DID YOU KNOW?
Top Headlines: Delivered by Leonard Steinberg
JUNE 14, 2023
01 Over the past 3 years, almost 33% of referrals to the New York City market came from over 2,900 miles away....California! More than the 23.5% that came from surrounding states New Jersey, Connecticut and other parts of New York State.
02 Those aged 65 and older are the fastest growing homeless population in the US, and their ranks will peak by 2030. (Marketwatch)
03 About 4 million electric or plug-in electric cars will have been sold in the US since 2016. If each regular car consumes around 479 gallons of fuel per year, this equates to a reduction in gas consumption of about 1,91 billion gallons of fuel per year. 32% of US homes used oil to heat in 1960 .....today that's around 5%.
04 Does accelerated economic growth fuel home inflation? Between 2019 and 2023, seven of the 10 biggest US rent increases have been in Florida — with Cape Coral, North Port and Miami at the top, all experiencing over 50% increases in rents, notably higher than the national average rent increase of about 31%. San Francisco, New York and other big-growth, big-economy cities have experienced this too. (Bloomberg)
05 39% of all properties purchased in 2022 were bought by baby boomers.
Some baby boomers are using interesting methods:
1. Create a family limited partnership (FLP): Establishing an FLP allows you to retain control over a property while gradually transferring ownership to family members. This structure can provide asset protection, tax benefits, and flexibility in the transfer process.
2. Conduct a sale with seller financing: Instead of an outright transfer, you can sell the property to your heirs using seller financing, allowing the heirs to assume the mortgage payments, providing them with an opportunity to own the property while minimizing upfront costs. (Banking Rates)