Senate OKs Dems’ $3.5T budget in latest win for Biden
By ALAN FRAM, Associated Press
Senate OKs Dems’ $3.5T budget in latest win for Biden
Andrew Harnik
Senate Budget Committee Chairman Bernie Sanders, I-Vt., center, walks towards the Senate floor as the Senate moves from passage of the infrastructure bill to focus on a massive $3.5 trillion budget resolution, a blueprint of President Joe Biden's top domestic policy ambitions, at the Capitol in Washington, Tuesday, Aug. 10, 2021. (AP Photo/Andrew Harnik)
Andrew Harnik
Senate Budget Committee Chairman Bernie Sanders, I-Vt., center, walks towards the Senate floor as the Senate moves from passage of the infrastructure bill to focus on a massive $3.5 trillion budget resolution, a blueprint of President Joe Biden's top domestic policy ambitions, at the Capitol in Washington, Tuesday, Aug. 10, 2021. (AP Photo/Andrew Harnik)
Senate OKs Dems’ $3.5T budget in latest win for Biden
lalanta71 // Shutterstock
The topic of infrastructure has dominated a good portion of the news lately. So has the housing market. But have you ever thought about how the proximity of infrastructure to a home can impact its value — at least during normal times? It’s a worthy mental trip to take if buying or selling a home is in your future.
UpNest compiled a list of 10 wide-ranging infrastructure projects that can affect a home’s value using data from research papers and studies by associations. Some of these projects are generally beneficial to the price a home can sell for, others are detrimental, and some could go either way.
Of course, these external factors are among many variables that ultimately influence how much buyers think a home is worth. A house may score big points for facing a gorgeous fairway, but it will likely get dinged if it is full of old appliances and has insides begging for an extensive face-lift.
Since infrastructure projects to and around a home don’t always scream for attention, especially on paper, buyers would be well served to visit a property and its neighborhood, do online research, and ask agents about relevant infrastructure before submitting an offer.
Continue reading to discover how various infrastructure projects can affect home value.
lalanta71 // Shutterstock
The topic of infrastructure has dominated a good portion of the news lately. So has the housing market. But have you ever thought about how the proximity of infrastructure to a home can impact its value — at least during normal times? It’s a worthy mental trip to take if buying or selling a home is in your future.
UpNest compiled a list of 10 wide-ranging infrastructure projects that can affect a home’s value using data from research papers and studies by associations. Some of these projects are generally beneficial to the price a home can sell for, others are detrimental, and some could go either way.
Of course, these external factors are among many variables that ultimately influence how much buyers think a home is worth. A house may score big points for facing a gorgeous fairway, but it will likely get dinged if it is full of old appliances and has insides begging for an extensive face-lift.
Since infrastructure projects to and around a home don’t always scream for attention, especially on paper, buyers would be well served to visit a property and its neighborhood, do online research, and ask agents about relevant infrastructure before submitting an offer.
Continue reading to discover how various infrastructure projects can affect home value.
Senate OKs Dems’ $3.5T budget in latest win for Biden
ChiccoDodiFC // Shutterstock
There are many pockets in America that don’t have reliable high-speed internet service, including more than 35% of rural areas, according to President Joe Biden, who has made universal broadband access a key component of his infrastructure plan. So is it any surprise that a home’s value can rise when it already has the infrastructure for residents to do things like connect to virtual classrooms and video conferences, answer emails, stream movies, play video games without latency, and run internet-connected smart home devices?
Single-family homes with access to a 25 megabits per second (Mbps) broadband connection have a price that is about $5,977, or 3%, more than similar homes in communities with only 1 Mbps. In rural areas, the premium is $5,099.
ChiccoDodiFC // Shutterstock
There are many pockets in America that don’t have reliable high-speed internet service, including more than 35% of rural areas, according to President Joe Biden, who has made universal broadband access a key component of his infrastructure plan. So is it any surprise that a home’s value can rise when it already has the infrastructure for residents to do things like connect to virtual classrooms and video conferences, answer emails, stream movies, play video games without latency, and run internet-connected smart home devices?
Single-family homes with access to a 25 megabits per second (Mbps) broadband connection have a price that is about $5,977, or 3%, more than similar homes in communities with only 1 Mbps. In rural areas, the premium is $5,099.
Senate OKs Dems’ $3.5T budget in latest win for Biden
Concept Photo // Shutterstock
The importance of living near public transit dropped slightly for folks during the pandemic. However, having trains and buses nearby has consistently been an important factor for people deciding where to live. Being based near stations can not only save money and hassle, but it can also help property value.
Between 2012 and 2016, median sales price increases near public transit were 4% to 24% higher than for homes farther away. Of course, some potential buyers may find the benefits of convenience would be outweighed by cons like area congestion and frequent train horns.
Concept Photo // Shutterstock
The importance of living near public transit dropped slightly for folks during the pandemic. However, having trains and buses nearby has consistently been an important factor for people deciding where to live. Being based near stations can not only save money and hassle, but it can also help property value.
Between 2012 and 2016, median sales price increases near public transit were 4% to 24% higher than for homes farther away. Of course, some potential buyers may find the benefits of convenience would be outweighed by cons like area congestion and frequent train horns.
Senate OKs Dems’ $3.5T budget in latest win for Biden
Mladen Zivkovic // Shutterstock
Nearly 90% of American kids go to public school, and 53% of buyers with children at home said the quality of a school district is an important consideration when purchasing a residence. Still, living near a top-notch school can benefit even homeowners without little ones since great schools are often linked to higher home values.
A congressional paper notes the average ZIP code associated with an A+ public elementary school has a median home value of $486,104, while the value drops to $122,061 around a public elementary school graded D or lower. Even institutions of higher education can affect a neighborhood. ZIP codes with universities located within them often have above average median home prices.
Mladen Zivkovic // Shutterstock
Nearly 90% of American kids go to public school, and 53% of buyers with children at home said the quality of a school district is an important consideration when purchasing a residence. Still, living near a top-notch school can benefit even homeowners without little ones since great schools are often linked to higher home values.
A congressional paper notes the average ZIP code associated with an A+ public elementary school has a median home value of $486,104, while the value drops to $122,061 around a public elementary school graded D or lower. Even institutions of higher education can affect a neighborhood. ZIP codes with universities located within them often have above average median home prices.
Senate OKs Dems’ $3.5T budget in latest win for Biden
Roschetzky Photography // Shutterstock
Surrounding yourself with nature is good for mental health, and many studies have found living close to a green piece of earth can be a good home investment as well. Parks in urban areas could potentially produce premiums in the 8% to 10% range on average for nearby homes.
Properties that face golf courses can see higher boosts of between 15% and 30% on average. The higher premiums tend to reward views of private courses rather than municipal ones. Nonetheless, some buyers may see living so close to potentially noisy park or golf course revelers as a downside.
Roschetzky Photography // Shutterstock
Surrounding yourself with nature is good for mental health, and many studies have found living close to a green piece of earth can be a good home investment as well. Parks in urban areas could potentially produce premiums in the 8% to 10% range on average for nearby homes.
Properties that face golf courses can see higher boosts of between 15% and 30% on average. The higher premiums tend to reward views of private courses rather than municipal ones. Nonetheless, some buyers may see living so close to potentially noisy park or golf course revelers as a downside.
Senate OKs Dems’ $3.5T budget in latest win for Biden
Purplexsu // Shutterstock
Fracking, the process of extracting shale gas from underground, can have demonstrative impacts on homeowner stress levels. The impact on home values is murkier. One study found hydraulically fractured natural gas wells that are within 3,500 feet of a property in a densely populated area around Dallas reduce property values by about 1.5% to 3%.
Other research found that in neighborhoods of Pennsylvania that use well water, home prices dropped by an average of $30,167 when shale drilling occurred within a distance of a mile. Nearby homes using piped water, however, gained an average of $4,800 in value after shale wells opened, perhaps due to royalty payments from gas companies.
Purplexsu // Shutterstock
Fracking, the process of extracting shale gas from underground, can have demonstrative impacts on homeowner stress levels. The impact on home values is murkier. One study found hydraulically fractured natural gas wells that are within 3,500 feet of a property in a densely populated area around Dallas reduce property values by about 1.5% to 3%.
Other research found that in neighborhoods of Pennsylvania that use well water, home prices dropped by an average of $30,167 when shale drilling occurred within a distance of a mile. Nearby homes using piped water, however, gained an average of $4,800 in value after shale wells opened, perhaps due to royalty payments from gas companies.
Senate OKs Dems’ $3.5T budget in latest win for Biden
Vitpho // Shutterstock
Biking surged during the coronavirus pandemic, but it has long been a favored means of getting from one place to another or enjoying the great outdoors. Having a home within close proximity to trails, bike lanes, and other designated spaces to ride is convenient for bike enthusiasts and is associated with higher home prices.
One study found that being a quarter mile closer to an advanced bikeway in Portland, Oregon, translated to a $686 premium for a single-family home. Another report found the value of a median-priced home in the Minneapolis-St. Paul area increased by $510 for every 1,312 feet closer it is to an off-street bicycle facility.
Vitpho // Shutterstock
Biking surged during the coronavirus pandemic, but it has long been a favored means of getting from one place to another or enjoying the great outdoors. Having a home within close proximity to trails, bike lanes, and other designated spaces to ride is convenient for bike enthusiasts and is associated with higher home prices.
One study found that being a quarter mile closer to an advanced bikeway in Portland, Oregon, translated to a $686 premium for a single-family home. Another report found the value of a median-priced home in the Minneapolis-St. Paul area increased by $510 for every 1,312 feet closer it is to an off-street bicycle facility.
Senate OKs Dems’ $3.5T budget in latest win for Biden
NattapanKansena // Shutterstock
Staying away from power lines can have a dual meaning for homeowners and buyers. Researchers studying vacant lots found those next to high-voltage transmission lines sold for 45% less than those farther away. Lots located within 1,000 feet of power lines often sold at a discount of 18%.
Meanwhile, many residents fear having cell phone towers in their neighborhoods and believe they can lead to problems, including reduced property values. As more 5G cell towers begin popping up throughout the country, that claim is ripe for updated research.
NattapanKansena // Shutterstock
Staying away from power lines can have a dual meaning for homeowners and buyers. Researchers studying vacant lots found those next to high-voltage transmission lines sold for 45% less than those farther away. Lots located within 1,000 feet of power lines often sold at a discount of 18%.
Meanwhile, many residents fear having cell phone towers in their neighborhoods and believe they can lead to problems, including reduced property values. As more 5G cell towers begin popping up throughout the country, that claim is ripe for updated research.
Senate OKs Dems’ $3.5T budget in latest win for Biden
langkawi // Shutterstock
As climate change exacerbates flooding risks, many cities have begun to explore “green” ways to handle stormwater beyond the typical “gray” solutions that are designed to transport water elsewhere, but don’t always work as planned. Nature-based alternatives that help water seep into the ground instead of getting stuck on streets or in homes can add to the aesthetics of a property and a home’s sales price.
Doubling the square footage of some green infrastructure — specifically rain gardens, planters, pervious pavement, or the shallow channels known as swales — near a home can produce an average 0.28% to 0.78% higher value — an increase of $700 to $1,950 for a $250,000 home. Even planting trees, which can help alleviate stormwater problems, can potentially benefit a home’s sales price.
langkawi // Shutterstock
As climate change exacerbates flooding risks, many cities have begun to explore “green” ways to handle stormwater beyond the typical “gray” solutions that are designed to transport water elsewhere, but don’t always work as planned. Nature-based alternatives that help water seep into the ground instead of getting stuck on streets or in homes can add to the aesthetics of a property and a home’s sales price.
Doubling the square footage of some green infrastructure — specifically rain gardens, planters, pervious pavement, or the shallow channels known as swales — near a home can produce an average 0.28% to 0.78% higher value — an increase of $700 to $1,950 for a $250,000 home. Even planting trees, which can help alleviate stormwater problems, can potentially benefit a home’s sales price.
Senate OKs Dems’ $3.5T budget in latest win for Biden
lalanta71 // Shutterstock
While 46% of homeowners have given serious thought to the idea of installing solar panels on their homes, just 6% of U.S. homeowners told the Pew Research Center in 2019 that they had installed solar panels at home. Reducing utility bills and helping the environment were among the top reasons they cited, though bumping up their home’s value could prove to be another benefit.
While 46% of homeowners have given serious thought to the idea of installing solar panels on their homes, just 6% of U.S. homeowners told the Pew Research Center in 2019 that they had installed solar panels at home. Reducing utility bills and helping the environment were among the top reasons they cited, though bumping up their home’s value could prove to be another benefit.
Senate OKs Dems’ $3.5T budget in latest win for Biden
Rawpixel.com // Shutterstock
Single-family homes in center-city neighborhoods of Charlotte, North Carolina, saw their values jump by nearly 10% after a craft brewery opened within a half mile. Values of condominiums rose nearly 3%. One component of this quirky finding may be the fact that many people like living within an easy walk to points of interest.
On average, homes with good “walkability” in Washington D.C. had for-sale residential property values of $81.54 per square foot more relative to a place with fair walkability.
This story was produced and distributed in partnership with Stacker Studio.
Rawpixel.com // Shutterstock
Single-family homes in center-city neighborhoods of Charlotte, North Carolina, saw their values jump by nearly 10% after a craft brewery opened within a half mile. Values of condominiums rose nearly 3%. One component of this quirky finding may be the fact that many people like living within an easy walk to points of interest.
On average, homes with good “walkability” in Washington D.C. had for-sale residential property values of $81.54 per square foot more relative to a place with fair walkability.
This story was produced and distributed in partnership with Stacker Studio.
WASHINGTON (AP) — Democrats pushed a $3.5 trillion framework for bolstering family services, health, and environment programs through the Senate early Wednesday, advancing President Joe Biden’s expansive vision for reshaping federal priorities just hours after handing him a companion triumph on a hefty infrastructure package.
Lawmakers approved Democrats’ budget resolution on a party-line 50-49 vote, a crucial step for a president and party set on training the government’s fiscal might on assisting families, creating jobs and fighting climate change. Higher taxes on the wealthy and corporations would pay for much of it. Passage came despite an avalanche of Republican amendments intended to make their rivals pay a price in next year’s elections for control of Congress.
House leaders announced their chamber will return from summer recess in two weeks to vote on the fiscal blueprint, which contemplates disbursing the $3.5 trillion over the next decade. Final congressional approval, which seems certain, would protect a subsequent bill actually enacting the outline’s detailed spending and tax changes from a Republican filibuster in the 50-50 Senate, delays that would otherwise kill it.
Even so, passing that follow-up legislation will be dicey with party moderates wary of the massive $3.5 trillion price tag vying with progressives demanding aggressive action. The party controls the House with just three votes to spare, while the evenly divided Senate is theirs only due to Vice President Kamala Harris tie-breaking vote. Solid GOP opposition seems guaranteed.
Senate Budget Committee Chairman Bernie Sanders, I-Vt., once a progressive voice in Congress’ wilderness and now a national figure wielding legislative clout, said the measure would help children, families, the elderly and working people — and more.
“It will also, I hope, restore the faith of the American people in the belief that we can have a government that works for all of us, and not just the few,” he said.
Republicans argued that Democrats’ proposals would waste money, raise economy-wounding taxes, fuel inflation and codify far-left dictates that would harm Americans. They were happy to use Sanders, a self-avowed democratic socialist, to try tarring all Democrats backing the measure.
If Biden and Senate Democrats want to “outsource domestic policy to Chairman Sanders” with a “historically reckless taxing and spending spree,” Republicans lack the votes to stop them, conceded Senate Minority Leader Mitch McConnell, R-Ky. “But we will debate. We will vote.”
The Senate turned to the budget hours after it approved the other big chunk of Biden’s objectives, a compromise $1 trillion bundle of transportation, water, broadband and other infrastructure projects. That measure, passed 69-30 with McConnell among the 19 Republicans backing it, also needs House approval.
Senate Majority Leader Chuck Schumer, D-N.Y., assured progressives that Congress will pursue sweeping initiatives going beyond that infrastructure package.
“To my colleagues who are concerned that this does not do enough on climate, for families, and making corporations and the rich pay their fair share: We are moving on to a second track, which will make a generational transformation in these areas,” Schumer said.
Sen. Mike Rounds, R-S.D., missed the budget votes to be with his ailing wife.
In a budget ritual, senators plunged into a “vote-a-rama,” a nonstop parade of messaging amendments that often becomes a painful all-night ordeal. This time, the Senate held more than 40 roll calls by the time it approved the measure at around 4 a.m. EDT, more than 14 hours after the procedural wretchedness began.
With the budget resolution largely advisory, the goal of most amendments was not to win but to force the other party’s vulnerable senators to cast troublesome votes that can be used against them in next year’s elections for congressional control.
Republicans crowed after Democrats opposed GOP amendments calling for the full-time reopening of pandemic-shuttered schools and boosting the Pentagon’s budget and retaining limits on federal income tax deductions for state and local levies. They were also happy when Democrats showed support for Biden’s now suspended ban on oil and gas leasing on federal lands, which Republicans said would prompt gasoline price increases.
One amendment may have boomeranged after the Senate voted 99-0 for a proposal by freshman Sen. Tommy Tuberville, R-Ala., to curb federal funds for any municipalities that defund the police. That idea has been rejected by all but the most progressive Democrats, but Republicans have persistently accused them anyway of backing it.
In an animated, sardonic rejoinder, Sen. Cory Booker, D-N.J., called Tuberville’s amendment “a gift” that would let Democrats “put to bed this scurrilous accusation that somebody in this great esteemed body would want to defund the police.” He said he wanted to “walk over there and hug my colleague.”
Republicans claimed two narrow victories with potential implications for future votes, with West Virginia Sen. Joe Manchin, one of the chamber’s more conservative Democrats, joining them on both nonbinding amendments.
One indicated support for health care providers who refuse to participate in abortions. The other voiced opposition to teaching critical race theory, which considers racism endemic to American institutions. There’s scant evidence that it’s part of public school curriculums.
The budget blueprint envisions creating new programs including tuition-free pre-kindergarten and community college, paid family leave and a Civilian Climate Corps whose workers would tackle environmental projects. Millions of immigrants in the U.S. illegally would have a new chance for citizenship, and there would be financial incentives for states to adopt more labor-friendly laws.
Medicare would add dental, hearing and vision benefits, and tax credits and grants would prod utilities and industries to embrace clean energy. Child tax credits beefed up for the pandemic would be extended, along with federal subsidies for health insurance.
Besides higher taxes on the wealthy and corporations, Democrats envision savings by letting the government negotiate prices for pharmaceuticals it buys, slapping taxes on imported carbon fuels and strengthening IRS tax collections. Democrats have said their policies will be fully paid for, but they’ll make no final decisions until this fall’s follow-up bill.