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- The average American spends approximately $333,065 before becoming a homeowner
The average American spends approximately $333,065 before becoming a homeowner
Plus: Redfin's Next Agent Pay expands Plan nationwide
🌅 Good morning. Thanks for being with us this Tuesday!
Today's newsletter is 647 words — a 2.5-minute read.
1. Home costs are climbing faster than salaries in Texas
Income data from the U.S. Department of Housing and Urban Development was used to assess affordable housing in the major Texas metros.
Results demonstrated housing costs are climbing faster than salaries and all major metros are less affordable now than they were in 2000. LINK
Housing affordability ratios for major Texas metros (2000-2023)
Source: U.S. Department of Housing and Urban Development (HUD), Zillow, Freddie Mac.
2. The average American spends approximately $333,065 on rent before becoming a homeowner
According to a recent study by Self Financial, the typical renter in the U.S. spends approximately $333,065 on rent.
Here is a breakdown of the costs for all 50 U.S. states.
The figure is based on estimates from the National Association of Realtors (NAR) that the average American rents their first apartment at 22 and goes on to purchase their first home at age 35.
A MESSAGE FROM DAVE YOUR MORTGAGE GUY
🏠 3% vs 5% Down Payment: Which Should You Choose?
If you're on the fence about how much to put down on a home—3%, 5%, or more—you're not alone! 💸 In this video, I break down the pros and cons of each option, using real-life numbers to help you decide what's best for your financial situation. From monthly mortgage insurance savings to potential impacts on interest rates, you'll get the full picture to make an informed decision.
👉 Watch now to learn which down payment option is best for you! 3% vs 5% Down Payment? Which should I do?
3. Catch up quick
🔏 LL Flooring reverses course and will keep hundreds of stores open after a bankruptcy filing. (APNews)
🚄 Amtrak gets $64M in federal funds for high-speed rail between Dallas and Houston. (ABC13)
🏢 Meta out, IBM in at the Domain for its Austin employees. (CommunityImpact)
💸 Part of Ingram Park Mall is now for sale in San Antonio. (MySA)
📈 Redfin's Next Agent Pay Plan expands nationwide. (Redfin)
🥜 Fun read: Longview and Tyler mayors are competing in a month-long drive to collect the most peanut butter for the East Texas Food Bank. (KETK)
4. Progressive stops offering new home insurance policies in Texas
Progressive Insurance, the largest auto insurer in Texas by market share, is no longer writing new homeowners policies in Texas, the company confirmed to WFAA-TV in Dallas this week.
Roughly 40% of the storm losses Progressive faced during Q2 of 2024 occurred in Texas, according to the company’s quarterly report.
Though Progressive hasn’t publicly commented on its reported pulling back from new insurance policies in Texas, the company has been public with its goal of decreasing its homeowner’s insurance footprint in areas at high risk of storm damage.
In regions where our appetite to write new business is limited, we are continuing to prioritize Progressive auto bundles, as well as lower-risk properties, such as new construction or homes with newer roofs.
5. Feds to seize two DFW homes tied to $138M Ponzi scheme involving international bond investments
Two Dallas—Fort Worth area homes are about to be seized by feds, who claim the properties were purchased with money made through a “Ponzi-type” scheme.
The scheme reportedly generated $138 million from clients under the pretense of investing in international bonds. Instead, the funds were used to pay previous investors and for personal expenditures, according to a complaint filed in the Eastern District of Texas.
The properties in question are located at 3805 Bellaire Drive in Fort Worth and 454 Keystone Bend in Heath, a suburb of Dallas.
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