Here’s a little rundown of what’s been catching my eye lately and trust me it is a mixed bag of interesting: from equity to Rubyglow, marathon madness, and NYC’s millionaire status. Let’s dive right in.
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For Statistics
U.S. Homeowners Are Sitting on a Mountain of Equity
U.S. homeowners are rolling in it—equity, that is! After several years of surging house prices, they're sitting on record amounts of wealth. How much, you ask? Try just under $17 trillion in home equity, according to a report from Intercontinental Exchange (ICE). That's a whole lot of cash on hand!
What's making it rain? About 66% of Americans own their own homes, and for those with mortgages, a record $11 trillion of home equity is "tappable." That's equity you can borrow against while keeping at least 20% ownership in your home. It's like having a secret stash of money without even realizing it! On average, about 48 million folks have access to $206,000 in tappable equity. Talk about a cushy situation!
So, how did we get here? Rising home prices and stock market booms have contributed to this wealth surge since the pandemic. But it's not all sunshine and rainbows—this wealth doesn't spread equally. Buying a home for the first time is tougher than ever. It now takes about 36% of the median household income to afford a median-priced home, well above the 30% that's considered "affordable." And let's not forget the shortage of homes for sale. In March, there were 20% fewer listings compared to what was typical in 2017-2019. With mortgage rates on the rise, many first-time buyers are feeling the pinch.
The upshot? The wealth effect from rising home prices and stock values is keeping consumer spending in check. But the ongoing shortage of homes, combined with higher mortgage rates, means that renters looking to buy are having a tougher time than ever. So while homeowners are living the dream, others are still chasing it. Would-be buyers, hang in there! One day you'll be sitting on a mountain of equity, too.
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For Unusual
Meet Rubyglow: The New Pineapple on the Block
What's red on the outside, yellow on the inside, and a whopping $395.99 to level up your margarita? Meet the Rubyglow pineapple, Fresh Del Monte's ultra-premium "designer" fruit for those who want to garnish their cocktail with some serious luxury.
Why does this matter? Because agriculture scientists and produce companies are always trying to bring us the next big thing. And developing new fruits isn't a quick process—it can take a decade or more. The Rubyglow is a shining example of this. After 15 years of growing in Costa Rica, it's finally hitting the market with a registered plant patent in the United States. But here's why it's so pricey: only a few thousand will be produced this year, making it rarer than a unicorn at a birthday party.
These fancy pineapples will be available nationwide through select regional grocers and online retailers, so keep your eyes peeled if you want to try one. But don't expect it to come cheap. The Rubyglow comes in a stunning package that opens like origami, because, hey, if you're paying almost 400 bucks for a piece of fruit, it better look fabulous.
Now, let's talk pineapple competition. Fresh Del Monte has other fancy fruits in its lineup. The Mini Honeyglow is a cute, sweet little pineapple for $11.79 (plus about $30 in shipping). Then there's the Pinkglow, launched in 2020, which has pink flesh and costs $29 before shipping. Compared to these, the Rubyglow is like the Rolls-Royce of pineapples.
So, if you're ready to drop some serious cash on fruit, the Rubyglow's got you covered. But even if you don't buy one, just know that fruit salad is getting a whole lot fancier.
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For Explore
Record Numbers Hit the Streets: Marathon Running Surges in Popularity
Training for a marathon is like signing up for a battle with yourself—mentally, physically, and emotionally. Yet more and more folks, young and old, are jumping in.
Here's why that's interesting: Long-distance running, which took off during the pandemic, is becoming a more accessible sport. Even twenty-somethings are embracing marathons as a rite of passage.
New York Road Runners CEO Rob Simmelkjaer says people often turn to running to cope with something—whether it's grieving a loss or just dealing with the daily stress of raising kids. And let's face it, marathon training is not for the faint-hearted. It requires structure, discipline, and more than a little bit of commitment.
What's surprising is how young people are sharing their marathon journey on TikTok as part of their "quarter-life crisis." After all, who doesn't want to feel like they have some control over their lives?
Participation in major marathons is on the rise. The Boston Marathon had about 30,000 runners this year, compared to just 140 men back in 1924. The New York City Marathon, happening in November, has seen a 21% increase in 20-something participants from 2019 to 2023.
Kevin Masters, a University of Colorado, Denver professor, says running a marathon can give you a sense of purpose, a boost in self-esteem, and a reason to rethink your diet. After all, you can't just wolf down a double cheeseburger and expect to go out and run 10 miles.
The bottom line? Making it to the starting line is a victory in itself. As Simmelkjaer told runners at the New York City Marathon in 2023, "The actual day of the race is more of a celebration than it is the hard part." So, lace up those sneakers, embrace the journey, and remember it's not just about the finish line; it's about the crazy, exhilarating ride to get there.
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For Special
NY Takes the Crown
If you stroll down a New York City street and count the first 24 people you pass, a couple things are likely to happen: a) you'll get some serious side-eye, and b) you'll probably spot a millionaire. That's because NYC is the richest metro area in the world, according to a new ranking. With 350,000 millionaires cruising the streets, NYC has more of them than the entire populations of Pittsburgh or Orlando, as CNBC pointed out. Add up all that wealth, and New Yorkers have more than $3 trillion—more than the entire GDP of Canada!
When it comes to wealth per capita, NYC is second only to Monaco, the Mediterranean city-state where James Bond villains probably have summer homes. So, if you're walking around the Big Apple and spot someone looking extra stylish, there's a decent chance they're one of those millionaires enjoying the recent stock market boom. Keep an eye out, and maybe you'll rub elbows with the rich and famous—just don’t be too obvious about it, or you'll get those dirty looks!
Thanks for reading the entire list.
See you next week-
Sue
