Posts Tagged ‘wealth’

14 Million Homeowners Now “Equity Rich”

Posted on August 23, 2017 by Laura Lam

Home equity is growing as home prices rise across the U.S., and the number of equity-rich properties increased by 1.6 million from last year, according to the Q2 2017 U.S. Home Equity and Underwater report from ATTOM Data Solutions, a multi-sourced property database.  By the end of the second quarter, ATTOM recorded more than 14 million equity-rich properties, properties where the combined loan amount secured by the property was 50% or less than the estimated market value. This increase is up by nearly 320,000 properties from the previous quarter and up 1.6 million properties from last year to 24.6% of all…

Senior Home Equity Hits All-Time High

Posted on August 03, 2017 by Laura Lam

Senior homeowners saw an increase in their home equity in the first quarter of 2017, according to a report from the National Reverse Mortgage Lenders Association (NRMLA).  The report showed homeowners aged 62 and older saw their home equity increase by 3.1% to $6.3 trillion in the first quarter. This is up from $6.13 trillion from the fourth quarter. This growth in housing wealth for seniors was driven by an estimated 2.6%, or $199.3 billion, increase in senior home values, and was offset by a 0.6% increase in senior-held mortgage debt which totaled $9.2 billion. The NRMLA/RiskSpan Reverse Mortgage Market Index, a…

The Richest Generation Keeps Getting Richer

Posted on August 31, 2016 by Laura Lam

Baby boomers started turning 65 in 2011, marking the unofficial beginning of their retirement years. The timing could not have been better for older boomers, who are already part of the wealthiest generation in U.S. history. Since then, the broad S&P 500-stock index is up 91%. Market performance in the early years of retirement is a crucial worry for anyone living off a nest egg. In the worst-case scenario, stocks crash just as retirees start spending their savings, leaving them in a hole they can no longer earn their way out of.  But older boomers have experienced what is arguably the best-case…

The Wealthy Outlive Poor in Certain Areas

Posted on April 22, 2016 by Laura Lam

The poor in some cities – big ones like New York and Los Angeles, and smaller ones like Birmingham, Ala. – live nearly as long as their middle-class neighbors or have seen rising life expectancy in the 21st century. But in some other parts of the country, adults with the lowest incomes die on average as young as people in much poorer nations like Rwanda, and their life spans are getting shorter. A new study, published by the Journal of the American Medical Association, found that people who make more money live longer, but where you live could make a…

Low-Income Families’ Budgets are Stretched to the Limit

Posted on April 12, 2016 by Laura Lam

Low-income Americans are experiencing a staggering price hike in housing costs – a change that makes it sometimes impossible to afford basic necessities.  A new Pew Charitable Trusts analysis of data from the Bureau of Labor Statistics shows that in 2013, low-income Americans spent a median of $6,897 on housing. In 2014, that rose to $9,178 – the biggest jump in housing spending for the 19-year period of data that Pew studied. The cost of other necessities, like transportation and food, also rose, albeit not as dramatically. 2014 was the first year that Pew studied in which median spending on these three…

Renting a Home Outweighs Buying in Some Cities

Posted on June 15, 2015 by Saldutti

The latest national housing market index produced by Florida Atlantic University and Florida International University indicates it is becoming more favorable for renters than buyers in terms of wealth accumulation.  The report attempts to answer one of the toughest questions American consumers face: Is it better to rent or buy a home in today’s housing market? The quarterly index looks at whether current market conditions favor renting or buying in terms of wealth creation, measured over a fixed time period.  The study examines the entire housing market in the U.S. and isolates the markets of 23 key cities. According to…

Richest 1% Will Own More Than Half of World's Wealth by 2016

Posted on January 27, 2015 by Saldutti

“The richer get richer and the poor get poorer” – a new Oxfam report is proving the old aphorism to be truer than ever.  The report, “Wealth: Having it all and wanting more,” concluded that the world’s wealthiest 1 percent would overtake the combined wealth of the remaining 99%.  Next year, the richest 80 people will equal the wealth of the 3.5 billion poorest across the globe, the report said. The report explained that even in 2014, the 1 percenters controlled 48% of the global wealth. Of the remaining 52% of wealth, the majority was controlled by those included in…

Where the Rich Bank

Posted on November 12, 2014 by Saldutti

Bank of America Corp. and Wells Fargo & Co. came out on top in a new study about which banks high-net-worth individuals prefer.  Some 32% of individuals who are worth between $5 million and $25 million prefer to bank with these two banks, according to an annual study by Millionaire Corner, a division of Spectrem Group, which looks at how investors work with financial advisers. Both Bank of America and Wells Fargo tied for first place with 16%.  J.P. Morgan Chase & Co. came in third with 11%, while only 4% preferred Citigroup Inc.  Other financial firms with 2% or…

72% of Americans Say the Recession is Still On

Posted on September 25, 2014 by Saldutti

Americans have a bleak outlook about both the nation’s financial health and their own, according to the 2014 American Values Survey released by the Public Religion Research Institute. The Ford Foundation-funded study revealed nearly three out of every four Americans (72%) believe the recession is still on.  This really doesn’t come as much of a surprise – given the lasting effect the recession has had on long-term unemployment. Fewer than one out of 10 Americans (7%) say they are in excellent financial health themselves. About a third of the people in the survey said they or someone else in their…

Americans Are Flat-Out Broke

Posted on August 19, 2014 by Saldutti

Despite improvement in certain areas of the economy, the Great Recession never truly ended for millions of Americans. Households across the nation are still trying to overcome a sluggish labor market, stagnant wages, and rising living costs. Making matters worse, the struggle does not appear to be ending anytime soon. According to a new report from the central bank, 25% of American households say their families are “just getting by” financially, and another 13% are “finding it difficult to get by.” Compared to five years earlier, 34% feel like they are worse off today, while the same number feel about…