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Fed Rates Are Up – Where Do Consumers Feel It Most?

After the 2009 financial crisis in the US, interest rates plummeted, and they’ve only recently started to rise again. Starting in December 2015, the Federal Reserve began to raise the funds rate, and the Federal Open Market Committee has voted to raise rates three time since then. For savers, these rates haven’t affected much – […]

October 2, 2017/0 Comments/by support_8dba

Demand for Multifamily Housing is High in Miami – But So Is the Cost

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A new report by the National Multifamily Housing Council and the National Apartment Association has ranked Miami third on its list of cities with the highest estimated demand over the next decade for new apartment buildings with 5 or more units. The same report shows that Miami is the fourth most difficult metro area in which […]

September 23, 2017/0 Comments/by support_8dba

Fed Rates Are Up – Where Do Consumers Feel It Most?

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October 2, 2017/0 Comments/by support_8dba

Demand for Multifamily Housing is High in Miami – But So Is the Cost

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September 23, 2017/0 Comments/by support_8dba

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Fed Rates Are Up – Where Do Consumers Feel It Most?

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For savers, these rates haven’t affected much – interest rates have only risen slightly for them in the past year, and the difference between one percent and 1.2 percent may not warrant shopping around for another bank. The banks are full of savers’ cash and therefore not pressured to compete for deposits. The biggest banks often offer the lowest rates, even for customers with millions in their accounts. Customers wanting to increase their yields should consider regional or lesser known banks that do need the cash and are willing to offer higher rates.

Interest rates have changed more significantly for borrowers, though some products have hardly seen any change at all. Auto loan rates are down due to the competitive market and the rise of auto defaults. Home mortgage rates dropped after the Fed’s first rate hike in 2015; however, they have bounced back since then, since those rates are less affected by the Fed funds rate.

Historically, credit card rates have closely mimicked Fed rates, and this time is no exception. However, consumers may still find opportunities to save – those with good credit scores may be able to find cards with limited time rates of zero percent. And the Navy Federal Credit Union, the largest credit union in the US, took the last Fed hike in June as an opportunity to stand out from the crowd, dropping their basic card’s rate by two percentage points.

Source:

Steverman, Ben. Why You Don’t Feel the Fed Rate Hike in Your Bank Account. (2017, July 18). Retrieved from https://www.bloomberg.com/news/articles/2017-07-18/why-you-don-t-feel-fed-rate-hikes-in-your-bank-account

October 2, 2017/0 Comments/by support_8dba

Demand for Multifamily Housing is High in Miami – But So Is the Cost

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While New York City and Dallas have a significantly higher estimate for demand of new apartment buildings in comparison to Miami, both cities rank much lower on the list of cities in which it is most difficult to build. New York is number 10 on that list, while Dallas doesn’t even break the top 10. The study looked at zoning regulations and land costs when ranking how difficult it is to build in each metro area.

All over the country, home ownership rates are down, and while large apartment buildings are high in demand, there is also demand for more single-family homes and apartment buildings. Both metropolitan areas and smaller cities are seeing a shortage of existing properties, which means competition for leases has become more intense.

As rental demands increase, renters are finding themselves spending a higher percent of their wages on rent. In Miami, more than half of renters spend over one-third of their income on housing. This is not unordinary, as seven of the ten cities in which it is most difficult to build currently see renters spending at least 35 percent of their income on rent.

Source:

Clark, Patrick. These Are the U.S. Cities Where It Costs Too Much to Build. (2017, June 26). Retrieved from https://www.bloomberg.com/news/articles/2017-06-26/these-are-the-u-s-cities-where-it-costs-too-much-to-build

September 23, 2017/0 Comments/by support_8dba

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