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By Kristin Myers, Editor-in-Chief

What's Happening Today

Good morning! It's Kristin with your daily morning digest.

As any current house hunter knows, homes are getting less and less affordable. Home prices have jumped 19.2% since last year, according to the latest data from the S&P CoreLogic Case-Shiller Index. Among the 20 cities in the index, Phoenix, Tampa, and Miami saw the biggest price gains in January. With mortgage rates jumping, people in the U.S. will have to shell out more and more money to purchase a house, and the price of a mortgage will only get more expensive this year as the Federal Reserve continues to raise interest rates. If home prices don't come down, buying a house may be completely out of reach for many.

And the labor market continues to tighten. Hires edged up to 6.7 million last month from 6.4 million in January, while openings and quits were little changed, according to the latest data from the job openings and labor turnover survey (JOLTS) from the Bureau of Labor Statistics. Roughly 11.3 million jobs remained available in February as employers continued to struggle to fill vacancies. Though the number of workers leaving jobs remains high, research suggests many are job switchers, not quitters as they seek employment opportunities with higher pay.

Stocks are on the rise again today as ceasefire negotiations between Russia and Ukraine showed some signs of progress, with Russia's defense minister announcing Russia would "reduce military activity" in Ukraine. Oil prices are dropping, with the price of West Texas Intermediate (WTI) crude oil falling close to 5% as the talks move forward—which could push gas prices to come down, saving you money at the pump.

- Kristin

Editors' Picks

Job Openings Are Still Abundant, Home Prices Accelerate (The Balance)

Biden's $5.8 Trillion Budget Pivots Toward Economic and Security Concerns (The New York Times)

More States Require Finance but Not Economics in School (The Balance)

Soaring Prices Are Changing the Way People Eat (Bloomberg)

The Pros and Cons of Filing a Tax Extension (The Balance)

How Much in Taxes Should I Withhold From My Pension? (The Balance)

Off the Charts

Rent-to-own allows prospective buyers to lease a property with an option to buy. These agreements make sense for some buyers, but not for others. One thing to consider is a price-to-rent ratio, which measures the relative affordability of purchasing vs. renting in a housing market. The lower the ratio, the more favorable the market is for buying. San Francisco has the highest price-to-rent ratio, while Detroit has the lowest among a select group of cities.

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Number of the Day

24 - That's how few days it took for the average 30-year mortgage rate to rise more than 1 percentage point, showing things are changing quickly for the housing market.

Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen now to "Taxes in Ten."