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All posts by Michael Stromberg

Michael Stromberg is a part-time writer for Construction Coverage. Professionally, he is software developer with SS&C Advent who specializes in JavaScript and React. Before starting his career as a software developer, Michael was an R&D Engineer for 8 years with MMI Intriplex. He has a Bachelor of Science in Mechanical Engineering and an MA in Business Economics, each from University of California, Santa Barbara. Michael grew up in Pleasanton, California where he worked at a young age with his father on home construction projects and car repair. After college, Michael purchased, rehabbed, and sold a property in Santa Barbara. Currently, he lives in San Francisco, California.

Black man sitting in room under renovation
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Cities With the Highest (and Lowest) Minority Homeownership Rates

Home equity is one of the biggest contributors to household wealth. According to a Census Bureau report, two assets—home equity and retirement accounts—account for 63 percent of American households’ net worth. Yet, prior to the COVID-19 pandemic, only 65 percent of households owned their homes; among minority households, this share was much lower—just 47 percent. ...

Property management software
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The Best Property Management Software for 2021

Property management is an essential aspect of owning rental property. To maintain proper records of their units, landlords or property managers must schedule routine maintenance, collect rent, and keep track of their tenants. There are many great software solutions designed for these exact purposes. This guide begins with an overview of property management and then ...

Woman packing to move
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The Most Transient American Cities

The United States has long been a mobile nation. Throughout America’s earliest days as a colonial outpost, the exploration of the frontier, the urbanization of industrial cities, and the postwar suburban boom, the freedom to venture out in search of opportunity has been a lasting American idea. And yet now, in the modern era, data ...

construction management

The Best Construction Project Management Software in 2021

Construction project management is no simple task. To effectively manage a job, you must keep teams on schedule, stay within budget, ensure quality, and maintain a safe work environment. Fortunately, there are a number of software applications—known as construction project management software—that simplify all of these processes. This guide will cover the various construction management ...

Takeoff Software

The Best Takeoff Software for Construction in 2021

Construction takeoff is a necessary step toward estimating costs in a construction project. Contractors and project managers use blueprints to calculate the quantity and measure of materials and supplies needed for the project. That information is then used in cost estimates, project proposals, and supply order forms. However, the process of generating the takeoff data—pulling ...

Construction Site

The Complete Guide to Construction Insurance in 2021

Understanding Construction Insurance There are many different types of insurance designed to protect property owners, developers, and contractors through the various phases of a construction project. In fact, certain types of construction insurance policies are required for many projects. In the sections below, we’ll review the basics of construction insurance, the most common types of ...

Estimating Software
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The Best Estimating Software for Construction in 2021

Construction estimating is an important step in every construction project. In order to accurately gauge the cost of a construction project, general contractors or builders must create detailed cost estimates, schedules, and construction plans. Luckily, there are many fantastic software solutions designed for these exact purposes. This guide will cover the software products that contractors ...

Residential Housing Development
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States With the Highest Property Tax Rates

The Great Recession was characterized by stark unemployment, financial ruin, and a stalled housing market. Although the National Bureau of Economic Research declared an official end to the economic downturn in June 2009, the American public would feel the effects for years to come. The Great Recession led many Americans to more closely protect their ...

Naples, Florida
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The Most Expensive Neighborhood in Every State

Choosing the right neighborhood can make all the difference when it comes to quality of life. It’s also one of the most important factors that dictate price. According to the Zillow Home Price Index, the median home price in the U.S. is $226,700. However, real estate prices vary widely depending on location. At a macro ...

First-time Home Buyers
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The Best Cities for First-Time Home Buyers

In recent years, the U.S. has become a nation of renters, with more households renting now than at any point since 1965. Although homeownership has historically been part of the American Dream, the lack of affordable housing nationwide puts this goal out of reach for many people. A combination of stagnant wages relative to inflation, ...

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Steep Prices Strain Borrowers & Depress Homeownership in Expensive States

The New York Fed recently released its Household Debt and Credit report for Q4 2018, indicating the status of aggregate household debt in the U.S. The report shows that by the end of 2018, household debt reached a new peak of $13.54 trillion dollars, a 0.2 percent increase from Q3 2018 and $869 billion higher ...

Suburban home
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Cities with the Highest Property Taxes

With President Trump’s Tax Cuts and Jobs Act in effect, living in a high-tax state is now even more expensive than before. Prior to the new law, taxpayers in those states benefited from the ability to deduct the full amount of their state and local tax (SALT) payments on their federal returns. However, starting with the ...

building-permits-heatmap

Trends in Residential Real Estate Development

This page provides statistics from the U.S. Census Bureau Building Permits Survey. The data collected in this survey is meant to provide the public with data and information on new residential construction projects at local, state, and national levels. New Privately-Owned Housing Units by Size Since bottoming out in 2009, new residential real estate development ...