Getting Pushed Out Of The Housing Market? You’re Not Alone

By KIMBERLEY HAAS Low-income and minority buyers will continue to be crowded out of the housing market in 2022, according to the director of research at the AEI Housing Center. The American Enterprise Institute is located in Washington, D.C., and during a webinar on Monday, Director of Research Tobias Peter said entry-level homebuyers are being replaced by borrowers with higher incomes in many markets. “When we tally up the entry-level share of all home sales, we’re finding that the entry-level, as of December of 2021, accounted for 52.7%, which is, of course, much down from before the pandemic. In December of 2019, it was at 59.9%, and when we started tracking this back in 2012, it was at 71%,” Peter…

American Homes Gained $9.1T In Value In November

Homeowners gained $9.1 trillion in housing value between November 2020 and November 2021, a new report from Redfin found. U.S. home prices rose 31.4% year-over-year (YOY) to $38.3 trillion in November, with a $2.6 trillion annual increase a year earlier. The surge in value was propelled by continuing home price appreciation. November was the 16th consecutive month of double-digit price increases. The number of homes for sales reached a record low, adding fuel to the fire. “The surge in housing values during the pandemic has widened the gap between homeowners and renters in America. Homeowners have seen their wealth increase significantly over the past year, while renters have missed out on those gains and are now grappling with rent inflation,”…

Latest Trend? Millennials Are Buying Homes With Friends

By KIMBERLEY HAAS As the number of homes purchased by people with different last names increases, it is being reported that Millennials are choosing to buy single-family houses with their friends. In an article written by Zinhle Essamuah for NBC News, three women talked about their decision to buy a house together. Amanda Scheider, 30, told Essamuah that it’s like having a permanent sleepover. Scheider lives with Kathy Keel, 30, and Stephanie Vandergrift, 28, in Gallatin, Tennessee. They signed for a 30-year, $315,000 mortgage in May of 2020 after renting a house together. Essamuah used analytics from Attom Data Solutions which shows the number of homes purchased by people with different last names increased by nearly 772% between 2010 and…

Millennial And Boomer Homebuyers Are Facing Off. Boomers Are Winning.

A Zillow analysis of the age, sex, race, and income of home buyers over the last decade revealed demographics might have more to do with the sizzling housing market than the pandemic. Millennials and baby boomers have been on a path to face off in the housing market since before the pandemic due to retirement trends and Millennials entering their 30s, typical homebuying years. Though Millennials are currently the most impactful force in the housing market, Boomers are currently gaining. The median buyer age rose from 40 to 44 between 2009 and 2019. The share of recent buyers who are over 60 years old rose 47% from 2009 to 2019, while the share of buyers ages 18–39 dropped 13%. Lack…