CNBC make it 2024-09-07 00:25:27


The 10 most in-demand U.S. ZIP codes for homebuyers—an Ohio suburb is No. 1

A little-known suburb outside Columbus, Ohio, is the most in-demand real estate market in the U.S. for the second year in a row, according to a recent Realtor.com study.

Gahanna, Ohio, ranked as the “hottest” ZIP code out of the 29,000 analyzed throughout the country in 2024, based on how often listings were viewed on Realtor.com, as well as how quickly they sold.

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Like other markets at the top of the rankings, Gahanna is an affluent family-friendly suburb close to a large U.S. city. Homes are spacious and relatively affordable, too, costing a median of $345,000, compared with the national median of $439,950, as measured by Realtor.com.

Another factor in the suburb’s favor is a good quality of life, as Gahanna has lots of park space, low crime and good schools

Here’s a look at the 10 hottest markets by ZIP code:

In terms of demand, homes in the 10 hottest markets were snatched up within 21 days, compared with the nationwide median of 50 days, per a recent Realtor.com report.

Notably, all of the hottest markets are in the Midwest or Northeast, with six of them sporting home prices below the U.S. median.

Still, some of the hottest ZIP codes feature homes priced above the U.S. median. These commuter neighborhoods, located near major cities like New York and Boston, are costly but still relatively affordable compared with areas closer to the city.

All ZIP codes in the list offer some measure of affordability, whether that’s the relative cost of homes or the price per square foot compared with the surrounding metro area, the study says.

The rankings also reflect a cooling housing market in the South, in part due to an increase in home inventory, which has reduced demand, the study says.

Data for these rankings is based on Realtor.com listing data between January 2024 and June 2024. The list of top ZIP codes is limited to one ZIP code per metropolitan area.

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Trader Joe’s confirms viral $2.99 mini tote bags will be back in stores this month—but not for long

Trader Joe’s viral mini tote bags will soon be back in stock.

A representative for the popular supermarket chain confirmed to CNBC Make It that the colorful canvas bags, which have been sold out since they first hit stores in March, will be back on September 18.

The totes became an instant sensation when they first came out, with shoppers quickly descending on the limited supply. Some Trader Joe’s locations even put limits on how many bags customers could purchase.

The $2.99 bags — which are just a slightly smaller version of Trader Joe’s classic canvas bag and come in green, red, yellow and blue — proved so popular that they were soon being listed on eBay for hundreds of dollars.

If you missed out on your chance to snag a mini tote back in March, be ready to act fast when they are back in stock. Trader Joe’s says they likely won’t be around for long.

“The totes are a limited product rather than an everyday product at this time,” a representative for the chain told CNBC Make It.

In an episode of the “Insider Trader Joe’s” podcast released shortly after the tote bag frenzy, host Matt Sloan said the chain was taken aback by the popularity of the bags. The supermarket, he said, originally anticipated having enough inventory to last “several weeks.”

“We had actually hundreds of thousands of bags come in and go out within a week,” he said. “We had no inkling that they would be this exciting, this quickly, for so many customers.”

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Bill Gates says this is the No. 1 unsolvable problem facing today’s young people: ‘The harm is done’

Bill Gates spends a lot of his time and money trying to help solve some of the world’s biggest problems — from climate change to poverty. One major problem has even him stumped.

“Misinformation is the one where I, a little bit, had to punt and say, ‘OK, we’ve handed this problem to the younger generation,’” Gates tells CNBC Make It.

Misinformation is becoming more common, as technological advances like artificial general intelligence chatbots make it easier to generate and spread falsehoods quickly. AI-generated misinformation was named as the top global risk of the next two years in a World Economic Forum survey in January. Fifty-five percent of Americans said the U.S. government and tech companies should act to restrict false information online, in a 2023 survey by the Pew Research Center.

Gates, the subject of numerous conspiracy theories, is likely more familiar with misinformation than he’d care to be. But a conversation with his daughter Phoebe further opened his eyes on the issue’s severity, he says.

“Hearing my daughter talk about how she’d been harassed online, and how her friends experienced that quite a bit, brought that into focus in a way that I hadn’t thought about before,” says Gates.

Last year, Phoebe Gates spoke out about what she called “the misconceptions and conspiracy theories” about her family and her own relationships in an interview with The Information, including racist online commentary about one of her ex-boyfriends, who is Black.

Gates, the billionaire Microsoft co-founder, is set to tackle the topic in an upcoming five-part Netflix docuseries called “What’s Next? The Future With Bill Gates,” due to premiere on September 18. In an advance screening of the series provided to Make It, Gates tells his daughter he feels bad for not having a handy solution to slow the spread of misinformation.

Other issues, like eradicating diseases or promoting cleaner energy, still aren’t easy to solve — but they have clearer paths to solutions, he tells Make It.

Gates is still overcoming his ‘naivete’

When Gates started Microsoft, he thought most people would want to use home computers — and later the internet — for purely productive and responsible purposes, he says. When he began working on the docuseries, he still harbored some of “my naivete that when we made information available, that people would want correct information,” he adds.

Instead, speaking with misinformation experts while filming helped Gates realize: He too shares the human impulse to seek out information that confirms previously held beliefs.

“Even I will wallow,” he says. “Let’s say there’s a politician I don’t like, and there’s some article online criticizing him a little bit. I’m like, ‘Oh, that’s such a good critique [and] I enjoyed reading it, even if it was exaggerated.’”

Gates says he isn’t entirely sure how to stop the spread of misinformation. He’s sensitive to the counter-argument that restricting any type of information online could harm the right of free speech, yet agrees that some kinds of rules need to be established, he says. By whom, he’s not totally sure, he adds.

Common tactics to tamp down misinformation and disinformation include internet literacy programs and content moderation by social media platforms. Some tech companies have pulled back on those costly efforts, which only scratch the surface of the problem, according to researchers who study disinformation.

Google executive Beth Goldberg told Make It last year that technology could help, with researchers developing AI tools to identify misinformation and toxic speech online. But the nature of a technology arms race — someone creates a solution, someone else figures out how to get around it — means “it won’t be a perfect success,” Gates wrote in a blog post last year.

The problem isn’t going away, either: It’s already far too easy for false information to spread to the billions of people actively using the internet, says Gates.

“And, if you catch it a day later, the harm is done,” he says.

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Young rich Americans are fleeing California and piling into Florida

Despite its reputation as a choice retirement destination, young rich Americans are headed to Florida now.

The Sunshine State had a net gain of 1,786 young households earning at least $200,000 in 2022, making it the state with the highest net migration of wealthy Americans from ages 26 to 35, according to a SmartAsset analysis of IRS data

Across income brackets, Americans continue to be drawn to Florida’s sandy beaches, world-class attractions and, likely, its lack of state income tax. 

“I’m happy that I decided to live in Florida,” says Chabely Rodriguez, a 29-year-old anesthesiologist assistant who moved to Tampa, Florida, from her home state of New York after finishing her master’s degree in 2021. She’s one of the young people earning over $200,000 a year who have enjoyed the benefits of Florida living.

“I’ve gotten to do a lot of fun things and live a different life than I was living in New York,” she told CNBC Make It in 2023, while earning over $210,000 a year. ”[I] have a lot more space and have my money go a lot farther and enjoy life a little bit more down South.”

Four other Southern states — Texas, North Carolina, South Carolina and Tennessee — join Florida in SmartAsset’s top 10 states seeing the highest net migration of young high earners.

On the flip side, young rich Americans are fleeing states with high living costs in droves. California saw the largest net decline of young households earning $200,000 or more in 2022, losing over 3,200 more high-earners than it gained over the year.

Some parts of the Golden State may be able to compete with Florida’s weather and entertainment draws. But many Americans, even high-earners, may struggle to afford a comfortable life in California. The state has notoriously high prices for necessities like housing, groceries and insurance.

In fact, two adults without kids would need nearly $30,000 more per year in San Francisco than in Miami to cover costs for housing, food, transportation, taxes, health care and other necessities, according to estimates from the Economic Policy Institute.

The states that lost the most young and rich households are less concentrated in one region, but five of them — California, Illinois, New York, Pennsylvania and Michigan — are some of the most populated states in the country overall. It’s feasible movers are looking for some of the space Rodriguez mentioned in other places.

Here are the states with the largest declines of young and rich households in 2022, according to SmartAsset:

Notably, migration in these states happened at a significantly larger scale than the states that gained young, wealthy residents.

California, for example, brought in over 7,400 of these households, but lost over 10,600. Florida, on the other hand, only saw 3,870 young and wealthy households move into the state, but with just over 2,000 leaving, it managed to net the highest gain of any state. 

While both Texas and New York received over 5,000 young rich new residents, New York saw a greater number leave, giving it a negative net migration.

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Millionaires are moving to these 5 European cities — and London doesn’t make the list

Millionaires are eyeing up European cities as they look to relocate — but London doesn’t make the top five, according to a new report.

Some 83% of high-net-worth individuals — defined as those earning $1 million or more — who are considering moving countries favor city living for the cultural and economic opportunities it provides, Knight Frank’s European Lifestyle Report, published on Wednesday, revealed. Meanwhile, 17% cited a preference for rural and resort locations for the natural scenery and slower lifestyle.

Real estate consultants Knight Frank surveyed 700 high-net-worth individuals from 11 different countries including the U.K. and U.S. about their view of the most attractive European cities and resorts. It ranked 10 cities and resorts based on the “European Lifestyle Monitor” which evaluated them on five key metrics: the economy, quality of life, environment, infrastructure and mobility, and human capital.

Paris topped the list and stood out in categories including economy and human capital, which includes factors like universities, corporate headquarters and cultural investment. However, London — often thought of as a hub for the super-rich — didn’t even make the top five, coming seventh.

Henley & Partners, a consultancy that tracks migration trends, says a record 128,000 millionaires are planning on relocating globally in 2024, compared with 120,000 in 2023, according to the Knight Frank report.

Additionally, 19% of ultra-high-net-worth individuals — those worth $30 million or more — are planning to apply for a second passport or gain citizenship in another country, Knight Frank found.

The main priorities for millionaires when relocating are security and privacy, followed by employment, tax, and education, according to the report. Gen Z and millennials tend to prioritize employment, while older generations are more preoccupied with taxation.

“Security and taxation are more critical for HNWIs [high-net-worth individuals] than visa concerns when relocating. With rising geopolitical volatility and privacy challenges in the digital age, this focus is unsurprising,” the report said.

“Geopolitical tensions and policy changes are driving HNWIs to relocate to more favourable jurisdictions,” Kate Everett-Allen, Knight Frank’s head of European residential research, said in the report. “The swift withdrawal of CHF 1.5 billion [Swiss francs, or $1.8 billion] from Credit Suisse in late 2022 by wealthy account holders highlighted how quickly affluent individuals can react to perceived financial risks.”

The Top 5

These are the top five European cities high-net-worth individuals are considering relocating to in 2024, according to the Knight Frank report:

  1. Paris
  2. Berlin
  3. Barcelona
  4. Vienna
  5. Madrid

It comes after a separate report by Henley & Partners showed the U.K. is no longer a millionaire haven, with Britain expected to lose at least 9,500 high-net-worth-individuals in 2024, up from 4,200 the previous year.

Henley noted that in the 1950s and early 2000s, large numbers of rich families from Europe, Africa, Asia and the Middle East were flocking to the U.K., but post-Brexit, between 2017 to 2023, the U.K. lost 16,500 millionaires to migration.

A major reason behind the exodus is the U.K. recently scrapping its ‘non-dom’ tax status which previously meant foreign citizens were not taxed on their international income — which was especially popular with billionaires.

Other reasons include potential increases to private school tuition fees and high taxation on real estate. These changes could see the U.K. millionaire population dwindle by 17% from 3,061,553 in 2023 to 2,542,464 in 2028, according to the UBS Global Wealth Report, which came out in June.

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