MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 7/27/2026 – 8/3/2026

Did You Know?

*  For the first time in modern economic history, half of all global billionaire wealth is classified as legitimately earned through business innovation, rather than accidents of birth or rent-seeking behaviors. Approximately 67% of the world’s 2,838 billionaires are now classified as self-made. In the US, approximately 73% of billionaires achieved their status through entrepreneurship and company creation rather than inheritance. Those who decry billionaires point out that all modern fortunes rely on public infrastructure, state-backed legal frameworks, and massive worker leverage, not unlike all Americans. Billionaire wealth grew faster since 2020 than at any point in recorded history. Will these fortunes transform into massive, self-perpetuating dynastic aristocracies for tomorrow’s heirs? (ECONOMIST)

* For the first time since 2021, more than 2 million US homes owe at least 25% more than they are worth. California, Florida, Texas and Illinois each have 100,000 seriously underwater homes. But to put this into context:  this represents less than 1.4% of all US homes.

* Millennials love to travel, but many of them are now looking to put down roots. As of 2026, they’re roughly 30 to 45 years old—an age where community and lifestyle become top priorities. They seek job opportunities, housing affordability, easy commute times, and access to parks or community spaces and everyday comfort. Achieving this in a big city is tougher, so many are being more pragmatic about meeting their expectations. Tampa, Nashville, Raleigh/Durham/Chapel Hill, Austin, Washington DC, DesMoines, St.Petersburg, Charlotte, are places where this may be more achievable. New York was on this list too, but is the least affordable of all… unless your career is taking off. (Travel and Leisure)

* “Expensive” is all relative:  A locale’s cost of living isn’t a measure of raw prices—it’s prices weighted against what local residents earn. The BEA finding doesn’t mean that an apartment in Miami costs more than a comparable one in Manhattan. Manhattan’s median listing price per square foot was $1,489 in May 2026, more than three times Miami-Dade County’s $465, according to data retrieved via the Federal Reserve Bank of St. Louis. What’s changed is that Miami’s prices have climbed further, relative to what the average Miami resident earns, compared to how New York’s prices have climbed relative to what New Yorkers earn. And truth be told, both cities are viciously expensive. The key to affordability relies on the ratio between costs and INCOME/wages. (FORTUNE)

Mortgage Rate Updates:

The average rate on a 30-year fixed mortgage in the US rose to 6.66% as of July 30, 2026, from 6.58% a week earlier, marking the fourth consecutive weekly increase. According to Freddie Mac Chief Economist Sam Khater, the housing market continues to benefit from rising inventory levels, giving prospective homebuyers more options and supporting demand despite fluctuating mortgage rates. A year earlier, the average 30-year fixed mortgage rate stood at 6.72%. Meanwhile, the average rate on a 15-year fixed mortgage increased to 6.04% from 5.96% the previous week.

Source: Freddie Mac