Entries by DomresRealEstate

Baby boomers and millennials are competing for homes. Guess who has the upper hand?

The red-hot housing market during the Covid-19 pandemic may be driven more by long-term demographic trends — and that has pitted different generations against each other. Despite millennials being the biggest single generation in the housing market, buyers are increasingly older. The median age of homebuyers over the past year was 44 in 2019, up from 40 in 2009, according to new Zillow research. The trend was driven in part by buyers who are 60 years or older, whose share of homebuyers had risen…

As some experts predict a cooldown, here’s how much momentum Tampa Bay’s housing market has

The housing market has been on absolute fire, especially since the Covid-19 pandemic. That's true nationally, and it's true in Tampa Bay. The Business Journals conducted an analysis of housing data from Seattle-based Zillow Group Inc. using a weighted formula that takes into account pricing and value changes over a five-year, one-year, six-month and one-month period, ending July 31, 2021. The result is 25 housing markets we've identified as having seen the most momentum since the summer of 2016,…

Rent burdens unequal across the Tampa Bay metro area

A new report by Zillow shows affordability discrepancies in the Tampa-St. Petersburg-Clearwater metro area for people of color. According to the report, the term “rent burden” is when households spend 30% or more of their income on rent, making them “housing cost-burdened.” This expense leaves the renter with little to no income for necessities such as food, water, transportation and household bills. In August, the average rent burden nationwide was 30.3%, but this burden is distributed…