An Estimated 123,000 ‘Dreamers’ Own Homes and Pay $380M in Property Taxes
California and Texas Dreamer homeowners pay enough in property taxes to fund the salaries of more than 1,500 elementary school teachers in each state for a year.
Market Trends
Breakeven Horizon Shortens Nationally, But Still Lengthening in Most Major Metros
It takes 4.9 years of renting in San Jose before buying a home there is a better prospect – but not because rents in San Jose are affordable: The median rent is $3,600 a month, among the highest in the country. It’s just that the median home value is even less affordable: $992,144.
A Majority of U.S. Households Could – in Theory – Afford to Buy a $300K, Newly Built Home
Almost 60 percent of U.S. households earn enough money to theoretically buy a typical, newly constructed home priced at about $300,000 – and raising the price doesn’t thin the herd of potential buyers as much as may be expected, thanks in large part to very low mortgage interest rates.
Housing Before and After the Crash: Taking Inventory of Our Housing Market Fears
Economists are fond of saying that economic expansions “don’t die of old age.” But the current expansion’s longevity – it is now the third-longest economic expansion in American history[1] – naturally prompts questions, and fears, about its eventual end.
For Many Low-Income Households, Even Low-Valued Homes Aren’t Affordable
Lower-income households spend 23 percent of their incomes on mortgages for homes valued in the lower third -- more than twice the 11.1 percent that a typical high-income homeowner pays for a home valued in top third of homes nationally. The inequality is worse in pricey coastal markets.
July 2017 Market Report: Almost Half of U.S. Homes Are Worth More Now Than Before the Bubble
In seven metro areas, more than 90 percent of homes have exceeded their pre-recession peak values.. But only 0.4 percent of homes in Las Vegas is worth more than its pre-recession peak value.
Highly ‘Favorited’ Homes on Zillow Sell Faster and for More Money
Favorites are a leading indicator of market competitiveness: Homes that accumulate the most favorites -- in the 80th percentile of their metro or higher – sell faster than 64 percent of the homes in their area. Those same highly favorited homes sell for a higher sale-to-list-price ratio than most other homes in their metro area.
See How Million-Dollar ZIP Codes Have Changed Since 2007
More than one in 25 ZIP codes has a significant portion of homes worth at least $1 million -- and most of the ZIP codes in tech hubs San Francisco (74 percent) and San Jose (77 percent) are million-dollar ZIP codes.
Recession Could Hit by Late 2019, Experts Say
A panel of economists and experts says there’s a 52 percent probability of the next recession starting by the end of 2019. That probability jumps to 73 percent for a recession starting by the end of 2020.
Hidden Costs of Homeownership Top $9,000 a Year
Prepare yourself by knowing the less-obvious costs of owning a home. Insurance, maintenance and more add up faster than you think.
