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☆ Gen Z, millennials are ‘house hacking’ to become homeowners in a tough market. How the strategy can help
▼ + stars: | 2023-11-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Gen Z and millennials are "hacking" the housing market as high prices and interest rates make affordability difficult. The term "house hacking" refers to the practice of renting out a portion of your home or an entire property for an additional stream of income. Almost 4 in 10, 39%, of recent homebuyers say the practice represents a "very" or "extremely" important opportunity, according to a new report by housing market site Zillow. In Zillow's survey, more than half of millennial, 55%, and Gen Z home buyers, 51%, expressed positive views on house hacking. The average rate for 30-year mortgages hit 8% in October, the highest level seen in 23 years, according to Bankrate.

Persons: Z, Gen, Zillow, homeownership, Manny Garcia Organizations: Finance, Homebuyers Locations: U.S

☆ 'We like to develop in Texas': Why the Lone Star State keeps building offices that remain vacant
▼ + stars: | 2023-10-10 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Texas developers continue to build offices, even though office-vacancy rates are high. That's because Texas developers build too much. Even with those numbers, Eckert told the Journal that new office completions in Texas eclipsed every other market. Part of that cleansing is converting office buildings into something new , giving them a chance at a new lease on life. Overall, Eckert isn't worried about the office vacancies in Texas, as that is just one data point that doesn't tell the whole story.

Persons: —, Manny Garcia, Thomas LaSalvia, Jeff Eckert, JLL's, Houston —, Brandon Bell, Houston's, Eckert, JLL, Eckert isn't, it's Organizations: Service, Lone Star State, Wall Street, Moody's, Texas —, Houston Locations: Texas, California . Texas, Texas — Austin, Dallas, Austin , Texas, Springs, Dallas , Texas

☆ The 10 states with the most single homeowners
▼ + stars: | 2023-10-04 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

The largest number of single homeowners per capita are in the Deep South, a new report shows. These single homeowners are likely to live in the Deep South , according to new analysis of 2021 census data by home construction company All Star Homes. "There are states that are in the Deep South that are high on the list, and then there are states that you could consider more progressive that are in the middle." AdvertisementAdvertisementAccording to All Star Homes, researchers at the company analyzed homeowner data from the 2021 American Housing Survey to figure out the per capita total of single homeowners in each state. Below, the 10 states with the most single homeowners per capita, along with median home price as of August, according to Redfin, and median per capita income, according to 2021 census data.

Persons: —, Jennifer Tracy, Manny Garcia, Zillow's Organizations: Service, Pew Research Center, Star, Star Homes, Survey, Rocket Mortgage Locations: Alabama , Mississippi, Louisiana

☆ It's about to become much harder for young people to buy a home as student-loan repayments resume
▼ + stars: | 2023-09-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Student-loan repayments will restart on October 1 following a three and a half year hiatus. After more than three and a half years of moratoriums on student loans, repayments are set to resume on October 1. The average student loan borrower has more than $37,000 in federal student-loan debt, according to Bankrate. Manny Garcia, a senior population scientist at Zillow, told Insider that student-loan repayments will likely jeopardize buyers' ability to afford home purchases this year. "Before the pandemic, borrowers were already choosing between meeting their own basic needs and making their student-loan payments.

Persons: —, it's, Manny Garcia, Garcia, Pulsenomics, Zillow, Will Lemke, Stephanie Hall Organizations: Service, Center for American Progress, Wall Street Journal, Inside Mortgage Finance

☆ Millennials looking to buy a home are worrying about climate risk. They're not wrong.
▼ + stars: | 2023-09-25 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Over 80% of prospective homebuyers said climate risk impacted their search, Zillow found. Over 80% of prospective homebuyers said climate risk impacted their search, Zillow found. AdvertisementAdvertisementWhile millennials logged higher concern over climate issues than their Gen Z counterparts, it turns out millennials' budget is often putting them in the path of climate risk. Zillow found 36% of millennial buyers were considering moving to an area with "greater climate risk'" compared with 19% of Gen Zers. The climate crisis puts coastal cities in Florida at a higher risk of flooding.

Persons: Zillow, Millennials, millennials, Zers, Manny Garcia, Zillow's, Garcia, Bob Stephens, Stephens, Jeffrey Greenberg, Jeremy Porter, Todd Bevington Organizations: Service, Carolinas, Insurance, First Street Foundation, AP Locations: Texas , Florida, Florida, California, Louisiana, Lahaina, Vermont, Maine, New York, Asheville , North Carolina

☆ Meet the typical American who's trying to buy a home
▼ + stars: | 2023-09-21 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

If found the typical American interested in buying a home is an elder millennial in the South. The South is popular because "folks are chasing affordability," a Zillow population scientist said. But what makes up the typical prospective homebuyer? Manny Garcia, a senior population scientist at Zillow, said that this survey was the first where trends between prospective and successful buyers began diverging. AdvertisementAdvertisementRead on to meet the typical prospective homebuyer in America, according to Zillow.

Persons: Zillow, millennials, Manny Garcia Organizations: Service Locations: homebuyers, Wall, Silicon, America

☆ The 21 cities where Gen Z homebuyers are moving in next door
▼ + stars: | 2023-09-21 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

Gen Z accounts for 18% of homebuyers from April to July this year, Zillow said. In 21 metros, Gen Zers make up at least 20% of homebuyers. These places are "punching a little bit above their weight" with first-time homebuyers, Zillow said. But that hasn't deterred Gen Z from buying homes. Here are the places that have the highest share of Gen Z homebuyers.

Persons: Zillow, Gen Zers, Gen, Z, homebuyers, Manny Garcia, Zillow's, Aidan Dobbins, Zer, millennials Organizations: Service, Baltimore, Bureau of Labor Statistics Locations: homebuyers, Wall, Silicon, Midwest, New York

☆ Most Americans who want to buy a home next year can't afford a 20% down payment
▼ + stars: | 2023-09-20 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Most Americans who plan to buy a home next year can't afford a down payment, according to Zillow. There aren't enough homes on the market for everyone who wants to buy one, Zillow said. AdvertisementAdvertisement"There are about 54 million Americans who said they intend to buy a home — that represents 34 million unique households," Garcia said. Down payment requirements can range from 0% to more than 20%, Insider previously reported, and in America's 20 biggest cities, a 20% down payment ranges from $39,859 in Oklahoma City to $260,849 in San Jose, California. During 2023, the majority of people who successfully got a mortgage put down 20% of the cost of the home, according to Zillow.

Persons: Zillow, Manny Garcia, Zillow's, Garcia Organizations: Service, Zillow Locations: Wall, Silicon, Oklahoma City, San Jose , California

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