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As of February, it’s cheaper to rent a home than buy one in all of the US’s top 50 metros — and by a staggeringly wide margin, according to a recent study.

For a so-called “starter home” in any of these sought-after cities — which some have argued no longer exist thanks to sky-high borrowing rates and inflationary housing prices — it costs 60.1% less to lease the property than own it on a monthly basis, per Realtor.com’s February 2024 Rental Report.

On average, the stiff premium for homeownership amounts to roughly $1,027 in monthly costs — though in the most sought-after cities, that figure more than doubles.

In Austin, Texas, for example, the gap between renting and buying was the largest, according to Realtor.com’s report that was earlier reported on by the Daily Mail.

The monthly cost of buying a starter home — a zero-to-two-bedroom home, per Realtor.com — in the Austin area was $3,695 in February. The sum marked a staggering 141.5%– or $2,165 — more than the typical monthly rent of $1,530 in the Texan capitol.

Seattle’s housing market also boasted a large disparity between buying and renting: The monthly cost of buying a starter home was $4,422 in February, while the median rent was $2,000 — a 121.1% difference, per Realtor.com.

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And in Phoenix, Ariz., the cost of renting monthly, an average of $1,543, was nearly half the $3,071 per month it would require to buy.

Though it’s more expensive to buy a home in all of the 50 major metros in the US, San Francisco, Los Angeles, San Jose and Sacramento in California, as well as Nashville, Portland and Houston rounded out the top 10 cities with the biggest difference between buying and renting.

For reference, in Realtor.com’s February 2023 Rental Report, it found that renting a starter home was more affordable than buying in 45 of the largest US cities.

In the 12 months since, Memphis, Tenn.; Birmingham, Ala.; Pittsburgh, Pen.;, St. Louis, Mo.; and Baltimore, Md., have flipped from favoring homeowners to favoring renters, according to the Daily Mail.

Realtor.com — which assumed an 8% downpayment, a mortgage rate of 6.78% and included the cost of taxes, insurance and fees in its calculations — noted that buying a starter home is becoming increasingly more expensive as the price of monthly rents have dropped at a faster rate than buying costs.

In February, buying costs dropped 1.6% in the previous 12 months, while rent costs dropped 4.44%.

The key driver of this was elevated mortgage rates, Realtor.com said.

In February, the average rate on a 30-year fixed-rate mortgage was 6.78%, according to the real-estate listings website — up from 6.26% 12 months prior.

Surging rates have made it so unaffordable to take on a mortgage that there’s a growing number of buyers these days that Redfin calls “nepo” buyers — a reference to the nepo baby phenomenon where children of celebrities ride their coattails to gain a foothold on a career.

According to a recent survey from Redfin, 36% of Gen Zers, whose ages range between 12 and 27, and millennials, 28 to 43, are expecting a cash gift from family members in order to fund their downpayment twice as many as there were just five years ago.

Another 16% are anticipating to use an inheritance to help fund their downpayment, and 13% plan to live with their parents or other family members.

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Judge: 23XI, Front Row can’t keep using charters

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Judge: 23XI, Front Row can't keep using charters

CHARLOTTE, N.C. — A federal judge on Thursday rejected a request from 23XI Racing and Front Row Motorsports to continue racing with charters while they battle NASCAR in court, with the teams saying it puts them at risk of going out of business.

The ruling means the teams’ six cars will race as open entries this weekend at Dover, next week at Indianapolis and perhaps longer than that.

U.S. District Judge Kenneth Bell denied the teams’ bid for a temporary restraining order, saying they will make races over the next couple of weeks and they won’t lose their drivers or sponsors before his decision on a preliminary injunction.

Bell left open the possibility of reconsidering his decision if things change over the next two weeks.

After this weekend, the cars affected may need to qualify on speed if 41 entries are listed — a possibility now that starting spots have opened.

23XI, which is co-owned by retired NBA great Michael Jordan, and FRM filed their federal suit against NASCAR last year after they were the only two organizations out of 15 to reject NASCAR’s extension offer on charters.

The case has a Dec. 1 trial date, but the two teams are fighting to be recognized as chartered for the current season, which has 16 races left. A charter guarantees one of the 40 spots in the field each week, but also a base amount of money paid out each week.

Jordan and FRM owner Bob Jenkins won an injunction to recognize 23XI and FRM as chartered for the season, but the ruling was overturned on appeal earlier this month, sending the case back to Bell.

Three-time Daytona 500 winner Denny Hamlin co-owns 23XI with Jordan and said they were prepared to send Tyler Reddick, Bubba Wallace and Riley Herbst to the track each week as open teams. They sought the restraining order Monday, claiming that through discovery they learned NASCAR planned to immediately begin the process of selling the six charters which would put “plaintiffs in irreparable jeopardy of never getting their charters back and going out of business.”

“This is a fair and significant fear; however, NASCAR has agreed that it ‘will not sell any charters before the court can rule on plaintiffs’ motion for preliminary injunction,'” Ball wrote. “Similarly, plaintiffs worry that denying them guaranteed entry into the field for upcoming races could adversely impact their competitive standing, including their ability to earn a spot in the playoffs. Again, a legitimate, potentially irreparable harm. Yet, akin to the sale of charters, NASCAR represents to the court that all of plaintiffs’ cars will qualify (if they choose to race) for the races in Dover and Indianapolis that will take place during the next 14 days.”

Making the field won’t be an issue this weekend at Dover as fewer than the maximum 40 cars are entered. But should 41 cars show up anywhere this season, someone slow will be sent home and that means lost revenue and a lost chance to win points in the standings.

Reddick was last year’s regular season champion and raced for the Cup Series championship in the season finale. But none of the six drivers affected by the court ruling are locked into this year’s playoffs.

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One child dies after coach crashes in Somerset on way back from school trip

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One child dies after coach crashes in Somerset on way back from school trip

One child has died after a coach bringing children back from a school trip crashed and overturned near Minehead, Somerset, police have said.

A major incident was declared after the vehicle, which had 60-70 people on board, crashed on the A396 Cutcombe Hill, between Wheddon Cross and Timbercombe, shortly before 3pm on Thursday afternoon.

The coach was heading to Minehead Middle School at the time.

At a news conference on Thursday night, officials confirmed one child died at the scene.

A further 21 patients were taken to hospital, including two children who were transported via air ambulance. “Several” other people were treated at the scene, they added.

A police officer near the scene of a coach crash in Somerset. Pic: PA
Image:
A police officer near the scene of the coach crash in Somerset. Pic: PA

“This has been an incredibly challenging scene for all emergency services,” Chief Superintendent Mark Edgington said.

“Today’s events are truly tragic, we know the whole community and wider area will be utterly devastated to learn of this news.”

An investigation into what caused the crash will be carried out, he added.

Gavin Ellis, the chief fire officer for Devon and Somerset Fire & Rescue Service, said the coach “overturned onto its roof and slid approximately 20ft down an embankment”.

He praised an off-duty firefighter who was travelling behind the vehicle for helping at the scene, before crews then arrived to carry out rescues “in extremely difficult circumstances”.

“I’m grateful for the tireless effort and actions of the crews in doing everything they could for those who were trapped and as quickly as safely as possible,” he said.

“I’m extremely proud of the efforts that my firefighters took today at this tragic event.”

Eight fire engines were sent to the scene, with two specialist rescue appliances and around 60 fire personnel, Mr Ellis said.

A total of 20 double-crewed ambulances, three air ambulances and two hazardous area response teams were also sent to the scene, a representative for the South Western Ambulance Service said.

Emergency services near the scene in Minehead
Image:
Pic: PA

Ch Supt Mark Edgington said: “Many passengers either sustained minor injuries or were physically unharmed and were transferred to a rest centre.

“Work to help them return to Minehead has been taking place throughout the evening.

“An investigation into the cause of this incident will be carried out.”

Minehead Middle School has pupils aged between nine and 14, and is five days away from the end of term.

‘I don’t have words,’ says local MP

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‘From one mother to another, I feel your pain’

Rachel Gilmour, MP for Tiverton and Minehead, has said the road where the coach crashed is “very difficult to manoeuvre”.

Speaking to Sky News chief presenter Anna Botting, Ms Gilmour said she visited Minehead Middle School recently, where she “met the children and they were full of joy, enthusiasm and were very positive”.

“I know many of their parents,” she said. “I don’t have words.”

Describing the scene, Gilmour continued: “You have a very difficult crossing at Wheddon Cross, and as you come out to dip down into Timbercombe, the road is really windy and there are very steep dips on either side.

“If the coach, as the police are saying, went 20ft off the road, you are literally on a really, really steep bank.”

The MP, whose constituency is partly in Devon and partly in Somerset, said there is a “really, really close community”.

“We will pull together, but it would be crass of me to say to a parent who’s just lost their child that I could make things better, I can’t,” she said.

“All I can say is that from one mother to another, I feel your pain.”

Cutcombe Hill near Minehead, where the accident took place. Pic: Google Maps
Image:
Cutcombe Hill near Minehead, where the accident took place. Pic: Google Maps

Sir Keir Starmer said in a post on X: “There are no adequate words to acknowledge the death of a child. All my thoughts are with their parents, family and friends, and all those affected.

“Thank you to the emergency workers who are responding at pace – I’m being kept up to date on this situation.”

Education Secretary Bridget Phillipson wrote: “It is heartbreaking to hear that a child has died and others are seriously injured following the incident in Minehead earlier today.

“My thoughts are with their friends and families, and all those affected by this tragic event.”

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Elon Musk’s Neuralink filed as ‘disadvantaged business’ before being valued at $9 billion

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Elon Musk's Neuralink filed as 'disadvantaged business' before being valued at  billion

Jonathan Raa | Nurphoto | Getty Images

Elon Musk’s health tech company Neuralink labeled itself a “small disadvantaged business” in a federal filing with the U.S. Small Business Administration, shortly before a financing round valued the company at $9 billion.

Neuralink is developing a brain-computer interface (BCI) system, with an initial aim to help people with severe paralysis regain some independence. BCI technology broadly can translate a person’s brain signals into commands that allow them to manipulate external technologies just by thinking.

Neuralink’s filing, dated April 24, would have reached the SBA at a time when Musk was leading the Trump administration’s Department of Government Efficiency. At DOGE, Musk worked to slash the size of federal agencies.

MuskWatch first reported on the details Neuralink’s April filing.

According to the SBA’s website, a designation of SDB means a company is at least 51% owned and controlled by one or more “disadvantaged” persons who must be “socially disadvantaged and economically disadvantaged.” An SDB designation can also help a business “gain preferential access to federal procurement opportunities,” the SBA website says. 

Musk, the world’s wealthiest person, is CEO of Tesla and SpaceX, in addition to his other businesses like artificial intelligence startup xAI and tunneling venture The Boring Company. In 2022, Musk led the $44 billion purchase of Twitter, which he later named X before merging it with xAI.

Jared Birchall, a Neuralink executive, was listed as the contact person on the filing from April. Birchall, who also manages Musk’s money as head of his family office, didn’t immediately respond to a request for comment.

Neuralink, which incorporated in Nevada, closed a $650 million funding round in early June at a $9 billion valuation. ARK Invest, Peter Thiel’s Founders Fund, Sequoia Capital and Thrive Capital were among the investors. Neuralink said the fresh capital would help the company bring its technology to more patients and develop new devices that “deepen the connection between biological and artificial intelligence.”

Under Musk’s leadership at DOGE, the initiative took aim at government agencies that emphasized diversity, equity and inclusion (DEI). In February, for example, DOGE and Musk boasted of nixing hundreds of millions of dollars worth of funding for the Department of Education that would have gone towards DEI-related training grants.

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