Top Story
Higher and lower-income earnings feel differently about the economy
This is important because consumer spending is key to economic growth. The U.S. economy has proven resilient in the face of high inflation as people kept spending. But if people change their behavior, there could be real repercussions.
US stocks finished higher on Friday after a stronger-than-expected jobs report for March
• The U.S. economy added 303,000 jobs in March, led by the healthcare and government sectors, and beating estimates. The unemployment rate dipped to 3.8%, underscoring the continued strength of the labor market.
• Gold continued its march higher, hitting a fresh record high of nearly $2,350.
What to be on the lookout for today
• Consumer inflation expectations for March.
Spring is here, are you ready to buy a home?
Spring is all about budding flowers, rising temperatures and “for sale” signs. It’s peak home buying season.
And this season has started strong: Existing home sales increased almost 10% in February — the largest monthly increase in a year, the National Association of Realtors reported in March. And home prices remain high: The median existing home price was $384,500, nearly 6% higher than a year ago.
Time to buy? Real talk: Just because the weather is nice, it doesn’t mean you’re ready to buy a home.
What can you afford? There’s a general rule of thumb to keep your monthly housing payments below 28% of your monthly gross income. This kind of math helps not to let your housing costs overwhelm you.
Manage expectations. What’s important to you in a home? Is it the school district, yard size, walkability or interior space? Research the local market, including prices and inventory levels.
Get pre-approved. If you’re intent on buying, you want to be able to act accordingly. Getting pre-approved for a mortgage will help with that.
Today’s top stories
All eyes on inflation. Here’s why this week’s data could make a differenceWe’re awaiting consumer price inflation for March. After two hotter-than-expected inflation reports at the start of the year, investors and economists will pay particular attention this week. Here’s what’s ahead on Wall Street.
Read more >> Tesla’s competition is heating up as the EV pioneer wobblesLast week wasn’t great for Tesla. A report of fewer-than-expected deliveries knocked the company’s stock price. Is supply or demand the reason?
Read more >> Taxes and homeownership, what you need to knowIf you’re thinking about buying a home, you also want to think about the taxes you may owe. Here’s your primer for property taxes.
Read more >>Other news that caught our eye
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Hotels, campsites, and Airbnbs saw strong bookings activity along the path of today’s solar eclipse.
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Disney+ will start suspending accounts that share passwords in some countries to increase signups and improve profitability.
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Ford is delaying production of its all-electric SUV and pickup truck to focus on its hybrid offerings.
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Tesla is increasing its engineers’ salaries to stop OpenAI from recruiting them, per CEO Elon Musk.
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Apple is laying off more than 600 workers in its first round of post-pandemic job cuts.
Financial planner tip of the day
“When getting ready to buy a house, after assessing your budget and affordability, you may want to give yourself time to save up for a larger down payment. Buyers who put down less than 20% may end up paying private mortgage insurance, which typically costs between 0.3% and 1.5% of your loan amount annually.”
Brian Walsh, CFP® at SoFi