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Tesla employees heading to Austin for the upcoming Cybertruck factory are in for a red-hot real estate market (TSLA)
Publisher:  business insider
Saturday, 22 August 2020 07:49

elon musk cybertruck

  • In July, Tesla in July picked Austin, Texas, as the site for its eventual Cybertruck factory. 
  • The company's broken ground on the project, and one real-estate agent said employees are already looking for homes in the city. 
  • Unlike San Francisco or New York, home prices haven't dipped much in Texas. 
  • Visit Business Insider's homepage for more stories.

Any Tesla employees relocating to Austin for the company's upcoming Cybertruck factory won't be met by the same reprieve in real-estate prices that's hit many other areas of the country.

Home prices in the Texas Capital are still surging, despite some markets seeing a dip due to the COVID-19 pandemic and associated unemployment rates. But now, would-be buyers have increased competition: Tesla employees.

One real-estate agent told the Austin Business Journal she knew of least two Tesla employees on the hunt, often seeing multiple homes a day for a string of days as the company begins work on its newest factory.

Unlike the company's home base in the San Francisco Bay Area, where deserting workers left a glut of homes for sale and rent, median home prices in Austin rose 10% in July over last year, according to the local board of realtors. Total active listings, meanwhile, dropped 32% while closed sales surged 21%.

Tesla plans to hire up to 5,000 workers at the new factory, where it will build its futuristic-looking Cybertruck. The company pledged to make many local hires for the largely low-skill positions, but didn't say what percentage of overall workforce might eventually relocated to Texas. However, CEO Elon Musk has voiced interest in moving the company's main headquarters out of California.

"If people are interested in designing new lines and trying to do things different, Tesla's got a job for you," Jerome Guillen, Tesla's president of automotive, said in July. "And now we've got jobs everywhere. It's not only in California. Now we've got jobs in China, in Berlin, in Austin, Texas, and in California."

On Friday, the National Association of Realtors said existing US existing home sales surged a record 24.7% in another sign of a housing-market recovery. It's the second month in a row that sales and home prices have increased after an initial slowdown from the pandemic.

In Austin specifically, unemployment rates have also fared better than the national average. Just 6.7% of workers in the Texas capital were out of work in July, the Texas Workforce Commission said, compared to a national average of 10.2% — another good sign for Tesla's choice.

Join the conversation about this story »

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Mustapha Kiragga: Express FC sign forward from Alexandria FC
Publisher:  Goal.com News - English - America
Saturday, 22 August 2020 07:46

The star has agreed a two-year deal with the Red Eagles from a South African club and becomes their fifth new player

Messi and Ronaldo don't come close to what Lewandowski has done this season - Funkel
Publisher:  Goal.com News - English - America
Saturday, 22 August 2020 07:46

The Poland international could claim the European and domestic treble with Bayern Munich and ex-Hertha Berlin boss Funkel is in awe of his quality

The best tech documentaries of all time
Publisher:  Digital Trends
Saturday, 22 August 2020 07:45

Love tech? Enjoy documentaries? Then, boy, are you going to love our roundup of the best tech documentaries.

Red Hot Chili Peppers guitarist Jack Sherman dead at 64
Publisher:  FOXNews
Saturday, 22 August 2020 07:44

Jack Sherman, a guitarist for the Red Hot Chili Peppers during their debut in the 1980s, has died at the age of 64.

Kentucky Derby reverses course, will run without fans
Publisher:  FOXNews
Saturday, 22 August 2020 07:40

The Kentucky Derby will run without fans for the first time, Churchill Downs announced Friday, citing increasing COVID-19 cases in the area.

How to watch UFC Fight Night: Edgar vs. Munhoz online
Publisher:  Digital Trends
Saturday, 22 August 2020 07:40

The long-awaited bantamweight bout is finally taking place. Here's how you can catch all the action.

Angels In Disguise: Angelfishes Hybridize More Than Any Other Coral Reef Fishes
Publisher:  Forbes Real Time
Saturday, 22 August 2020 07:38

Almost half of all marine angelfishes surveyed so far frequently produce hybrids, both between close relatives and distant relations, and again raise the question: what is a species?

The average American debt by type, age, and state
Publisher:  business insider
Saturday, 22 August 2020 07:37

average american debt

 
  • The average American debt totals $51,900. That includes mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debt like personal loans.
  • Across the US, debt levels look very different due to cost of living variations. As home prices tend to be higher in some parts of the country, like California, the average mortgage debt balance is higher. 
  • The average debt tends to peak between age 40 and 49.
  • Sign up for Personal Finance Insider's email newsletter here »

The average American has $51,900 worth of debt across mortgage loans, home equity lines of credit, auto loans, credit card debt, student loan debt, and other debts like personal loans. 

Data from the Federal Reserve Bank of New York's Household Debt and Credit report breaks down the average amount of debt Americans have by type, and by borrowers' ages and location. The data was gathered through a random sample of about 5% of Americans with credit report information.

Here's what the average American owes. 

Table of Contents: Static

Average American debt by type of debt

Here's a breakdown of the total amount, according to the Federal Reserve Bank of New York's Household Debt and Credit report from the second quarter of 2020. 

Debt type Average balance
Mortgage debt $35,660
Home equity lines of credit $1,370
Auto loan $4,760
Credit card debt $2,980
Student loan debt $5,610
Other debt (personal loans, payday loans, etc.) $1,520

Mortgage debt is most Americans' largest debt, exceeding other types by far. Student loans are the next biggest type of debt among those listed in the data. 

Average American debt by state

Where someone lives tends to have a big influence on the amount of debt they accumulate. 

While some parts of the country have higher housing prices and costs of living, it can be lower in other states. California residents, for example, tend to have higher average mortgage balances than many other states with more affordable housing, like Texas and Ohio. 

Here is the average debt by type for residents of each US state, according to Federal Reserve Board of New York data from 2019.

 

Auto loan debt

Credit card debt

Mortgage debt

Student loan debt

Total debt

AK

$4,960

$4,440

$42,860

$3,970

$59,630

AL

$5,150

$2,550

$21,880

$5,120

$38,000

AR

$5,520

$2,530

$18,950

$4,540

$33,950

AZ

$5,350

$3,460

$37,620

$5,260

$54,290

CA

$4,710

$3,810

$57,170

$4,640

$73,400

CO

$4,850

$3,820

$55,510

$6,230

$73,890

CT

$3,760

$4,020

$42,340

$6,160

$59,840

DC

$3,090

$4,420

$64,700

$13,420

$88,450

DE

$5,040

$3,520

$37,830

$6,070

$55,290

FL

$5,380

$3,730

$29,970

$5,020

$47,380

GA

$5,640

$3,470

$30,240

$7,440

$49,720

HI

$3,920

$4,290

$56,160

$3,780

$74,230

IA

$4,630

$2,650

$25,660

$5,330

$40,740

ID

$4,760

$2,930

$34,210

$5,020

$50,470

IL

$4,360

$3,410

$31,260

$5,970

$47,510

IN

$4,460

$2,700

$24,320

$5,290

$39,570

KS

$4,190

$2,930

$23,960

$5,540

$38,720

KY

$4,120

$2,480

$20,310

$4,980

$34,910

LA

$5,950

$2,690

$22,550

$5,580

$39,740

MA

$3,990

$3,760

$47,770

$6,180

$65,500

MD

$5,430

$4,120

$52,070

$6,910

$72,310

ME

$4,670

$2,960

$27,200

$5,440

$43,740

MI

$3,980

$2,860

$24,760

$5,910

$40,160

MN

$4,220

$3,380

$38,510

$6,310

$55,380

MO

$4,460

$2,800

$25,090

$5,370

$40,380

MS

$5,220

$2,240

$16,260

$5,900

$33,140

MT

$4,340

$3,060

$31,550

$4,620

$46,660

NC

$5,230

$3,120

$30,100

$5,470

$47,260

ND

$5,530

$3,200

$28,490

$5,500

$45,550

NE

$4,250

$3,000

$26,660

$5,170

$41,610

NH

$5,560

$3,630

$37,480

$5,890

$56,640

NJ

$4,160

$4,170

$41,020

$6,210

$59,100

NM

$5,690

$2,860

$25,810

$4,100

$41,000

NV

$5,410

$3,630

$38,900

$4,270

$54,830

NY

$3,780

$4,010

$34,030

$6,180

$51,280

OH

$4,590

$2,890

$22,860

$6,320

$39,450

OK

$5,510

$2,710

$20,100

$4,560

$35,110

OR

$4,010

$3,200

$40,740

$5,820

$56,620

PA

$4,310

$3,260

$26,090

$6,420

$43,440

RI

$3,970

$3,540

$34,680

$5,640

$51,170

SC

$5,000

$3,020

$28,030

$6,050

$45,420

SD

$4,610

$2,970

$26,690

$5,150

$43,050

TN

$4,780

$2,760

$26,510

$5,190

$42,500

TX

$6,880

$3,470

$27,450

$5,100

$45,290

UT

$5,370

$3,170

$45,900

$4,290

$62,090

VA

$4,900

$4,000

$47,810

$6,050

$66,140

VT

$5,250

$3,130

$29,130

$5,880

$46,490

WA

$4,470

$3,660

$51,220

$4,330

$67,440

WI

$4,000

$2,770

$27,580

$4,940

$41,760

WV

$5,190

$2,390

$15,980

$4,180

$30,580

WY

$5,390

$3,130

$32,950

$3,690

$47,670

Average American debt by age

Debt tends to peak somewhere around middle age. As a whole, this suggests that Americans tend to pay off debt going into retirement and tend to keep debt balances low in retirement, especially people over age 70. For those under age 30, the largest source of debt is student loans.

While 2019 data separated into ages wasn't available, Business Insider took 2017 data from the Federal Reserve Bank of New York that specified total debt per age group and divided it by number of people in each age group to find the average.

It's worth noting that this calculation spreads the debt load over the whole population, including those that don't have that type of debt. Debt per person may be higher if only calculated based on the population with that type of debt. 

Here's how the average debt balance breaks down by age group: 

 

age 18-29

age 30-39

age 40-49

age 50-59

age 60-69

70 and up

Auto loan debt

$3,929

$6,151

$6,760

$5,739

$4,209

$1,519

Credit card debt

$1,366

$3,303

$4,370

$4,480

$3,784

$1,851

HELOC debt

$73

$526

$1,835

$3,059

$3,062

$1,564
Mortgage debt

$8,725

$40,697

$56,905

$49,875

$35,383

$12,993
Student loan debt

$9,073

$10,401

$6,488

$3,962

$1,674

$288

Other debt

$706

$1,580

$2,142

$2,100

$1,735

$709

Total

$23,872

$62,658

$78,500

$69,215

$49,847

$18,924

In this data, it's worth noting that low average mortgages and HELOC balances for people 29 years old and younger are caused by low homeownership rates. According to Census Bureau data, only 34.4% of Americans under age 35 owned homes, while 60.3% of Americans aged 35 to 44 years old owned homes in the first quarter of 2017. 

How to start paying off debt

If you want to pay off some of your debt, here's how to start: 

Choose a repayment method and set a goal

Whichever method you choose, the first step is going to be to take stock of everything you owe, how much you owe in total, and the interest rate. Then, you can start to prioritize what you owe. 

Two popular strategies are the debt avalanche and the debt snowball. The debt snowball tackles the smallest debt first to build momentum, working through bigger debts next, while the debt avalanche focuses on paying down higher-interest debt first to decrease the amount you pay overall. 

Consider consolidating or refinancing while interest rates are low

For borrowers with credit card debt and other relatively small debts with high interest rates, consolidating your debts could make them more manageable. Debt consolidation loans roll all of your existing debts into one debt, with one monthly payment and one balance. You could pay less in interest on a debt consolidation loan than you would on a credit card, especially while interest rates are low. 

Refinancing could be a smart move for people with larger debts, like mortgages, private student loans, and car loans. Refinancing replaces your current loan with a new loan, and can often help to bring down the interest rate. With interest rates currently much lower than they have been in the past, refinancing could be a smart move to lower your interest costs and make headway on your debt.

Related Content Module: More Personal Finance Coverage

Join the conversation about this story »


DNC hammered the importance of voting; as Trump admin. tries to make it harder to do so
Publisher:  msnbc
Saturday, 22 August 2020 07:35

Over four days, the Democratic National Convention emphasized the importance of voting and making a plan to ensure one’s ballot is counted. Now Trump-appointed Postmaster General Louis DeJoy has testified that he has no intention of bringing back removed

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