The renter-homeowner wealth gap
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 28 November 2024
⏱️ 27 minutes
🧾️ Download transcript
Summary
It’s probably unsurprising that homeowners are typically wealthier than renters. But a new report from the Aspen Institute shows how wide that gap is: $400,000 median net worth, compared to $10,400, respectively. How do renters catch up? Also in this episode: Older Americans move south to be near family, companies spend more on intellectual property, and a chocolatier in Maine preps for the holiday season.
Transcript
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| 0:00.0 | The macro economy, still looking strong. We'll look at the micro too. From American public media, |
| 0:08.1 | this is Marketplace. |
| 0:14.9 | In Baltimore, I'm Amy Scott in for Kai Rizdahl. |
| 0:22.7 | It's Wednesday, November 27th. |
| 0:25.0 | Good to have you with us. |
| 0:26.6 | Consumer spending gets a lot of attention this week, what with Black Friday and all. |
| 0:31.0 | But businesses buy stuff too. |
| 0:33.4 | And today, the Commerce Department is out with some new data on that spending. |
| 0:37.1 | New orders for durable goods, products meant to last at with some new data on that spending. New orders for |
| 0:38.0 | durable goods, products meant to last at least three years, increased slightly, 2 tenths percent |
| 0:43.4 | in October. And the Department's Bureau of Economic Analysis is out with a revised estimate of |
| 0:49.0 | third quarter GDP. The headline number remains the same. The economy grew at an annual rate of 2.8%. But one component |
| 0:58.1 | that was revised upwards, what the BEA calls non-residential fixed investment, another measure of |
| 1:04.9 | business spending. Marketplace's Stephanie Hughes has the details. The electrical contractor, |
| 1:10.6 | Kelso Burnett, is based in Chicago, |
| 1:12.6 | and in the last five years, the company's gotten more business installing solar panels in Illinois. |
| 1:17.1 | As you can imagine, out in the middle of the cornfields, you know, they're buying up some property |
| 1:20.7 | and they're building the solar farms. William Martin Jr. is a branch manager for the company. |
| 1:25.8 | To build those solar farms, his company has to |
| 1:27.9 | install metal pilings that support the panels. Kelso Burnett had been renting equipment to do the |
| 1:32.8 | work, but earlier this year, it decided to spend half a million dollars on its own pile drivers. |
| 1:38.3 | We see a big market in the solar field area, so dove right in and bought two machines. |
... |
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