and disappeared.”
“He’s the head coach of Georgia Tech,” one Redditor answered.
6. Being Bill Cosby
A Redditor shared, “Bill Cosby for being Bill Cosby. Millions adored this man as the father figure they always wanted. Until he wasn’t the father figure anyone wanted.”
One replied, “This one hurt severely. The public loved him. He had great stand-up routines and tv shows. I got to see him perform once.
“Then, Boom. It turns out he’s [sexually assaulted and] drugged women. Ugh.”
Another user added, “It was absolutely heartbreaking. I watched every episode of The Cosby Show, some more than once. It made me feel good; happy memories; everything was okay. Until it wasn’t.”
7. The Streisand Effect
“Barbra Streisand created Streisand effect. She didn’t want her home to be known on the internet, so she did everything in her power to remove pictures and addresses but wasn’t successful, and in return, her home became a hot topic,” one user added.
One user replied, “It seems dumb today, but the internet was pretty new and kind of unknown to most people. I imagine this was thought the same way as going after a tabloid. But instead, we witnessed an entirely new phenomenon.”
Another user added, “The funny thing was, prior to her lawsuit, the picture featuring her house had been viewed five times. Presumably, one of those was Streisand herself, and another was her lawyer. IIRC, the offending picture was part of a project to photograph the entirety of the California coastline. So thousands of images. One of which happened to show the back of her house. There was nothing in the picture that identified the house as hers.”
8. Antonio Brown Incidents
One user posted, “Here’s a list of Antonio Brown incidents from another thread. He could have legit been a potential Hall Of Fame player, as he was arguably one of the best WRs in the NFL. Then… he took crazy to a level that makes Kanye look sane. The dude has a lot more time to add some stupid [things] to it, but here goes:
“Edit: The newest is buying an Arena Football Team to be an owner/player then not paying league dues… currently the target of a class-action lawsuit for withholding paychecks to players as well.
“•Kicked out of Florida International University after fighting a security guard…
“• His second year in the league, he took a personal stretch limo to a charity event, had them open every single expensive bottle of wine, and rejected it. They refused to pay for it (charity, remember), then left. -credit Nduguu77…
• Trashed a condo and threw furniture out a window 14th-floor window, which almost hit some people, notably a child…
“• Threw a fit over Juju winning team MVP and trashed him on social media…
“• Held out and refused to show up to training camp because the NFL would not approve his helmet because it was too old for their safety standards…
“• Got fined by the Raiders for not attending camp…
“• Tried to fight Mike Mayock, called him a cracker, had to be held back by Vontaze Burfict, then punted a football down the practice field and said, ‘Fine me for that.’ [He was fined.]…
“• Released a video where he used audio of Jon Gruden, who didn’t know he was being recorded, which is illegal in California (full disclosure, Gruden has said he gave permission, but the generally accepted theory is that he said that in the hope that it would help get him to show up to the facility and not alienate him.)
“• Demanded a release from the Raiders…
“• Made a lot of crazy tweets saying stuff like ‘Devil is a lie,’ a proverb about burning down a village… he made a lot of crazy tweets around this time is the point here…
“• Signed with the Patriots…
“• The sexual assault allegations came out (the one where he’s getting sued)
“• The sexual harassment allegations came out (the one where he’s not getting sued)
“• Threatened the woman not suing him in a group text that included his lawyer and had a picture of her kids in the text
“• Got released by the Patriots after one week
“• Went off on a tweet storm and said a lot of crazy [things] about a lot of people, and was supportive of people sending threats to the writer of the article detailing the sexual harassment allegations
“• Said he was done with the NFL
“• Went back to college via online classes
“• Tried to outsource his homework to Twitter
“• Wants to come back to the NFL
“• Filed several grievances to try and get more than $40 million from the Raiders and Patriots…
“• Tweeted a couple of bizarre tweets about the Raiders using him for HBO ratings and the Patriots trying to steal his stuff and kept using this weird chicken-based metaphor
“• Tried out for the Saints and brought an entourage and film crew to shoot a music video with him when specifically told not to do that…
“• Tweeted ‘No more white woman 2020.’…
“• Used a bunch of slurs and profane language toward cops in an Instagram video he posted
“• A police youth football league cut ties with him and returned a donation after the release of the video saying there was an ‘irreparable rift’ between the department and AB…
“• Was involved in a dispute with movers at his home, where he allegedly threw rocks at the movers and moving vans. He is currently being investigated for battery by the police…
“• Warrant issued for the arrest of AB…
“• Rumors spread about AB signing with Tampa or Seattle
“• AB announces his retirement (for what I believe is the third time, it’s hard to find a good record of the rest of them.) Two days later, AB wants to play again and is asking for the league to wrap up its investigation
“• The NFL announces an eight-game suspension for AB… under investigation for the bike-throwing incident
“• Allegedly acquired fake covid-19 card. Confirmed to have acquired a fake covid-19 card and subsequently suspended for three games
“• Removed jerseys and pads and threw them in the stands before exiting the game verse the Jets. Was subsequently cut from the Bucs for stripping on the field…”
9. Praising Nazi Germany
“Losing a billion-dollar shoe deal b/c he couldn’t stop talking about how much he loves Hitler,” one user added.
Another user replied, “When Alex Jones is trying to reign you in, you know you’re spouting some crazy [things].”
One commenter shared, “That was such a bizarre interview. Alex REPEATEDLY gave him outs like, ‘As a fashion designer, surely you just appreciated their uniforms, RIGHT?’ And Kanye pretty much says, ‘Nah, I just like Hitler, man.’ Wtf?”
10. Staging a Hate Crime
One user answered, “[Jussie Smollet] is a contender, although many choices exist. He stages a hate crime to gain leverage in contract negotiations… He hires meatheads to do the deed and pays them with a check. Of course, he lied the whole time, then the video turns up, and the DA figures it out.
“But being famous, he pulls strings and escapes prosecution for making a false claim. THEN…the political tide shifts, and he runs his mouth and refuses to reimburse the county for the cost of the investigation. And so the new DA says f- it and prosecutes him, and he gets convicted because he was obviously guilty.”
11. Posting a Video of Violent Death
“Logan Paul posted a full YouTube video of someone hanging in a forest,” one user posted.
Another user commented, “Well, his whole family seems like crap, so no surprise he’s a huge [jerk].”
One Redditor added, “Even worse was that he was in Aokigahara, the ‘suicide forest’ in Japan. It’s unclear why that forest is such a popular place for people to un-alive themselves, but to revel in such a horrible event for internet fame is despicable.”
12. Saying You Could Have Saved Flight 11
One user posted, “Mark Wahlberg saying if he had been on flight 11 (like he was supposed to), it wouldn’t have crashed because he would have killed the terrorists then figured out how to land the plane.”
Another user replied, “So he said what every person in Boston says daily.”
13. Debating Word Definitions
One user shared, “That time Jennifer Garner corrected Conan O’Brien on the word snuck is one of my favorites. The fact that she throws in the bit about him going to Harvard makes it extra delicious.”
Another user replied, “His laugh when pulling out the dictionary to prove her wrong lives in my mind rent-free.”
14. Gwenyth Paltrow’s Goop
“Gwenyth Paltrow and everything she promotes. Here’s a tea made with echinacea, random plants I got from cutting my yard. I stirred it with my [privates]. It’ll cure ED, lung cancer, whatever. Now available at Goop,” posted one user.
Another user replied, “Doesn’t everyone want a $100 candle that smells like my [body]..?”
15. A Math Called Terryology
One user posted, “Terrance Howard ‘invented’ his own math called Terryology.”
Another user replied, “‘How can it equal one?’ he said. ‘If one [times] one equals one, that means that two is of no value because one [times] itself has no effect. One [times] one equals two because the square root of four is two, so what’s the square root of two? Should be one, but we’re told it’s two, and that cannot be.’”
Do you agree with the statements listed above? Share your thoughts!
Source: Reddit.
These are 10 Things That Completely Destroyed The Love in a Relationship
There’s no question that relationships can be confusing, but here are some of the top things to avoid if you want to keep your relationship healthy!
10 Actors and Actresses People Refuse to Watch Ever Again
We all have a favorite actor or actress, but most of us have a least-favorite as well. Check out this list of actors and actresses people never want to see performing again!
Top 10 Worst Human Inventions of All Time
Some inventions are world-changing, and some of them, well, they change the world in the wrong ways. Here are some of the worst inventions Redditors could think of.
10 Famous Celebrities Who Look Like They Smell Terrible
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10 Terrible Fads People Are Glad Died Out
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The luxury real estate horizon looks bright for a few counties in Florida despite a slowing sales forecast for the state overall. Interest from prospective home buyers from America’s Northeast is aimed at both Collier and Sarasota, two of the nation’s fastest-growing luxury housing price markets. These areas, along with interest in Jacksonville and a new projects across the state, are bright spots in a sagging Florida luxury market.
According to the May 2018 Luxury Home Index from realtor.com®,
interest from buyers in New York, Boston, and Chicago boosted Sarasota (North
Port) and Collier (East Naples) price growth of 19 and 14 percent respectively.
In that report, even Fort Lauderdale, which ranked 19th on the national list,
showed a 9% uptick in sales prices. Javier Vivas, director of economic research
for realtor.com® offered this comment in a press release:
“Luxury prices in the Sunshine State are rising quickly as buyers from places like New York, Boston, and Chicago get wind that there is a better bang for their buck available down South. Meanwhile, we are seeing signs of a luxury market glut in many established markets, which is in some cases leading to spillover demand for their less pricey neighbors.”
Luxury properties in the news in Sarasota have helped peak interest in the area. An instance that comes to mind was the recent announcement that the one of America’s most talked about restaurants, the Beach Bistro opening at the luxurious BLVD Sarasota (feature image) beginning of 2020 put an exclamation point on one of the city’s most exciting new developments. Remaining BLVD residences range from 3,550 to 5,500 square feet and are listed starting at $1.9 million.
The boost to Collier County sales prices was helped by big home sales in Naples where one
sale came in at a record $48.8 million. Naples’ 34102 ZIP code ranked is the
15th richest in America according to a recent report by Bloomberg. The recent
sale of a Port Royal beachfront mansion of 9,394 square feet that originally
listed for $60.9 million dollars, obviously did nothing to lower the areas
ranking.
Amazing new luxury developments dot the state and draw attention from high net worth investors, even as the market trends toward oversupply. One that comes to mind is the Waterfall Condominiums going up at Jax Beach. This eight-floor complex of 42 residences will have two fantastic penthouses on the top level, and range in size from 2,721 to 3,077 square feet. Expansive terraces will offer unmatched beach views listed by the Hanley Home Team at about $1.3 million on average.
An interesting aspect for these luxury residences is the fact new height restrictions have now limited beachside properties to no more than three stories tall. But, the beach property on which the condos will be built, at 14th Avenue South and 1st Street South, was grandfathered in, allowing for a high-rise residential structure. This brings up another important variable for all Florida luxury properties. Once the growth in new development sinks (and this is inevitable), the exclusivity of these properties will rise accordingly. Short story, prices will probably skyrocket.
Finally, “one of” luxury properties all across the Sunshine State help prop up high-end property prices. An example here is the so-called “Victory House” (above) that sits on 200 fabulous bayfront acres overlooking St. Petersburg and downtown Tampa Bay. This amazing property has its own private beach and has hurricane-proof doors and windows throughout. The six-bedroom, six-bath house is on a 13-acre parcel that includes about seven acres of uplands and the canals, a place where the owner will never have neighbors. Listed at $18 million, the mansion named for Nasr “Vic” Abuoleim is but one example of hundreds of similarly “exclusive” properties in the state.
A wonderful friend
of my father’s who was a land developer, he had this saying that has never
failed me. “Always buy land, they don’t
make any more of it,” he’d say. In
the case of Florida property, the more expansive the market gets, the more
“land” becomes a luxury. My bet is on prices rising in the mid-term to long.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
We’re Keepin’ It Local with Debbie’s Artistry! She creates beautiful coasters, serving trays, keychains, and more!
It all started in 2020 when owner Debbie Williams was let go from her job in the hotel industry. During a time of uncertainty and isolation, her love for art became her outlet.
She started out creating coasters and bookmarks, and as time passed, she added more products. She now offers coasters, wine stoppers, serving trays, cutting boards, and other accessories such as keychains, magnets, and bookmarks. She also does floral preservation pieces for weddings and funerals.
For more information, visit DebbiesArtistry.com. You can also find her products at the Maker and Merchant store in Citrus Park Town Center and at Toscano Interiors in Clearwater.
As the world shifts toward a greener and more sustainable lifestyle, many people are looking to renewable energy sources to help reduce their environmental impact. One of the most popular methods is solar energy, using solar panels to harness the sun’s power. However, most people think solar panels are reserved for houses and businesses with lots of roof space. This isn’t true; the transition to solar is for everyone.
But can you use solar panels for apartments? In this Redfin guide, we have everything you need to know about using solar energy in your rental. So whether you live in a studio apartment in Tampa, FL, or a 2-bedroom apartment in Brentwood, CA, read on for everything you need to know.
Can you use solar panels in your apartment?
Yes, in most cases, you can benefit from solar power in your apartment. However, it may not be as straightforward as asking your landlord to install a solar panel on the roof or buying one yourself.
Installing traditional rooftop solar panels in an apartment building is often impossible due to space constraints, ownership issues, management, state regulations, and your building’s location. It also may be difficult to use alternative methods of using solar energy, as every state has different laws and programs. However, don’t let these hurdles deter you from investing in renewable energy.
How to use solar power in your apartment
1. Convince your landlord to go solar
Probably the easiest way to get traditional solar panels for apartments is to talk with your landlord. There is no one way to go about this, and it may not be possible depending on your building’s location. However, if you decide to talk with your landlord, here are some benefits to highlight:
Start by educating your landlord about the financial benefits. Although the upfront cost can be substantial, federal, state, and local incentives can often help offset these costs, and the savings on electricity bills over time can make it a financially sound investment.
Solar panels can increase property value and appeal to future tenants. And for residents, solar panels can reduce monthly utility costs.
Landlords can also receive income from surplus energy and gain a reputation as forward-thinking property managers.
Solar energy is one of the most sustainable and cleanest sources of energy. By converting their properties to solar, landlords can significantly reduce the carbon footprint of their buildings, contributing to environmental conservation and sustainability.
No matter what, make sure to present your case professionally and respectfully. Your landlord will be more likely to seriously consider your proposal if it’s well-reasoned and clearly communicated.
2. Invest in miniature or alternative solar
Since you likely can’t install a solar panel system on your own, another option is to use miniature or alternative solar power systems. Here are a few of the most popular options.
Portable solar panels: Portable solar panels are another viable option. They’re essentially tiny solar panels that you place in your window. You can move them around to capture maximum sunlight throughout the day and can charge devices like your smartphone or laptop directly or store energy in a portable battery for later use. Portable panels are an excellent choice for renters since they can be taken with you when you move.
Solar batteries: Solar batteries can store energy to power your devices and appliances. They may not offer a large benefit, but every effort matters.
Solar water heaters: These are a great option if your landlord allows it. They use solar energy to heat water and store it for when you need it and can replace a traditional water heater, depending on your climate.
Solar air conditioners: If you have an area in your home that receives a lot of sunlight, you can use a window-mounted or portable air conditioner to cool a room.
3. Purchase SRECs
Another option is to purchase Solar Renewable Energy Credits (SRECs). SRECs are tradable commodities anyone can earn from generating solar energy or purchasing on the open market. States usually create SRECs to help utility companies meet their renewable energy goals more quickly, but they are also available to the general public through private companies. While SRECs don’t directly reduce your carbon footprint or generate power on their own, they can incentivize solar growth in your state and show your commitment to the environment.
SRECs aren’t available in every state, and prices vary widely depending on where you live. There is no nationwide governance on solar credits, which can lead to inflated prices and limited impact. Make sure you do your research before choosing to invest.
4. Join a community solar program
Community solar, also known as shared solar or solar gardens, is an increasingly popular option that allows multiple people to benefit from a single solar array. This setup can make solar power accessible to people with limited space and access, such as renters and small businesses.
Here’s how community solar generally works:
A third-party developer, often a solar installation company or a utility, builds a solar array, often on a large rooftop or unused piece of land. This array is usually larger than a typical residential solar panel system and can generate much more power.
States have unique laws limiting the size and capacity of community solar arrays. For example, in Washington State, these arrays can generate a maximum of 1 MW, designed to generate enough power for multiple households or buildings.
Once it’s built, individuals or businesses can buy (usually a monthly subscription) a portion of the electricity the solar array produces. A 5% share is fairly typical.
Once the solar array begins producing electricity, you can start saving money because the credit from your share of the solar project offsets the cost of the electricity you consume. Utility companies determine bill credits and generally have regulating power.
Community solar can be cheaper than individual solar panels because the cost is spread between many people. There are also government programs for low-income and HUD-assisted housing renters to utilize community solar at no extra cost. However, community solar projects are often full and aren’t widely available.
Pros and cons of solar panels for apartments
Investing in and taking advantage of solar energy as a renter is beneficial, but can be complicated. Here are some pros and cons to keep in mind.
Pros
Reducing your carbon footprint: If you’re able to get your landlord to install solar panels, or you’re able to use miniature solar generators, you are reducing your carbon footprint.
Saving money: If you can convince your landlord to install solar panels for your apartment, you could save money on utility bills.
Investing in your community: Purchasing solar credits and participating in a community solar program can have a big impact on your community. By investing money into renewable energy, you are helping it grow and become more widely available.
Cons
No tax credit: You can’t claim the solar federal tax credit if you use a community solar program or don’t own the property the panels are on.
Few solar options: In many cases, it’s very difficult to utilize solar energy as a renter. Dozens of states don’t offer community solar programs or SRECs, and your building may not receive enough sunlight for a portable panel.
Limited utility savings: You won’t receive anywhere near the financial benefits that your landlord will if they install solar panels. Additionally, community solar and miniature solar solutions offer little to no utility credits compared to traditional arrays.
Final thoughts on solar panels for apartments
While you may not be able to install solar panels on the roof of your apartment building, there are other ways to take advantage of solar energy and help reduce your carbon footprint. From talking with your landlord to joining a community solar program, there are plenty of options.
No matter your method, do your research and ensure you are following all rules and regulations. And if you’re unable to use any kind of solar energy, consider talking with your local city council, state government, or otherwise to get the ball rolling. Renewable energy is essential to lowering global emissions and slowing climate change, so every effort matters.
It has now been roughly seven years since the devastating housing crisis rocked our great nation.
Between 2007 and 2014, foreclosure activity ran well above historical norms after exotic lending and sky-high home prices eventually brought down the entire real estate market.
But the foreclosure rate has since fallen to pre-crisis levels as problem loans were dealt with in one way or another. For some, a loan modification has meant a second chance to erase past mistakes.
For many others, the outcome wasn’t as positive. Their homes were lost via short sale or foreclosure and they must start anew. Of course, this may have been deliberate in some cases thanks to a phenomenon known as strategic default.
Regardless, many of those who lost their homes will now be able to get another crack at homeownership over the next several years. These folks are known as “boomerang buyers,” and are primarily Gen Xers or Baby Boomers.
Why Now?
Well, foreclosure waiting periods enforced by Fannie Mae, Freddie Mac, the FHA, and so on generally bar previously foreclosed homeowners from obtaining mortgages for seven years. For short sales, the wait is only four years in many cases.
Yes, there are exceptions to the rule that shorten these windows, and even programs that allow for mortgages just one year after such a negative event (or even one day!). There are also those who can buy a home with cash.
But generally it takes a considerable amount of time to bounce back and improve your credit history, regardless of the rules that are in place.
Seeing that it’s now 2015, the potential pool of boomerang buyers is growing in numbers.
A new analysis from RealtyTrac reveals that some 551,000 individuals will be able to buy a property again this year, assuming they still favor homeownership.
The number of boomerang buyers is expected to rise year after year until 2018 when the number peaks at over 1.3 million, then slowly decline through 2022, just as foreclosure rates have done.
This means the housing market might get an unexpected boost in demand at a time when supply is still low. Hello higher home prices?
Where Are All These Boomerang Buyers?
As you might expect, the areas hit hardest by the crisis should have the largest number of potential boomerang buyers.
That explains why Phoenix, Arizona leads the nation with nearly 350,000, followed by Miami with 322,000 and Detroit and Chicago each with over 300,000.
The largest share of potential boomerang buyers (as a percentage of total housing units) can be found in former foreclosure hotbeds such as Las Vegas, Merced, Stockton, Cape Coral-Fort Meyers, and Modesto.
Of course, in order for a potential boomerang buyer to become an actual homeowner the conditions need to be just right, kind of like conditions here on Earth.
RealtyTrac notes that the “trifecta of market conditions” includes an area where a high percentage of homes were lost to foreclosure, where home prices are still within reach to median income earners, and where the population of Gen Xers and Baby Boomers has held steady or increased.
The company found 22 metros (with a population of at least 250,000) meeting these criteria. The top five are Las Vegas, Tampa, Orlando, Cape Coral-Fort Myers, and Charlotte.
Phoenix wasn’t on the list because it’s Gen X/Baby Boomer population fell by 2.64% from 2007 to 2013. Miami isn’t ideal either because its housing payment to income ratio is over 28%.
In any case, the toughest part will be convincing these individuals to buy again seeing that home prices are already back near peak levels.
With housing becoming more and more unaffordable in the U.S., a new Zillow analysis shows that residents in the capital, Washington D.C. have the most cash left over after paying their mortgage.
Zillow’s
study assumes the median annual gross income and mortgage payment for
each of the 35 largest housing markets in the U.S. Its data shows
that residents in the capital have almost $7,000 of their monthly
incomes left to spare after paying for their home. That compares to
second place San Jose, whose residents have on average, $6,800 after
paying their mortgage repayments.
At
the opposite end of the scale, residents of Los Angeles and Florida
struggle the most. In LA, homeowners there average $3,450 per month
left over, which is slightly less than those living in Miami, Tampa
Bay and Orlando. However, renters in those three Florida cities have
the smallest amount of leftover cash after paying their monthly rent.
Unfortunately
for LA residents, they’re left with even less when the substantial
income tax rates of California are taken into consideration. Those
taxes cut deep into whatever income is left over for other expenses,
such as food, transportation, child care and education costs.
“In
our quest for happiness, or at least satisfaction, we must accept
tradeoffs,” said Skylar Olsen, Zillow’s Director of Economic
Research. “A good-paying job with career growth potential often
comes with expensive housing, leaving less for life’s other
essentials such as taxes, child care, transportation, medical
services, food and leisure. Finding that balance where housing costs
leave a comfortable amount of spending money is tricky, especially
when the prices of life’s non-housing essentials also vary widely by
market.”
The
bad news for buyers is that affordability overall has worsened in the
last year due to rising interest rates and accelerating home value
appreciation over the last year. In November, the average 30-year
fixed rate mortgage had risen to 4.94 percent, up from 3.95 percent
at the start of the year. Fortunately, rates have now dipped slightly
to below 4.4 percent, while home value appreciation is finally
beginning to cool in many markets. That could lead to better
affordability in recent months, Zillow said.
Other
data from Zillow’s study shows that a mortgage payment on the
typical home in the U.S. required 17.5 percent of the median income
in Q4 2018. This is up from 15.4 percent in the last quarter of 2017
but still below the historic average of 21 percent from the late
1980s and 1990s. Using this traditional measure of housing
affordability, less expensive Midwest markets such as Pittsburgh, St.
Louis and Cincinnati top the list.
The
typical U.S. renter spent 27.7 percent of their income on rent
payments in 2018. This is down slightly from 28.1 percent in 2017,
but higher than the historic average of 25.8 percent. Rent payments
accounted for more than 30 percent of the median income in 13 large
U.S. metros, widely considered the standard for unaffordable housing
costs.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].