Daily News 3/20/2015
March 20, 2015
Friday – March 20
Rents are are on the rise across the country and the rates have grown more than the average paycheck. In the past five years, rents have gone up an average of 15%, while income growth of renters has only risen by 11%. The National Association of REALTORS® recently released a study, which evaluated income growth and housing costs, along with changes in the share of renter and owner occupied households across the nation in metropolitan areas.
In New York, rents have soared nearly 51% since 2009 and it doesn’t look like the higher trend will end anytime soon. “The gap has worsened in many areas as rents continue to climb and the accelerated pace of hiring has yet to give workers a meaningful bump in pay,” says Lawrence Yun, NAR’s chief economist. The key element to lower housing costs would be for builders to increase the supply of new home construction, which would lower the cost for first time home buyers.
Coming to a Starbucks near you … delivery! If you’re a Starbucks fan, you may have wished your favorite cup of joe could be delivered right to your door—and now, it’s a possibility. The coffee company briefly discussed a new delivery service for the brew maker at its latest annual meeting. The plan is to roll out two very different types of food and beverage delivery systems in two different cities. The new program will begin in the second half of this year. But it could come at a cost … a $4 latte could easily equal to $10 with the delivery charge and tip! But remember, there is still the old fashioned–and cheaper– way of opening your cupboard and brewing your own right in your home.