Earlier this year, NAHB released 2017 property taxes by state as a blog post and as a longer special study. However, in light of changes made to the tax code by the Tax Cuts and Jobs Act (TCJA), further refining the statistics by congressional district is instructive to both members of Congress as well as their constituents.
Property Tax Payments, Effective Tax Rates, and Intrastate Comparisons
The highest average property tax bill was $11,389, paid by home owners residing in New York’s 17th district (Rockland County and portions of Westchester County). The smallest average annual real estate tax bill was $425, paid by home owners in Alabama’s fourth district (Franklin, Colbert, Marion, Lamar, Fayette, Walker, Winston, Cullman, Lawrence, Marshall, Etowah, and DeKalb Counties). The congressional districts in which homeowners pay the 20 largest and 20 smallest annual property tax bills are shown in Figure 1.
It is not surprising that many of the districts with the highest property tax rates are in states that impose the highest average property tax rates. Figure 2 illustrates the geographic concentration of high- and low-tax congressional districts.
For example, 17 of the 20 congressional districts with the highest property tax rates are in three states: New Jersey, New York, and Illinois (Figure 3).
Source: U.S. Census Bureau, 2017 American Community Survey
Congressional districts in New York State exhibited the most variability of effective property tax rates – equal to the percentage of the property value paid in taxes each year (see Figure 4). The difference between rates in the 25th and 13th districts was 2.43 percentage points in 2017, the largest such difference within a state. The average property tax rate in the 25th district (2.79%) is more than six times greater than that in the 13th (0.36%). The smallest differential within a state with five or congressional districts was in Washington, where the highest effective property tax rate is 1.04% (WA-10) and the lowest is 0.75% (WA-7).
Property Taxes and the Tax Cuts and Jobs Act
The state and local tax (SALT) deduction decreases federal tax liability by allowing taxpayers to deduct the total of property tax payments plus either sales or income taxes paid to state and local governments during the year. Under prior law, this deduction was uncapped but disallowed for taxpayers forced to pay the alternative minimum tax (AMT). However, the Tax Cuts and Jobs Act (TCJA) capped home owners’ SALT deduction at $10,000 per year (through 2025).
The value of a tax deduction is determined by the amount deducted from taxable income and the taxpayer’s top marginal tax rate at which the income would have been taxed. Thus, under prior law, a taxpayer in the top tax bracket (39.6%) who paid $10,000 in state income taxes and $10,000 in property taxes could have decreased their federal tax liability by $7,920 [39.6% x ($10,000+$10,000)].
Until the TCJA-made change expires in 2026, that amount would be reduced to $3,700 (equal to the $10,000 cap multiplied by the new, top marginal tax rate of 37%). The effect of this change on after-tax income is obvious in certain high-tax congressional districts. For example, the average yearly bill for property taxes alone exceeded $10,000 in six districts in 2017 (NY-17, NY-3, NJ-11, NJ-7, NY-4, and NJ-5).
But as AMT status affects a taxpayer’s possible SALT deduction, one must bear in mind the significant changes made to the AMT by the TCJA. The most impactful of these changes was the increase of the income threshold at which the AMT exemption begins to phase out. For a married couple filing jointly, the phaseout threshold went from $160,900 to $1 million in 2018.
As a result, the number of AMT-affected taxpayers is expected to fall 90%–from five million to 500,000—between tax years 2017 and 2018. The taxpayers who no longer face the AMT may now be able to claim a $10,000 deduction that was previously unavailable to them, lowering their tax liability.
These seven products will make your home a DIY haven. Find out what the Family Handyman editors are falling in love with right now.
1 / 7
Telescoping ladders allow you to reach the same height as standard extension ladders, but they eliminate all ’re lighter and easier to transport and take up far less space in your garage. There are a few different brands, and each has models that extend to various heights. We got our hands on the Xtend + Climb 770P, and we’re big fans. It retracts to just 32 in. tall and extends in 1-ft. increments, up to 12 ft. And it weighs only 27 lbs. You can get one online for about $190.2 / 7
My go-to tape
I use a tape measure nearly every day and rely on them for accuracy in detailed woodworking and metalworking projects, and for large-scale carpentry. But I don’t always need to lay out 35-ft.walls, so I prefer this 16-ft. Milwaukee compact tape measure for day-to-day work. It’s easy to carry in my tool belt or clip to my pocket. The strong, nylon-coated blade is printed on both sides, so I can read measurements from any position. The rugged outer case has survived many drops from the top of my ladder to my concrete shop floor. You can find one for about $11 at home centers and online. — April Wilkerson, Contributing Editor3 / 7
The bits in this StubbyBit set by Milescraft may look funny, but they’re super practical. They solve the problem of making pilot or dowel holes in confined spaces—for example, to add shelf pin holes in a narrow cabinet.
If you combine one with a right-angle bit, you can drill a pilot hole nearly anywhere. The hex shank makes going from drill bit to driver bit very fast, and the short length means they’re less likely to snap off. Pick up a set for about $14 online. When you need them, you’ll be glad you did.
By the time we’d get to the dinner dishes after putting the kids to bed, my wife and I would often find melted cheese and lasagna residue stuck to our plates. But when I remodeled our kitchen, I installed a Kohler faucet with a sweeping sprayer pattern that acts like a scraper to rinse off dishes. It doesn’t replace elbow grease in extreme cases of dried-on dinner, but it definitely works better than the faucet we had before. This is the Simplice kitchen faucet, which is available at Home Depot for $180, but Kohler makes several models with this convenient feature. — Mike Berner, Associate Editor
If you’ve struggled to get a grip on short wires or to pull cable through an electrical box, compound-motion pliers may provide the extra gripping power you’re looking for. A few brands make them, but I’ve had the DeWalt long nose pliers in my belt for the recent electrical work I’ve been doing. You can find compound-motion pliers at home centers and online. This DeWalt long nose costs $15. It’s also available in a set (less than $40) that includes side cutters and lineman’s pliers.
Headlamps provide hands-free light that follows your line of vision. That makes them a great tool for DIYers, whether you’re putting away your string trimmer after sunset, navigating a dark attic or crawl space, or working under the hood. The downside is that most headlamps are spotlights that focus their light on what’s in front of you. This OV LED Broadbeam Headlamp gives you 210 degrees of illumination, lighting up your surroundings so you can find your tools in the yard or change that tire in the dark. It’s powered by three “AAA” batteries and has two brightness settings. OV LED headlamps are available online for $15.
If you’re thinking about a way to upgrade your bathroom, here’s an easy one. Put a frame around the plain mirror above your vanity. MirrorMate simplifies that by cutting a frame to fit for you. After you supply the mirror dimensions on its website, including how much space is around your mirror, it will ship a frame to your home along with special connectors and glue to put it together. Just glue the ends together, pound the connectors in, and stick it on. You can choose from 65 frame styles in different pricing tiers at mirrormate.com.
Every product is independently selected by our editors. If you buy something through our links, we may earn an affiliate commission.
Data from the latest survey of the Mortgage Bankers Association’s Weekly Application Survey show small year-over-year gains in purchasing activity and larger year-over-year gains in refinancing activity. The Primary Market Mortgage Survey indicated no change in the 30-year fixed rate mortgage (FRM) from the previous week, at a non-seasonally adjusted rate of 3.8%. However, two weeks ago, the FRM decreased by 17 basis points from the week before, which was the largest week-to-week decline in over two months. A previous postreferred to trade disputes as a source of stagnating purchase activity for potential homeowners.
Year-over-year, the gains were strongest in refinance and far less pronounced in purchases, on a seasonally adjusted basis. The index for refinance increased by 79.5% while the index for purchase mortgages increased by 3.5%. The fixed-rate mortgage, however, has shown steady, year-over-year percentage declines since the start of 2019.
“We just loved it, and all our friends and family loved it,” said Mr. Nordquist, 51, a retired financier from Manhattan. “It had to be here, and it had to be now.”
David and Sindhu Nordquist deliberated for years about where to buy a second home, and thenlast summer, while renting a house in the Hamptons for the first time, they decided to find a place on the East End of Long Island to call their own.
With Timothy O’Connor, an agent at Halstead, the Nordquists looked at more than 60 listings, searching for “a beach house in the woods,” Mr. Nordquist said. “We wanted privacy and didn’t want neighbors around us.”
Their timing was fortunate. In the usually high-flying Hamptons, the housing market is in a rut. Inventory is up; prices are down. The median sale price of a single-family home in the Hamptons has dropped 7.9 percent, from $933,750 in the first quarter of 2018 to $860,000 during the first three months this year, according to a report from Douglas Elliman Real Estate.
After searching for several months, the Nordquists found the serenity they were looking for down a long gravel driveway: a 1991 contemporary home with 3,300 square feet, a heated pool and a pool house, on a woodsy 1.82 acres. Initially listed at $1.825 million in August 2017, the property went on and off the market. When the couple visited last December, the price had dropped to $1.6 million. They bought it this spring for $1.35 million, with plans to paint, change the windows and convert the wood-burning fireplaces to gas.David Nordquist at his new Hamptons home, which sits on 1.82 acres and has a heated pool and a pool house.CreditDaniel Gonzalez for The New York Times
“We negotiated pretty hard on the price,” Mr. Nordquist said. “I bargained a lot. I felt the market was softening.”
As Aspasia G. Comnas, the executive managing director of Brown Harris Stevens, observed, “Sellers in the Hamptons are used to the market always going up every year, and if they priced aggressively it didn’t matter.” But in today’s market, homes that are not priced competitively “are going to have to go through a series of price reductions” before they sell, she said — at all levels of the market, not just at the high end.
Buyers seem to be staying on the sidelines. The number of single-family homes on the market during the first three months of 2019 was nearly double that of a year earlier: 2,327, up from 1,201. And sales of single-family homes have dropped, to 287 from 350 in 2018.
One thing making buyers hesitate, said Jonathan J. Miller, the president of the appraisal firm Miller Samuel and the author of the Douglas Elliman report, is the new federal tax code approved by Congress in late 2017, which makes it more expensive to own luxury property because homeowners can deduct only up to $10,000 in state and local taxes from their federal income taxes.
“The Hamptons are trending much like the New York City metro area,” Mr. Miller said, noting that the situation is similar in other parts of the Northeast and in California, where real estate is pricey and property taxes are high.
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“The slowdown in sales represents the disconnect between sellers, who are anchored to better times, and buyers, who have a lot of changes to process,” Mr. Miller said.
Any sense of urgency was further quelled by the “intense volatility of the financial markets at the end of last year, along with the close linkage of Wall Street to the Hamptons,” he added.
A 17 percent dip in bonuses in the finance industry in 2018 likely also discouraged Wall Street workers from buying second homes in the Hamptons. The average bonus for financial market employees in 2017 was $184,400; in 2018, it dropped to $153,700, according to a report from the New York State Comptroller.
Those who did buy, though, found bargains.
Figuring it didn’t hurt to look, Maria and Stephen Zak, of Saddle River, N.J., toured a 2007 harbor-front house with four bedrooms, four and a half bathrooms, a heated pool and a hot tub, on an acre in East Hampton, listed for $3.2 million. “We loved it, but it was way out of our budget,” said Mr. Zak, 53, the chief financial officer of a boutique investment bank.
They had been looking for a second home for about a year. The price of the 3,400-square-foot house had already been reduced from the original 2017 asking price of $3.995 million. So “we threw out an offer we were comfortable with,” Mr. Zak said. And in November, the Zaks closed on the house, for $2.735 million.The bedrooms of Mr. Baltimore’s 1970s house are on the lower level. CreditDaniel Gonzalez for The New York Times
“It’s like the dog that chases the car and actually catches it,” Mr. Zak said. “It’s still not cheap, but it was fair and it was in move-in condition.” They have since installed a new kitchen, painted and brought in new rugs.
In the shifting luxury real estate market, the highest priced homes are taking longer to sell, said Laura Brady, the president and founder of Concierge Auctions, in Manhattan. The company’s Luxury Homes Index report, released earlier this month, noted that the 10 most expensive homes sold in the Hamptons last year had an average sale price of $24,079,286, and spent an average of 706.7 days on the market. Luxury homes that lingered on the market tended to go for less, selling at discounts of nearly 40 percent after six months, Ms. Brady said.
In Montauk, the 20-acre oceanfront estate that belongs to Dick Cavett, the former talk show host, has been on the market for two years. The 7,000-square-foot, six-bedroom, four-bathroom house, which was listed for $62 million in June 2017, was designed by McKim, Mead & White in the 1880s and rebuilt in 1997 after a fire, using “forensic architecture techniques” to replicate the original house with a wraparound porch and a bell tower, said Gary DePersia, an associate broker with Corcoran. The price dropped to $48.5 million last August, then Mr. DePersia re-listed it in February, for $33.95 million.
“They are motivated sellers,” Mr. DePersia said. “Where are you going to get 20 acres with 900 feet of oceanfront and utter privacy with a historic house for that kind of money in the Hamptons? You are not.”
According to a first quarter report from Bespoke Real Estate, which deals exclusively with $10 million-plus properties, 122 homes priced over $10 million were on the market at the end of March, with 13 between $30 and $40 million.
Most $10 million-plus buyers already have a home in the Hamptons, said Zachary Vichinsky, a principal at Bespoke Real Estate, and have spent “in some cases the better part of two years exploring the market and defining what works best for them,” whether that means upgrading or building a new home closer to the water.
“There is a lack of urgency on their part, in a lot of cases, but the special inventory continues to move pretty quickly,” Mr. Vichinsky said.
In 2018, a total of 41 homes sold for $10 million or more in areas that brokers refer to as the “alpha market,” which includes East Hampton, Southampton, Water Mill, Bridgehampton, Sagaponack and Wainscott.
But there was one bright spot in the market overall: homes listed for $500,000 to $1 million. That sector of the market accounted for 34 percent of sales in the first quarter, according to a report from Brown Harris Stevens.Mr. Baltimore affectionately refers to his hexagonal house as “the hive.”CreditDaniel Gonzalez for The New York Times
Last November, after renting a “shack on the bay” in Sag Harbor for nine years, Keith Baltimore, an interior designer with offices in Manhattan, Port Washington, N.Y., and Boca Raton, Fla., paid $900,000 for a “quirky and campy” 1970s contemporary house with an upside-down floor plan, a circular great room with a skylight, and a pool, on an acre in Water Mill. The house was originally listed for $1.15 million.
“There were so many houses on the market, it felt like a full-time job looking at what’s out there, doing due diligence,” said Mr. Baltimore, 55, who spent weekends for a year and a half house shopping.
From Westhampton to Montauk, about 1,900 homes are available for $2 million or less, including about 900 under $1 million and 160 for around $500,000, said Mr. O’Connor, the Halstead agent.
Median asking rent has reached an all-time high, rising to a record $1,006 in the first quarter of 2019, according to recent data from the U.S. Census Bureau.
Rental properties that were lying vacant remained low at 7% in Q1, a factor that is driving up rental prices.
Meanwhile, homeownership levels across the country were relatively flatfrom last year, the data revealed, reversing a trend of eight consecutive quarters of growth.
Rents rise as increased demand takes a bite out of homeownership
It appears a surge in renters is the cause. The number of renters has changed course, rising in Q1 after falling in six out of seven previous quarters.
Skylar Olsen, Zillow’s director of Economic Research, said the data suggests the younger generation is having trouble overcoming the hurdles they face in the path toward homeownership, including securing a down payment, finding an affordable home and qualifying for a loan.
“These hurdles – combined with potential shifts in preferences and/or a simple delay in the many ‘adulting’ events like marriage and children that precipitate buying a home – can have the effect of keeping younger, would-be buyers in rental housing for a longer time,” Olsen said.
He added that the sheer size of the 20-and-30-something population is exacerbating the situation by creating competition that drives up rental prices.
Total payroll employment increased by 196,000 in March, while the unemployment rate was unchanged at 3.8%. Residential construction employment increased by 12,200 in March, after the decline of 8,100 jobs in February. The total construction industry (both residential and nonresidential) gained 16,000 jobs in March.
According to the Employment Situation Summary for March, released by the Bureau of Labor Statistics (BLS), total nonfarm payroll employment rose by 196,000. It was a big jump from the gain of 33,000 jobs in February, which was revised up from its original estimate of a 20,000 increase. Monthly employment growth has averaged 180,000 per month for the first three months of 2019, compared with the average monthly growth of 223,000 over all of 2018. Over the past twelve months, total nonfarm payroll employment rose by 2.5 million, with the average monthly growth of 211,000.
The unemployment rate was unchanged at 3.8% in March. Meanwhile, the labor force participation rate, the proportion of the population either looking for a job or already with a job, declined by 0.2 percentage point in March, to 63.0%. The decrease in the number of total labor force reflected both a 201,000 decrease in the number of persons employed and a 24,000 decline in the number of persons unemployed over the month.
Additionally, monthly employment data released by the BLS Establishment Survey indicates that employment in the overall construction sector increased by 16,000 in March. The number of residential construction jobs rose by 12,200 in March, following an 8,100 decline in February.
Residential construction employment now stands at 2.9 million in March, broken down as 838,000 builders and 2.1 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction is 8,000 a month. Over the last 12 months, home builders and remodelers added 103,700 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 918,000 positions.
In March, the unemployment rate for construction workers decreased to 3.9% on a seasonally adjusted basis, from the 4.5% in February. The unemployment rate for construction workers dropped to the lowest rate since 2001, as shown in the figure above.
Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year. Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”
30-year fixed-rate mortgage (FRM) averaged 4.35 percent with an average 0.5 point for the week ending February 21, 2019, down from last week when it averaged 4.37 percent. A year ago at this time, the 30-year FRM averaged 4.40 percent.
15-year FRM this week averaged 3.78 percent with an average 0.4 point, down from last week when it averaged 3.81 percent. A year ago at this time, the 15-year FRM averaged 3.85 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Despite already being one of the more heavily taxed counties in the country, Westchester homeowners and shoppers may soon see a hike in sales tax.
Westchester officials are reportedly hopeful that the state will approve an increase in local sales tax which could help steady the county’s finances. However, according to a lohud report , no formal request has been made, and it is unclear how much taxes may be increased.
The report states that Westchester County Executive George Latimer plans to first reach out to area business owners before he makes his formal cause to New York State officials.
The average Westchester homeowner paid nearly $20,000 in property taxes last year, with a sales tax rate of 3.375 percent, which is a lower rate than surrounding counties and lower than the county’s four largest cities.
In recent years, Westchester has found itself facing millions of dollars in deficits and the county has seen its reserves dwindle, leading to a downgrade of their credit rating. Westchester’s financial report card saw its credit rating cut one level by two prominent agencies.
Westchester County was notified by S&P Global Ratings and Fitch Ratings that the county’s financial outlook has been downgraded to AA+. Moody’s also assigned Aa1 to Westchester. The county has lost its AAA rating – the highest ranking available – in each of the Big 3 rating agencies.
Late last year, lawmakers approved the $1.9 billion budget, with the measure quickly signed off by Latimer. The budget was approved by a 13-4 vote, with the support of county Democrats. The budget contains a 2 percent property tax hike.
Officials said that the tax rate increase is to help offset tens of millions of dollars in deficits that the county is currently operating against. There are no planned cuts to staff or service in the approved budget, which is contingent on the county selling several parking lots that surround the County Center in White Plains. The sale of the lots is expected to net more than $20 million.
The tax levy increase is the first since Latimer took over as county exec last year. The county could have raised taxes by as much as 4.5 percent, but was able to curtail that number with certain allowances. The county was operating at a $32 million deficit to end 2017 year, which only ballooned in 2018.
Americans are on the move, but where are they moving to and from?
Interactive Map: To understand inbound and outbound percentages for each state, use the legend. To view reasons for moving and demographic data, select the year and state that you would like to view using the dropdown menus. (If you are using a desktop computer, you can use your mouse to click and select a state.)
Americans are on the move, relocating to western and southern parts of the country. We love moving from Los Angeles to another city as it brings in excitement and also new adventures in life. The results of United Van Lines’ 42nd Annual National Movers Study, which tracks customers’ state-to-state migration patterns over the past year, revealed that more residents moved out of New Jersey than any other state in 2018, with 66.8 percent of New Jersey moves being outbound. The study also found that the state with the highest percentage of inbound migration was Vermont (72.6 percent), with 234 total moves. Oregon, which had 3,346 total moves, experienced the second highest percentage nationally, with 63.8 percent inbound moves.
States in the Mountain West and Pacific West regions, including Oregon, Idaho (62.4 percent), Nevada (61.8 percent), Washington (58.8 percent) and South Dakota (57 percent) continue to increase in popularity for inbound moves. In tune with this trend, Arizona (60.2 percent) joined the list of top 10 inbound states in 2018.
Several southern states also experienced high percentages of inbound migration, such as South Carolina (59.9 percent, this makes moving to Greenville very popular) and North Carolina (57 percent). United Van Lines determined the top reasons for moving south include job change (46.6 percent) and retirement (22.3 percent).
In the Northeast, however, an outbound moving trend continues. New Jersey (66.8 percent), Connecticut (62 percent) and New York (61.5 percent) were included among the top 10 outbound states for the fourth consecutive year. Midwestern states like Illinois (65.9 percent), Kansas (58.7 percent), Ohio (56.5 percent) and Iowa (55.5 percent) saw high outbound relocation as well.
“As the nation’s largest household goods mover, our study allows us to identify the most and least popular states for residential relocation throughout the country, year after year,” said Eily Cummings, director of corporate communications at United Van Lines. “These findings accurately reflect not only where Americans are moving to and from, but also the reasons why.”
The National Movers Study reveals the business data of inbound and outbound moves from 2018. In addition to this study, United Van Lines also conducts a survey to find out more about the reasons behind these moves. A leading motivation behind these migration patterns across all regions is a career change, as the survey showed approximately one out of every two people who moved in the past year moved for a new job or company transfer. Other reasons for the high percentage of moves to the Mountain West in 2018 include retirement (28.1 percent), proximity to family (20.8 percent) and lifestyle change (19.4 percent). Compared to all other states, Idaho saw the largest influx of new residents desiring a lifestyle change (25.95 percent), and more people flocked to New Mexico for retirement than any other state (42.74 percent).
“The data collected by United Van Lines aligns with longer-term migration patterns to southern and western states, trends driven by factors like job growth, lower costs of living, state budgetary challenges and more temperate climates,” said Michael Stoll, economist and professor in the Department of Public Policy at the University of California, Los Angeles. “Unlike a few decades ago, retirees are leaving California, instead choosing other states in the Pacific West and Mountain West. We’re also seeing young professionals migrating to vibrant, metropolitan economies, like Washington, D.C. and Seattle.”
The top inbound states of 2018 were:
District of Columbia
New to the 2018 top inbound list are Arizona at No. 5 and District of Columbia at No. 10, with 60.2 percent and 56.7 percent inbound moves, respectively.
The top outbound states for 2018 were:
New Jersey (66.8 percent), which has ranked in the top 10 for the past 10 years, moved up one spot on the outbound list to No. 1. New additions to the 2018 top outbound list include Iowa (55.5 percent), Montana (55 percent) and Michigan (55 percent).
In several states, the number of residents moving inbound was approximately the same as the number moving outbound. Arkansas and Mississippi are among these “balanced states.”
Since 1977, United Van Lines has annually tracked migration patterns on a state-by-state basis. The 2018 study is based on household moves handled by United within the 48 contiguous states and Washington, D.C. and ranks states based off the inbound and outbound percentages of total moves in each state. United classifies states as “high inbound” if 55 percent or more of the moves are going into a state, “high outbound” if 55 percent or more moves were coming out of a state or “balanced” if the difference between inbound and outbound is negligible.
To view the entire 2018 study, an interactive map and archived press releases from United, visit the United Van Lines website.
As the year is coming to an end, homeowners are more optimistic than ever that their home is worth more than they owe on it, and they expect that value to keep rising through 2019.
A new Rasmussen Reports national telephone and online survey finds that 69% of American Homeowners now say the value of their home is worth more than the amount they owe on their mortgage, up from May’s previous nine-year high of 66%. Just 21% now say their home’s value is not worth more than what they owe on it, but 10% are not sure. (To see survey question wording, click here.)
The survey of 720 American Homeowners was conducted on November 20, 2018 by Rasmussen Reports. The margin of sampling error is +/- 3.5 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.