From HousingWire:
Rent just jumped to an all-time high
We’ve known that the rent may be too damn high for quite a while now, but a new report shows that rent has never been this high before.
Newly released data from RentCafé and Yardi Matrix shows that nationwide rents just hit an all-time high in June, crossing the $1,400 threshold for the first time ever.
According to the apartment market report, the national average rent for apartments was $1,405 in June, an increase of 2.9% from the same time period last year and an increase of 0.9% from the month of May.
In terms of dollar amount, apartment renters now must fork over $40 more per month than they did one year ago.
According to the report, rent increases occurred in nearly all of the nation’s largest cities. Per the report, rents rose in 88% of the nation’s largest 250 cities in June when compared to last year. Rents remained the same in 10% of the top 250 cities and dropped in just 2% of them.
…
One area hit hard by a June rent increase was Manhattan, which has long been the most expensive rental market in the country.According to the report, apartment rents in Manhattan have actually been dropping, stagnating, or very sluggishly growing over the last few months.
But that all changed in June, when rent rose to an average of $4,116, an increase of 1.5% or $60 per month, representing the largest increase in a year.
Additionally, the report showed that the rent increase hit all unit types relatively equally.
So it’s not just the masters of the universe that are tired of paying sky-high taxes. It’s also the regular wage earner and small business owner.
60% of these folks went to Florida, with a state income tax of zero.
So the message from New Jersey’s residents (well, now former residents) is pretty clear: taxes are too high.
Now, what do you think New Jersey is doing to solve this problem?
Let’s see if we an push the limits of South Dakota vs. Wayfair and establish a new state income tax on pension payments of out of state residents.
You earned it here, you’ll pay taxes on the income here.
Perhaps then we wouldn’t see the outflow to Florida that we do.
You still would grim. People could sell that pos cape in blue ribbon land for 425k. Pay cash for a modern ranch in a nice area of Florida for 225k, and have 200k left over to find their golfing and traveling and still have their pensions rolling in.
Plus property taxes are much lower and would more than compensate any income tax on a pension.
@bessbell
The Federalist Society is currently a bigger threat to the basic safety of Americans than MS-13.
NJ Income tax pension exclusion goes to $100,000 in 2020, so no tax due on income (MFJ-age 62) up to $100k. That covers most folks I imagine
Thai cave update : “They are All Out!!”
@krassenstein
BREAKING:
Donald Trump’s personal driver for over 25 years, Noel Cintron, has just sued him for back pay.
Cintron claims that he was forced to work 1000’s of hours in overtime but Trump refused to pay him for it.
Trump’s true character continues to come to light.
It’s not taxes. It’s the lure of being able to own your own home. My third floor tenants are representative of these people. Latino family moving to Florida to buy a home. These are people that have no chance to buy a home in nj unless it’s an urban setting(which they won’t live in). So they will move to Florida in an area in Florida with similar demographics as Paterson , thinking they are better off. Just go buy in Patterson and save yourself a lot of time and pain.
Ex-Essex says:
July 10, 2018 at 12:25 am
According to the New Jersey Business and Industry Association, the State of New Jersey lost a whopping 2 million residents between 2005 and 2014, earning a combined $18 billion in net adjusted gross income, i.e. income that would have been taxed by the state.
So it’s not just the masters of the universe that are tired of paying sky-high taxes. It’s also the regular wage earner and small business owner.
60% of these folks went to Florida, with a state income tax of zero.
So the message from New Jersey’s residents (well, now former residents) is pretty clear: taxes are too high.
Now, what do you think New Jersey is doing to solve this problem?
Personally, the property tax is my biggest issue, after the COLD in winter. NJ income tax is VERY progressive, at 2% under $100k and perhaps 0% if pension exclusion law holds.
“Problem” with Florida is that you need to add Property Tax + Homeowners Insurance with Wind and Hurricane + HOA fees, starts to reduce the savings….but it is warmer in Winter.
No Savings? No Problem. These Companies Are Helping Home Buyers With Down Payments – The Wall Street Journal
https://apple.news/AOdkrTauHSeCXZjAC0GAwsg
@crampell
review of the Trump Foundation’s tax records found a pattern — donations, typically $25,000 — to eight charities after they relocated their events to Maralago
@mschmitt9
To be clear why this matters:
If there were an agreement, and let’s say the charity agreed to pay Mar-a-Lago $25k more than it wanted to, in exchange for a $25k donation from Trump Fdtn, that’s a way to convert tax-exempt charitable dollars back to profit,
a kind of $-laundering
The family I have in Florida (west coast side), formerly of NY/NJ, tell me the property taxes are incredibly low especially with homestead… the homeowners insurance is similar… but yeah, you need to account for hurricane premiums. Does it differ significantly by section of FL?
Regarding HOA, I think the most important component in FL is the same as anywhere: making sure you get some bang for your buck (well managed community, amenities if that’s your thing, etc.)
1987 Condo says:
July 10, 2018 at 8:24 am
“Problem” with Florida is that you need to add Property Tax + Homeowners Insurance with Wind and Hurricane + HOA fees, starts to reduce the savings….but it is warmer in Winter.
Thought you might like this grim:
China Finds Zen: Begins Production Of x86 Processors Based On AMD’s IP
https://www.tomshardware.com/news/china-zen-x86-processor-dryhana,37417.html
This is exactly the sort of horse**** that the Chinese pull all the time, multi-level structures that look ok on the front end but result in a 100% technology transfer and then the Chinese stealing said technology.
http://market-ticker.org/akcs-www?post=233759
@StephenKing
Saving those kids trapped in the cave is a great thing, but let’s not forget the kids trapped on our southern border.
Not trapped by rising water but by the cruel policies of this administration.
1987 Condo says:
July 10, 2018 at 8:04 am
Thai cave update : “They are All Out!!”
P.ussy Moana,
Cintron claims that he was forced to work 1000’s of hours in overtime but Trump refused to pay him for it.
I want you to think hard about this for a while and tell me what’s wrong with this statement. I even outlined it to assist you because it’s apparent your type relies on assistance quite often.
From CNBC:
Homeowners are sitting on a record amount of cash — and not tapping it
U.S. homeowners today are getting richer by the minute, but they are less likely to cash in on their newfound wealth than during previous housing booms. As home values rise, home equity lines of credit, often used to tap home equity, are flatlining, and the overall amount of money people are taking out of their homes is shrinking.
The collective amount of so-called tappable equity, which is the appraised value of a home minus the 20 percent most lenders require borrowers to keep as a safety net, grew by 7 percent in the first quarter of this year compared with the previous quarter, according to Black Knight, a mortgage software and analytics company. That is the largest single-quarter growth since the company began tracking it in 2005. It is up 16.5 percent compared with a year ago.
Homeowners now have a collective $5.8 trillion in tappable equity, the highest volume ever recorded and 16 percent above the last home price peak in 2006. The average homeowner with a mortgage gained $14,700 in tappable equity over the past year and has $113,900 available to draw. This is the amount over and above 20 percent of the value of the average home.
It’s a good thing that they are not tapping it. Maybe people are finally learning.
What a glorious time. Progressives losing their minds in a daily basis. Won’t be long until anon types serve their purpose is canon fodder.
I didn’t cut/paste the rest of the article.
The big factor – delta in interest rates.
If you have a 3 handle mortgage, a 6 handle HELOC seems outrageous, especially when it’s almost certain to move upward (variable).
Seems more likely people will tap savings or investments to fund improvements, etc.
Makes sense from an interest rate perspective. Interesting to see how people will finance college. I know a lot of people who went the home equity route to pay for it.
@GeoffBennett
Source familiar tells NBC that Justice Kennedy had been in negotiations with the Trump team for months over Kennedy’s replacement.
Once Kennedy received assurances that it would be Kavanaugh (his former law clerk) Kennedy felt comfortable retiring – @LACaldwellDC & @frankthorp
Once Kennedy received assurances that it would be Kavanaugh (his former law clerk) Kennedy felt comfortable retiring…
Awesome!
Kennedy retired because his son laundered money for Trump.
Nothing to see here:
What started the speculation about dirty money connecting Trump, Kennedy and his son is the revelation that Kennedy and Trump have had a longstanding relationship through their children and their children’s success. We knew about Trump’s dealings with Deutsche Bank, the only bank willing to do business with him. (It’s also, perhaps not coincidentally, the bank that seems to have the longest illegal relationship with laundered Russian money. In January 2017, it was fined $425 million by New York regulators to settle allegations that it helped Russian investors launder as much as $10 billion through its branches in Moscow, New York and London.) But we’re just finding out about the Trump relationship with Justin Kennedy, the justice’s son, who worked at Deutsche Bank for a decade.
I’m waiting for lefties to make signs and banners to protest this outrage around the world. Not. If Trump isn’t involved, but commies are, they could care less.
“Uighur children fall victim to China anti-terror drive
Thousands in Xinjiang placed in de facto orphanages after parents detained”
https://www.ft.com/content/f0d3223a-7f4d-11e8-bc55-50daf11b720d
grim 9:17,
C’mon..suddenly the Avg Joe got smart about savings and evaluating interest rates? There has to be a better reason here. You can always count on ignorance along with specious spending from a good segment of the American public.
A LOT MORE LEAVING THAN COMING ‐ The cost of renting a 26‐
foot truck for the 1‐way trip from San Jose, CA to Las Vegas, NV
is $1,990 for a mid‐July 2018 trip. The cost of renting the same
26‐foot truck for the return 1‐way trip from Las Vegas to San
Jose is just $174 for a mid‐July 2018 trip. The price difference is
the result of an exodus of residents from California, resulting in
a shortage of moving trucks in California (source: U‐Haul).
Everyone’s renting.
“in an area in Florida with similar demographics as Paterson”
Name me one Blumpkin. You simply can’t. The meanest streets of Miama and Tampa compare more aptly to the best streets in Hackensack.
Chicago,
People renting U-haul trucks are low-income movers, broke retirees, homeless, illegal immigrants. Bay Area population continues to rise as high-income, high-skilled professionals pour in. These folks don’t hire U-Haul trucks, these workers or their employers pay for a moving service.
Chi. Cheapest way to get from Manhattan to Newark Airport is to rent a Hertz/Avis. They give you the car for free.
Change in population 2010-2017
San Jose +9.4%
San Francisco +9.8%
California +6.1%
Monmouth County -0.6%
“Exodus of residents from California” = fake news.
So he was on salary and is filing a lawsuit for.overtime. makes sense.
The meanest streets of Miama and Tampa compare more aptly to the best streets in Hackensack.
You’re saying it’s worse in Hackensack than Miami?
Absolutely.
Naw, not even close. I can’t see that at all.
Lib, you have never been to the “real” Florida, have you?
Fake news? WTF is wrong with you….. it is just U-Haul
Yo! says:
July 10, 2018 at 11:22 am
Change in population 2010-2017
San Jose +9.4%
San Francisco +9.8%
California +6.1%
Monmouth County -0.6%
“Exodus of residents from California” = fake news.
also….. that is a current data point from U-Haul….. which is distinct from your domain
Rich people don’t leave expensive areas, they drive the cost up even more. People that can no longer afford it are the ones that leave.
I assume your comment was sarcastic, but I agree “nothing to see here”.
Trump (who is a scumbag – so what?) had a prior career as a Upscale Real Estate Developer. Why wouldn’t he have ties to Russians? Honestly, Trump is petulant child, but his worst crime is to be a Real Estate guy in NYC, which means that he has been flouting the law and interacting with sketchy people for decades. Sketchy people with money are some of Trump’s best customers. What is a real crime would be career politicians who are everywhere that have the exact same type of history, but just had the requirement of covering it up from Day 1. Trump was working unfettered and is now being investigated after the fact….I’m not excusing him at all. The guy is scum. But we need to function with pragmatism and blot out all of the nonsense so we can focus.
Ex-Essex says:
July 10, 2018 at 9:55 am
Nothing to see here:
What started the speculation about dirty money connecting Trump, Kennedy and his son is the revelation that Kennedy and Trump have had a longstanding relationship through their children and their children’s success. We knew about Trump’s dealings with Deutsche Bank, the only bank willing to do business with him. (It’s also, perhaps not coincidentally, the bank that seems to have the longest illegal relationship with laundered Russian money. In January 2017, it was fined $425 million by New York regulators to settle allegations that it helped Russian investors launder as much as $10 billion through its branches in Moscow, New York and London.) But we’re just finding out about the Trump relationship with Justin Kennedy, the justice’s son, who worked at Deutsche Bank for a decade.
Chi, real time data from LinkedIn shows workers surging into the Bay Area. What matters more than people moving out is the number and type of people moving in, and the Bay Area is a big winner here – intense gentrification. Data I’m not free to share show the income and education level of people moving into Vegas is lower than people leaving – ghettofication.
Miami is Newark with palm trees
Longtime residents of California are fleeing. My sister lives in Portland and says Californians are invading in seek of affordability. The population can still rise via immigration, which is what my guess would be is happening.
Democrats are in discussion with Ginsberg, should she die, will be the first human head transplant, to keep her on the bench.
BRT,
Scroll to bottom of link. Lots of Bay Area workers moving to Pacific Northwest including Portland as you pointed out, but even more workers moving from Northeast to Bay Area.
https://www.linkedin.com/jobs/blog/linkedin-workforce-report-june-2018-san-francisco-ca
Lack of people moving into N.J. is a bigger problem than people moving out.
“Miami is Newark with palm trees”
You’re all on crack. I’ve probably spent more time in Florida than any of you here. This is going back through the 80s. I remember when downtown Orlando was first revitalized. There are a lot of piss poor people in Florida. But the crime rate, outside of the Latino Gangs (who mainly keep to themselves) is next to nil. I am not scared to go anywhere in Florida. In the Summer in Orange, I don’t even stop at stop signs.
What quality of life will these people moving into the bay area have in such an expensive area? Even with the good incomes. If 100k is now low income there what is 200k? Just ok?
Maybe Hackensack is a little safer, but Miami is no different than Vailsburg or Camden.
@CharlesMBlow
No matter how this Trump era ends it will not be pretty.
Folks are too devoted, have overlooked too much, have forsaken too much.
They need him to succeed and survive so that they are not exposed in their if ignorance, hypocrisy and apostasy.
I don’t even know the attraction of the Bay Area? I’ve been to SFO four or five times now and outside of a few decent restaurants, it’s by far, super overpriced. Their parks are overrun with meth/H addicts. You can’t own a car. Outside of the novelty of cable cars and the farmer’s market, I’m can never figure out what people like so much about. Their Chinatown is terrible too. Even the airport is pretty far away. I’d take Los Angeles and even more so, San Diego in a heartbeat over it.
Chi- agree with you, folks voted for Trump knowing he was a business man with businessman motives, “warts” and all, but wanted new temperament and resolve and perhaps effectiveness. Not excusing his behavior but not a surprise. Lifetime “politicians” tout public service as their motive.
Lib and the weather in San Fran ain’t that great either.
bullcrap. y’all knew he was a failed, corrupt businessman
business got nothing to do with anything. it’s about white supremacy
1987 Condo says:
July 10, 2018 at 1:10 pm
Chi- agree with you, folks voted for Trump knowing he was a business man with businessman motives, “warts” and all, but wanted new temperament and resolve and perhaps effectiveness. Not excusing his behavior but not a surprise. Lifetime “politicians” tout public service as their motive.
Charles blow, lol
Bay Area is devolving into a third word country…. super rich, super poor, and nothing in between…… at a certain point, you begin to lose stuff such as restaurants, regular businesses, regular people…… it will begin to look like a bunch of kiosks to order stuff and driverless cars to get around…..not because they are on the leading edge of technology, but there is no one there to do the menial work….. you can’t ask a SF cop to commute 90-120 minutes to his job because he has to live in Stockton…..
Yo! says:
July 10, 2018 at 12:26 pm
Chi, real time data from LinkedIn shows workers surging into the Bay Area. What matters more than people moving out is the number and type of people moving in, and the Bay Area is a big winner here – intense gentrification. Data I’m not free to share show the income and education level of people moving into Vegas is lower than people leaving – ghettofication.
Also note, these people are transients…… it is not a community….. it is a bunch of unshowered Asperger types and the women who love their money…..
Yo! says:
July 10, 2018 at 12:26 pm
Chi, real time data from LinkedIn shows workers surging into the Bay Area. What matters more than people moving out is the number and type of people moving in, and the Bay Area is a big winner here – intense gentrification. Data I’m not free to share show the income and education level of people moving into Vegas is lower than people leaving – ghettofication.
Hackensack is a depressing dreary dump. And the seat of Bergen Co government.
y’all knew he was a failed, corrupt businessman
He’s worth a few billion, his name is on everything, funded his own candidacy and takes a dollar salary. What did your big-eared, phony, rac1st boy do when he occupied the oval office? He talked and catered to the looters.
My wife dislikes Trump and has just about zero interest in politics….and even she is taking notice of how unhinged Democrats have become.
My best friend, a lawyer in Mamaroneck who mostly does work for hedge funds, also close to zero interest in politics…he called me up to tell me how much he enjoyed watching Candace Owens interviewed by Dave Rubin on the “Rubin Report” on youtube.
https://www.youtube.com/watch?v=BSAoitd1BTQ
“Regular” people aren’t buying what the media is selling anymore, or so it seems.
^^^Neither my wife nor my friend voted for Trump either.
Interns? Oh, wait a minute, that was the other black guy.
What did your big-eared, phony, rac1st boy do when he occupied the oval office?
“business got nothing to do with anything. it’s about white supremacy”
This basic gross misunderstanding is why the Dems will give Trump a second term. Forget Ruth. I’d be concerned about Breyer.
So the DNC completely blew it in 2016. They terminated Wasserman who SHE made honorary campaign director. The DNC guaranteed impeachment, which isn’t going to happen. And all through this great debacle, Pelosi still sits as leader. We’ve gone from a country that both elected and relected a black man, to a country that is supposedly made up of closet klansmen. And yet you STILL blame it on the Russians. Moana. I’d say you are as dumb as a box of rocks, but I wouldn’t want to insult the box or the rocks!
Ruh-roh!
On page 203 of the report, “The OPA (Office of Public Affairs) Supervisor said that he later learned that former President Clinton’s Secret Service detail had contacted Lynch’s FBI security detail to let them know that the former President wanted to meet with Lynch.” Lynch’s staff members maintain in the report they had no knowledge of the request and were surprised by the former President’s visit.
As noted on page 210 of the report:
“The Senior Counselor said that when she tried to go back on the plane, she was stopped by the head of Lynch’s security detail, who was at the door of the plane. The Senior Counselor said that she told him that Lynch’s meeting with former President Clinton was not a good idea, and that she needed to get back on the plane, but he still would not let her on. The Senior Counselor said that she then asked him to convey to Lynch that she was advising that the meeting was a bad idea. According to the Senior Counselor, he told her, “All right, why don’t you tell her yourself,” and finally allowed her to board. “
http://abc3340.com/news/local/did-security-set-up-secret-clinton-lynch-tarmac-meeting
Newsflash Einstein – Close to 100% of the people I know who moved to Florida from New Jersey….already owned a home in NJ, so they didn’t move there because they couldn’t afford NJ. Taxes and Temperature, pure and simple.
It’s not taxes. It’s the lure of being able to own your own home.
Moana,
You want to see REAL racism?
https://baristanet.com/2018/07/bloomfield-pays-1-6-million-to-settle-federal-civil-rights-lawsuit-filed-by-marcus-jeter-otorist-in-dash-cam-case/
Take a look at your nice towns, like Glen Rock. Median age is 42. Fewer and fewer people moving there for the good schools.
I lived in Bloomfield for 3 years and never realized it was a township.
Miami is Paterson and Camden?
You are on dope.
I’ve spent weeks in Brickell and it’s nicer and growing faster than Hoboken or Jersey City. A nice apartment is near a million dollars. They can’t build apartments fast enough.
Thanks Ex I was waiting for someone to respond to that pumps nonsense. I can’t I am ignoring him.
The best way to tap home equity – sell.
You should just become a criminal like your dad. You’re way to dumb to do any honest work.
Rich people don’t leave expensive areas, they drive the cost up even more. People that can no longer afford it are the ones that leave.
Anyone who says that Hackensack is worse than Miami has never been to the northeast section, specifically Liberty City and Overtown.
White Manna in Hackensack named 13th best burger in the nation
https://www.northjersey.com/story/entertainment/dining/2018/07/04/13-th-best-burger-nation/754808002/
Hackensack sure is ugly though!
3b, no argument there.
Nah, fewer and fewer older people in these towns moving out because get this…they can afford to retire in nj unlike poor folk.
The Original NJ ExPat says:
July 10, 2018 at 3:02 pm
Take a look at your nice towns, like Glen Rock. Median age is 42. Fewer and fewer people moving there for the good schools.
If they could afford it, they would stay. Plain and simple. There are the cheapo’s out there that leave to Florida to save like 10,000 a year. Omfg, 10,000 a year is so much money. Let me move to a totally new location, away from family and friends to save 10,000 a year in property taxes!! Is this winning?
The Original NJ ExPat says:
July 10, 2018 at 3:00 pm
Newsflash Einstein – Close to 100% of the people I know who moved to Florida from New Jersey….already owned a home in NJ, so they didn’t move there because they couldn’t afford NJ. Taxes and Temperature, pure and simple.
It’s not taxes. It’s the lure of being able to own your own home.
Just got back from Whole Foods. Woman in front of me suddenly remembered she gets a discount for being an Amazon Prime member so they went back and voided the purchase, and had her give her phone #. She proceeds to then start small talking the cashier about how she’s so disappointment that Whole Foods was bought out by Amazon.
If they could afford it, they would stay. Plain and simple. There are the cheapo’s out there that leave to Florida to save like 10,000 a year. Omfg, 10,000 a year is so much money. Let me move to a totally new location, away from family and friends to save 10,000 a year in property taxes!! Is this winning?
When you make 30k a year it is.
Retired coworker of mine just so his house in NJ. He was very successful in business prior to entering teaching at age 63. He retired after 10 years of teaching 3 years ago. He just bought in Florida. The other house he kept was his house in the Poconos. Despite 30 years in NJ, he’s now gone. He’s doing cold months in Florida and Spring/Summer/Early Fall in the Poconos.
For what it’s worth, I can’t leave Jersey because I love the food all over the state.
Why shouldn’t the poor be able to live here? Have you no empathy?
The Great Pumpkin says:
July 10, 2018 at 4:23 pm
Nah, fewer and fewer older people in these towns moving out because get this…they can afford to retire in nj unlike poor folk.
My parents moved to Florida for the temperature AND the lower prices. Dad is 85 now and the cold kills him. The truth is, his buck goes a hell of a lot further down there in both housing costs and taxes. But keep on thinking that is not the case. I am estimating, but the numbers should be pretty close.
When they moved from Winding Ways in Jackson (retirement community), they sold their place for $350K. They moved in to what could be best described as a tenement (I told them it looked like a concentration camp) in Boca for 75K (currently it Zillows at 58,258. It was 1 and 1/2 bathroom, two bedroom and had an elevator. The grounds are kept like a country club.
They moved into their final home in Boynton Beach which is less tenement more apartment/townhouse and they have 1,800 sq. feet, 3BR, 2 full bath beautiful view of manmade lake, balconies, modern kitchen, etc. Bought for $165K in 2012. Zillows today at $196,738. Even in Jackson, that place would be 350K easy and not nearly as well kept.
Way less wear and tear on the vehicle as well.
Oh yeah. Their property taxes are under 2k! Their property taxes in Jackson were $4,500 for a smaller home.
Boynton beach! That is where my father lived when he retired to Florida!
He passed years ago in his 60’s, (Alzheimer’s), Condo was only worth 60, bought it for 20!
This is how the South is: https://youtu.be/47ybMSzCjpUnot
Lib,
I’m not saying you are wrong about it being much cheaper. What I am calling out is the bs myth that taxes are making people move from one region to another.
My third floor tenants are moving to Florida and it has nothing to do with taxes and everything to do with the opportunity to buy a home, which they can’t do in this expensive area. You think they aren’t representative of the avg Latino? That’s who is leaving jersey and moving to Carolina and Florida. People too dumb to realize why housing is so cheap in those areas in comparison to ours. They find out quick. Grass isn’t greener. Never is. Ying and yang. Good and bad with all.
Much easier to get a low skilled job in jersey, but almost impossible to find housing that you can afford. In these cheap states, it’s the opposite. Plenty of affordable housing, but no easy access to jobs.
People have to look at the big picture. Why is a place that has no winters so much cheaper than a place that does? Why? Good weather and low taxes, yet cheap too? Now why?
Like I said, too dumb for honest work.
America’s Top State for Business
Nj #36
https://www.cnbc.com/2018/07/10/americas-top-states-for-business-2018.html
Texas #1. Yeah baby. I’m surprised jersey came in so high at 36