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Deciding whether to rent or buy a home is one of the biggest financial choices most people will make. It’s not a straightforward decision, especially when considering the rapid increase in <keyword id="21530105" type="General" weightage="20" keywordseo="rental-prices" source="keywords">rental prices</keyword> in some of India’s biggest cities. Let’s dive into how the cost of renting has risen compared to buying, and whether it's still worth it to rent or if it’s time to start looking at <keyword id="20879400" type="General" weightage="20" keywordseo="homeownership" source="keywords">homeownership</keyword>. <h2>Soaring renting costs</h2>If you’re renting in cities like Bengaluru, Pune, or Kolkata, you might have noticed something frustrating — your rent seems to keep going up. According to <keyword id="20974307" type="General" weightage="20" keywordseo="ANAROCK-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="ANAROCK Research" meta.hostid="261" meta.entityid="ANAROCK Research">ANAROCK Research</keyword>, in several of India’s top cities, rental prices have jumped significantly, even more than <keyword id="21006188" type="General" weightage="20" keywordseo="property-values" source="keywords">property values</keyword> in some places. For example, in Bengaluru’s Sarjapur Road, average monthly rents shot up by 67% between the end of 2021 and the middle of 2024. If you were paying Rs 21,000 in rent at the end of 2021, that would now be around Rs 35,000 a month! And Bengaluru isn’t the only city where renters are feeling the squeeze. In Pune’s Hinjewadi, rent prices have surged by 52%, while property values went up by just 31%. Similarly, in Kolkata’s EM Bypass, rents rose by 46%, but property prices saw a much smaller bump of 15%. But there are cities where buying makes even more sense because property prices are outpacing rental costs. In Hyderabad’s Gachibowli, for instance, while rent went up by 50%, property values soared by 70%. This trend is also seen in NCR’s Sohna Road, where rents increased by 40%, but property prices grew by 54%. <h2>Is renting really worth it?</h2>Let’s say you’re living in a 2BHK flat in Bengaluru, paying Rs 50,000 a month in rent. It might seem like an okay deal at first, but when you look at the long-term cost, things get tricky. Dr Prashant Thakur, Regional Director &amp; Head of Research at ANAROCK, breaks it down: "One-year payable rent for the individual is Rs 50,000 x 12 = Rs 6,00,000. For the next 10 years, the total rental outgo, including an annual rental increase of 7%, will be around Rs 83 lakh. This rental outgo is almost 69% of the total cost of this property — and this is just an expense with no investment value accrued." <div type="Article" hostid="261" msid="113367496" title="I bought my dream home, but the difficult process and higher cost sometimes make me wish I&amp;#39;d stuck with renting" mstype="2" mssubtype="0"></div>What does that mean? If you keep renting, you’re essentially throwing money out the window without gaining any ownership of the home. While you may have the flexibility that comes with renting, your hard-earned money doesn’t build any long-term value. <h2>Is it time to make the home purchase leap?</h2>So, what if you took the plunge and bought the place instead? Let’s say you’re eyeing a Rs 1.2 crore apartment and can afford to put down a 20% down payment, with the rest coming from a 10-year home loan at 9.5% interest. Dr. Thakur explains, “If the individual opts to buy the property via a home loan, has the financial wherewithal to make a 20% down payment, and borrows the remaining amount over a 10-year tenure at 9.5% interest rate, such a purchase is definitely profitable. Instead of spending a huge amount on rent, the individual can pay monthly EMIs and ultimately own the physical asset after a ten-year period.” With this approach, the monthly EMIs may be slightly higher than what you’re paying in rent, but there’s a key difference — you’re working towards owning your home. After 10 years, the home is yours, and you don’t have to worry about rent going up year after year. <h2>Homeownership isn’t just about the numbers</h2>While the math might lean towards buying, it’s not just about finances. For some people, renting makes more sense, especially if they don’t plan to settle down in one place for a long time. Job mobility, financial stability, and lifestyle choices all factor into this decision. However, something interesting happened during the COVID-19 pandemic. Many people, including millennials who had previously been all about renting, started reconsidering. The pandemic brought a sense of uncertainty, and suddenly, the security of owning a home became much more attractive. Dr. Thakur points out, "Amid a rising aversion to high-risk investments, an increasing number of tenants see rent as an expense, and EMIs as SIPs towards a non-volatile asset." <div type="Article" hostid="261" msid="113395713" title="Welcome to interest-rate cut week: Here&amp;#39;s how the Fed&amp;#39;s next move will impact everything from home prices to new cars loans" mstype="2" mssubtype="0"></div>Plus, home loan interest rates are currently lower, averaging between 8.75% and 9.5%, making homeownership more affordable than it has been in the past few years. And let’s not forget the tax benefits: Homebuyers can avail of deduction on principal repayment, interest charges, and a further deduction of Rs 50,000 for first-home buyers. The answer, as with most things, isn’t black and white. Renting offers flexibility, especially if your job might take you to a new city in a year or two. But with rents rising sharply in cities like Bengaluru, Pune, and Chennai, buying might be a smarter option in the long run. If you’re financially ready to make a down payment and secure a home loan, investing in a home could save you from steep rental hikes and give you the stability of owning a property.

Should you rent or buy a home? Here’s how much rental pricing has gone up compared to ownership cost in major Indian cities

<ul class="summary-list"><li>The Texas housing market has cooled after a frenzy of activity during the pandemic.</li><li>Boomtowns like Austin are seeing home prices drop, while fewer people are moving to the state.</li></ul>Texas was not all what it cracked up to be, according to Peter Hoholick, a native Californian who moved to Austin in 2021 on rumors that a cheaper, more laid-back lifestyle was in store.The move fell short of Hoholick's expectations. The <a target="_blank" class="" href="https://www.businessinsider.com/texas-heat-wave-weather-costs-economy-workers-jobs-2023-7">weather</a> was "miserable," with southern humidity and temperatures trailing into the triple-digits during the summer. The <a target="_blank" class="" href="https://www.businessinsider.com/cost-of-living-texas-cities-prices-housing-medical-energy-2023-9">cost of living</a> was comparable to that of California, though the pay, he felt, was lower.The tense, conservative-leaning political climate is what broke him. When Roe v. Wade was overturned, Hoholick made the decision to head back to California. His quality of life has "vastly" improved, he told Business Insider in an interview."I was young and dumb at this point in time," Hoholick said of his brief stay in Texas — around 13 months. "I would never entertain the idea of moving back."He isn't alone. Though some towns still <a target="_blank" class="" href="https://www.businessinsider.com/inside-fastest-growing-city-in-the-us-celina-texas-2024-6">attract a good deal of interstate movers</a>, a growing number of Americans have soured on the Lone Star State, with interest in moving to Texas cooling, while <a target="_blank" class="" href="https://www.businessinsider.com/where-people-are-moving-to-and-moving-from-usps-data-2023-5#1-katy-texas-16">interest in moving out has risen</a>. The shift in attitudes is an indicator for the state's housing market, which boomed during the pandemic.The weather is hot and the political climate too charged for some, but the biggest reason the scramble for Texas may be over is simply because living there is way more expensive than it used to be, real estate experts and realtors in the state told BI.The downbeat feelings are already evident in the state's migration and housing data. While Texas gained 668,000 new residents between 2021 and 2022, it also lost nearly half a million people, with 494,077 people <a target="_blank" href="https://www.businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">moving out of state that year</a>, according to the US Census Bureau.That small-scale exodus appears to be taking place in what used to be Texas' most popular boomtowns. Dallas has seen a slight <a target="_blank" class="" href="https://www.census.gov/data/tables/time-series/demo/popest/2020s-total-cities-and-towns.html">population decline</a> over the past several years, with the city losing around 5,000 people from mid-2020 to mid-2023, Census data shows.<a target="_blank" class="" href="https://www.businessinsider.com/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9">Austin</a>, meanwhile, is the fifth most moved-out of city in the US year-to-date, according to an <a target="_blank" href="https://www.pods.com/blog/moving-trends">analysis</a> from the moving firm PODS, with the town <a target="_blank" class="" href="https://mailchi.mp/austintexas.gov/austin-slips-out-of-top-10-list-of-largest-us-cities?e=0a5bb73be8">no longer considered among the top 10 most populous cities</a> in the US.Texas realtors also say it's a much cooler climate for buying and selling a home, thanks to weaker demand. Median home prices in Texas have fallen around 7% from their highs in mid-2022, according to data from Redfin. The decline is an outlier compared to the broader US housing market, which is still prices hovering around record highs.In 2022, homes for sale in Texas were being scooped up in a matter of days, but it's now taking months for sellers to find a buyer, according to James Willoughby, a real estate agent based in Austin.In some instances, Willoughby says he's encouraged sellers to slash prices by 20%-30%. According to Redfin, more than a third of <a target="_blank" href="https://www.redfin.com/state/Texas/housing-market#demand">homes in Texas saw a price drop</a> in August."We had such an avalanche of buyers moving here from elsewhere and not that many people selling. That's how we got into the craziness that we got into several years ago," he said of the Texas housing market during the pandemic, adding that he's seen a "fair amount of people" looking to move out of the state in the past year.William Wheeler, an Amarillo-based real-estate agent, says the number of clients who are looking to move out of Texas is "pretty equal" to the number of clients looking to move in."We have done a lot of price reductions, more price reductions than normal," he added.Price cuts suggest that housing markets like Austin and Dallas are likely approaching a bottom, according to Redfin's chief economist Daryl Fairweather, though she noted that the trend wasn't uniform across the state."The boom cycle's kind of coming to a close," Fairweather said.<h2 id="9d645e44-b331-4da0-b652-00cbb2fbcaea">Waning affordability</h2>When the pandemic struck, Americans <a target="_blank" class="" href="https://www.businessinsider.com/moved-to-texas-pandemic-migration-boom-sunbelt-austin-housing-crisis-2022-1">flocked to Texas</a> in search of cheaper living relative to other metropolitan areas, Fairweather says.While agents say they're seeing prices come down faster than other parts of the country, they're also coming down from a higher peak after the housing feeding frenzy that took place during the pandemic.In March 2020, the median home price in Texas was $253,600, around 20% lower than the national median of $303,577 at that time.Since then, home prices in Texas have shot up 37%, with the median price clocking in at $348,300 in August, Redfin data shows.<a target="_blank" class="" href="https://www.businessinsider.com/florida-housing-market-sales-weather-climate-change-retirement-pandemic-costs-2024-9">Similar to states like Florida</a>, Texas has been in the path of many extreme weather events in recent years, sending home insurance rates skyrocketing. <a target="_blank" class="" href="https://www.lendingtree.com/insurance/state-of-home-insurance/">Premiums in Texas have soared 55%</a> from 2019 through March 2024, with the average homeowner in the state paying $4,647 a year, according to a report from LendingTree."That difference in affordability made it worthwhile for people to move across the whole country and start a new life in Texas. But now, because home prices are so high, it's just not as attractive," Fairweather added.A higher cost of living broadly, combined with a weakening job market, could also be influencing the cooling interest in the state, she said.<a target="_blank" class="" href="https://fred.stlouisfed.org/series/CUURA316SA0">Consumer prices</a> in the Dallas, Fort Worth, and Arlington areas have risen 25% over the last five years, according to the Bureau of Labor Statistics.<a target="_blank" rel="noopener noreferrer" class="" href="https://fred.stlouisfed.org/series/IHLIDXUSTX">Job postings based in Texas</a> on Indeed, meanwhile, have dropped 28% from their highs in 2021.Samuel Cobb, an East Texas resident who's looking to move out of the state, said the cost of living had "blown up" since the pandemic. He and his wife hardly save anything, and are rarely even able to dine out at restaurants anymore, he added."We were no longer able to live there, couldn't get back there, couldn't afford to get jobs there or anything else, so they just pushed us out," he said of Austin. "We are basically struggling to afford to live anywhere at this point."Current and former Texas residents who spoke with BI also frequently cited the <a target="_blank" class="" href="https://www.businessinsider.com/leaving-texas-political-freedom-property-taxes-housing-costs-2023-11">extreme heat and political atmosphere</a> as key motivations to leave. But those issues are minor relative to things like economic growth and housing affordability, Fairweather says, which she described as two of the biggest factors that could determine if the Texas housing market picks back up.Hoholick, though, is fairly certain he'll never return to the state long-term. He recalled turning down a recruiter earlier this year for a job that would double his current salary, though the position was based in Austin."I could not stomach moving back there for any price tag," he said.Cobb, who hasn't moved out of Texas yet, also doesn't see himself coming back once he leaves. His only problem is selling his home, which has been on the market for over two months."We made a decision in August or July to move, and now we're like, now what the crap we're going to do? We want to get there. We're tired of the Texas heat, tired of Texas politics," he said. "So we're definitely feeling stuck right now."

Falling home prices and fed-up residents show the Texas housing boom is slowing

<ul><li>In 2023, new <keyword id="6354516" type="General" weightage="20" keywordseo="property" source="Orion">property</keyword> launches across the top 7 cities witnessed a 25% annual surge.</li><li>MMR and Pune accounted for the majority of new launches, constituting nearly 54% of the total new launches. </li><li>Approximately 6 lakh units are available for sale across top 7 cities in India as of 2023-end. </li></ul>Indian homes across top 7 cities are expected to get pricier by as much 8-10% in 2024. The market might absorb these hikes, without an impact on demand, as per real estate consultancy Anarock. In 2023, <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> surged by 10-24% across the top 7 cities on an annual basis. This was primarily driven by heightened input expenses and robust demand. Despite the escalation in property prices and the increase in home loan interest rates earlier in 2023, the Indian residential real estate sector has experienced an exceptional year, according to the latest Anarock Research data. <keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> in top 7 cities reach an all time high in 2023 Housing sales in the top 7 cities have reached an all-time high in 2023, surpassing the previous peak recorded in 2022. Approximately 4,76,530 units were sold in 2023 across these cities, marking a significant 31% year-on-year increase from the 3,64,870 units sold in 2022. The last peak within the decade was observed in 2022 after 2014, with around 3.43 lakh units sold in the top 7 cities. MMR recorded the highest sales in 2023, with approximately 1,53,870 units sold, followed by Pune with around 86,680 units. These two western markets emerged as the primary drivers of residential sales in 2023. New property launches witness a surge Moreover, new property launches across the top 7 cities witnessed a 25% annual surge, rising from approximately 3,57,640 units in 2022 to about 4,45,770 units in 2023. Mumbai Metropolitan Region (MMR) and Pune accounted for the majority of new launches, constituting nearly 54% of the total new launches throughout the year. Says Anuj Puri, chairman Anarock Group, "2023 has been phenomenal for the Indian <keyword id="50054" type="General" weightage="20" keywordseo="housing-sector" source="Orion">housing sector</keyword>, despite global headwinds, rising domestic property prices, and interest rate hikes over the first half this year. Housing sales in the top 7 cities breached the previous high of 2022, and new launches stayed in step with the current housing demand.” According to Anarock research, 31% of total new supply was in mid-range (₹40-80 lakh) price bracket, 28% in ₹80 lakh -₹1.5 crore bracket and 23% in the ticket price of over ₹1.5 crore. The share for affordable housing was the lowest at 18%. New launches overview - City-wise <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td colspan="4" style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">City-wise New Supply (In Units) </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> Cities Name </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">% Change (2022 Vs 2023) </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">NCR </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">36,735 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25,360 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">45% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">MMR </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,57,700 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,24,650 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">27% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bangalore </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">54,435 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">49,195 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">83,625 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,340 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">76,345 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">68,010 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,140 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9,995 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">102% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16,790 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16,090 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,45,770 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,57,640 </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#a6c9ec;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: ANAROCK Research Approximately 6 lakh units available for sale as of 2023-end Despite substantial new housing supply throughout the year, the total available inventory in the top 7 cities decreased by 5% by the end of 2023 compared to the previous year. Approximately 6 lakh units are currently available for sale across these cities in India. Demand for budget <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> continues to rise Demand for luxury housing has surged significantly, as homebuyers seek larger and more comfortable living spaces in the aftermath of the pandemic. The addition of new luxury properties across the top 7 cities in 2023 skyrocketed fivefold compared to figures recorded in 2018. This substantial growth in luxury supply indicates a sustained interest in upscale housing options. Looking ahead to 2024, there are no indications of a slowdown in the demand for luxury housing.

Housing in top 7 cities to witness a 8-10% average price rise in 2024

It may not feel like it yet, but the housing market's <a target="_blank" href="https://www.businessinsider.com/housing-market-ice-age-higher-home-prices-fewer-sales-inventory-2023-5">Ice Age</a> is finally thawing.Would-be buyers and sellers have found themselves stuck over the past couple of years. For-sale signs stood frozen in front yards as home shoppers balked at prices. Wild swings in mortgage rates discouraged almost everyone from venturing out into the market. Many <a target="_blank" href="https://www.businessinsider.com/economy-housing-market-mortgage-buying-car-interest-rates-new-jobs-2024-3">felt as if they had no option but to stay put</a>. But when I talk to housing experts these days, they speak cautiously of a shift in the weather, a warming in store for American real estate.Green shoots are popping up everywhere. The typical borrowing rate for a 30-year home loan is near the lowest it's been in two years, which could nudge more sellers to emerge from hibernation. The pool of available homes on the market is larger than at any point since the early days of the COVID-19 pandemic. While the median home price nationwide is up by 3% to 5% compared with a year ago, that's actually within the range that economists typically look for in a well-balanced market. If things keep trending this way, we should expect to see this coming spring, the time of year when transactions typically pick up, that more people are ready to get moving again.Would this mean we're back to normal? Definitely not. Things may be more stable than they were during the peak of the home-trading frenzy or the depths of the slowdown, but that doesn't mean the housing market's problems are solved. It'll be hard for both buyers and sellers to shake off the pessimism of the past few years, especially when budgets are stretched so thin and home prices remain so high. That reality shouldn't obscure the encouraging signals, though. As I wrote earlier this year, a <a target="_blank" href="https://www.businessinsider.com/denmark-mortgage-rates-lock-in-effect-home-buying-selling-easier-2024-5">gummed-up housing market</a> — the Ice Age I was talking about — is good for nobody. In half a year's time, we may be looking at a healthier one.There's a tendency to look at housing in binary terms: Is it a better time to be a seller or a buyer? But a lot of people fall into both camps; most sellers have to turn around and purchase another home to live in. Recently, this fact of life has created what Skylar Olsen, Zillow's chief economist, calls the "musical chairs" problem: People can't jump up and find a new home if their neighbors aren't making similar moves, so everyone's stuck in their seats.A big reason Americans find themselves trapped in place is what's known as the "lock-in effect." When mortgage rates hit multidecade lows during the pandemic, millions of people were able to snag or refinance their way into cheaper monthly costs. But starting in the spring of 2022, the rate for a typical mortgage soared, more than doubling from those pandemic-era lows. While it's come down from a two-decade peak last October, the prevailing loan terms are still about twice as expensive as they were back in 2021, which means a buyer could have to pay hundreds of dollars more each month toward interest than they would have a few years ago. A lot of people don't want to give up a good deal, so they don't make a change unless they absolutely have to. One paper from the Federal Housing Finance Agency suggested that the lock-in effect prevented a whopping 1.3 million home sales between mid-2022 and the end of 2023. A mere 2.5% of America's housing stock traded hands in the first eight months this year, according to Redfin, the lowest rate in at least three decades and 31% lower than in 2019.The recent drop in the typical rate for a 30-year loan — from about 7.2% in early May to 6.1% in early October — won't erase the lock-in effect, but it's an encouraging sign for buyers who have been grasping for anything that could ease the burden on their wallets. Even after a <a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rate-increase-since-federal-reserve-cut-interest-rates-housing-2024-10">uptick in the last few days</a> following the unexpectedly strong jobs report, more interest-rate cuts from the Federal Reserve, which signaled last month that it was <a target="_blank" href="https://www.businessinsider.com/fed-rate-cut-explained-inflation-labor-market-conditions-outlook-recession-2024-9">turning its focus away from battling inflation</a>, could further bring down mortgage rates, <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/how-does-fed-impact-mortgage-rates">though there's not a direct connection between the two</a>. Fannie Mae, for instance, predicts the rate for a typical home loan could end next year at 5.7%. That'd be within spitting distance of what the experts at John Burns Research and Consulting, a housing-research firm, call the "magic mortgage rate." Among homeowners and renters who said they planned to use a mortgage to purchase their next home, 47% told the firm in September that they'd be willing to sign up for a rate between 5% and 5.49%. Even if rates continue their downward trajectory, changes in mortgage payments typically take about six months to show up in home-sales activity, Ralph McLaughlin, a senior economist at Realtor.com, told me. So movement now could set the stage for a stronger uptick in sales next spring. Fannie Mae has also predicted that the total number of sales will be up by 10% in 2025 compared with this year, with most of that increase coming in the second half of the year.<div type="image" title="house for sale sign" height="1414" width="2121" msid="114076822" hostid="261" sizebytes="84578"></div>While mortgage-rate movement can be a helpful guide for future activity, to get a full picture of what's actually happening in the real-estate market, you need to look at two data points: inventory, or the number of available homes on the market, and new listings, or the number of homes hitting the market. Olsen, the Zillow economist, likens inventory to a swimming pool and new listings to the spigot that keeps water flowing — as with any pool, too full or too empty is a problem. A balanced market is one in which there are enough new homes to meet the demand from buyers, but not so many that prices plummet. We're still a long way from refilling the pool of homes on the market: Inventory in September was down by about 23% from pre-pandemic levels, according to Realtor.com. But there is clear improvement taking place here, too. The number of active listings in September was up by 34% from the same month a year ago, increasing to its highest level since April 2020. The number of homes newly listed for sale in September was also up by 11.6% from last year. By slowing down home sales, higher rates have given inventory time to build back up from pandemic lows — homes are lingering on the market longer with fewer buyers, so the pool's water level has steadily climbed.More homes to choose from, lower mortgage rates — that's a "powerful combination," said Lawrence Yun, the National Association of Realtors' chief economist, adding that sales should move higher in the coming months as a result. Buyers can take heart in another data point, which is that far fewer homes are being snapped up as soon as they hit the market. According to the housing-data firm Altos Research, there were about half as many "immediate sales" in late September as there were in 2022. "It looks like that frenzy is finally gone," Altos' president, Mike Simonsen, said in a recent video update. The baseline expectation for the spring, the Redfin economist Chen Zhao told me, is a modest uptick in sales and new listings. Most economists don't expect mortgage rates to fall dramatically, meaning sellers will slowly start to reenter the market as they decide it's time to make a change. New listings this year increased by about 5% a month on average compared with the same months in 2023 — you might expect to see that climb a little next year, Zhao told me, to maybe 10% year-over-year growth. The total number of homes on the market each month tended to be about 10% or 15% higher than last year, but you might see that rise to 20% or 25% when you compare 2025 with this year. This is the housing's version of a soft landing; there won't be dancing in the streets, but it would be a marked improvement from the past couple of years."Even though the housing market is recovering, the recovery is going to be very slow," Zhao told me. "We're not going to see anything like the activity that we saw in 2021 or 2020 — or even 2019, 2018 — for a while."Still, if buyers are feeling better about their prospects, that should grease the wheels of America's housing market.It is important to note that forecasts are just forecasts. There's a lot that could change in the next year. The <a target="_blank" href="https://www.businessinsider.com/hiring-slump-professional-white-collar-jobs-recession-high-salary-2024-4">strength of the job market</a> is a big question mark — people won't move if they don't feel sure about their next paycheck. There are huge regional differences to consider here, too. Builders have finished a lot more new housing in Sun Belt states in the lower half of the US, for example, which has made it harder for homeowners there to sell at their desired prices than for their counterparts in the Midwest or the Northeast. Affordability is still a huge pain point. An August survey by Fannie Mae suggested consumers were feeling remarkably optimistic about the future of mortgage rates, but only 17% of respondents said it was a good time to buy a home. Any one of these issues could chill the market and slow America's exit from the Ice Age.That said, it's impossible to ignore the signs of a shift underway. Mortgage rates are a key piece of the equation. I'll also be keeping a close eye on inventory and the pace of new listings hitting the market, which should heat back up starting around February and March. But all this focus on the numbers can obscure the simple fact that people have to move for all kinds of reasons that have nothing to do with a few digits and a percent sign.I recently spoke with Mark Palim, the chief economist at Fannie Mae, who left me with a salient piece of advice: "Leave timing the bond market to the hedge-fund guys." In other words, trying to predict mortgage rates — and buying or selling a home accordingly — is a fool's errand. Budgets matter, absolutely, and monthly payments are a crucial consideration for any buyer. But buyers and sellers should remember that their home isn't just an investment vehicle or a bet on where the economy is headed. At the end of the day, you have to live in it."All sorts of things can happen," Palim told me. "Rates may move. Home prices may go up, home prices may go down. But would you be happy living there for a while? Does it meet your needs?"<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

The Housing Ice Age is thawing

<ul class="summary-list"><li>Nearly a quarter of homes on the market saw price cuts in June, Zillow says.</li><li>For this time of the year, that's the highest rate since 2018.</li></ul>The US housing market looks to be regaining some balance, with price cuts helping buyers find their footing, Zillow said.In its June report, the real estate firm found that cooler competition forced price reductions on 24.5% of home listings that month, the highest rate of discounting in the month of June since 2018.Sellers are slashing prices as market conditions have shifted — stubbornly high costs have led to a pullback among buyers, while those still in the market have more options, Zillow said.That's due to a continued pile-up of inventory, with the total number of homes for sale now 23% above last year's lows. <a target="_blank" href="https://www.businessinsider.com/us-housing-affordability-home-shortage-market-construction-population-cities-zillow-2024-6">Booming construction</a> has helped alleviate the supply crunch, while also easing buyer reliance on sales of existing homes.In fact, with many <a target="_blank" href="https://www.businessinsider.com/housing-market-recovery-outlook-mortgage-rates-lock-supply-rebound-jpmorgan-2024-3#:~:text=The%20bank%20pointed%20to%20the,prospective%20sellers%2C%20the%20bank%20said.">homeowners not selling due to today's high mortgage rates</a>, it's become cheaper to buy a new home instead of a used one, <a target="_blank" href="http://Realtor.com">Realtor.com</a> reported on Wednesday. In May, the median price difference was $7,100, it calculated.To be sure, housing inventory is still well below pre-pandemic averages, but the demand-supply imbalance has shrunk to its smallest since 2020, Zillow said.And although prices are still on the rise overall, buyers are not facing the same rate of appreciation that has defined most of the post-pandemic era. In June, the monthly growth rate was at its lowest since 2011 for this time of year, the firm said, climbing to a national average of $362,482.While housing remains a seller's market, the demand pullback has diminished the edge homeowners have held over buyers. For the first time in four years, sales fell in June instead of ticking up.Regionally, there are some buyers' markets in the US, especially in the South. New Orleans, Miami, Austin, Jacksonville, and Tampa were the strongest markets for prospective home buyers, according to Zillow.That's in line with recent reports from Redfin, which has noted that markets in <a target="_blank" href="https://www.businessinsider.com/falling-home-price-locations-us-housing-market-supply-florida-texas-2024-4">Florida and Texas are leading price declines</a>. A surge of pandemic construction left both states with an overflow of homes, while high prices and rising insurance costs are pushing buyers out.

The US housing is turning more buyer-friendly as sellers step up price cuts 

<ul class="summary-list"><li>While Democrats touted job growth under Biden, Trump won over voters facing high prices.</li><li>A BI analysis found real wages declined in states that had the biggest swings toward Trump.</li></ul>High prices dominated voters' minds this election cycle — and they likely played a key role in handing <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">President-elect Donald Trump</a> his victory.On the campaign trail, Trump clashed with President Joe Biden and Vice President Kamala Harris over their <a target="_blank" href="https://www.businessinsider.com/what-us-economy-would-look-like-with-trump-biden-presidency-2024-5">handling of the economy</a>.<a target="_blank" class="" href="https://fred.stlouisfed.org/series/UNRATE">Unemployment</a> sharply fell during the first year of Biden's term and has remained low. Biden <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/11/01/statement-from-president-joe-biden-on-the-october-2024-jobs-report/">oversaw the creation of 16 million new jobs</a> during his term as of October, and his administration frequently touted that growth.But <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-inflation">inflation</a> also spiked during the early years of Biden's presidency, before its pace gradually slowed, creeping toward the Federal Reserve's 2% target.Trump told voters he would provide relief to their wallets across the board, from groceries to housing."I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime and surging incomes for citizens of every race, religion, color, and creed," Trump <a target="_blank" class="" href="https://www.c-span.org/video/?538141-1/president-trump-remarks-economic-club-york">said</a> during remarks in September. "My plan will rapidly defeat inflation, quickly bring down prices, and reignite explosive economic growth."That promise resonated: Real, or inflation-adjusted, wage growth — or lack thereof — across the country shows a possible reason why.Many states where Trump most improved his margins saw large declines in real wages under Biden. Increases in wages were more than offset by higher living costs in these states.Counties with higher costs of living also voted for Trump more than they did in 2020.<h2 id="592a8bc6-249e-4af5-904c-d806f3ba6a2f">How Trump won on prices</h2>Business Insider looked at how average hourly earnings for private employees have changed in each state from January 2021, when Biden took office, to this past September. BI adjusted 2021 amounts using <a target="_blank" class="" href="https://www.bls.gov/cpi/regional-resources.htm">Census-division-level inflation</a> to understand how much real wages have changed across the US. Rhode Island had the highest real wage growth, just one of around a dozen states that saw an increase.Using the <a target="_blank" class="" href="https://www.nytimes.com/interactive/2020/11/03/us/elections/results-president.html">2020</a> and <a target="_blank" class="" href="https://www.nytimes.com/interactive/2024/11/05/us/elections/results-president.html">2024</a> share of Trump votes by state reported by The New York Times, BI found that states with bigger real wage drops tended to have bigger shifts to Trump than other states.Some of the biggest swings came in heavily blue, expensive states. New York, which saw an 8.3% real wage decline and which has a high cost of living, also had a 6.5 percentage point increase in Trump's vote share from 2020 to 2024. Maryland, which saw an 11.2% real wage decline, swung toward Trump in 2024 by 5 percentage points.The nation's capital was an outlier. Real wages massively fell in <a target="_blank" class="" href="https://www.bea.gov/news/2023/real-personal-consumption-expenditures-state-and-real-personal-income-state-and">costly</a> Washington, DC; even before adjusting for inflation wages were roughly flat. While Trump did see a small uptick in the share of DC votes for him in 2024, it was one of the lowest percentage point increases based on BI's analysis.The cost of living and unemployment levels also factored into voters' feelings as they headed to the polls. Jed Kolko, an economist who served in the Biden administration, <a target="_blank" href="https://www.slowboring.com/p/breaking-down-the-election-results">wrote</a> in Matthew Yglesias' "Slow Boring" column that higher unemployment levels in US counties over the past year matched a swing in county votes toward Trump.The same goes with the cost of living: "Counties with a higher cost of living swung more toward Trump in 2024 relative to 2020. Expensive counties tend to be blue places like big coastal cities; Harris won most of these pricey counties, but by a smaller margin than Biden did in 2020, when controlling for demographics, education, and density," Kolko wrote.Kolko also found that local job growth did not have a significant relationship to voting patterns, while local federal spending from Biden's signature infrastructure and industrial investment programs did not appear to impact county election results either.Some experts have said that Trump's tariff policies would <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">stoke inflation and raise consumer prices</a>. Trump has instead argued that his policies would help with costs, promising voters they will see improvements once he takes office."Prices will come down," Trump <a target="_blank" href="https://www.cnn.com/2024/08/20/business/trump-inflation-prices-deflation/index.html">said</a> during an August speech. "You just watch: They'll come down, and they'll come down fast, not only with insurance, with everything."

Democrats wished the election was about jobs. Trump's win showed it was about prices.

The IPO of ACME Solar, which opened for subscription yesterday, has been subscribed 1.81x in the retail investors category and 0.6x overall. The offer, worth Rs 2,900 crore, is a combination of Rs 2,395 crore of fresh issue and Rs 505 crore worth of OFS (offer for sale). With a price band of Rs 275-289, the IPO will close for subscription tomorrow. Retail investors can invest in a minimum of 1 lot of 51 shares, bringing the total amount to Rs 14,739. The company is set to list on both NSE and BSE on November 13, 2024. Despite the company's strong presence in the renewable energy space, the company's GMP (grey market premium) remains muted, almost negligible, trading at Rs 0 today. ACME's GMP has been dipping ever since November 30, 2024, when it stood at Rs 30. The allotment of shares is scheduled for November 11, 2024, with a tentative listing date on the BSE and NSE set for November 13, 2024. The company amassed Rs 1,300.5 crore via the issue of 4.5 crore equity shares from anchor investors ahead of its IPO. Around 1.5 crore equity shares, or about 33.4% of the total anchor book, were lapped up by 8 domestic mutual fund houses through a total of 17 schemes. <h2>About the company </h2>ACME Solar is one of India's top 10 renewable energy-independent power producers. To date, the company has developed a total of 2,719 MW of solar power projects. In terms of financial performance, over the last three fiscal years, the company has reported (on a consolidated basis) a total income of Rs 1,562.73 crore in FY22, Rs 1,361.67 crore in FY23, and Rs 1,466.27 crore in FY24. In terms of net profit/loss, ACME Solar incurred a net profit of Rs 62.01 crore in FY22, a loss of Rs 3.15 crore in FY23, and Rs 697.78 crore in FY24. For the first quarter of FY25, the company's revenue from operations stood at Rs 340.01 crore, while earning a net profit of Rs 1.39 crore. The company intends to utilize the IPO proceeds to repay and prepay part of its outstanding borrowings, and also for general corporate purposes. However, the company is not without its fair share of risks. Around 63.22% of its FY24 revenue is concentrated in just three Indian states—Andhra Pradesh, Rajasthan, and Telangana. Also, the company's business is highly dependent on its top 10 off-takers, which contributed 95.42% to its revenue as of the quarter ended June 30, 2024, 87.48% to its revenue in FY23, and 81.11% to the company's income in FY22. The loss of any of these off-takers can have adverse effects on their business, financial condition, results of operations, and cash flows. Moreover, not only does its growth depend on winning highly competitive project bids, but it is also highly reliant on government-owned transmission grids and infrastructure. <h2>Should you subscribe? </h2>Per Bajaj Broking, the issue appears to be aggressively priced, yet they would recommend subscribing to the IPO for the long term. "Over the past three fiscal years, the company has achieved an average EPS of Rs. 6.44 and an average RoNW of 13.95%. The issue is priced at a P/BV of 7.77 based on its NAV of Rs 37.19 as of June 30, 2024. When annualizing FY25 earnings to the post-IPO fully diluted equity base, the asking price results in a P/E of 3211.11, while based on FY24 earnings, the P/E stands at 25.06". However, there are financial concerns that cannot be ignored. "FY24 appears to be an exceptional year with significantly boosted profits, but otherwise, the company has shown inconsistent top and bottom lines over the reported periods. Its debt-equity ratio of 3.89 as of June 30, 2024, is notably high and raises concerns," it adds. According to Anand Rathi Research, the IPO can be subscribed to in the long run. "At the upper price band, the company is valued at a P/E of 30.17x, with an EV/EBITDA of 22.4x and a market cap of Rs 1,74,868 million post-issue of equity shares and a return on net worth of 26.93%. We believe that the IPO is richly priced," adds the note.

ACME Solar IPO: Should you subscribe? Here's all you need to know

<ul class="summary-list"><li>The average Croatian leaves their parents' home at 33 years old — the highest age in the EU.</li><li>It's expensive for young people to buy or rent in Croatia. BI visited Dubrovnik to investigate.</li></ul>Lukša Malohodžić is 27 and runs a successful business — life ought to be going his way. But he still lives with his mom and dad.He runs <a target="_blank" href="https://rewinddubrovnik.com/">boat tours</a> for wealthy tourists showing off <a target="_blank" href="https://www.businessinsider.com/dubrovnik-croatia-jeff-bezos-vacation-yacht-lauren-sanchez-katy-perry-2023-8">the stunning Adriatic coast</a> — keenly aware that he can't afford life there.Like vast numbers of Croatian <a target="_blank" href="https://www.businessinsider.com/millennials-retiring-early-fire-movement-financial-independence-millionaire-savings-work-2024-5">millennials</a>, he's yet to fly the nest, and doesn't see it happening soon.Seated at a café in <a target="_blank" href="https://www.businessinsider.com/things-to-do-in-dubrovnik-croatia#:~:text=Most%20travelers%20come%20to%20Dubrovnik,get%20quite%20crowded%20during%20summer.">Dubrovnik's Old Town</a> in mid-April, he reflected on the situation."There comes a point where it starts to weigh on you," he said. "You begin to think, 'I really ought to change this,' but what can you do?"<a target="_blank" href="https://ec.europa.eu/eurostat/databrowser/bookmark/9fa9c9db-6389-4d42-ac5a-077090577af4?lang=en">According to Eurostat,</a> the EU statistical office, the average Croatian leaves their parents' home at over 33 years of age, its highest figure.For men, it's even higher — at just under 35.<div type="image" title="Dubrovnik's Old Town, viewed from the city walls." height="4284" width="5712" msid="110390899" hostid="261"></div>In the US, almost everyone has moved out by then. <a target="_blank" href="https://www.census.gov/data/tables/time-series/demo/families/adults.html">US census figures</a> say only 16% of Americans aged 25-34 live with parents.BI visited Croatia in April, the start of <a target="_blank" href="https://www.businessinsider.com/things-to-do-in-dubrovnik-croatia">Dubrovnik's tourism season,</a> to hear firsthand how it's affecting millennials there.They spoke of feeling stuck and infantilized: a woman of 35 whose relatives keep reading her mail, a grown man whose grandma kept track of his dating.Based on the data, Malohodžić can expect to live under his parents' roof for another seven years, but it could be even longer."It's hard to buy anything or even rent," Malohodžić said. "It's just crazy."<a target="_blank" href="https://ec.europa.eu/eurostat/cache/digpub/housing/bloc-2a.html?lang=en">Eurostat</a> notes that house prices in Croatia have consistently climbed over the past decade. Last year, Croatia had the <a target="_blank" href="https://ec.europa.eu/eurostat/databrowser/view/prc_hpi_a__custom_11294635/bookmark/table?lang=en&amp;bookmarkId=a2cfe34c-a9bc-4a54-b0ed-4a371d09301c">highest annual increase in the house price index</a> among all EU member states.Malohodžić says a "big majority" of his friends are in the same situation as he is, with only a fortunate few having inherited properties.Property prices in Dubrovnik, a picturesque <a target="_blank" href="https://www.businessinsider.com/traveling-tips-couple-unesco-site-2023-12">UNESCO World Heritage Site</a>, are especially high.According to news outlet <a target="_blank" href="https://total-croatia-news.com/lifestyle/dubrovnik-property/">Total Croatia</a>, the average purchase price for an apartment or house in the city is slightly above 3,600 euros per square meter, equivalent to roughly $335 a square foot.The <a target="_blank" href="https://fred.stlouisfed.org/series/MEDLISPRIPERSQUFEEUS">US figure is roughly $230</a> a square foot, with much bigger salaries to buy it.The <a target="_blank" href="https://www.bls.gov/news.release/wkyeng.t01.htm">average salary</a> in the US is more than triple Croatia's, <a target="_blank" href="https://www.forbes.com/advisor/business/average-salary-by-state/">$59,000 or so </a>to <a target="_blank" href="https://ec.europa.eu/eurostat/databrowser/view/earn_nt_net__custom_8614186/default/table?lang=en">$18,500 in Croatia.</a><div type="image" title="Ivan Vukovic, a tour guide, sits at a cafe in Dubrovnik." height="4284" width="5712" msid="110390900" hostid="261"></div>"You can't make the kind of money here that you need to buy properties," says <a target="_blank" href="https://dubrovnik-tourist-guides.com/">Ivan Vukovic</a>, a tour guide who has lived in Dubrovnik since he was born in 1981.Vukovic has lived through Dubrovnik's various transformations over the years — from the bustling crowds during the <a target="_blank" href="https://www.sciencedirect.com/science/article/pii/0261517785900068">Yugoslav tourism boom of the mid-1980s,</a> to the devastation of the War of Independence and the subsequent return of <a target="_blank" href="https://www.businessinsider.com/emerald-ultra-luxury-cruise-line-new-yacht-wealthy-travelers-2024-4">cruise ships</a> in the postwar era.Today, he finds himself part of another tourism boom — fueled by tourists eager to see the city that served as <a target="_blank" href="https://www.businessinsider.com/where-does-game-of-thrones-film-kings-landing-2017-8">King's Landing in HBO's "Game of Thrones."</a><div type="image" title="Dubrovnik was the main filming location in Croatia for King's Landing, featured in HBO's &quot;Game of Thrones.&quot;" height="4284" width="5712" msid="110390902" hostid="261"></div>While tourism brings economic opportunities for Vukovic and many others, he says it has also worsened the already <a target="_blank" href="https://www.businessinsider.com/category/housing-market">dysfunctional housing market.</a>The surge in <a target="_blank" href="https://www.businessinsider.com/leave-san-francisco-american-moving-dubrovnik-croatia-downsides-2023-6">foreigners wanting a slice of Dubrovnik</a> has driven up the demand for vacation homes, he said, and local entrepreneurs are increasingly <a target="_blank" href="https://www.businessinsider.com/real-estate-investing-airbnb-vs-long-term-rental-pros-cons-2024-1">flipping properties into Airbnbs</a> to make money.AirDNA, a short-term rental data analytics company, told BI that Dubrovnik, which has a population of about 41,000, has more than 5,500 properties listed on Airbnb or the Expedia-owned Vrbo during the summer months."Both foreigners and wealthy locals mainly use these properties as investments because the return is very good," Filip Brkan, a member of the Real Estate Business Association of the Croatian Chamber of Economy, told BI.For renters, this can make finding a place for the whole year nearly impossible. The <a target="_blank" href="https://www.businessinsider.com/buy-short-term-rental-property-investing-strategy-markets-good-investment-2023-12">money that can be made from short-term rentals</a> also drives up the price of buying vacant properties."What needs to be done in Croatia is to increase the housing supply," said Brkan.But in parts of Dubrovnik, Vukovic explained, that's not feasible."We cannot expand," the tour guide said. "It's a small city protected by UNESCO, and the price has skyrocketed because somebody always wants to buy real estate in Dubrovnik."<div type="image" title="Dubrovnik, viewed from the Old Town's walls." height="4284" width="5712" msid="110390905" hostid="261"></div>For Josip Crncevic, 34, prices feel far out of reach."I always like to tell my guests on the tour that, right now, it will probably take two lifetimes to buy something within the walls," he said.Even in Dubrovnik's suburbs, Crncevic said homeownership is unattainable for him.For now, he lives in a <a target="_blank" href="https://www.businessinsider.com/living-multigenerational-home-lessons-pateince-openness-death-2024-3">multi-generation</a>, three-story family house about seven miles outside the city.His uncle's family lives on the top floor and his grandmother below, in a setup Crncevic describes as three distinct apartments, each with a private entrance and lock.While it's not the situation he dreamt he'd been in at 34, he said there are some positives.Crncevic enjoys helping his grandmother with daily tasks, though the proximity has posed challenges in the past, especially when it comes to dating."My grandmother is the best CCTV in the area," he said.<h2 id="fd0c4321-4ca5-4d1f-b409-63d7336130f8">Establishing boundaries</h2>Privacy is a recurring issue for many millennials living in similar conditions in Croatia.Marija, a 35-year-old who asked to be referred to only by her first name in order to speak candidly about living with her in-laws, said the decision was born of necessity.Marija and her husband moved into his parents' home in 2019 because they couldn't find <a target="_blank" href="https://www.businessinsider.com/cheap-homes-apartments-low-rent-scarce-expensive-housing-real-estate-2024-1">affordable rent</a>, and buying was not an option.Although it seemed like a sound financial move, Marija said she now views it as a big mistake."We would like to have some kind of privacy, and not to be interrogated on a daily basis," she said.The biggest problem is <a target="_blank" href="https://www.businessinsider.com/the-right-way-to-set-boundaries-with-people-2023-10">establishing boundaries</a> "like not reading our mail and not entering the home without knocking," she added.Sanja Cikato, a 47-year-old who lives with her husband and two teenage children above her mother, said setting those boundaries took patience and perseverance.<div type="image" title="Sanja Cebiric Cikato" height="3024" width="4032" msid="110390908" hostid="261"></div>"It wasn't perfect in the beginning, but later, with time, we simply learned how to live together in this house," she said.Cikato said achieving this required open and honest conversations, but that her mother still occasionally eavesdrops on the couple's quarrels.Despite the difficulties, she said the benefits, such as <a target="_blank" href="https://www.businessinsider.com/childcare-benefits-offered-by-employers-boosts-worker-productivity-retention-2024-3">help with childcare</a>, outweigh the drawbacks.When her children, now 12 and 14, were younger, her <a target="_blank" href="https://www.businessinsider.com/millennial-couple-live-with-boomer-parents-childcare-help-intergenerational-home-2024-3">mother was a live-in babysitter</a>, enabling Cikato to work longer hours during the tourist season.Diana Marlais, another working parent, echoed this, telling BI that multi-generational living is a life-saver for working parents.<div type="image" title="Bogdan Nicolae Dascalescu, Diana Marlais, their children, and her parents spending the evening together in their home." height="4284" width="5712" msid="110390910" hostid="261"></div>Cikato also said the setup creates a special bond between her mom and her kids, and that she wants to replicate it when her own children are adults."You have to understand that was something really normal before," she said.But Malohodžić, who represents the younger cohort of Croatian millennials, sees it as being "purely economic" rather than a tradition worth upholding.He said he wouldn't choose to live this way if finances weren't such a factor.He wouldn't choose to be in his late 20s and to still "sometimes feel like a teenager."

The European housing crisis warping millennial life: The average Croatian lives with parents until 33

<ul class="summary-list"><li>High housing costs, driven in large part by a shortage of homes, are keeping inflation sticky.</li><li>Trump has pledged to lower housing costs.</li></ul>Housing costs were responsible for about 2/3 of <a target="_blank" class="" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">overall inflation</a> over the past year.President-elect Donald Trump has promised to lower those costs, and economists think some of his policy proposals could do just that. The most promising are cutting federal regulations on construction, opening up federal land for housing, and lowering energy costs.However, his proposals to increase tariffs, deport millions of immigrants, and cut housing assistance could increase home prices and rents. The inflationary effects of these policies could prevent the Federal Reserve from <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-uncertainty-trump-presidency-inflation-tariffs-2024-11">continuing to cut interest rates</a>.Ultimately, housing policy experts and industry leaders say housing costs will largely depend on how much new supply can be delivered to the market, which is suffering from a <a target="_blank" class="" href="https://zillow.mediaroom.com/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows">severe shortage of homes</a>.Karoline Leavitt, a spokesperson for the Trump-Vance transition team, told Business Insider in a statement that Trump "will deliver" on "lowering housing costs for all Americans."Here are the major Trump proposals and how they're expected to affect housing costs.<h2 id="83e6f785-033e-42e0-9de6-8470b9cef43d">Regulations</h2>Trump has <a target="_blank" class="" href="https://singjupost.com/full-transcript-trump-speaks-at-the-economic-club-of-new-york/?singlepage=1">promised</a> to reduce federal regulations that make home building more costly "with the goal of cutting the cost of a new home in half," he said.When it comes to housing, state and local governments <a target="_blank" class="" href="https://www.businessinsider.com/america-build-like-tokyo-housing-crisis-doom-loop-2023-10">control the majority of regulations</a> that most inflate housing costs by limiting or slowing down construction. But federal regulations also play a role. Jim Tobin, CEO of the National Association of Home Builders, told Business Insider that he'd like Trump to roll back some of the Biden administration's energy efficiency requirements, streamline regulations under the Clean Water Act, and loosen a requirement that Federal Housing Administration borrowers' homes be up to code.But Trump hasn't always favored cutting regulations to encourage more development. During his first term, he rescinded <a target="_blank" class="" href="https://www.nytimes.com/2020/07/23/us/politics/trump-housing-discrimination-suburbs.html">an Obama-era</a> rule designed to reduce racial segregation and said he would <a target="_blank" class="" href="https://www.politico.com/news/2020/07/29/trump-housing-policy-low-income-suburbs-386414">protect the suburbs</a> from low-income housing by allowing them to maintain strict local zoning laws. Experts say that if Trump continues to protect single-family zoning, that would further limit construction."We need all options on the table when it comes to increasing housing supply, which means allowing more density in suburbs or cities to allow more units to be produced," Tobin said.<h2 id="433280bd-da72-477a-a5b0-a9fb98993d77">Building on federal land</h2>Last year, Trump rolled out a plan to build up to <a target="_blank" class="" href="https://www.businessinsider.com/trump-freedom-cities-build-housing-conservatives-scoff-at-leftist-plan-2023-3">10 "freedom cities"</a> on federal land, featuring plentiful single-family homes. Since then, the president-elect has said his second administration would create "ultra-low tax and ultra-low regulation" zones on federal land for "large-scale housing construction."There's some bipartisan support for building homes on federal land, and housing experts say the proposal has the potential to increase the housing supply, particularly in Western states like Nevada, Arizona, and Utah, which have large tracts of federally owned land."Building towards affordable housing on these lands could have a transformative impact, especially because land costs are a major barrier," Maurice Page, executive director of the nonpartisan Nevada Housing Coalition, <a target="_blank" class="" href="https://www.businessinsider.com/homes-free-government-land-real-estate-housing-prices-harris-trump-2024-8">recently told Business Insider</a>.<h2 id="3071e368-bbc9-4dcc-9220-fad6b12c7c9f">Energy costs</h2>Vice President-elect JD Vance <a target="_blank" class="" href="https://www.youtube.com/watch?v=9pPCCh_t4h8">has promised</a> that the Trump administration would boost home building in part by drilling for more oil and making energy cheaper. Construction industry experts and economists say lower energy costs wouldn't hurt affordability but likely <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-drilling-oil-housing-rent-home-prices-construction-2024-10">wouldn't significantly increase construction or bring housing costs down</a>."Energy prices are significant, but they're not as significant as many other inputs," Anirban Basu, chief economist at the construction industry trade group Associated Builders and Contractors, recently told Business Insider.<h2 id="0aab8f5a-24a4-4d4b-af03-aa4d6c484f8b">Interest rates</h2>Trump has repeatedly said that his administration would tame inflation and, therefore, lower interest rates. During <a target="_blank" class="" href="https://singjupost.com/full-transcript-trump-speaks-at-the-economic-club-of-new-york/?singlepage=1">a speech</a> at the Economic Club of New York in September he said he'd bring mortgage interest rates down to 3% or lower. His say over rates is limited; the Federal Reserve controls interest rates and operates <a target="_blank" class="" href="https://www.nytimes.com/2024/08/01/business/economy/trump-interest-rates-fed.html">independently of the president</a>.Tobin said he expects mortgage rates will settle into a "new normal" of about 5 to 5.5% by 2026, lower than the <a target="_blank" class="" href="https://www.reuters.com/markets/us/us-30-year-fixed-rate-mortgage-rise-four-month-high-679-2024-11-07/">current 30-year fixed rate of 6.79%</a> but above the prepandemic average. "It's going to be a bumpy ride down," he added, noting that mortgage rates <a target="_blank" class="" href="https://www.nytimes.com/2024/11/11/business/economy/mortgage-rates-trump-inflation.html">recently rose</a> to a four-month high even as the Federal Reserve cut its benchmark interest rates.Many economists say that Trump's proposals to cut taxes, impose significant new tariffs on imports, and deport millions of immigrants <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">would have an inflationary effect</a> and discourage the Federal Reserve — <a target="_blank" href="https://www.businessinsider.com/trump-inflation-interest-rates-fed-rate-cuts-fomc-meeting-outlook-2024-11">whose independence</a> Trump has threatened — from further cutting rates.When it comes to housing costs, <a target="_blank" class="" href="https://www.businessinsider.com/buying-home-not-easier-interest-rate-cuts-prices-rent-crisis-2024-8">many economists say</a> that even if mortgage rates come down, that could spur additional demand for housing, sending prices further up.<h2 id="4cba3ba3-082c-4c85-9e1e-0317e4daa343">Tariffs</h2>Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-enthusiasm-tariffs.html">campaigned</a> on imposing a 60% tax on products from China and 10 to 20% tariffs on most other foreign goods. These include key building materials like lumber and steel, which make up a significant portion of the cost of building a home. Tariffs would also impact the prices of other materials and finished products, like air conditioning units and garage doors.Biden has kept some of those tariffs in place and even <a target="_blank" class="" href="https://www.npr.org/sections/money/2021/12/07/1061329725/why-is-the-biden-administration-increasing-the-cost-of-building-houses">raised taxes on Canadian softwood lumber</a>, which is crucial to the US home-building industry. Expanding the tariffs further would likely drive up building costs."If there are huge tariffs getting thrown around, that really hurts home builders," Ben Metcalf, a housing policy expert at UC Berkeley, told Business Insider. "those could be huge drags on cost and therefore on supply."<h2 id="3fbffb09-3764-4c37-b965-c4165bd9b487">Mass deportations</h2>Trump and Vance have repeatedly argued that their plans to deport millions of immigrants will alleviate housing affordability issues by lowering demand.But many <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-said-migrants-to-blame-for-expensive-homes-wrong-2024-8">economists</a> <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">disagree</a> and posit that mass deportations would actually inflate housing costs. The construction industry is already short around <a target="_blank" class="" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">500,000 workers</a>, and a further reduction in the labor force would <a target="_blank" class="" href="https://www.businessinsider.com/trump-deportations-immigration-homebuilders-remove-construction-workers-spike-costs-2024-11">slow down construction and inflate prices even more</a>. Immigrants are a key part of building housing as they make up <a target="_blank" class="" href="https://eyeonhousing.org/2023/12/immigrant-share-in-construction-highest-on-record/">about a quarter</a> of the construction workforce. An <a target="_blank" rel=" nofollow" class="" href="https://www.constructiondive.com/news/construction-workers-undocumented-presidential-election/729556/#:~:text=Immigrants%20entering%20the%20country%20illegally,all%20workers%20in%20construction%20jobs.">estimated 15 to 23%</a> of that overall workforce are undocumented immigrants."Just even the talk of mass deportations could send a chill through the entire immigrant employment sector," Tobin said. "Anything that constricts labor in the country will have an impact on us meeting those housing goals over the next few years."<h2 id="f3107caf-cafa-4d60-ad2b-15ff8c5770a5">Federal housing assistance</h2>During his first term, Trump repeatedly proposed major cuts to housing assistance for households with low incomes or members with disabilities. In <a target="_blank" class="" href="https://www.brookings.edu/articles/trump-administration-budgets-and-programs-for-people-of-limited-means/#housing-and-rental-assistance">each of his annual budgets</a>, he proposed stripping funding from many rental and homeownership assistance programs, including significantly cutting back on housing vouchers and <a target="_blank" class="" href="https://www.washingtonpost.com/news/wonk/wp/2018/04/25/hud-secretary-ben-carson-to-propose-raising-rent-for-low-income-americans-receiving-federal-housing-subsidies/">raising rent on low-income households</a> that receive federal aid.All of Trump's budgets also proposed dramatically cutting federal funding for programs that help build and renovate affordable housing. While Congress didn't approve those cuts, policy experts expect the next Trump administration to pursue the same goals. This would make it harder for lower-income Americans to afford homes and slow down affordable housing construction."I just don't think there's any interest by Trump or by a Republican Congress in investing in certain traditional HUD programs and investments," Metcalf said.

4 ways Trump's housing plans are expected to hurt homebuyers and 3 ways they could help

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back to our Saturday edition! You're not alone if you've ever struggled to make a big decision. <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=jJeZDpQ5LFdu1VE4quxuwu6Q7P0VhndRCz&amp;_e=doU61fwFuDpa5cD8msoAaf7qbWHRaYx2QIdanbuDEFVo4Y5qvOPnMv7p5nl7teUh86J1MPHee4c4Cf9bEU8ltT7NweVAFxzrNQ45SdhlXNC4593R24JbBUmazNU6tRNZM7mCbX4VzZqlOxpND32Rlwb1WlPyiUGrVvIKsc1XqzDu1R2aF9kb7RltbXwFkzQ3c6Gx22cCX9GdtLkxzhjSpbA8XkIPOGMxmPRDQpQfPw04uGGgcbElKKIOboUks7ifkYcGkUorcVSJG8KALTARmtpp8365l2p283j4b7IxtiUXEgEtdkeymswzmoNk8JUNauIREW3KkriCXy5bNUaRv5UAOtEAyv6V-52vojZldM0YRQzaZHZ4dg-qStzjcShKhKceGbP6Fva3idFtFy-zsazcM-11E1IgZFJBkcTFW7A41ql_5vr6EdHDMG0mbzIU6JX8QTXSQHGpI8P3B0Tp0A%3D%3D">Shailene Woodley credits George Clooney</a> for accepting a multi-year contract after being "scared to say yes" to the "Divergent" series. The films went on to make $346 million at the box office.On the agenda:<ul><li>Their dreams of post-retirement RVing backfired. <a target="_blank" href="https://www.businessinsider.com/best-way-take-retirement-road-trips-owning-rv-cons-campervan-2024-9">They made a better plan</a>.</li><li>Jackson Hole's first adults-only hotel is <a target="_blank" href="https://www.businessinsider.com/hotel-yellowstone-jackson-hole-wyoming-adults-only-review-2024-9">a Western masterpiece</a>.</li><li>Millennials and Gen Zers are <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-tracking-parents-location-sharing-phones-helicopter-parenting-2024-9">helicopter parenting their own parents</a>.</li><li>How Austin fixed the <a target="_blank" href="https://www.businessinsider.com/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9">soaring cost of home ownership</a>.</li></ul>But first: Ozempic is pricey.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" rel="" href="https://www.insider.com/app">here.</a><h3 id="2d2d81c1-e984-4ab1-b11e-26ada0d3da0b">This week's dispatch</h3><h2 id="c0df5ff0-0e14-4166-ab1b-1ab667d432bb">The high cost of weight-loss drugs</h2><div type="image" title="An Ozempic pen between interlocked hands" height="1000" width="2000" msid="113766329" hostid="261" sizebytes="596348"></div>Why are two popular weight-loss drugs — Wegovy and diabetes medication Ozempic — so expensive in the US? That's the question Novo Nordisk CEO Lars Fruergaard Jorgensen was grilled on this week by politicians in Washington, DC.Sen. Bernie Sanders pointed out during Wednesday's hearing that <a target="_blank" href="https://markets.businessinsider.com/news/stocks/novo-nordisk-ceo-faces-senate-questions-over-high-prices-of-ozempic-and-wegovy-in-us-1033798280">Ozempic costs</a> an average of $969 monthly in the US, compared to $59 in Germany. Wegovy averages $1,349 a month in the US, while in Germany, it's only $140.I spoke to Business Insider's senior health reporter Gabby Landsverk about what this means for American consumers.So, to ask the big question: Why are these medications so much more expensive in the US?That's business as usual. In other countries, government agencies negotiate with drug companies so consumers pay less.Here, we have middlemen — pharmacy benefit managers — who are supposed to do that negotiating. But the Federal Trade Commission, which has been conducting a years-long inquiry into this system, <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2024/09/ftc-sues-prescription-drug-middlemen-artificially-inflating-insulin-drug-prices">recently alleged</a> that these managers keep prices high to pocket the profits.How is the cost of these meds affecting how people actually use and access them?People who <a target="_blank" href="https://www.businessinsider.com/what-its-really-like-find-affordable-weight-loss-drugs-patient-2024-9">can't afford to pay $1,000 a month for meds</a> often end up trying to ration their supply or microdosing it. Patients also bargain-hunt for cheaper weight-loss drugs online, or try to use manufacturer-issued coupons.Telehealth companies, like Ro and Henry Meds, help patients wrangle insurance to try to cover brand-name drugs. They also offer <a target="_blank" href="https://www.businessinsider.com/buy-compounded-semaglutide-online-risks-wegovy-ozempic-2023-1">discounted versions</a> of the drugs that contain the same active ingredient as Ozempic and Wegovy. There is some regulation, though the products aren't FDA-approved so there's risk involved.The drug companies aren't happy about the competition. Eli Lilly, which makes Mounjaro and Zepbound, even launched its own <a target="_blank" href="https://www.businessinsider.com/eli-lilly-cut-price-zepbound-tirzepatide-weight-loss-drug-copycats-2024-8">half-price weight-loss product</a> and telehealth service to fight back against copycats.<h2 id="cc30e20d-acf4-4a4e-ad8f-02c3a04a9dbb">Rethinking RVing</h2><div type="image" title="RV" height="1022" width="1364" msid="113766323" hostid="261" sizebytes="415908"></div>Marie L. Mangin and her husband always dreamed of getting a camper van and going on epic road trips in retirement. But things went south after finally buying an RV, which they found to be too small and pricey to be sustainable.The couple pivoted — but never gave up on their road-trip dreams. They sold the camper and found a mode of transportation that works for them.<a target="_blank" href="https://www.businessinsider.com/best-way-take-retirement-road-trips-owning-rv-cons-campervan-2024-9">What they're doing instead</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/rv-mistakes-beginners-make-according-to-seasoned-van-lifers-2021-8">The biggest mistakes beginners make when traveling in an RV, according to RV lifers who have traveled to all 50 states</a></li></ul><h2 id="f3efdf5d-fcfc-4813-9e6c-8e3b9040c25d">Welcome to Hotel Yellowstone</h2><div type="image" title="Two chairs on a balcony face a view of mountains on a cloudy day" height="2560" width="3840" msid="113766325" hostid="261" sizebytes="641390"></div>Jackson, Wyoming's first adults-only hotel opened in August. BI's travel reporter spent a night at the boutique property, which quickly claimed the spot as one of her favorites.With a private balcony overlooking the Tetons and tasteful Western interior design, the room exudes luxury.<a target="_blank" href="https://www.businessinsider.com/hotel-yellowstone-jackson-hole-wyoming-adults-only-review-2024-9">See inside the new hotel</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/jackson-hole-airport-wyoming-national-park-review-2024-9">I flew into the only airport inside a US national park. It felt more like a luxury hotel lobby than a terminal</a>.</li></ul><h2 id="4e812ecf-a060-401e-9848-be206a63cddb">Find my parents</h2><div type="image" title="two hands each holding a phone with a security camera pointing at each other with a cutout of a map in the background" height="1000" width="2000" msid="113766321" hostid="261" sizebytes="173814"></div>Parents have long used location-tracking apps to keep tabs on their kids. Now, millennials and Gen Zers are turning the tech back onto their parents.Some adult children are using apps like Apple's Find My and Life360 to track their parents' whereabouts. For some families it can be a fun way to stay connected. But if things go awry, location sharing can easily turn into an invasion of privacy that family members come to resent.<a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-tracking-parents-location-sharing-phones-helicopter-parenting-2024-9">Meet the helicopter kids</a>.<h2 id="483172dd-9e06-415f-8357-1bdb6f813f7b">A boom-bust to copy-paste</h2>Austin's real-estate market was on fire during the pandemic, but the boom went bust within a couple of years. Now, home prices are down compared to where they were a year ago.Still, the boom-bust cycle will be good for Austin in the long run. There might be short-term pain for those who bought at the peak, but the city gets one major benefit: More housing supply, which will avert an affordability crisis. Other cities could stand to take a page out from the Lone Star playbook.<a target="_blank" href="https://www.businessinsider.com/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9">How Austin slashed home prices</a>.<h2 id="5fef756b-4b6b-4037-8f33-9635854b9d8b">What we're watching this weekend</h2><div type="image" title="A television showing Inside Out 2" height="1500" width="2000" msid="113766324" hostid="261" sizebytes="302308"></div><ul><li>"Inside Out 2": The Pixar sequel, which broke records to become the <a target="_blank" href="https://www.businessinsider.com/highest-grossing-animated-movies-all-time">highest-grossing animated movie of all time</a>, is now on Disney+.</li><li>"Oddity": Forget <a target="_blank" href="https://www.businessinsider.com/longlegs-ending-explained-lee-harker-nicolas-cage-killer-satan-2024-7">"Longlegs"</a> — the actual best horror movie of the year is streaming on Shudder.</li><li>"The Great British Baking Show": Ready, set, bake! The 12th installment of the beloved baking show just premiered on Netflix.</li></ul><a target="_blank" href="https://www.businessinsider.com/best-shows-movies-streaming-netflix-hulu-disney-plus-september-27-24">See the full list</a><div type="image" title="A red shopping bag surrounded by $100 bills." height="1500" width="2000" msid="113766327" hostid="261" sizebytes="244828"></div><h2 id="a09a70ef-5e7e-4bf4-80b2-3731f70bdc6e">Deals we love</h2><ul><li>Calling all Madewell shoppers: The <a target="_blank" href="https://businessinsider.com/guides/deals/madewell-insiders-event-sales-deals-2024-9">bi-annual Madewell Insiders sale is here</a> with 25% off almost everything full-price and an additional 40% off sale. Sign up with your email and save big on some of our favorite denim and basics.</li><li>It's spooky season: Fall is officially here, so it's time to let our guide to <a target="_blank" href="https://www.businessinsider.com/guides/home/best-halloween-decorations">the best Halloween decorations</a> inspire you. From tabletop centerpieces to ghostly candles, we're here to help you get the creative juices flowing.</li><li>iPhone 16 hot take: Our senior tech reporter explains in his <a target="_blank" href="https://www.businessinsider.com/guides/tech/iphone-16-review">iPhone 16 review</a> why you might not need to upgrade from the base model to the Pro version.</li></ul><h2 id="3a2e4b99-8063-4f80-8653-d1ec4a2af89a">More of this week's top reads:</h2><ul><li>We spent $275 at Fleming's Steakhouse. It's better suited for <a target="_blank" href="https://www.businessinsider.com/is-flemings-prime-steakhouse-worth-it-for-two-2024-9">business dinners than date nights</a>.</li><li>A 70-year-old who got into weightlifting explains <a target="_blank" href="https://www.businessinsider.com/70-year-old-lost-weight-start-strength-training-tips-fit-2024-9">how she lost 70 pounds</a>.</li><li>Millennials and Gen Zers share their top <a target="_blank" href="https://www.businessinsider.com/hidden-gem-travel-destinations-gen-z-millennials-recommend-2024-9">hidden-gem travel destinations</a>.</li><li>I paid $120 for a fine-dining experience narrated by AI. <a target="_blank" href="https://businessinsider.com/trying-ai-fine-dining-tasting-menu-venhue-new-york-2024-9/">High-brow restaurants should take notes</a>.</li><li>The US' top supplement expert takes <a target="_blank" href="https://www.businessinsider.com/us-top-supplement-expert-takes-3-supplements-busy-2024-9">these three when he's busy</a>.</li><li>A mom describes the differences in quality of life <a target="_blank" href="https://www.businessinsider.com/moving-us-to-switzerland-better-quality-of-life-staying-abroad-2024-9">between Switzerland and the US</a>.</li><li>Step inside a 5-star resort in one of <a target="_blank" href="https://www.businessinsider.com/panama-santa-maria-resort-jack-nicklaus-golf-course-review-2024-9">Panama City's wealthiest neighborhoods</a>.</li><li>Traveler who's been to over 50 countries ranks <a target="_blank" href="https://www.businessinsider.com/favorite-country-from-frequent-traveler-asia-kyrgyzstan">this Central Asian gem as one of her favorites</a>.</li></ul>Aldi shoppers have spoken: These are the <a target="_blank" href="https://www.businessinsider.com/best-products-aldi-right-now-fan-favorite-awards-2024-9">best things to buy at the chain right now</a>.The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York City. <a target="_blank" class="" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York. <a target="_blank" class="" href="https://www.businessinsider.com/author/amanda-yen">Amanda Yen</a>, fellow, in New York. Grace Lett, editor, in Chicago.

Insider Today: Austin's genius housing fix

<ul class="summary-list"><li>Housing shortages and affordability problems are especially acute in America's swing states.</li><li>Arizona's population is surging and Pennsylvania's is shrinking; neither can build enough homes.</li></ul>Rising home prices and rents are weighing on <a target="_blank" class="" href="https://www.businessinsider.com/rent-housing-affordability-swing-state-voters-apartments-presidential-race-redfin-2024-9">voters' minds</a> this election season.Renters and homeowners in the handful of swing states that will likely determine the US presidential election — which include Michigan, Wisconsin, Pennsylvania, Arizona, Georgia, North Carolina, and Nevada — have been disproportionately hit by rising housing costs, caused by decades of underbuilding, a surge in new residents, high construction costs, and red tape.Since 2017, "in 6 of the 7 states, home prices have risen faster than the national average, and the national average is already quite high," Alex Horowitz, director of Pew's Housing Policy Project, told Business Insider, citing data from Zillow and Apartment List. "In all 7 states, rent growth has been higher than the national average."Two swing states — Arizona and Pennsylvania — exemplify in their own ways how housing markets across the country have failed to address the key issue they face: too few homes.In Arizona, sprawling subdivisions can only sprawl so far, and years of population growth have outstripped supply. While Pennsylvania's population shrank in recent years, it's still struggling to dig itself out of a construction worker shortage after years of underbuilding.<h2 id="1a859852-557b-4304-892a-c09040f80a6d">Zoning restricts housing for Arizona's population boom</h2>For years, Arizona has been among the <a target="_blank" class="" href="https://www.newsweek.com/population-map-reveals-fastest-growing-us-states-this-century-1904724">fastest-growing</a> states in the country. Sprawling subdivisions helped accommodate the growing population and were enough to keep housing costs relatively low through the early 2010s.The pandemic supercharged pressure on the housing market. Since 2020, Arizona has welcomed <a target="_blank" class="" href="https://www.census.gov/quickfacts/fact/table/AZ/PST045223">hundreds of thousands of new residents</a>. As demand spiked, snarled supply chains helped inflate construction costs. Since January 2020, home prices in Arizona have risen by 55%, compared to a national average of 45%, while rents have jumped 27%, compared to a national average of 22%, Horowitz said.<div type="image" title="A worker operates machinery during construction at a housing development in the Phoenix suburbs of Queen Creek, one of the fastest-growing communities in Arizona." height="832" width="1280" msid="114584579" hostid="261" sizebytes="114024"></div>Housing experts blame some of Arizona's home shortage on the restrictive zoning laws in <a target="_blank" class="" href="https://morrisoninstitute.asu.edu/sites/default/files/exclusionary_zoning_legal_barrier_to_affordable_housing.pdf">many of its cities and suburbs</a>, which tend to allow only large-lot, detached single-family homes. These homes are generally more expensive than denser housing and require far more land."The obvious land that's proximate to job centers is scarcer and scarcer after we've had 20 or 30 years of significant home building" in Arizona, Ben Metcalf, managing director of the Terner Center for Housing Innovation at UC Berkeley, told Business Insider.At the same time, the state is running out of water to support its new homes and residents. State officials <a target="_blank" class="" href="https://www.nytimes.com/2023/06/01/climate/arizona-phoenix-permits-housing-water.html">announced</a> last year that Arizona doesn't have enough groundwater to support all the future homes that have been approved for building in the Phoenix area.<h2 id="807b5340-f3a6-4d5d-a378-25a3d54b550f">Pennsylvania is up against construction worker shortages amid a shrinking population</h2>Two thousand miles away, in Pennsylvania, voters are also facing a housing shortage. Home prices have risen 39% since January 2020, Horowitz noted, even though the state's population is shrinking. Pennsylvania has lost <a target="_blank" class="" href="https://www.pennlive.com/news/2024/03/amid-pockets-of-growth-pennsylvania-population-declines-worsen.html">an estimated 41,000 people</a> since 2020.Like many other states, Pennsylvania has underbuilt housing since the 2008 financial crisis, which tanked the housing market. In recent years, it's struggled with issues that plague the rest of the country, including elevated building material costs and high interest rates that make capital more expensive.But it's also dealing with a particularly severe construction worker shortage. Bureau of Labor Statistics data <a target="_blank" class="" href="https://fred.stlouisfed.org/series/PACONS">shows</a> that after growing steadily during the 2010s, the total number of construction employees in Pennsylvania has plateaued since bouncing back after the pandemic recession, while construction jobs continue to boom in the nation as a whole.Horowitz noted that Pennsylvania ranked 48th out of the 50 states for homes permitted from 2017 to 2023."The aging workforce is a very big problem in residential construction in a place like Pennsylvania," Metcalf said, adding that restrictive federal immigration policies have limited the construction workforce, which is <a target="_blank" class="" href="https://qz.com/immigrants-make-up-more-of-the-us-construction-labor-fo-1851118320">disproportionately made up of immigrants</a>.Horowitz noted that, like in Arizona, restrictive zoning policies are also preventing the construction of denser, cheaper housing in the state's suburban and exurban communities.Pennsylvania Gov. Josh Shapiro directed his administration in September to develop a statewide housing action plan. "While Governor Shapiro has made real progress in his first two years, he knows more needs to be done to fix the housing shortage and cut costs for Pennsylvanians," the administration spokesperson said.<h2 id="34ab4d96-8ac9-4d17-ba48-b2df8f02ca74">Housing policy on the campaign trail</h2>Swing-state voters list <a target="_blank" class="" href="https://www.pewresearch.org/politics/2024/09/09/issues-and-the-2024-election/">the economy</a> as <a target="_blank" class="" href="https://www.wsj.com/politics/elections/trump-harris-swing-state-poll-october-2024-c3ca9414">their top issue</a> in this election. But "when you drill down, it is about affording to live and pay their rent and pay their mortgages," Tucson Mayor Regina Romero told Business Insider. "Affordable opportunities help families stop worrying about where they're going to live next or sleep next and start worrying about how they can thrive in our economy."Housing affordability has become such an acute problem that Vice President Kamala Harris <a target="_blank" class="" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">has promised to</a> build 3 million new homes over her first term, send $25,000 in downpayment assistance to first-time homebuyers, and spend billions on housing innovation.Meanwhile, former President Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">has said</a> he'll bring housing costs down by cutting interest rates — though the Federal Reserve, which controls rates, operates independently of the government. He's also promised to <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">deport millions of immigrants</a> to free up housing and <a target="_blank" class="" href="https://www.businessinsider.com/trump-freedom-cities-build-housing-conservatives-scoff-at-leftist-plan-2023-3">open up federal land</a> for home construction.To be sure, not all Americans are being adversely impacted by rising rents and home prices. Many homeowners who locked in relatively low mortgage rates years ago have watched their home equity soar as prices have skyrocketed.Renters are almost twice as likely as homeowners to say that housing affordability is a top-three issue in deciding who to vote for in this election, a recent <a target="_blank" class="" href="https://www.redfin.com/news/renters-vs-homeowners-housing-affordability-election/">Redfin survey found</a>. Almost a quarter of potential first-time homebuyers say they're waiting until after the election to buy a home, with many interested in Harris' downpayment support, <a target="_blank" class="" href="https://www.redfin.com/news/homebuying-delay-election-survey-2024/">Redfin also reported</a>.Noah Sheidlower contributed reporting.

2 swing states show why the US is struggling to build enough houses

<ul class="summary-list"><li>Donald Trump has pledged to lead a mass deportation campaign once elected.</li><li>That would create a major labor crunch for homebuilders, driving wages and costs higher.</li></ul>Donald Trump's vow to crack down on immigration doesn't bode well for priced-out homebuyers.The Republican presidential candidate has promised to lead the largest deportation campaign in US history if reelected. By one estimate, that could involve deporting up to <a target="_blank" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">1.2 million</a> people, though as many <a target="_blank" href="https://www.piie.com/blogs/realtime-economics/2024/trump-vs-harris-immigration-future-policy-proposals#_ftn1">11 million undocumented residents</a> live in the country.While there's room to debate the plan's feasibility, what's certain is that a sudden drain of the immigrant workforce could significantly hinder construction in the US, igniting deeper unaffordability for home market buyers.<h3 id="a76ec574-ba23-4a94-92de-608c0047e53f">A critical homebuilder workforce</h3>"If we did see mass deportations, I do think it would have a chilling effect on the labor market," Jim Tobin, CEO of the National Association of Home Builders, told Business Insider.He said immigrants are a critical component of the industry, as they help relieve a serious shortage of skilled labor. Foreign-born construction workers, who make up as much as a third of the sector's labor force, are often concentrated in specific trades required to build a home, such as plasterers and drywall installers, the Home Builders Institute <a target="_blank" href="https://hbi.org/wp-content/uploads/2024/06/Spring-2024-CLMR-HBI-NAHB-FINAL.pdf">reported</a>."We consistently see government data showing that we are anywhere between 200,000 to 400,000 workers short in our industry and that lack of skilled labor slows down the pace of construction, drives up labor costs, and ultimately leads to higher home prices, and a slower pace of home building," Tobin said.A <a target="_blank" href="https://gwbushcenter.imgix.net/wp-content/uploads/Immigrants-and-Opp-3.pdf">2022 George W. Bush Institute</a> study found that US metros with the highest immigrant population growth scored the lowest construction costs.Without the supply of these workers, history suggests housing costs are likely to rise.According to a <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4729511">research paper</a> released earlier this year, home prices were found to rise in counties impacted by an immigration crackdown that spanned from late 2008 to 2014. The US "Secure Communities" program led to the deportation of over 300,000 undocumented immigrants in that time period, it cited.Given the pace of homebuilding, price effects were muted for two years after enforcement began, the study said. However, three years later, the average new construction property became 17% more expensive among tracked counties compared to the baseline.That translates to a $57,300 jump compared to the average property price before the program's implementation."Three years after SC rollout, the average county has foregone the equivalent of an entire year's worth of additional residential construction: 2,423 fewer buildings are permitted, and 1,997 fewer newly constructed homes enter the market," the authors wrote.Considering how wide-sweeping the Trump campaign's deportation effort could be, experts told BI that homebuilders would likely resort to wage hikes to attract domestic workers. These could be significant, given that the construction industry would be competing against other immigrant-dependent sectors.According to Tobin, mass deportation would also require the industry to redouble its efforts in attracting new domestic interest in the trades. "Whether that's kids coming out of out of high school, or adults that are looking for a new career, transitioning military that are coming out of the service. We would have to look at previously incarcerated."<h3 id="2780f5cd-9b64-4a83-a2ce-4c3dee812acf">What about demand?</h3>Trump's campaign has implied that cracking down on immigration will help ease housing unaffordability by effectively removing one source of demand. It's a talking point recently made by Vice President candidate JD Vance, who blamed "<a target="_blank" href="https://www.cbsnews.com/news/jd-vance-debate-immigration-housing-prices-real-estate-federal-reserve/">millions of undocumented immigrants</a>" for adding pressure on a supply-constrained housing market.While research has suggested immigrant demand plays a role in influencing prices, economists generally doubt that this is a <a target="_blank" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">major driver</a>. Rents and home prices started surging in 2020 and 2021, at a time when net immigration inflows were close to the two-decade average, as tracked by the <a target="_blank" href="https://www.cbo.gov/publication/60569#:~:text=Over%20the%202021%E2%80%932026%20period%2C%20the%20net%20immigration%20of%20people,net%20immigration%20of%20that%20population">Congressional Budget Office</a>.Meanwhile, Trump's platform is also pushing another policy initiative that's unlikely to help housing costs: tariffs. The candidate has pledged to raise duties on virtually all imports to the US, raising them as much as 60% on Chinese imports."If you're going to add tariffs onto building materials, that cost is just going to be passed along to the homeowner or the renter," Tobin said, citing that there's a lack of evidence that tariffs will meaningfully increase production in the US. He pointed to <a target="_blank" class="" href="https://www.nahb.org/blog/2024/08/canadian-lumber-tariffs">a 15% tariff on Canadian softwood lumber</a> that has failed to do this.

Trump's immigration crackdown could deplete the construction workforce and make housing more expensive     

<ul class="summary-list"><li>US home prices hit another record in July, according to the S&amp;P CoreLogic Case-Shiller index.</li><li>Prices rose 5% nationwide, a slowdown from prior months.</li></ul>The US home-affordability conundrum is not over yet.New data from <a target="_blank" class="" href="https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-us-national-home-price-nsa-index/#overview">Case-Shiller</a> showed home prices rose 5% in July from a year before, marking another record high."Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our National Index," wrote Brian D. Luke, S&amp;P Global's head of commodities, real and digital assets.He added: "Overall, the indices continue to grow at a rate that exceeds long-run averages after accounting for inflation."Prices jumped by the most in New York, rising 8.8% in July. Las Vegas and Los Angeles followed, with prices increasing 8.2% and 7.2%, respectively. On a seasonally adjusted, month-to-month basis, prices rose in all but San Francisco and Tampa.If there was one silver lining in the data, it's that the 5% year-over-year marked a deceleration in home-price growth. The same slowdown trend was seen in S&amp;P's 20-City Composite, which also increased, but not as sharply as prior periods.Slowing home appreciation reflects a pullback in market activity, with existing home sales <a target="_blank" href="https://www.businessinsider.com/housing-market-outlook-logjam-existing-home-sales-record-prices-mortgages-2024-7">slumping significantly</a> through summer. In August, these sales dropped 2.5% from July, according to the latest data from the <a target="_blank" href="https://www.nar.realtor/blogs/economists-outlook/latest-existing-home-sales-data-graphs">National Association of Reatlors</a>.Homebuyers have remained cautious in anticipation of lower mortgage rates, a process that has been turbocharged by the Federal Reserve's latest cut to interest rates. As of Tuesday, the weekly 30-year fixed mortgage rate now <a target="_blank" href="https://www.freddiemac.com/pmms">stands at 6.09%</a> — a 2024 low.Falling borrowing costs making the market more affordable for buyers. On Tuesday, Redfin reported that shoppers require <a target="_blank" href="https://www.businessinsider.com/home-affordability-housing-mortgage-rates-federal-reserve-homebuyer-redfin-2024-9">1.4% less income to buy the median-priced property</a>.But some warn that lower mortgage rates will trigger adverse impacts on housing prices. 'Shark Tank' investor Barbara Corcoran has repeatedly warned that falling rates will unleash a wave of demand, causing values to soar. By her estimate, prices could jump as much as <a target="_blank" href="https://www.businessinsider.com/housing-prices-market-outlook-us-mortgage-rates-drop-barbara-corcoran-2024-8">10% once rates hit 6%.</a>But whether this occurs anytime soon is up for debate. According to Redfin, the market has already priced in future Fed cuts, limiting further mortgage rate downside. Meanwhile, Fitch Ratings also noted that the <a target="_blank" href="https://www.businessinsider.com/feds-rate-cut-housing-market-supply-homebuilders-materials-home-costs-2024-9">Fed must keep cutting to extend the decline</a>.

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