Zillow, Seattle, reported housing inventory saw “significant recovery” for the second straight month in June, indicating the market may be on the road to rebalancing after a long stint of being heavily in sellers’ favor.
For most homeowners, buying a home involves more than a mortgage. Research from Thumbtack, San Francisco, and Zillow, Seattle, said a typical for-sale home could need as much as $30,000 in work—which, for some buyers, particularly millennials—might result in unexpected expense.
Starter home prices are growing nearly seven times faster than renter incomes, making what was likely already the biggest challenge for first-time home buyers ― saving for a down payment ― even more difficult. But there is good news for today’s first-time buyers, said Zillow, Seattle.
Zillow, Seattle, said Asian-headed households in the U.S. grew by 83% in the past two decades, far exceeding Latinx, Black, and white household growth. But that broad success masks major challenges to homeownership in the highly diverse community.
Zillow, Seattle, said incremental increases in homeownership rates and home values among Black households would help shrink the current $3 trillion racial wealth gap by hundreds of billions of dollars over the next decade.