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      Compass Contemplations for Wednesday

      DID YOU KNOW? Metro areas with populations of 100,000 or more represent 85% of the U.S. population.

       

      DID YOU KNOW? An additional 371,000 new rental units are expected to hit the U.S. market in 2020, a 50% percent increase over the number of new units completed in 2019. Developers want you to rent instead of buying. If rentals are supposed to combat the unaffordability of the housing market one has to wonder why 80% of these rentals are LUXURY rentals. (WSJ)

       

      DID YOU KNOW? A new bill is circulating in Washington would ease some new restrictions on the EB-5 program, which governs visas that grant permanent U.S. residency to foreigners who invest in qualifying real-estate projects and other businesses that create jobs in the U.S. (WSJ)

      DID YOU KNOW? Package theft is at an all-time high, with 1.7 million packages stolen or lost every day in the U.S., according to researchers at Rensselaer Polytechnic Institute. Maybe the best building/home amenity is secured package drop-off? Amazon has installed secure locker locations in 900 U.S. cities and now offers Amazon Key, which allows customers to give remote access to delivery drivers so they can leave packages inside the home, garage or car trunk. 

      DID YOU KNOW? Greenwich, Connecticut, one of the wealthiest areas of the USA, 50 minutes from Midtown Manhattan, saw an 11% sales volume decline in 2019. Only 13% of all sales were above $4 million. The average sales price was $2.4 million, dispelling the myth that all homes in Greenwich are for billionaires alone! Off-market sales accounted for 9% of all transactions.

      DID YOU KNOW?  New York, Miami, Houston, and Chicago have the highest percentage of mortgages 30 days past due for the ten largest metro areas. (Corelogic)

      DID YOU KNOW? A new report from Experian found that the average FICO Score in the U.S. reached an all-time high in 2019 of 703, up from 701 a year earlier and 14 points higher than back in 2010. Altogether, 59% of Americans have a FICO Score of 700 or higher, the largest percentage ever at that threshold.

      DID YOU KNOW? New York was identified as the 8th most affordable large city in the USA in a report evaluating the TOP 20 largest city economies in the USA: Miami, Detroit, Phoenix, Los Angeles, and Atlanta were the TOP 5. While New Yorkers spend a significant portion of their incomes on housing and transportation, the city’s low transportation costs help offset high housing costs. Transportation costs in New York City are the least expensive among the peer cities analyzed, with the median household spending $832 a month, or 14.4% of total income on transportation. (Citizens Budget Commission)

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