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» VISIT US ONLINE @ DSNEWS.COM 5 A look at facts you didn't know you couldn't live without. Compiled by the DS News Staff According to market data from Zillow, the number of millennials living with either their mother or both of their parents rose to about 12 million, up to 22.5 percent, an increase in 9 percentage points since 2005. Market mismatch—Trulia's measure of the price gap between search interest and available listings—is flat from a year ago, but has dropped 15 percent, falling to 11.1 from 13.1 the previous quarter; the first since prior to the beginning of 2016. LOW CREDIT SCORES ADD UP INSIDE THE JOURNAL // ON THE WEB // THE APP SPECTRUM // MOVERS & SHAKERS TAKE A LOOK INSIDE THE NUMBERS D ATA B I T S Source: RENTCafe, The Most Prosperous Cities in the U.S. *From 303 observed cities with populations exceeding 100,000, from Census data between 2000-2016, examining the evolution of six indicators during that time:population, median income, home values, education, poverty rate, and unemployment rate. THE 10 MOST PROSPEROUS CITIES IN THE U.S.* THE 10 LEAST PROSPEROUS CITIES IN THE U.S.* #1 ROCKFORD, ILLINOIS #2 TOLEDO, OHIO #3 MESQUITE, TEXAS #4 LANSING, MICHIGAN #5 STERLING HEIGHTS, MICHIGAN #6 GARLAND, TEXAS #7 AKRON, OHIO #8 WARREN, MICHIGAN #9 WATERBURY, CONNECTICUT #10 JACKSON, MISSISSIPPI #1 ODESSA, TEXAS #2 WASHINGTON, D.C. #3 CHARLESTON, SOUTH CAROLINA #4 FONTANA, CALIFORNIA #5 NORTH CHARLESTON, SOUTH CAROLINA #6 JERSEY CITY, NEW JERSEY #7 PEARLAND, TEXAS #8 MIAMI, FLORIDA #9 BROWNSVILLE, TEXAS #10 MIDLAND, TEXAS RANKING CITY RANKING CITY A "fair" credit score between 640 and 679 could cost a borrower around $720 a year in extra mortgage payments compared to a borrower with an "excellent" score, according to the Zillow report "e High Cost of Low Credit." Zillow analyzed Annual Percentage Rate (APR) terms offered to borrowers on Zillow Mortgages and found that "a borrower with a 'fair' score will pay 7 percent more over the life of a 30-year mortgage for the same home as an otherwise identical borrower with a credit score above 760." To put that in clearer numbers, that 7 percent would add up to nearly an extra $21,000 during the life of that mortgage. Or, as Zillow puts it to provide context, "roughly equal to one year's tuition costs for an out-of-state student at a public university, or the cost of a new car." Breaking things down further, Zillow created a hypothetical buyer with an 'excellent' credit score in Los Angeles earning the area's median income and purchasing the typical L.A. home. e report calculated that buyer could likely expect to be offered an average APR of 4.50 percent. With a standard 20 percent down payment, that borrower would pay around $31,000 a year on a $645,000 home, eventually totaling $942,000. Were that borrower's credit score to be 80 points lower, firmly in 'fair' territory, and received a commensurate APR of 5.12 percent, it would cost the borrower an extra $2,300 per year—or nearly $70,000 more over the life of the loan. "Under these same assumptions, the total additional costs over the life of a 30- year loan on a typical local home for those with fair credit compared to excellent credit range from $129,000 in San Jose to around $9,000 in Pittsburgh among the larger metros," the report stated. To put that in clearer numbers, that 7 percent would add up to nearly an extra $21,000 during the life of that mortgage. PAGE 12 Resident Scholar and Co-Director of the Center on Housing Markets and Finance, American Enterprise Institute FIVE MINUTES WITH WITH Dr. Lynn Fisher

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