MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 9/18/2023 – 9/25/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* The U.S. median household income dropped by 2.3% to $74,580 in 2022, down from $76,330 in 2021 (U.S. Census Bureau). While residents in some states saw median incomes drop by even more, household earnings in 16 states and DC actually grew in 2022. The median household income in Delaware, North Dakota, Missouri, Nevada, Minnesota, Montana, DC, Connecticut, West Virginia, Maryland, Texas, Hawaii, Alaska, Georgia, Florida, Utah, and Massachusetts increased.
* While US gas prices have jumped around 25% – approaching $4 per gallon on average and cause for concern as this fuels inflation and impacts spending power – gas prices in today’s dollars actually peaked at $5.71 per gallon in June 2008. (WSJ)
* Wastewater systems typically are at the lowest point in the community and often flow by gravity. In many cases, if you have a really large storm, those are the ones that do get flooded first. All but two of the Lower 48 US states have seen an increase in the number of heavy downpours happening each year, on average, compared to the 1950’s. London is just completing a massive $5 billion new sewage infrastructure project. Big cities can absorb these massive costs more easily by raising rates. About 25% of the US population relies on septic tanks but these can be less effective when the water table is high. (FT)
* It is estimated that a water main breaks in the U.S. every 2 minutes, leading to 6 billion gallons of lost water each day, or enough to fill 9,000 swimming pools. (ABC)
* These are the US states with the lowest average real estate taxes:
Alabama $646
West Virginia $756
Arkansas $878
Louisiana $983
South Carolina $1,024
Mississippi $1,052
Tennessee $1,270
Indiana $1,308
Kentucky $1,320
Oklahoma $1,351 (Tax Foundation/Census)
* These are the least expensive US states to retire in: West Virginia, Mississippi, Iowa, Alabama, Missouri, Oklahoma, Indiana, Kansas, Wyoming, Arkansas. (BANKRATE)
Courtesy of Melora Love, Wells Fargo
