Baltimore officials approved a program that would sell city-owned vacant homes for as little as $1.
The city’s Board of Estimates voted on the program during a meeting on Wednesday morning, despite pushback from City Council President Nick Mosby.
The board passed the new pricing structure for city-owned vacant homes on the “Buy Into BMore” website in a four-to-one vote where Mosby was the sole opposition.
Baltimore has over 13,500 vacant properties, nearly 900 of which are owned by the city, according to the Department of Housing and Community Development.
The fixed-price program would only apply to certain city-owned properties, according to a page on DHCD’s website.
Buyers need to promise to fix up the homes
Those purchasing a home in the program must promise to renovate the property and have at least $90,000 to fix it up. Owners must also move in within a year, and stay in the home for five years.
During Wednesday’s meeting, Mosby said the program does not have guardrails written in place that would ensure city residents had priority to buy these homes and won’t be forced out of these neighborhoods when their conditions improve.
“If affordability and affordable home ownership and equity and all of the nice words we like to use are really at the core competency as it relates to property disposition, this is a really bad policy,” Mosby said. “This is a bad policy because it doesn’t protect or prioritize the rights of folks in these communities.”
Who can buy a home for $1?
As part of the program, only individual buyers and community land trusts would be able to purchase the properties for $1. Nonprofits with 50 or fewer employees would pay $1,000 while developers and nonprofits with more than 50 employees would have to pay $3,000.
California is one of the largest and most populous states in the U.S. – it’s also one of the most expensive places to live. According to data from the Census Bureau’s American Communities Survey, the median monthly mortgage cost in California is $2,673. It’s not just housing that adds up – health care, taxes, food and transportation all contribute to California’s growing cost of living.
California has one of the most pricey housing markets in country
Last year, the California Community Poll found that 4 in 10 Californians were considering moving out of state, with the majority saying it’s too expensive to live there. Although the poll found a majority of Californians love living in the state, increasing costs of living is the main driver for people moving.
About 64% of counties in the Golden State having median homes values above the national median of $389,800. Four of the top five most expensive U.S. counties by median housing price were located in California.
County level data of housing statistics from the the American Community Survey shows how much homes are valued at across California.
Outside of California, Massachusetts rounds out the top five counties with the highest median home prices:
- Santa Clara County, CA: $1,583,130
- San Mateo County, CA: $1,573,470
- Marin County, CA: $1,454,450
- San Francisco County, CA: $1,332,660
- Nantucket County, MA: $1,313,450
Logan Mohtashami, lead analyst for HousingWire, a trade publication for mortgage, real estate, and housing professionals told USA TODAY that California has been ineffective in lowering the cost of living because not enough homes are being built. That means there is more demand for homes than supply.
Mohtashami called the housing market unhealthy, ” We still have too many people chasing too few homes” he said. “California is going to be a tug of war. Can they keep enough people here? Or do more people just keep moving away?”
Cost of living:Nearly half of California residents are considering leaving the state, a poll finds.
California to Texas:A move from California to Texas could save a million dollars. Many Americans are opting in
See how much homes are valued in your county
For the roughly two-thirds of Americans who do own homes, location is a major determinate of their home’s value. Home ownership is a major financial asset to many households and knowing the worth of a home can help families decide to buy or sell.
See the median value of homes in each U.S. county:
How was the data collected?
The National Association of Realtors analyzed data from the Census Bureau’s American Community Survey of median housing prices for 3,112 counties and county equivalents across the U.S. Home values reflect the overall worth of all homes in a given area rather than solely home sales data, according to the association.
The median home value by county is a less biased statistic than the mean or average price. Median is not as heavily influenced by a small number of highly priced homes and is a more accurate representation of housing prices across the U.S.
Itzel Luna contributed to this reporting
It may come as no surprise that home prices are continuing to rise in 2024: The median sale price for an existing home was 4.4% higher in December 2023 than in December 2022, according to the National Association of Realtors. Not only that, mortgage rates are twice as high now as in early 2022: 6.8%, as of mid-February, compared to just over 3% at the start of 2022.
Daryl Fairweather the chief economist at Redfin recently told USA TODAY that the current housing market is “the least affordable housing market in recent memory.”
Although some Americans view homeownership as a rite of passage, the current housing market has made renting look more attractive. A 2023 analysis by Realtor.com found that renting was cheaper than buying in 47 of the 50 largest metropolitan areas.
See how much homes are valued in your county
For the roughly two-thirds of Americans who do own homes, location is a major determinate of their home’s value. Home ownership is a major financial asset to many households and knowing the worth of a home can help families decide to buy or sell.
County level data of housing statistics from the the American Community Survey shows how much homes are valued at across the country. See the median value of homes in each U.S. county:
What are the most expensive housing markets in the U.S.?
The following counties have the highest median home values:
- Santa Clara County, CA: $1,583,130
- San Mateo County, CA: $1,573,470
- Marin County, CA: $1,454,450
- San Francisco County, CA: $1,332,660
- Nantucket County, MA: $1,313,450
Where is it cheapest to buy a home in the U.S.?
The following counties have the lowest median home values:
- Todd County, SD: $42,940
- Cochran County, TX: $50,140
- McDowell County, WV: $50,960
- Cottle County, TX: $53,690
- Stonewall County, TX: $57,140
Why now is a great time to rent:‘The least affordable housing market in recent memory’
Housing market predictions:Six experts weigh in on the real estate outlook in 2024
How was the data collected?
The National Association of Realtors analyzed data from the Census Bureau’s American Community Survey of median housing prices for 3,110 counties and county equivalents across the U.S. Home values reflect the overall worth of all homes in a given area rather than solely home sales data, according to the NAR.
Daniel de Visé contributed to this reporting
A teen from Illinois is speaking out on the importance of early investing after she said smart financial choices allowed her to purchase her first car, a Tesla, at just 17 years old.
Sophia Castiblanco, now a junior in high school, started making money as a social media influencer at age 14, mostly producing lifestyle content like self-care tutorials showcasing her favorite products and purchases.
“I primarily generate income from TikTok brand deals and YouTube ad revenue,” Castiblanco told USA TODAY this week.
Upon witnessing her success, Castiblanco’s parents encouraged her to invest in Vanguard and Berkshire Hathaway index funds to start building long-term wealth. The teen also chose a couple of her favorite companies to purchase stock in. First, it was Tesla and Apple. “I’ve also invested in Amazon and NU,” Castiblanco shared.
That investing has really paid off: Castiblanco said she has earned over 6-figures in returns.
Here’s her advice for teens wanting to invest.
Investing advice for teens
“My content area revolves around lifestyle, focusing on sharing insights into my daily life as a homeschooled teen creator,” Castiblanco told USA TODAY.
Though most of her vlogs center around beauty and shopping, Castiblanco also produces content for teens wanting to learn investing.
“There is no minimum age to start investing,” she said, adding that investing even a little at a time will add to long-term success.
Castiblanco advises teens to open custodial accounts under a parent’s name. In her TikTok videos, she goes over which index funds to start with and also things like choosing a broker and which stocks to buy.
As for where to start, “investing in index funds diversifies your risk and gives you a more balanced portfolio,” she shared with her audience of over 383,000 followers.
As for purchasing stocks? “It’s a long-term game,” Castiblanco shared.
“You’re investing in your future. Remember to be patient. Let your investments grow over time.”
Never too young to save for retirement:Why a custodial Roth IRA may make sense.
The young investor’s future plans
When asked about her future plans, Castiblanco shared that she is focused on content creating in the lifestyle space and will continue investing as she continues to earn.
“My goals also include venturing into real estate investing and starting my own business this year,” she said.
The publicity around her success has been “a positive experience,” Castiblanco shared. Though there are privacy concerns as she continues to grow, the teen said she is “grateful for the supportive community [she’s] built online.
“I’ve enjoyed being able to inspire other teens to invest and pursue their dreams.”
A London home that formerly belonged to Freddie Mercury hit the market for more than £30 million (approximately $38 million).
Listed by Knight Frank, the home known as the Garden Lodge was bought by the Queen rock star in 1980, according to a Monday press release.
He left the house and all its possessions to friend Mary Austin when he died in 1991.
In 2023, Austin announced she was moving on from her role as keeper of his belongings. Later that year Sotheby’s hosted the “Freddie Mercury: A World of His Own,” auction, selling his possessions including the piano he used to write “Bohemian Rhapsody”, which sold for more than $2 million.
Now, it is time to sell his former home itself.
“This house has been the most glorious memory box, because it has such love and warmth in every room,” Austin said, according to the release. “Now that it is empty, I’m transported back to the first time we viewed it. Ever since Freddie and I stepped through the fabled green door, it has been a place of peace, a true artist’s house, and now is the time to entrust that sense of peace to the next person.”
A private island:Pumpkin Key off the Florida Keys for sale at $75 million: It includes multiple houses
Primary bedroom, dressing room like a ‘stage set’
The home was built in Neo-Georgian style in 1907, and Mercury commissioned interior architect Robin Moore Ede to redesign the home to fit his unique style.
Knight Frank says the property “offers grand proportions yet a comfortable homely feel.” It includes a two-floor drawing room with grand windows where he kept his piano, an intimate dining room painted his favorite color and a garden secluded from the busy city streets.
Upstairs, the principal suite is accessible through a dressing room mirrored from floor to ceiling, which Knight Frank said is “in itself a stage set.”
“With huge enthusiasm for entertaining his close circle of friends, Freddie designed the house to be a memorable, inviting place that reflected his vibrant personality and eclectic vision,” the release states.
Contributing: Associated Press
The Walt Disney Company announced Wednesday that it would invest $1.5 billion to acquire an equity stake in video game maker Epic Games.
The company said that it would create a “new persistent universe” within Epic Games’ Fortnite to integrate the company’s franchises within the gaming monolith.
“Our new relationship with Epic Games will create a transformational games and entertainment universe that integrates Disney’s world‐class storytelling into Epic’s cultural phenomenon,” Disney CEO Bob Iger said in the company’s first quarter earnings call. “This marks Disney’s biggest entry ever into the world of games and offers significant opportunities for growth and expansion.”
The investment was announced in the same earnings call that saw Disney announce that it won the streaming rights to “”Taylor Swift | The Eras Tour Concert Film” film for Disney+. It also came on the heels of a blockbuster agreement announced Tuesday between Disney, Fox and Warner Bros. Discovery for a joint sports streaming platform.
Fortnite has collaborated with Disney, others before
Disney has previously worked with Epic Games to create Fortnite character skins from Disney properties including Marvel, Star Wars and “The Nightmare Before Christmas.”
Epic Games partnered with LEGO to create a crafting mode within Fortnite. The company has also worked with Harmonix, the developers behind Rock Band, to add a musical mode called Fortnite Festival.
“We’re collaborating on something entirely new to build a persistent, open and interoperable ecosystem that will bring together the Disney and Fortnite communities,” Tim Sweeney, CEO and Founder, Epic Games said in a press release.
Just under 150,000,000 players play Fortnite worldwide, according to Fortnite Tracker. The earnings call did not provide a valuation for Epic Games.
Disney Stock
When does Fortnite Chapter 5 Season 1 end?
Fortnite Chapter 5 Season ends at 2 a.m. ET March 8 (11 p.m. PT March 7).
Chapter 5 Season 2 is expected to launch March 8, 2024, according to Tech Radar.
