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RICHARD J BENEDETTO
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News and Advice

What You Need to Earn to Live in the Cheapest and Priciest Metros

Editor’s Note: This was originally published on RISMedia’s blog, Housecall. See what else is cookin’ now at blog.rismedia.com:

Ever wonder how much bacon you need to bring in to live comfortably in some of our country’s largest metros? HSH.com recently revealed the salaries needed to live in a median-priced home in 50 of the hottest areas of the U.S., and the numbers may surprise you. While the national average of median home prices cost $255,600, requiring a salary of just over $56,000, the salary difference between the least expensive and the most expensive is nearly $200,000 (!!).

5 Least Expensive Metros

  • Pittsburgh: $35,329.29
  • Cleveland: $36,553.26
  • Indianapolis: $37,429.34
  • Oklahoma City: $37,854.04
  • Memphis: $37,964.05

5 Most Expensive Metros

  • San Jose: $221,363.63
  • San Francisco: $181,341.49
  • San Diego: $116,875.11
  • Los Angeles: $101,531.66
  • New York City: $99,136.79

It’s no real surprise that four of the five priciest metros are all in the state of California. Get the full results from HSH.com and see how realtor.com broke down what is occuring in the “Best Places” housing markets.

Zoe Eisenberg is RISMedia’s senior content editor. Email her your real estate news ideas at zoe@rismedia.com.

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The post What You Need to Earn to Live in the Cheapest and Priciest Metros appeared first on RISMedia.

Driving the Smart Home Surge

More homeowners are adopting automation, according to a recent survey by CEDIA, a trade association, and HomeAdvisor, relying on professionals in a “smart home surge.” Seventy-five percent of the professionals surveyed, in fact, say they have received more smart home inquiries in recent months, and requests for maintenance once per month or more.

“This report shows that when it comes to smart home technologies, homeowners are migrating away from DIY to more of a ‘do it for me’ mindset,” says Dan DiClerico, smart home strategist at HomeAdvisor.

Smart home devices permeate every part of the home, including doors and windows, landscaping and security, the survey shows. Most professionals report including smart home technology in a larger renovation.

Over 1,400 smart home professionals were surveyed for the report.

Source: HomeAdvisor

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Understanding Energy Costs

I was recently contacted by the Consumer Energy Alliance, which provides consumers with unbiased information on U.S. and global energy issues. Its affiliates represent sectors from the energy industry, academia, small businesses, conservation groups to travel-related industries.

The CEA recently released a sweeping study of energy consumption across the country, and analyzed various regions, states, even major municipalities promoting ideas to enhance efficiency and preserve an uninterrupted flow of energy based on expected future population shifts.

To the end consumer, the report paints a fascinating picture of who is paying what for their energy, and why it costs so much, or, in some regions, so little.

According to the CEA study, the average mid-continent family currently enjoys some of the lowest electricity costs in the nation. While these low costs are attributable to the region’s access to natural resources and booming energy production, the report suggests that could end in only a few years unless new infrastructure and pipeline
projects are hastily approved.

This planning is especially important, as some of the nation’s poorest communities like Camden, Ark.; Opelousas, La.; Deming, N.M.; Commerce, Okla.; and San Benito, Texas, dot the mid-continent region. The average household income in these communities is $24,857—55.43 percent less than the national average, the CEA report states.

Even small increases in energy prices could have a devastating effect on families in the mid-continent region where median household incomes are $10,000 to $25,000 less than the national average. In this region, the CEA reported that low-income households pay roughly 22 percent of after-tax income on residential utility bills and gasoline.

While most mid-continent families currently pay, on average, a rate roughly 9 percent lower than the national average of 12.90 cents per kilowatt hour (kWh), it is also home to states like Texas, where the average monthly bill is 17 percent higher than the national average.

In addition, the study found:

  • The bottom 20 percent of earners spend almost 10 percent of their income solely on electricity—more than seven times what the top 20 percent pays.
  • Of those low-income earners that spend 10 percent of their income on power bills, half are African-American families.
  • The average household in the U.S. currently pays 13 cents per KwH using, on average, 901 KwH per month totaling $116 in electricity bills. That represents almost one-fifth (4.78 percent) of the average income of the poorest mid-continent families.

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© 2017 Chautauqua County Board of Realtors All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than Real Estate Advantage are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-09-19.

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