While it was already more affordable to rent than buy in the vast majority of metros this time last year, high mortgage rates and soaring house prices have now flipped the remaining markets. In February this year, the average cost of buying a starter home in the top 50 US metros was 60.1 percent higher than renting one - some $1,027 more in monthly costs. But in some sought-after areas, the cost was more than double. The gap between renting and buying was the widest in Austin, Texas, according to Realtor.com.
IRS has 940,000 unclaimed tax refunds from 2020 that will expire in just 7 WEEKS. Is one of them yours?
This year's tax season is almost over - and nearly one million individuals still have unclaimed tax refunds from 2020. IRS Commissioner Danny Werfel confirmed in a statement that almost 940,000 taxpayers in the US have unclaimed funds from 2020 tax year. 'There's money remaining on the table for hundreds of thousands of people who haven't filed 2020 tax returns,' said Werfel. 'We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds.'
8 states are planning to BAN the sale of gas-powered cars entirely - after Biden unveiled ambitious plans to phase them out by 2032
At least eight states are planning to ban the sale of new gas-powered cars in the next decade - and others are considering joining them. Only zero-emission vehicles can be sold in participating states beginning from the 2035 model year, according to the Advanced Clean Cars II legislation. The rule, which was first adopted by California, means that automakers and dealerships would be banned from selling new gas cars in these states from that point onwards. Americans will not be forced to take their gas-powered cars off the road, however, and will still be able to buy used and secondhand gas vehicles.
Your Money
- REVEALED: The best and worst-paying college majors after five years - some graduates will be earning more than double others
- Are YOU keeping money secrets from your partner? Finance guru Suze Orman warns 'financial infidelity' is crippling women's savings
- Whole Foods to launch new format stores with Amazon One - as more and more retailers experiment with smaller shops
- America's best (and worst) states for job hunters REVEALED - and why you may be better off seeking work in Nevada than Mississippi
- How many credit cards should you have? The answer isn't zero Almost three in ten Americans believe credit cards are 'dangerous,' one study suggests.
- How to protect YOUR cash from banking Armageddon, by Shark Tank star Kevin O'Leary
- When SHOULD you give money to your children? Entrepreneur and 'Die with Zero' author Bill Perkins urges parents to hand over their fortune while still alive
- Target is plotting a $10 to $15 a month PAID membership program - will it be more like Costco's or Amazon's Prime?
- New Government plan will save Americans $1,000 on their mortgage closing costs - are YOU eligible?
- Costco testing major change to stores that could alter the way you shop Costco is cracking down on customers who share memberships
- Who wants to be a TRILLIONAIRE? The race to ten-figures is on - but who will be first over the finish line?
- The end of the pandemic housing bubble! Analyst once dubbed 'the Oracle of Wall Street' predicts house prices will FINALLY fall - but only in these states
- The rise of the 50-something millionaire! Average middle-aged household now has a seven-figure net worth - here's how other age groups compare
- What does 2024 hold in store for YOUR finances? Experts reveal their predictions for stocks, house prices and interest rates
- Do you live in an electric vehicle 'charging desert'? An EV is out of reach for many Americans
- Renovating your property? The home improvement projects that will give you the highest return on your investment revealed
- How the American home has changed since the 1980s: Trends show it's not all bad news, despite rising cost of homeownership
- Is inflation killing YOUR retirement dream? Four in ten investors say higher prices have destroyed plans for their twilight years
- How much money would it take to make YOU happy? The price of happiness in each US city revealed - and how it compares to the rest of the world
- Americans have lost $2.7 BILLION to social media scams since 2021 - as experts warn why clicking on an ad could be a costly mistake
- Is $1 million REALLY enough to retire on? Number of 401(K) millionaires is rising - but experts say retirees need even more for a comfortable lifestyle
- Three quarters of Americans report leaving gratuity which is at least 10% higher when presented with hated check-out screens
- How saving an extra $25 a week into your 401(K) could add over $200K to your retirement fund - depending on when you start
- Experts reveal the top area codes scammers use by state: Why Californians should never answer a 213 number but Floridians should ignore 716 calls
- How families are skirting estate taxes: Wealthy Americans have doubled the amount they're gifting each year as the end of Trump-era tax breaks looms
- The most expensive states to be a millionaire revealed: where the ultra-wealthy should avoid to escape high taxes
- Are YOU guilty of 'split brain spending'? Expert explains why we're obsessed with saving money on basics like travel but WILL splurge on booze and clothes
- Worried about outliving your 401(K)?Experts say this little-known scheme can guarantee your income for life
- Is a Roth 401(K) REALLY a good idea? Personal finance guru claims he lost $400K to popular retirement scheme - as he warns others against costly mistakeÂ
- Why retiring early could be an expensive mistake: After wave of middle-age workers quit their jobs after pandemic - experts warn they now risk outliving their 401k
RETIREMENT & TAXES
Inside America's richest retirement towns: Fascinating study shows where over-65s have the highest incomes
As more and more workers look set to retire with seven-figure savings, many may be hunting for the perfect place to spend their twilight years. But it appears most are headed for California as a new study shows the Golden State is home to some of America's wealthiest retirement towns. Personal finance website GoBankingRates compiled a list of the top 20 'richest' areas where a high proportion of its populations are 65 and over. Top was a coastal city - where retired golf fans are close to the Trump National Golf Club, with views over the ocean.
Three in ten Americans have NOTHING saved for retirement, new report shows - amidst fears workers are using their 401(K)s like cash machines
Even among 55 to 65-year-olds, who are close to retirement, a quarter have nothing put away. an alarming new study warns. The findings lay bare America's so-called 'retirement crisis' amidst fears many workers are using their 401(K) pots like cash machines. Across all ages, 28 percent have no money at all saved for their twilight years while 39 percent are not contributing to a retirement fund, survey of more than 1,000 adults by GoBankingRates found.
PROPERTY & MORTGAGES
Inside Austin's housing boom and bust: Texan city was poster child for America's thriving Sunbelt during the pandemic - but as average prices tumble $150K, experts warn properties are now 35% OVERVALUED
Its sunny climate, expansive state parks and relative affordability attracted an influx of buyers during the pandemic. But after two years of rapid price growth, it appears Austin's housing bubble is finally about to burst. Properties in the Texan city are typically selling for $525,750 now having declined almost $150,000 from their peak in May 2022, according to figures from Redfin. It marks an astonishing u-turn in demand across Austin which was seen as the epitome of the Sunbelt's pandemic real estate boom. The region proved especially popular with well-paid tech workers, who were left unshackled from their San Francisco offices by lockdown. But a sudden slowdown in jobs and population growth - preceded by a period of overbuilding - have caused both prices and rents to plummet.
BANKING, SAVINGS & CREDIT CARDS
The big bank backlash! Why more Americans are flocking to credit unions after growing tired of branch closures and low interest rates offered by biggest US banks
Fed-up Americans are fleeing major banks in favor of credit unions after becoming tired of low interest rates and dwindling branch numbers. Some 1,500 traditional banks closed their branches across the US last year as part of an ongoing and industry-wide cost-cutting strategy, driven largely by the rise of Internet banking. Meanwhile, the country's credit unions expanded their brick-and-mortar presence. Over the same period, the total number of federally-insured credit union branches increased by over 50, according to data from National Credit Union Association.
BUDGETING: HOW TO SPEND IT & HOW TO SAVE IT
Hoping for student loan forgiveness? Experts warn you must act now as key deadline is weeks away
DailyMail.com explains what student loan borrowers need to do in the coming weeks if they want to get student debt cancelled. The US Department of Education has set April 30 as the final date for consolidating student loans. This is crucial in order to make sure Americans receive the correct credit for the amount of time they have already spent repaying their debt, which could help bring them closer to the threshold for forgiveness. And experts are also pointing to further deadlines later this year which borrowers need to be aware of.
CARS & ELECTRIC VEHICLES
Is 2024 the year of the hybrid boom? As electric vehicle sales slow, hybrid cars are selling THREE times as quickly as EVs (and twice as fast as gas-powered cars)
Hybrid cars are being snapped up three times as quickly off dealer lots than electric cars, new data has revealed. According to research site Edmunds, the vehicles are also now selling twice as quickly as gas cars. A traditional hybrid vehicle has a gas-powered internal combustion engine and an electric motor - a battery - that both work in tandem to run the car. Last month, hybrids typically flew off dealer lots within 25 days, Edmunds found, while electric vehicles took an average of 72 days. Gas-powered cars, meanwhile, typically sold after 52 days. It comes as hybrid vehicles overtook fully electric and gas cars to lead the way in this year's closely-watched Consumer Reports' top car rankings.
TRAVEL
Major US airline now allows loyalty program members to 'borrow' air miles from friends and family to get free flights - here are the details
Don't have enough airline miles for that free flight? United Airlines is now letting people pool and share their frequent-flyer points with family and friends, a feature currently offered by some smaller carriers. United said Thursday that a 'pool leader' can pick up to four other people to set up a joint account in its MileagePlus program. The group leader must be over 18, but there is no minimum age for others, so parents can sign up kids.