Business
First-time buyers need 13 percent more in earnings to afford today’s high-priced starter homes on July 28, 2023 at 3:59 pm Business News | The Hill

High home prices are straining the budgets of first-time homebuyers as the ongoing housing shortage pushed the cost of starter homes to a record high, according to a report.
The sale price of a typical starter home reached $243,000 in June, up 2.1 percent from a year ago and 45 percent above pre-pandemic levels, the report from real estate brokerage Redfin showed.
A first-time buyer needs to earn $64,500 annually to afford a home at this price point, a 13 percent increase from last year. San Francisco, Austin and Phoenix are the only metros analyzed by Redfin where buyers can earn less than last year and afford a starter home.
But buyers in Miami need 25 percent more income than last year to afford starter homes priced at $300,000.
“Buyers searching for starter homes in today’s market are on a wild goose chase because in many parts of the country, there’s no such thing as a starter home anymore,” Redfin senior economist Sheharyar Bokhari said in a statement, adding that high housing costs and stubbornly high mortgage rates continue to push potential buyers to the sidelines.
A home under construction at a development in Eagleville, Pa., is shown April 28, 2023. The sale price of a typical starter home reached $243,000 in June, up 2.1 percent from a year ago and 45 percent above pre-pandemic levels, a report from real estate brokerage Redfin showed. (AP Photo/Matt Rourke)
“People who are already homeowners are sitting pretty, comparatively, because most of them have benefited from home values soaring over the last few years,” Bokhari continued. “That could lead to the wealth gap in this country becoming even more drastic.”
Home prices are up again in parts of the country following a cooling period brought on by the Federal Reserve’s effort to slow the pace of inflation by raising interest rates.
Low inventory continues to drive prices and the lack of options moved up the median cost of a home to more than $400,000 for only the third time on record, according to data from the National Association of Realtors (NAR).
And Federal Reserve Board Chairman Jerome Powell said Wednesday that the housing market has “a ways to go” before it reaches a balance and prices cool.
Separate market data shows demand is still rising as pending home sales — a forward-looking indicator of home sales based on contract signings — increased for the first time since February.
“The recovery has not taken place, but the housing recession is over,” NAR’s Chief Economist Lawrence Yun said in a statement. “The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.”
And Yun added that inflation data showing further signs of cooling bode well for mortgage rates that have constrained affordability for more than a year.
“With consumer price inflation calming close to the Federal Reserve’s desired conditions, mortgage rates look to have topped out,” Yun said. “Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next.”
NAR is projecting that the 30-year fixed rate mortgage will dip to 6.4 percent this year and decline to 6 percent in 2024.
Business, Housing, Home prices, home sales, housing market, housing shortage High home prices are straining the budgets of first-time homebuyers as the ongoing housing shortage pushed the cost of starter homes to a record high, according to a report. The sale price of a typical starter home reached $243,000 in June, up 2.1 percent from a year ago and 45 percent above pre-pandemic levels, the…
Business
Paramount Seals $7.7B Deal for Exclusive UFC Streaming Rights

Paramount Global has secured the exclusive U.S. rights to the Ultimate Fighting Championship (UFC) in a groundbreaking deal worth $7.7 billion over seven years, beginning in 2026. This agreement marks a major shift in UFC’s distribution, moving away from the traditional pay-per-view model currently offered by ESPN to a new streaming-focused strategy centered on Paramount’s platform, Paramount+. All 43 annual UFC live events, including 13 major numbered events and 30 Fight Nights, will be available exclusively on Paramount+ at no additional cost to subscribers, with select marquee events also simulcast on the CBS broadcast network.

The deal comes just days after Paramount completed its merger with Skydance Media and represents the company’s first major sports rights acquisition under its new leadership. Paramount CEO David Ellison emphasized the uniqueness of partnering exclusively with a global sports powerhouse like UFC, highlighting the move as a key part of Paramount’s strategy to enhance viewer engagement and grow its streaming subscriber base.
For UFC, the deal ends the pay-per-view model common in the sport, greatly increasing accessibility for fans and potentially expanding the sport’s U.S. audience. The contract also doubles the yearly average payment compared to the $550 million ESPN currently pays, reflecting the growing value and popularity of UFC content.
TKO Group Holdings, UFC’s parent company, sees this agreement as a milestone in their decade-long growth, with TKO’s CEO Ari Emanuel affirming trust in Paramount’s vision to leverage technology to improve storytelling and the viewing experience.
This landmark deal reflects the rapidly evolving sports media landscape, with streaming services increasingly vying for premium content to attract and retain subscribers. Paramount’s move to bring UFC to its platform exclusively is a strong statement of commitment to live sports as a vital driver of engagement in the streaming age.
Key Points:
- Paramount secured UFC U.S. media rights for $7.7 billion over 7 years, starting 2026.
- UFC events will be exclusively streamed on Paramount+, ending ESPN’s pay-per-view model.
- The deal includes 13 major numbered events and 30 Fight Nights annually.
- Some marquee events will also air on CBS broadcast TV.
- The yearly payment doubles ESPN’s previous contract.
- The deal was announced shortly after Paramount’s merger with Skydance.
- Paramount aims to use UFC to boost Paramount+ subscriber growth and engagement.
- TKO Group (UFC parent company) supports the deal and foresees enhanced tech-enabled storytelling.
- Streaming services continue to disrupt traditional sports broadcasting models.
Business
Apple’s Historic $600 Billion Bet on American Jobs

Apple has dramatically increased its commitment to American industry, announcing a monumental $600 billion investment earmarked over the next four years. The initiative, unveiled on August 6, 2025, represents a new high-water mark for domestic technology manufacturing, with sweeping implications for jobs, industrial infrastructure, and America’s position in global tech supply chains.

What Is the $600 Billion Investment For?
The $600 billion commitment is the result of Apple’s expanded American Manufacturing Program (AMP), designed to build advanced supply chains, expand domestic part production, and increase manufacturing of key product components within the U.S. The plan includes:
- Expanding partnerships with U.S.-based suppliers: Apple is doubling down with companies like Texas Instruments, Corning Inc., Applied Materials, and more. This network will help manufacture everything from silicon wafers to advanced display glass for the iPhone and Apple Watch.
- Building an end-to-end silicon supply chain: The program is on track to produce over 19 billion chips for Apple in 2025 in 24 factories across 12 states, spearheaded by sites in Arizona (TSMC), Texas, and other tech hubs.
- Investing in rare earths and sustainable materials: Partnerships like the one with MP Materials will ensure Apple sources American-made rare earth magnets and develops a new recycling facility for critical materials in California. This bolsters U.S. supply chain security for components core to Apple devices.
- Data center and campus expansions: Apple is growing its U.S. campus footprint with new data centers in Iowa, Nevada, Oregon, and the continued construction of a second Austin campus, which includes research and development labs for next-generation hardware and software teams.
- Job creation and workforce development: The investment is expected to support more than 450,000 jobs among Apple employees, suppliers, and partners across all 50 states. In Texas alone, Apple is adding significant operations and facilities, reinforcing the region’s status as a tech manufacturing leader.
Context: Why Now?
Pressure from tariffs, the need for robust supply chain security, and high-level policy incentives have accelerated Apple’s plans. The announcement, made jointly by Apple CEO Tim Cook and President Donald Trump at the White House, was widely seen as both a response to geopolitical uncertainty and a strategic move to align with domestic manufacturing priorities.
The Broader Economic Impact
- Onshoring advanced manufacturing: Apple’s massive increase in domestic production is expected to incentivize further onshoring by other tech giants and their suppliers.
- Supplier expansion: Ten major U.S. companies will benefit from expanded product lines, job growth, and capital investment.
- Shareholder confidence: Following the announcement, Apple’s stock price rose nearly 6% as markets responded positively to the alignment with U.S. policy and supply chain resilience.
- Long-term tech leadership: By solidifying an American silicon supply chain and supporting green energy at new data centers, Apple is positioning itself—and the U.S.—at the forefront of advanced manufacturing for devices and AI infrastructure.

What’s Next?
With construction underway at new and expanded facilities, the effects of Apple’s program are already rippling across sectors from semiconductors to advanced glass manufacturing. The commitment sets a new industry standard for investment in American innovation, job creation, and technological self-sufficiency.
Business
Netflix Breaks Ground on Massive New Studios in New Jersey

Netflix is making a bold move to reshape the future of filmmaking on the East Coast by breaking ground on a state-of-the-art production campus at Fort Monmouth, New Jersey. This ambitious project represents a landmark $1 billion investment to transform a 292-acre former U.S. Army base into a powerhouse film and television hub unlike anything else in the region.

The Vision: Hollywood of the East
The new Netflix Studios Fort Monmouth campus will feature 12 cutting-edge soundstages, covering nearly 500,000 square feet, along with extensive backlot areas, post-production suites, and administrative offices. The site will also introduce community amenities, such as potential fitness centers, child care, and other local businesses, integrating the facility with the surrounding neighborhoods.
While the proximity to New York City gives Netflix direct access to the rich talent pool and resources of the Northeast, the New Jersey location benefits from significant state support. The project leveraged $387 million in Aspire tax credits and competitive media production incentives—up to 35% for production costs and 40% for digital post-production.These factors, combined with enthusiastic backing from local governments, helped Netflix realize this vision and outmaneuver traditional film capitals like Los Angeles.
Economic and Social Impact
Netflix’s investment is expected to be a game-changer for the Garden State. The studio complex is projected to:
- Create around 3,500 construction jobs in the short term and 1,400 permanent studio jobs once operational.
- Drive billions of dollars in economic output to New Jersey, while boosting local hospitality, retail, and service businesses.
- Deliver new educational and career pathways, especially for young filmmakers and technical talent in the area1.
New Jersey leaders, including Governor Phil Murphy, have hailed the studio as a return to the state’s roots as the “birthplace of the motion picture industry,” following the legacy of Thomas Edison. The move further solidifies New Jersey’s reputation as a hotspot for entertainment innovation.

Construction Timeline
Demolition and site preparation at Fort Monmouth began in May 2025, with a targeted opening in 2028. The first phase includes building a production campus for actors and crew, plus the first four soundstages, with the remaining infrastructure rolled out as additional approvals come in. This phased approach ensures the studio will grow alongside the region’s job market and production needs.
Rethinking Film Production
Netflix’s East Coast flagship isn’t just about size—it’s about a new model of movie-making. The company is exploring live experiences, immersive sets, and a hybrid campus concept complete with restaurants and attractions themed around signature Netflix content10. All of this signals Netflix’s commitment to not just creating content, but building a vibrant creative ecosystem.
The Big Picture
As fierce competition reshapes the streaming wars, Netflix’s investment in New Jersey is both a business decision and a cultural statement. Owning physical production facilities gives the streaming giant more control over costs, schedules, and creative output, while helping revitalize local economies and provide new opportunities for American workers.
Netflix Studios Fort Monmouth is poised to help New Jersey reclaim its status as a leading force in cinema—ushering in a new era, one blockbuster at a time.
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