The Money Section | Can you drive without insurance?

͏Also, this may be the best time to buy a house in 2023 ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( October 11, 2023 • Issue #54 [The Money Section] This week, we’re looking at why more Americans are driving without car insurance coverage, why this may be the best time to buy a home in the entire year, and why Social Security’s cost-of-living adjustment (COLA) for 2024 could pose a risk to your retirement planning. Average car payments just hit a new record high. [Car]( Getty Images Car payments now average well over $700 per month for new vehicles — a new record high — and experts say Americans could be looking at even steeper costs in the future. Even though the Fed didn’t raise interest rates in September, the auto industry is still feeling the effects of the 11 hikes since March 2022, affecting auto loan interest rates and vehicle affordability. [Read more.]( 🚗 Can you drive without insurance? Car insurance prices have surged in 2023, leading to more Americans driving without coverage in states like South Dakota, New Hampshire, and West Virginia. However, going without car insurance is a bad idea, as it’s usually illegal and may result in fines, legal trouble, license or registration suspension, [and more.]( 📉 Why is gas suddenly cheaper? Since the end of September, Brent Crude prices — the global oil market benchmark — have plummeted over 10% to around $84 per barrel. Initially, the drop followed the decision by Saudi Arabia and Russia to cut oil production. Now, however… more factors are starting to add to the issue. [Here’s what you need to know.]( This may be the best time to buy a house in 2023. [Prices]( Olive Burd / Money; Getty Images Sellers are reducing home prices as mortgage rates reach a two-decade high, causing around 6.5% of homes for sale to see a price drop in September. The median home-sale price is up 3% year-over-year at $372,500, and the daily average 30-year fixed mortgage rate is 7.65%. While buyers have more choices, the housing market remains challenging. [Here’s what homebuyers are advised to do.]( 👋 Wall Street is passing on commercial real estate. The surge of Wall Street investment in single-family homes is diminishing as interest rates rise and rent growth slows. U.S. single-family properties are the only real estate type that has increased in value since March 2022, reaching a record in July. However, commercial real estate, including apartments, has declined in value. [Read more.]( 🏠 NYC has a black market Airbnb problem. Following the implementation of a law banning most short-term rentals in New York City, Airbnb listings have plummeted by over 80%, with as few as 2% of the previous 22,000 listings registered. Only 417 properties have gained city registration, leading to the emergence of a "black market" for short-term rentals on social media [and lesser-known platforms.]( The SSA wants its money back. [Social Security]( Money; Getty Images The Social Security Administration (SSA) is taking new measures to address overpayments, looking to recover money from recipients who may have gotten more than they were entitled to. About 0.5% of Social Security payments are classified as overpayments, due to either government errors or mistakes made by beneficiaries. [Read more.]( 🔻 The 2024 COLA is going down by a lot. The anticipated Social Security cost-of-living adjustment (COLA) for 2024 is 3.2% – considerably lower than the 8.7% increase in 2023. This adjustment is crucial for retirement planning as it may not cover the entire spectrum of spending, posing a risk due to potential inflation. [Here’s how you can help protect your retirement portfolio.]( 💰 Millennials are recovering better than baby boomers. In the world of retirement savings, millennials have mostly recovered from the 2022 market turmoil. Their average 401(k) balance sits at $48,300 (up from $48,000 at the close of 2021) while baby boomers saw an 11.5% decrease in their own account averages since last year. [Here are some of the reasons why.]( Smart Money Move Here’s how to grow your retirement money tax-free [Roth IRA] [Roth IRA]Roth IRAs are individual retirement accounts that allow you to contribute after-tax dollars. Your contributions and the money you’ll earn can grow tax-free, and you can even withdraw earnings penalty-free after age 59½ — so long as your account has been open for at least five years. View Money’s list of the Best Roth IRA Accounts of 2023 to find accounts with commission-free trades and no management fees. [Secure tax-efficient retirement savings today with a Roth IRA.]( The information provided in this email is for educational purposes only and is not intended as investment or financial advice. Stories we're reading this week - [October Prime Day: Pickleballs, Golf Gear, and More on Sale, Starting at $30]( - [14 Cities Where Home Sellers Are Slashing Prices]( - [The Best Thing About Amazon Was Never Going to Last]( - [92% of Americans Would Consider Delaying Dental Care Because of the Cost]( - [Your Will Alone Won't Guarantee Your Money Goes to Your Heirs]( - [Millennials vs. Boomers: Who’s Doing a Better Job Saving for Retirement?]( - [Why Gas Prices Are Falling — but Some Drivers Are Stuck Paying Over $6 a Gallon]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails or newsletters from The Charlotte Observer. 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