Sun Belt Cities See Surge In Rent Costs

Rents have been rising nationwide, squeezing Americans hoping to save for a down payment or to reduce debt. But a new analysis from the Bank of America Institute found that renters in the Sun Belt have felt the worst of it. Median rent payment growth in Sun Belt cities like Phoenix and Tampa outpaced Western and Northeastern cities by more than 20 percentage points in February, leaders at the Institute said. Overall, Bank of America customers saw their rents increase by 8% YOY in February. Growth changed dramatically by geography. Phoenix and Tampa both saw rent costs increase by 26% and 23% YoY respectively in February. These are both record highs. Cities like Chicago, Washington, D.C., and Boston saw smaller…

More Than Half Of New Homes Face Climate-Related Damage

More than half of U.S. homes built in the last ten years face risk from climate change, a huge jump from previous decades, Redfin reported. Redfin analyzed climate-risk scores from ClimateCheck and county records on homes built since 1900 to determine how many homes have a higher risk of climate-related damage. Fifty-five percent of homes are at risk for fires, while 45% are in drought-prone areas. This is a massive increase from the first half of the 20th century when only 14% of homes were in high fire risk areas and 37% faced droughts. New homes are also more vulnerable to heat and floods– almost 100% of homes built in the last two years see increased heat risk– but fire…