🏠 Is Homeownership Out Of Reach?

Good morning. US stock futures fell in Tuesday morning trading as investors gear up for the latest Fed policy meeting.

🏠 Homeownership costs spike post-pandemic

📝 Our report: Homeownership just got pricier, with the average annual cost jumping 26% over the past four years to over $18,000, according to Bankrate’s Hidden Costs of Homeownership study. The increase reflects rising home prices, which went up 40% since the beginning of the COVID-19 pandemic, mainly due to a lack of inventory, according to the study.

 🔑 Key points:

• Bankrate calculated the average annual cost of owning a single-family home based on items such as property taxes, homeowners insurance and maintenance costs, as well as energy, internet and cable bills.

• The data, published showed that the average total expenses are $18,118 a year, or an additional $1,510 per month on top of a mortgage payment.

• “Homeownership is an important wealth-builder for many Americans, but it ain’t cheap,” Bankrate analyst Jeff Ostrowski said in the report.

💡 So what: The increasing cost of homeownership has several implications for individuals and the broader economy. Higher expenses can strain household budgets, reducing disposable income and limiting spending on other goods and services, which can impact economic growth. Additionally, higher costs could exacerbate housing affordability issues, especially for first-time buyers and lower-income households, widening the gap between homeowners and renters. This trend might also increase demand for rental properties, driving up rent prices and contributing to financial instability for those unable to afford homeownership.

Tuesday - NFIB Optimism Index

Wednesday - US Consumer Price Index, US Fed Interest Rate Decision

Thursday - No Major Economic News

Friday - Consumer Sentiment

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🛸 Walmart expands drone delivery service

WHAT: Walmart, the world’s largest retailer, is set to bring drone delivery to the masses. Starting later this month, customers in the Dallas-Fort Worth (DFW) area can order drone deliveries through the app, with packages arriving in just 30 minutes.

WHY: Since introducing drone delivery in 2021, Walmart says it has completed more than 30,000 deliveries. As of January, the firm’s DFW service—operated in partnership with industry titans Zipline and Wing, the drone delivery arm of Google parent Alphabet—covers an estimated 1.8 million households.

📱 Apple unveils Apple Intelligence

WHAT: Apple finally revealed Apple Intelligence, its long-awaited dive into generative AI, promising it will be super safe and as personalized as your fingerprint. The company has been pushing the feature as integral to all of its various operating system offerings, including iOS, macOS and the latest, VisionOS.

WHY: Apple Intelligence also includes what is likely the biggest update to Siri since it was announced more than a decade ago. the company says the feature is "more deeply integrated" into its operating systems. In the case of iOS, that means trading the familiar Siri icon for a blue glowing border that surrounds the desktop while in use.

🚗 Uber gig worker case tossed out in California

WHAT: A U.S. appeals court nixed Uber and Postmates' attempt to resurrect a challenge to a California law that might force them to treat drivers like employees, instead of the more budget-friendly independent contractors. An 11-judge panel of the 9th U.S. Circuit Court of Appeals in San Francisco upheld a lower court ruling that said Uber failed to show that the 2020 state law known as AB5 unfairly singled out app-based transportation companies while exempting other industries.

WHY: Employees are entitled to the minimum wage, overtime pay, reimbursements for expenses and other protections that are not extended to independent contractors. Uber, Postmates and similar services typically treat workers as contractors in order to control costs.

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