Good morning! This is Daniel de Visé bringing you today’s Daily Money update.

According to Andrea Riquier, borrowers of color have a higher rate of mortgage application denials compared to white borrowers.

In 2023, 27.2% of Black applicants faced denial when applying for mortgages, which is over double the 13.4% denial rate for white applicants. This figure also exceeds the overall denial rate for borrowers of all races by 10 percentage points, based on findings from the Urban Institute’s Housing Finance Policy Center.

This data highlights ongoing disparities in the housing market.

Are my utility bills too high because of this?

Many Americans glance at their monthly utility bills and assume the costs are elevated simply due to the summer heat.

However, as reported by Medora Lee, the reality is more complex. In addition to high usage, consumers are paying for a variety of costs, including fees related to utility trade associations and lobbying efforts aimed at raising consumer rates. In severe cases, there are legal claims suggesting these bills may also support political bribes.

📰 A recommended read 📰

Here’s a noteworthy story from earlier this year that you might have overlooked. Be sure to check it out and share it!

With your 2023 taxes settled, reflect on this eye-opening statistic: The average American will pay $524,625 in taxes over their lifetime, according to a recent report.

This report also ranks states based on their lifetime tax costs. If you’re in the Northeast, brace yourself:

Residents of New Jersey are expected to pay $987,117 in taxes throughout their lifetime, which is the highest in the nation. Washington, D.C. follows closely, with a lifetime tax obligation of $884,820. Connecticut and Massachusetts rank third and fourth, at $855,307 and $816,700, respectively.

For the complete report, click here.

About The Daily Money

Every weekday, The Daily Money brings you the latest consumer and financial news from YSL News. We break down complex events, summarize critical updates, and clarify how changes like Federal interest rate adjustments or bankruptcies affect you.

Daniel de Visé covers personal finance matters for YSL News.