Millennials are flocking to affordable smaller cities, baby boomers are retiring in walkable communities that offer urban amenities, and Gen Xers are heading to larger, high-priced markets. Realtor.com® researchers recently evaluated the migration trends of the generations. Life stages—growing families, retirement, and employment—continues to drive demand in housing.Millennials, the largest U.S. generation ever, is particularly making its ma
A major culprit behind the rising costs of new-home construction: pricey lots. In fact, the median single-family lot price outpaced inflation to reach a record high in 2018, according to a newly released analysis from the National Association of Home Builders. Half of lots sold for at or above $49,500.“Given that the nation’s lots are getting smaller and home production is still significantly below the historically normal levels, it might see
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Ohio is proving to be a hot housing market. The state boasted the largest number of metros to make it onto a top 20 list of the nation’s top-performing housing markets for October, realtor.com®’s data shows. realtor.com® ranks the markets based on where homes are selling the fastest and where visitors to realtor.com® are clicking on listings the most.The following Ohio metros made this month’s list: Columbus (number 3); Springfield (numb
Following three consecutive weeks of increases, the 30-year fixed-rate mortgage posted a drop this week. The average rate was 3.69%, Freddie Mac reports.“After a yearlong slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade-related optimism,” says Sam Khater, Freddie Mac’s chief economist. “The improvement in sentiment has been one of the ma
Who are your clients these days?Snapshot of BuyersAverage age: 47Median household income: $93,200Living situation: 61% married; 17% single females; 9% single males; 9% unmarried couplesDemographics: 84% white; 7% Hispanic; 5% Asian; 4% African American; 3% otherAverage length of house hunt: 10 weeks (touring a median of 9 homes)Primary reason for purchase: Desire to own a homeMost common house type purchased: Detached single-family home, 1,850 sq
Good news for sellers: Home prices are on the rise. But buyers should brace for higher prices.Nearly all—93%—of the largest metros in the U.S. saw home prices rise in the third quarter over the past year. A shortage of homes for sale, combined with higher demand, continues to push home prices higher, according to the latest quarterly report from the National Association of REALTORS®, released Thursday.The national median existing single-fami
Apartment rents are moving up at a much slower pace, veering from quite a different pattern seen earlier this spring. From March to June, rents rose by 1.3%, the fastest growth over any comparable period since the summer of 2017. However, Apartment List researchers say that a closer look at the data shows that since June, rents have essentially been flat, marking an early end to the summer spike in rent prices.“The robust growth we saw from Mar
Nationally, the average savings for homeowners with solar panels providing power is $1,075 annually. That can offset 67% of the homes’ electric bills, according to a new analysis of solar-powered home data from 1,800 homes nationwide conducted by Sense, a home energy firm.But how much homeowners actually see in savings largely depends on where they live.Sunny areas of the U.S. stand to benefit, as expected. For example, homeowners in Utah and C
Millennials tend to have higher expectations than older homeowners did about their ideal starter home, according to a new survey by Clovered, a home insurance resource. Millennials tend to want larger homes with modern designs.More millennials are entering the housing market for the first time. Clovered recently surveyed more than 1,000 consumers about their first home to learn which features and amenities mattered to them the most.The top factor
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