Rising share of US wealth held by Americans over 70

Have you seen various Senior discounts at restaurants, theaters, ski resorts, and retailers? These discounts date back to the post WWII era when persons over 65 tended to have low to moderate incomes. This was before Medicare and as Social Security was just beginning to provide benefits for retirees.

 Despite poverty among a small segment of the senior population today, the vast majority of 65+ Americans are wealthy by world and American standards,

Americans ages 70 and older made up 11% of the US population last quarter (2023) but held a record 30% of the country's wealth, according to data from the Federal Reserve. Increases in stocks and home values during the pandemic help to explain the increasing concentration of wealth for members of this demographic.

Across the nation, it is retirees who are fueling the housing markets as they sell paid off homes that appreciated during their long tenure to trade up to more luxurious homes. Sure, some seniors are down-sizing but with developers and builders profiting most from building larger, higher-end homes, many seniors are buying larger homes than where they raised their families.Very few "starter" homes are being built because they are like compact vehicles are to car companies... not profitable. 

The economics of families have shifted over the decades so that people raising children should be getting the discounts, not seniors.

Full Story: Bloomberg

 

What percent of income to allocate to mortgage?

 There are various rules of thumb for how much of your income to allocate to housing costs. Traditionally about 1/3 of take home pay was the guideline but with housing costs, both rents and mortgages, rising dramatically, you need to dive a bit deeper into your finances to determine what is a "safe" percentage to pay for housing. Unfortunately many young Americans will look at the numbers and laugh. If only! That's when it's time to think about Plan B which might be getting a roommate, living with parents, or moving to a less expensive area. To commit to paying 50% or more of income for housing means you won't be able to afford to invest for retirement, pay off student loans, get married, buy a home, start a family, etc. Hard choices. Maybe it's time to investigate affordable housing initiatives in your city.

Check out this detailed description of calculating housing affordability: https://www.bankrate.com/mortgages/what-percent-of-income-should-go-to-mortgage/#percent-income

Which state has the largest houses? Why are houses getting larger as family size shrinks?

 Thanks to Marketplace Morning Report you can find the answer to which state has the largest houses. 

"Even as household sizes have declined, the average home grew from 909 square feet in 1949 to 2,480 in 2021."

"But what does more space get you? Many assume that more space leads to happiness. The Organization for Economic Cooperation and Development, for example, measures the number of rooms per person as part of its indicator for quality of life. But there’s no direct relationship between more space and wellbeing, according to a British study."

"The bigger the home, the greater likelihood for wasted space, which, in the end, is wasted money."
 
"When asked what people waste their money on, the first thing that Nobel Prize winning economist Robert Shiller named was bigger homes." 

So, which state has the largest homes? And find lots more fascinating data about American homes. See:

The 2022 American Home Size Index

https://www.ahs.com/home-matters/real-estate/the-2022-american-home-size-index/

Key Findings

• Fast-growing tech hubs in the Rocky Mountains have the largest homes. In Colorado Springs, the average home is 2,760 square feet – the largest of any major U.S. city.
• Areas with newer housing stock have larger homes. In Utah, the state with the largest homes, the typical home is 33 years old – 11 years newer than the U.S. median.
• High-density coastal cities have the most expensive real estate. In New York City, there are 28,182 people per square mile, and homes cost $1,519.57 per square foot on average – each the highest such figure of any major U.S. city.
• Expensive real estate may be driving people to look for cheaper homes elsewhere. From 2020 to 2021, the population of New York City fell 3.5% – the second largest decline of any major U.S. city.

 

How to erase your eviction record in Utah (in English and Español)

 From the Salt Lake Tribune Investigative Journalism Team

(Para leer el texto en español vaya a la mitad del artículo.)

By Eric S. Peterson, Silvia Nuila and Frank Regalado

"Have you ever been evicted? Do you wish it never happened? Thanks to a new law in Utah, you might be able to make it disappear from your legal record.

Tens of thousands of Utahns over the years have been evicted from their apartments and homes. It’s not a crime to get evicted. It’s not a crime to miss rent because you lost your job or ran out of money paying medical bills or fixing a broken car. It’s not a crime if you miss rent because you are just trying to get through difficult times.

But having an eviction on your record can be as bad as having a crime on your record. It can hurt your credit score, making it harder for you to get a loan for a car or to get into your dream home. And your rental application for a nice new apartment might get rejected if the landlord sees you have an eviction on your record—even if it happened years ago.

But state law allows Utahns to expunge... an eviction from their records; in other words, evictees can wipe the slate clean as if it never happened. Even better? There’s no cost to do it."

Read the full article at: https://www.utahinvestigative.org/how-to-erase-your-eviction-record-in-utah-in-english-and-espanol/?doing_wp_cron=1669399398.6307051181793212890625

Where to find more help

Utah Courts Self Help Center: For help filing documents. utcourts.gov/selfhelp, 888-683-0009

Utah Housing Coalition: Can help walk you through the process and find legal and other help. Online at utahhousing.org or call 801-364-0077.

The Legalese of Expungement

Civil Cover Sheet: Your basic application to the court to ask for expungement.

Expungement: Erasing your eviction record.

Satisfaction of Judgment: Paying your old eviction debts so you can expunge your eviction.

Petition: A written request, asking the court to do something.

Proof of Service: Document showing you sent your petition to your landlord. It could be in the form of a certified mail receipt.

 

 

Homeowner Assistance Fund (HAF)

 

If COVID-19 has made it difficult for you to pay your mortgage, utilities, or other housing payments, financial assistance is on the way. The Homeowner Assistance Fund (HAF) was established by the American Rescue Plan Act to help homeowners financially impacted by COVID-19 with housing-related costs.

Find Homeowner Assistance Fund programs in your area.

If the program in your area is up and running, you may start your application process. Funds are limited. Some programs may not have enough funds for every applicant, so it is important to apply as soon as you’re able.

If your program is not yet available, check the program’s website which may allow you to sign up for timing updates and alerts.   

Learn more about the Homeowner Assistance Fund.

Thank you,

Consumer Financial Protection Bureau

Housing Resources for People With Disabilities

This resource provides information on how to buy a home on disability Income, the FHA and types of loans and programs, VA home loans for veterans with disabilities, as well as help from state agencies alongside other help lines and resources.  Check it out: https://www.uphomes.com/blog/homebuyers-with-disabilities.html

Coronavirus Relief Resources from Consumer Financial Protection Bureau

Relief for renters
A new law provides relief for renters and extends the CDC’s Order to protect many people who can’t pay their rent from eviction through January 31, 2021.

Updates to unemployment benefits
Congress passed legislation providing an additional $300 per week to all workers receiving unemployment benefits. The supplement begins after December 26, 2020 and ends on March 14, 2021.

Mortgage relief deadlines extended
Some homeowners struggling to pay their mortgage now have a little extra time to seek help.

Student loan relief
Interest and monthly payments on federally-held loans are suspended through January 31, 2021.

For information on the second round of Economic Impact Payments visit IRS.gov.

---

What to do if you can’t pay your mortgage

If you are struggling to pay your mortgage help may still be available.

5 steps to ask for forbearance If the coronavirus has made it difficult to pay your mortgage, contact your mortgage servicer immediately. You may be eligible for forbearance, which temporarily pauses or reduces your monthly mortgage payments. View video

Get more details at our housing assistance site. Help paying bills If you are struggling to pay your bills we’ve got tools to help you make these tough decisions, like prioritizing bills or dealing with a debt collector.

Five tips for when you can’t pay your bills Having trouble paying your bills? We have tools that can help you evaluate your finances and make decisions about your budget. View video View video in Spanish

How to find and rent housing for the disabled

The Ultimate Guide to Finding and Renting Housing With Disabilities

"Everyone is entitled to a safe, accessible, and comfortable home. If you or a loved one live with a disability, finding and renting the right housing can feel like an uphill battle. But there is no reason to go it alone. Government agencies and national organizations are available to help with the process. Federal and state laws mandate that disabled renters should never face discrimination or hardship when finding their ideal rental home. Understanding your legal rights is the first step toward simplifying the process of finding a rental."

Check out the full guide at: https://www.thezebra.com/renting-with-disabilities/