It’s official: in most of the U.S., renting is cheaper than buying a home. The average home price has increased 70% more than average rent prices across the U.S. since 2016. Rent prices are within 20% of typical mortgage payments in 22 out of the 50 metro areas in the Homebay study. Other variables, such as home value fluctuations, interest rates, and additional costs of homeownership, also impact mortgage payments. Nationally, renters typically save $174 a month.
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Americans are struggling to keep up with their car, credit card and mortgage payments these days, according to a report from the Federal Reserve Bank of New York. The report revealed that the share of debt balances that became at least 90 days delinquent in the first quarter of 2023 was 1.08%, up from 0.71% year-over-year.
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North Dakota and Minnesota are looking for a few good workers. A new analysis by WalletHub suggests the hiring struggles that resulted from the pandemic continue nationwide. The financial website study finds Alaska has the highest job opening rate. North Dakota is ranked #34….South Dakota #36…..while Minnesota sits at #26. https://wallethub.com/edu/states-employers-hiring/101730
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North Dakota’s latest income tax withholding rates and instruction booklet is available for employers. The revised estimated tax forms for individuals, estates and trusts and fiduciary estimated payments have also been released. The information reflects the reduction in income tax rates passed by the 2023 Legislature.
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The unemployment rate in Grand Forks County slipped to 1.8% in May. Of North Dakota’s three metro areas over-the-year, Bismarck was the only one to post an employment loss (-900). The Fargo and Grand Forks metro areas posted employment gains of 1,800 and 1,100, respectively. In Grand Forks seven of the 12 major industries reported year-over-year employment increases. Government (+300) posted the largest gain in employment. Losses were posted in Transportation, Warehousing, and Utilities (-100) and Mining, Logging, and Construction (-100).
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Minnesota saw its labor force grow again in May as 8,700 workers entered the job market – the largest over-the-month labor force gain since June 2020 and the third straight month with a labor force increase. Job growth was fueled by strong gains in the Business & Professional Services and Leisure & Hospitality supersectors, which added 2,900 jobs and 2,300 jobs respectively.
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The National Association of Realtors says sales of previously owned homes rose point-2 percent in May. At the same time sales are down more than 20 percent compared to a year ago. Even with the *price* of homes down just over three percent since May of last year, a *shortage* of homes has kept prices from falling further even as mortgage interest rates rise.
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The deadline to apply for Minnesota’s emergency mortgage assistance program is rapidly approaching. HomeHelpMN provides up to $50,000 to eligible homeowners who have fallen behind on their mortgage, taxes, lot rent, homeowner association fees or other housing-related expenses due to the pandemic. With 12,765 applications received to date and more than 90% of funds committed, the program is coming to an end. All applications must be received by 5 p.m. Friday, July 7.
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Tax Commissioner Brian Kroshus reminds consumers that June 30th is the last day to apply for a refund of the state fuel taxes paid on gasoline/gasohol in 2022. Farmers and ranchers may receive a refund of 23 cents per gallon, and industrial consumers may request a refund of 22.5 cents per gallon for gasoline/gasohol purchased. Gasohol is a mixture of gasoline and ethanol, with the most common mixture of 90 percent gasoline and 10 percent ethanol. In 2022, $142,967.52 in refunds were issued for approximately 623,000 gallons of motor fuel sold in 2021.
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Chicken grown from animal cells, not from slaughtered birds, can now be sold in the U.S. The Agriculture Department issued approvals Wednesday to California firms Upside Foods and Good Meat to sell the products, known as “lab-grown” or “cultivated” meat. The meat is grown in steel tanks. The goal is to eliminate harm to animals and drastically reduce the environmental impacts of raising them.
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About 7.5 million “Baby Shark” bath toys are being recalled after multiple impalements, lacerations and puncture wounds were reported in children playing with them. Toymaker Zuru said it’s recalling both full-size and mini versions of its robotic baby shark toys that have hard plastic top fins. Consumers can contact Zuru for a refund.
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