Current:Home > StocksThe Daily Money: All mortgages are not created equal -InvestPioneer
The Daily Money: All mortgages are not created equal
View
Date:2025-04-17 05:37:14
Good morning! It’s Daniel de Visé with your Daily Money.
Mortgage applications from borrowers of color are denied more frequently than those from white borrowers, Andrea Riquier reports.
In 2023, 27.2% of Black applicants were denied a mortgage, more than double the 13.4% denial rate for white borrowers. That's a full 10 percentage points higher than the rate for borrowers of all races, according to the analysis from the Urban Institute’s Housing Finance Policy Center.
The data echo other inequities in the housing market.
My utility bill is paying for that?!
Millions of Americans receive their monthly utility bill and just assume it’s high because it’s been sweltering outside.
That’s only part of the story, Medora Lee reports. Customers are also paying for everything from your utility company’s trade association fees, to lobbying efforts to increase your rates, consumer advocates say. In the worst instances, according to legal allegations, you’ve also paid bribes to politicians.
Here's how much these fees might add to your bill.
📰 More stories you shouldn't miss 📰
- Maximize your CD earnings now
- Big-box dollar stores killed my business
- What is 'baby mode' in a car?
- ... And what's the best state for EVs?
- Average 401(k) balance by age
📰 A great read 📰
Finally, here's a popular story from earlier this year that you may have missed. Read it! Share it!
Now that your 2023 taxes are paid, consider this sobering thought: The average American pays $524,625 in taxes in their lifetime, according to a recent study.
The report also ranks states on lifetime tax costs. And if you live in the Northeast, you may want to sit down for this:
New Jersey residents pay $987,117 in lifetime taxes, the analysis found, the highest tab in the nation. Washington, D.C., comes second, with a lifetime tax burden of $884,820. Connecticut and Massachusetts are third and fourth, at $855,307 and $816,700.
Here's the full report.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.
Daniel de Visé covers personal finance for USA Today.
veryGood! (385)
Related
- At site of suspected mass killings, Syrians recall horrors, hope for answers
- Country Singer Brantley Gilbert’s Wife Amber Gives Birth to Baby on Tour Bus Mid-Show
- Marvin Harrison Jr. injury update: Cardinals WR exits game with concussion vs. Packers
- Week 6 fantasy football rankings: PPR, half-PPR and standard leagues
- Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
- Bath & Body Works candle removed from stores when some say it looks like KKK hood
- Dodgers vs Mets live updates: NLCS Game 1 time, lineups, MLB playoffs TV channel
- Love Is Blind’s Chelsea Blackwell Reveals How She Met New Boyfriend Tim Teeter
- The city of Chicago is ordered to pay nearly $80M for a police chase that killed a 10
- Breanna Stewart, New York Liberty even WNBA Finals 1-1 after downing Minnesota Lynx
Ranking
- Finally, good retirement news! Southwest pilots' plan is a bright spot, experts say
- ‘Legacy’ Forests. ‘Restoration’ Logging. The New Jargon of Conservation Is Awash in Ambiguity. And Politics
- Trump’s protests aside, his agenda has plenty of overlap with Project 2025
- Opinion: Harris has adapted to changing media reality. It's time journalism does the same.
- Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
- Mega Millions winning numbers for October 11 drawing: Jackpot rises to $169 million
- An Election for a Little-Known Agency Could Dictate the Future of Renewables in Arizona
- Week 6 fantasy football rankings: PPR, half-PPR and standard leagues
Recommendation
Meet the volunteers risking their lives to deliver Christmas gifts to children in Haiti
Starship launch: How to watch SpaceX test fly megarocket from Starbase in Texas
Chargers coach Jim Harbaugh reveals heart condition prompted temporary exit vs. Broncos
Marvin Harrison Jr. injury update: Cardinals WR exits game with concussion vs. Packers
Trump wants to turn the clock on daylight saving time
Concerns for playoff contenders lead college football Week 7 overreactions
Horoscopes Today, October 13, 2024
Texas driver is killed and two deputies are wounded during Missouri traffic stop