BRRRR...BABY IT'S COLD OUTSIDE: WEEKLY UPDATE 12/6/24

Despite the outside temperatures Charlotte, NC has been and continues to be a hotbed for workforce talent.  Attractive work/career opportunities, a great climate, accessible location, and low cost of living all contribute to a great quality of life.  What do we know about this workforce?  45% of Charlotteans have a Bachelor’s degree (or higher), 20% of Charlotte’s total population growth from 2015-2020 was young professionals, 1 in 6 Charlotte residents were born in a different country, and here are the three things you need to know this week.

Middle Management: Charlotte, NC finishes 24th out of the 50 largest metros in how far a typical middle-class salary goes in America’s largest cities.

A recent study by GoBankingRates ran a study to identify where middle-class salaries stretch the furthest among the 50 most populous U.S. cities.  The analysis determined Charlotte’s median household income at $74,070 with over $22,600 left over after accounting for cost of living expenses.  The Queen City finished just ahead of Raleigh, NC with a typical household averaging $20,174 left over after living expenses.  It was determined a middle-class salary is not enough to cover home and living costs in the top 10 cities on the list; 6 cities in California, Seattle, New York City, Boston, and Washington DC.

gOLDen Goals: The average home buyer age has reached a new record high of 56 years old–up from 49 last year.

According to the National Association of Realtors®’ 2024 Profile of Home Buyers and Sellers, which analyzed transaction data from July 2023 to June 2024 the average age of home buyers has hit a new high.  In that same time 38 years old is the average age for first-time home buyers (up from 35). This would correlate with the facts that first-time home buyers have reached a historic low of 24% (falling from 32% last year), and a record 26% of home buyers are paying cash for their purchases.  Older buyers experiencing significant home equity increases have been able to roll that cash over to their next purchase and have been less impacted by a higher rate environment.

Grow-Up: U.S. homeowners with a mortgage have seen their equity increase by a total of $1.3 trillion since the second quarter of 2023.

This represents an 8% increase year-over-year, according to CoreLogic’s Q2 2024 Homeowner Equity Insights report. In that time, the average homeowner gained approximately $25,000 in equity as Maine, California, and New Jersey homeowners saw the largest average equity gains in the nation.

Stay warm, have an awesome weekend and remember…We’re never as great as our best day - We’re never as bad as our worst day; Be Confident - Stay Humble.

Steve