An increasing number of American adults are moving in together to share expenses as rental rates continue to outpace income, according to a new Zillow analysis. Nearly a third (32 percent) of adults live in doubled-up households, or homes where two or more working-aged adults live together but aren't married or partners. The share of doubled-up households has steadily risen over the past decade, up from 25.4 percent in 2000 and 30.8 percent in 2010.
This rise in doubled-up households coincides with rental prices that are increasingly unaffordable nationwide. Americans making the national median income ($53,216) should currently expect to spend nearly 30 percent of their monthly income on rent, the highest rate ever. Rather than moving to a smaller home or to a less expensive area, many people are choosing to live with roommates.
Large metro areas with the highest share of adults living with roommates include Los Angeles (47.9 percent), Miami (44.5 percent), New York (42.5 percent) and San Diego (39.7 percent).
Not surprisingly, the markets with the largest increases in doubled-up households are also the most expensive places to rent. In San Francisco, for example, the median rent payment went from 25 percent of income in 2000 to 40 percent in 2012, while doubled-up households increased from 25 percent to 39 percent over the same period.
Family Dollar net income plummets 66% in Q4
Family Dollar Stores Inc. (NYSE:FDO) saw its net income plummet 66 percent to $34.5 million, or 30 cents per diluted share, in the retailer’s fiscal fourth quarter.
That’s down from $102.2 million, or 88 cents per diluted share, a year earlier.
The latest quarter ended Aug. 30.
"From a financial standpoint, fiscal 2014 was one of the most difficult years in our company’s history," Family Dollar Chairman and CEO Howard Levine said during a conference call on the retailer's earnings late Thursday afternoon.
The results for the period reflect a loss of 43 cents per share in restructuring charges tied to store closings and employee layoffs, as well as fees related to the discount retailer's pending merger with Dollar Tree Inc. (NASDAQ:DLTR).
Sorry, but not worried.
FTR has the talent depth and is also getting a few thousand T employees with the acquisition.
Wasn't it supposed to be right about now?
Should go smoothly as all pieces are in place.
FTR can go out and look for another good takeover candidate.
But, but, but....what about the all cash buyers that are lining up to buy luxury homes?
Joseph Beben wasn't in the market for a house until he heard about a year-old community in suburban Phoenix where 10 homebuilders are offering buyers incentives such as swimming pools, built-in barbecues and subsidized mortgage rates.
Beben, a 33-year-old general manager at Best Buy Co. (BBY), visited three of the sales offices flanking the main corridor of The Bridges at Gilbert, whose 17 subdivisions are among the about 200 locally that have opened since early last year. He settled on Woodside Homes' community within The Bridges after the builder agreed to cover as much as $10,000 of his closing costs, and throw in another extra he liked.
Builders in Phoenix and areas from Sacramento, California, to Orlando, Florida, are sweetening offers as sales slow in some of the country's most volatile housing markets. Buyers, suffering from sticker shock after large price gains in 2013, are pulling back after the U.S. government cut the maximum size for mortgages with low down payments. In Phoenix, the Federal Housing Administration's loan limits dropped well below the median price for a new home.
"Phoenix is a cautionary tale about raising prices too aggressively and opening up communities too aggressively," said Alex Barron, senior research analyst at Housing Research Center LLC in El Paso, Texas. "It's a bad combination where affordability got out of control and the FHA limit went down. Homes are unaffordable now, and all of a sudden there's a ton of supply."
NEW YORK (AP) -- Turner Broadcasting, the parent of the CNN, TBS and TNT networks, is eliminating about 1,475 jobs, or about 10 percent of its total employees.
Turner says moves will include voluntary separations and the elimination of unfilled positions as well as job cuts. The eliminations will affect 18 different locations and will come from various levels in its news, entertainment, sports, and business units as well as corporate positions.
Hewlett-Packard (HPQ) said it would split into two listed companies, separating its computer and printer businesses from its faster-growing corporate hardware and services operations, and eliminate another 5,000 jobs as part of its turnaround plan.
HP said its shareholders would own a stake in both businesses through a tax-free transaction next year. Each business contributes about half of HP's revenue and profit.
That's 100 empty stores, 100 leases, and thousands of employees.
Sozzi said he predicts Penney's will use the event (Christmas holiday season) to announce "mass store closures," which would ultimately bring its store count from 1,062 as of August, to under 1,000. But with sales and earnings moving in the right direction, he said, the closings won't be seen as a sign of weakness.
"We think J.C. Penney's five-year plan includes bringing the store count to below 1,000 in order to maximize efficiencies and position it properly in a world of online and same-day delivery consumption," Sozzi said in a note to investors. "Store closures will likely be concentrated in not renewing leases and exiting those locations with low rent payments early."
While by now everyone should know the answer, for those curious why the US unemployment rate just slid once more to a meager 5.9%, the lowest print since the summer of 2008, the answer is the same one we have shown every month since 2010: the collapse in the labor force participation rate, which in September slid from an already three decade low 62.8% to 62.7% - the lowest in over 36 years, matching the February 1978 lows. And while according to the Household Survey, 232,000 people found jobs, what is more disturbing is that the people not in the labor force, rose to a new record high, increasing by 315,000 to 92.6 million!