Home affordability index at lowest point since 2008
Buyers in today's market are are all too familiar with the challenges being felt by limited inventory, high demand and rapid home-price appreciation.
Author Archive for: DomresRealEstate
Entries by DomresRealEstate
Billionaire developer behind St. Pete’s 400 Central condos expects interest from Northerners ‘tired of cold and criminals’
“I think Northerners are tired of Covid, tired of the cold, they’re tired of criminals, and they’re moving on down,” John Catsimatidis told the Business Journal.
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…
Ranked: 30 metros where apartment rents have grown the fastest since early 2020
An analysis of RealPage Inc. data by The Business Journals found that among 50 of the largest metropolitan statistical areas in the United States, rents grew more than 10% between the first quarter of 2020 and the third quarter of 2021.
Tarpon Springs apartment complex sells for over $65 million
An apartment complex in Tarpon Springs — the largest development of its kind in the city — just sold for $65.65 million.
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…
U.S. apartment rents have jumped more than 10% since early 2020
Apartment rents have been growing at a rapid clip this year, after a stagnant to modest increases observed during the height of the Covid-19 pandemic last year.
Residents start moving into new $70M luxury condo project in Clearwater
A $70 million luxury condo complex in Clearwater has finished construction and the first wave of residents have officially moved in.
Tampa developers see ‘very long runway’ in built-to-rent single-family homes
“Everyone is very bullish and trying to get into this space.”