What’s in The Shaker today:

• Millennials' Co-Buying Home Hack 🧠

• Refinance Rush on Rate Drop 🔥

• Land Barons of the U.S. 💰

• Renting: Space vs. Price 📊

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Millennials' Co-Buying Home Hack 🧠

Faced with a brutal housing market, millennials are increasingly turning to co-buying homes with non-romantic partners, a trend akin to 'carpooling for homes,' as a creative solution to achieve homeownership.

• A study reveals that 15% of Americans have co-purchased homes with someone other than a romantic partner, and 48% would consider it, highlighting the growing popularity of this approach among millennials.

• The trend is driven by the need to navigate the least affordable housing market since 1984, with millennials competing against cash-rich baby boomers for property.

• Co-ownership is seen as a way to lower the entry barrier and address affordability challenges, but it comes with its own set of risks, including potential interpersonal conflicts and legal complications.

Refinance Rush on Rate Drop 🔥

American homeowners are seizing the opportunity to refinance their mortgages as rates dip from their peak last fall, sparking a surge in refinancing activity and offering a chance to reduce monthly payments.

• The Mortgage Bankers Association reported a 19% increase in refinance activity, with mortgage rates dropping from a two-decade high of 8% to 6.81%.

• This rate decline has led to a significant decrease in monthly mortgage payments, with the median payment down $325 per month.

• Despite the drop in rates, home prices remain elevated, with the median sale price over $363,000, more than 4% higher year-over-year.

Land Barons of the U.S. 💰

The Emmerson family tops the list of the largest private landowners in the U.S., owning over 2.4 million acres, primarily through their lumber business, Sierra Pacific Industries.

• The Emmerson family's land holdings, equivalent to twice the size of Grand Canyon National Park, are largely in California, Oregon, and Washington.

• Media tycoon John Malone follows closely, owning about 2.2 million acres, roughly the size of Yellowstone National Park, including profitable cattle ranches.

• Other notable landowners include Ted Turner with 2 million acres, used for the world's largest private bison herd, and Stan Kroenke, owning 1.7 million acres, including a 124,000-acre ranch in Montana.

Renting: Space vs. Price 📊

The average national monthly rent of $1,700 offers a stark contrast in living space across U.S. cities, with the most expensive areas offering minimal square footage compared to more affordable regions.

• In the priciest areas like Manhattan's 10013 ZIP code, $1,700 rents a mere 211 square feet, while in Memphis's 38109 ZIP code, the same amount leases 1,996 square feet.

• New York ZIP codes dominate the list of most expensive areas, with nine of the top 10 in Manhattan, where finding a rental at this price is nearly impossible.

• Conversely, in cities like Memphis, Oklahoma City, and Tulsa, renters can enjoy significantly more space for the same price, with several ZIP codes offering nearly 2,000 square feet for $1,700.

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