Happy Friday, friends! This past week we ventured out of the house for more than a couple of hours and headed to Palm Springs for a few days of family bonding. We picked a hotel that had a pool with a water slide and both got fully utilized by Maven and Scott. Maverick and I were able to relax in the shade, catch up on some work and sleep. And while it is so nice to escape to the dry, hot air of the desert I love coming back to San Diego as it reminds me why we live where we do.
Nearly every day, Compass’s Leonard Steinberg puts together a handful of real estate news bits that are always so interesting I have to share some of my favorites of the week. To receive these every day from Leonard, please click [_here](mailto:ls@compass.com “”) and include your full name and email address to get on his mailing list.
* An analysis of US census data shows that less than 10% of Americans aged 85-plus – roughly 6.7 million Americans – live in nursing homes. In 2020, about 1 in 6 people in the US were age 65 and over. In 1920, this was less than 1 in 20! Almost 56 million Americans are 65 years or older, up over 40% in a decade! It’s becoming more common for people to remain employed into their 70s and 80s. (Washington Post/Barron’s)
* The recent Bank of America Home Report revealed that 50% of current homeowners say they’d be prompted to sell if their dream home became available and/or if they found a more affordable area (54%) – even if it meant paying a higher interest rate for a new mortgage. Additional motivations for some, but not as many, to move and give up their current mortgage rate include:
Job opportunity or job relocation – 40%
Nicer neighborhood amenities – 40%
The need for a larger home or more rooms – 38%
A social community to be a part of – 32%
A desire to be adventurous and move to a new area – 28%
Moving to a home with rental potential – 21%
The following could or already has motivated them to move from one state to another:
Cost of living – 60%
Career/job reasons – 44%
Family and relationships – 37%
Affordability of housing– 33%
Safety concerns – 27%
Retirement – 25%
Adventure and exploration – 20%
* Palm Springs was cited as the best place to retire in California. The Coachella Valley consists of 9 incorporated cities, from Palm Springs in the west to Coachella in the east and excellent healthcare facilities. While overall taxes are high in the state, the natural beauty and weather of California is undeniable…..and many can afford it. (Travel And Leisure)
* While Austin, Texas has seen some notable shifts in its housing market, lets not forget that home values have soared 354% in the city over the past 25 years. A Henley and Partners 2023 wealth report named Austin the fastest-growing U.S. city for millionaires…..a millionaire growth rate of 102% from 2012 to 2022! (CNBC)
* In 2019 110,000 millionaires migrated globally (to a different country): in 2020, that number plummeted to just 12,000. In 2021, that doubled to about 25,000 and in 2022 it rose to 84,000. This year it’s expected to reach 122,000! And next year 128,000 is forecast. China, India, the UK, Russia, and Brazil are the top 5 countries millionaires are leaving. Australia, the UAE(Dubai), Singapore, the US and Switzerland attract the most. (Australia attracts more than DOUBLE the US!) Australia has a 10% VAT/sales tax, higher income taxes than the US, but no inheritance, estate or gift taxes.
* Could housing costs in mega-growth southern US states be coming down? Rental concessions have been especially prevalent in the most overbuilt Sunbelt markets, but they are on the rise in the majority of major metro areas. About one-third of apartment and home-rental listings this October included some type of markdown. (WSJ)