Paying the Price for Housing

first_imgHome / Daily Dose / Paying the Price for Housing March 7, 2019 1,532 Views Homeownership became less affordable across the country in 2018 while renting became marginally more affordable, according to a new report by Zillow. Amid worsening affordability in the U.S., homeowners in Los Angeles and renters in the largest Florida metros have the least cash left over after paying for housing, the report found. On the other hand, people in the Washington, D.C., metro area have the most money left over after they pay their mortgage. Based on the median annual gross income and mortgage payment, homeowners in Washington, D.C., have almost $7,000 of their monthly income remaining after paying for their house—the most out of the 35 largest housing markets. Typical renters in Washington, D.C., have nearly $6,500 left over from their income after their monthly rent payment, second only to San Jose at more than $6,800.”Finding that balance where housing costs leave a comfortable amount of spending money is tricky, especially when the prices of life’s non-housing essentials also vary widely by market,” said Skylar Olsen, Zillow Director of Economic Research.According to the report, the outlook is grim for those in Los Angeles considering California’s substantial income tax rates, which cuts into income left over for variable cost-of-living expenses like transportation, child care, and education. Zillow indicated that overall affordability for home buyers worsened last year due to rising mortgage rates and continued strong home value appreciation throughout most of 2018. At its November peak, the average 30-year fixed rate in the U.S. had increased to 4.94 percent from 3.95 percent at the beginning of the year. Now that the mortgage rates have reversed course declining 4.4 percent, home value appreciation in the nation’s biggest markets is cooling rapidly. This is a signal that mortgage affordability could improve in the coming months, the analysis forecasts. An estimated 17.5 percent of the median income is required for a mortgage payment on the typical home in the U.S. This has recorded an increase up from 15.4 percent in the last quarter of 2017, however, remains below the historic average of 21 percent from the late 1980s and 1990s, the report revealed. Using this traditional measure of housing affordability, less expensive Midwest markets such as Pittsburgh, St. Louis and Cincinnati top the list. Speaking of income spent by renters, Zillow stated that payments accounted for more than 30 percent of the median income in 13 large U.S. metros, widely considered the standard for unaffordable housing costs. Read the full report here. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Donna Joseph is a Dallas-based writer who covers technology, HR best practices, and a mix of lifestyle topics. She is a seasoned PR professional with an extensive background in content creation and corporate communications. Joseph holds a B.A. in Sociology and M.A. in Mass Communication, both from the University of Bangalore, India. She is currently working on two books, both dealing with women-centric issues prevalent in oppressive as well as progressive societies. She can be reached at [email protected] Sign up for DS News Daily About Author: Donna Joseph Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, Market Studies, News Paying the Price for Housing Related Articles Tagged with: Affordability Median Income Mortgage Payment Skylar Olsen Zillow Share Save Data Provider Black Knight to Acquire Top of Mind 2 days agocenter_img Previous: Mr. Cooper Grows Servicing Portfolio to $548B Next: Fannie Economist Addresses Jobs Report Impact on Housing Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Affordability Median Income Mortgage Payment Skylar Olsen Zillow 2019-03-07 Donna Joseph Subscribe  Print This Post Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Floating storage prototype takes official dip in Malta

first_imgThe FLASC team of the University of Malta has officially launched the scaled offshore floating platform prototype with integrated energy storage at an event that gathered government officials and senior members of the various stakeholders involved in the project.Project FLASC (Floating Liquid-piston Accumulator using Seawater under Compression) is a novel energy storage technology concept which features a dual-vessel compressed air energy storage system suitable for integration with offshore renewable energy sources.The scale version of the FLASC prototype has already been deployed for trials in the Maltese Grand Harbour. There, it will be operated in order to monitor and validate the system’s thermodynamic performance and to project future full-scale implementation methodologies.Also, the current prototype serves as a proof-of-concept for a novel method for Tension Leg Platform (TLP) deployment that is faster and safer than existing methods, according to the University of Malta.Present at the launch, held on May 18, 2018, were Malta’s Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri, and the Executive Chairman of the Malta Council for Science and Technology Jeffrey Pullicino Orlando, along with various stakeholders.The FLASC prototype launch event (Photo: DOI/Reuben Piscopo) During the event, Schembri talked about the great opportunities the sea offers for innovation, referring to the European Union ‘Blue Growth Strategy’ that acknowledges the vast opportunities which European waters offer for growth in conjunction with new maritime technologies that are being developed in fields such as renewable energy, aquaculture and biotechnology.This goes in line with FLASC technology application areas, as it can be used to store energy generated by offshore renewable technologies such as wave and tidal energy systems, large floating wind turbines, solar PV, along with applications for the liquefaction of natural gas, water injection in oil wells and water desalination.“It is through innovation built on new skills that Malta can enhance work opportunities and become more competitive in the region,” said Schembri.The system lifetime is of the same order as that of contemporary wind turbines. The energy is not stored in batteries, yet it capable of providing a stepped energy output and ramp regulation, according to the FLASC team.It is also said to be cost-competitive with Li-ion batteries, although without the reliance on hazardous chemicals or having the recycling costs associated with battery storage options.last_img read more

Gibbons throws for historic Javelin gold

first_img.. Gold and Silver for Bright, Archer takes Silver, Austin picks up BronzeANISHA Gibbons won Guyana’s first Gold Medal in the Girls U-17 Javelin at the CARIFTA Games when she topped the field with her throw of 40.34 metres on day two of the region’s marquee Track and Field event in the Cayman Islands.Gibbons distance was better than Vavica Addison of Barbados (39.70 metres) and Rachel Pascal of the Cayman Islands (35.50 metres).Meanwhile, Chantoba Bright won Gold in the Girls U-20 Long Jump, leaping a distance of 6.05 metres to win ahead of Lotvia Brown of Jamaica (5.83 metres) and Martinique’s Fiona Aholu-Futse (5.78 metres).It is Bright’s third consecutive gold medal in the event, having won in 2017 and 2018.Bright returned on day two to finish second in the women’s U-20 Triple Jump, (12.63 metres), finishing behind Jamaican, Lotavia Browne, 13.09 metres, but ahead of Suriname’s Monifah Djoe 12.41 metres.Joanna Archer ran a superb race but narrowly missed out a top-of-the-podium finish in the women’s 800 metres, but her time of two minutes, 10.17 seconds saw her placing second behind Jasmine Knowles of the Bahamas who won with a time of 2:09.41. Abigail Schaafe of Jamaica was third (2:12.73).Anisha GibbonsAudriel Austin won Bronze in the Girls U-17, 800 metres, clocking 2:12.69, crossing the line behind Jamaicans, Kishay Rowe (2:11.97) and Jodyann Mitchell (2:11.92).Daniel Williams (21.19 seconds) and Loneil Marks (21.50 seconds) came up short in the Men’s U-20, 200 metres, finishing fifth and sixth place respectively in the final.Guyana, being represented by 21 athletes, the country’s largest contingent ever to attend the CARIFTA Games, have won three gold, two silver and two bronze medals.The 2019 games will wrap up today.last_img read more