housing market overview 2017 q1 · 2019-09-12 · svenja joined zillow in 2011 and leads the...
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Housing Market Overview 2017 Q1Zillow Economic Research
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 2
About Zillow Economic Research
Real Estate Metrics• Zillow Home Value Index• Zillow Rent Index• Zillow Home Value Forecast• Zillow Rent Forecast• Negative Equity• For-Sale Inventory• Age of Inventory• List Prices• Sale Prices• Rental Prices• Home Sales• Home Value/Square Foot ($)• Price/Square Foot ($)• Listings with Price Cuts (%)• Median Price Cut (%)• Homes Sold for Loss/Gain (%)• Homes Foreclosed (out of 10k)• Foreclosure Re-sales (%)• Percent of Homes Increasing/Decreasing in Value• Homes Sold in the Past Year (%)• Cash Buyers• Price-to-Rent Ratios• Price-to-income Ratios• Mortgage and Rent Affordability• Buy-Rent Breakeven• Zillow Home Prices Expectations Survey• 15-minute Mortgage Rate Series:
Conventional/Jumbo• Existing Home Sales Forecast• New Home Sales Forecast• Case-Shiller Forecast
In-depth research and monthly reportswww.zillow.com/research
Data is available for download at:www.zillow.com/data
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 3
Zillow Economic Research
Dr. Svenja Gudell, Chief Economist @SvenjaGudell
Svenja joined Zillow in 2011 and leads the company’s industry-leading economic research team, a recognized voice of impartial, data-driven economic analysis on the U.S. housing market. Under Svenja’s leadership, Zillow produces monthly reports on housing trends for more than 450 metros nationwide, with data often available down to the ZIP-code level. In addition, Svenja and her team publish original research on various real estate topics, ranging from rental and mortgage affordability, negative equity and forecasting, to policy, generational and mortgage research. Svenja has presented to various federal agencies and at numerous industry conferences, and has been widely quoted in national and local media.
Prior to joining Zillow, Svenja did economic, financial and strategy consulting for Analysis Group and was an Assistant Economist in the Research Group of the Federal Reserve Bank of New York. Svenja has a Bachelor of Arts in economics from the University of Rochester, a Master of Arts in economics from New York University, a Master of Science in business administration from the University of Rochester, and a Ph.D. in finance from the University of Rochester. Contact Svenja at [email protected]
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 4
Zillow Economic Research
Dr. Skylar Olsen, Senior Economist
Skylar joined Zillow in the summer of 2012. Her research is used by consumers, policy makers, and other researchers to understand the real estate markets and make better decisions. While authoring numerous research projects such as A House Divided – How Race Colors the Path to Homeownership, she also creates many of Zillow’s real estate metrics, including the Buyer-Seller Index and the Buy-Rent Breakeven Horizon. She holds a Ph.D. in Economics from the University of Washington and specializes in the spatial patterns of housing and demographic change.
Dr. Krishna Rao, Director of Economic Product and Research@_KrishnaRao Krishna joined Zillow in the summer of 2013 after finishing a doctorate in economics from Stanford University focused on macroeconomics and finance. He graduated from Columbia University with a bachelor’s degree in economics and math. He also worked at the Federal Reserve Bank of New York, where he helped develop structural macroeconomic models to guide monetary policy. At Zillow, Krishna works primarily on building models to analyze market conditions and forecast future market trends and home prices.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 5
Zillow Economic Research
Aaron Terrazas, Senior Economist@AaronTerraz
Aaron is a Senior Economist at Zillow where his research focuses primarily on mortgage and rental markets. Previously he was an economist at the United States Treasury Department’s Office of Economic Policy, and a policy analyst at the Migration Policy Institute in Washington, D.C. He received his bachelor’s degree in international relations from Georgetown University and his master’s degree in applied economics from Johns Hopkins University.
Sarah Mikhitarian, Economist
Sarah joined Zillow in October 2015, working on unveiling current real estate market conditions, interesting patterns in the housing market and past and future market trends. Prior to joining Zillow, Sarah worked at the Institute for Health Metrics and Evaluation, where she conducted research aimed at understanding and improving national and global health and evaluating the performance of health systems. She received her undergraduate degree in both economics and Hispanic studies from Scripps College, and was awarded a Master of Arts in economics with a specialization in applied microeconometrics from the University of Washington.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 6
Zillow Group
Dr. Stan Humphries, Chief Analytics Officer@StanHumphries
Dr. Stan Humphries is the chief analytics officer of Zillow Group, a portfolio of the largest and most vibrant real estate and home-related brands on Web and mobile. Stan is the co-author of the New York Times Best Seller “Zillow Talk: Rewriting the Rules of Real Estate.”
As chief analytics officer, Stan oversees Zillow Group financial planning and analysis, corporate strategy, economic research, data science and engineering, marketing and business analytics, and pricing analytics. Stan was one of Zillow’s earliest pre-launch employees and is the creator of the Zestimate and its first algorithm.
Stan also serves as chief economist for Zillow Group. He has built out the industry-leading economics and analytics team at Zillow, a recognized voice of impartial, data-driven economic analysis on the U.S. housing market. Stan is a member of Fannie Mae’s Affordable Housing Advisory Council and the Commerce Department’s Data Advisory Council. Stan also serves on the Visiting Committee of the Department of Economics at the University of Washington.
Prior to joining Zillow, Stan spent five years at Expedia, where he ran the advanced analytics team. Before Expedia, Stan served as a researcher and faculty member at the University of Virginia, and was previously a Presidential Management Fellow where he served at NASA, the Office of Science and Technology Policy in the Executive Office of the President, and the Technology Administration within the Department of Commerce. Stan has also served in the United States Peace Corps, where he taught high school physics and chemistry in the West African country of Benin. Stan has a Bachelor of Arts from Davidson College, a Master of Science in foreign service from Georgetown University and a Ph.D. in government from the University of Virginia.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 7
About Zillow Economic Research .....................................................................................................2Zillow Economic Research .................................................................................................................. 3Zillow Group .............................................................................................................................................. 6Table of Contents .....................................................................................................................................7Home Values and Rents .......................................................................................................................10
Zillow Home Value Index .............................................................................................................................................. 11
Zillow Home Value Index, Annual and Monthly Growth .................................................................................. 12
Annual Home Value Growth ....................................................................................................................................... 13
Zillow Buy vs. Rent Breakeven Horizon ................................................................................................................. 14
Urban, Suburban and Rural Home Values ............................................................................................................ 15
Zillow Home Value Forecast ...................................................................................................................................... 16
Zillow Home Value Index, by Thirds ........................................................................................................................ 17
Annual Home Value Appreciation, by Thirds ...................................................................................................... 18
Zillow Rent Index ............................................................................................................................................................ 19
Annual Rent Appreciation .........................................................................................................................................20
Mulifamily and Single-Family Home Rents ........................................................................................................... 21
Urban, Suburban and Rural Rents .......................................................................................................................... 22
Zillow Rent Forecast .................................................................................................................................................... 23
Mortgage and Rent Affordability ....................................................................................................24
Table of Contents
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 8
Zillow Mortgage and Rent Affordability ............................................................................................................... 25
Mortgage Affordability in the Largest Metro Areas ......................................................................................... 26
Zillow Mortgage Affordability, by Thirds .............................................................................................................. 27
Rent Affordability in the Largest Metro Areas ................................................................................................... 28
Household Income, by Thirds ................................................................................................................................... 29
Renters With No Savings ...........................................................................................................................................30
Commute Distances ...................................................................................................................................................... 31
Down Payment Sources Among First-Time Homebuyers ............................................................................. 32
Inventory, Construction and Demographics ...............................................................................33Zillow For-Sale Inventory ...........................................................................................................................................34
Zillow For-Sale Inventory, by Thirds ...................................................................................................................... 35
Days on Zillow ................................................................................................................................................................ 36
Home Sales ...................................................................................................................................................................... 37
New Residential Construction Permits ................................................................................................................. 38
Age of Sold Homes ....................................................................................................................................................... 39
Fixer-Upper Share of Listings ...................................................................................................................................40
New Construction Appreciation by Decade ........................................................................................................ 41
Repairs on New Construction Homes ...................................................................................................................42
Home Sale Prices ...........................................................................................................................................................43
Home and Lot Sizes .....................................................................................................................................................44
Age of Existing Home Buyers and New Construction Buyers .....................................................................45
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 9
Typical Buyer Profile ................................................................................................................................................... 46
Single-Family Residence Rentals ............................................................................................................................ 47
Homeownership Views by Age ................................................................................................................................ 48
Share of Millennials Living With Their Parents ................................................................................................... 49
Comparing First-Time Buyers Now and Then (mid 1970s) ........................................................................... 50
Student Debt and Homeownership .........................................................................................................................51
Jobs, Negative Equity & Broader Economic Trends ................................................................ 52Negative Equity ..............................................................................................................................................................53
Negative Equity, by Race ........................................................................................................................................... 54
Negative Equity, by Thirds ..........................................................................................................................................55
Foreclosure Thirds ........................................................................................................................................................ 56
Boomerang Buyers ........................................................................................................................................................57
U.S. Homeownership Rate ......................................................................................................................................... 58
Newly Formed Households ....................................................................................................................................... 59
U.S. Homeownership Rate, by Race .......................................................................................................................60
Loan Applications .......................................................................................................................................................... 61
The Year in Mortgage Rates: 2016 .......................................................................................................................... 62
About Zillow ...........................................................................................................................................63
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 10
HOME VALUES AND RENTS
• U.S. home values are growing at a steady pace and are on track to surpass pre-recession highs. Driven largely by limited inventory and high demand for less-expensive homes, home values are growing fastest at the bottom end of the market.
• Regionally, markets in the Pacific Northwest, Texas, Florida and parts of the Southwest continue to outperform slower-moving markets in the Midwest and Mid-Atlantic.
• Growth in national rents flattened in the second half of 2016, though pockets of strong appreciation remain in the Pacific Northwest and California.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 11
2001 2003 2005 2007 2009 2011 2013 2015 2017
$120K
$130K
$140K
$150K
$160K
$170K
$180K
$190K
$200K
Zill
ow
Ho
me
Val
ue In
dex
$196,500
U.S. home values are nearing pre-recession highs.
Source: Zillow Home Value Index (March 2017)
-22.9% -0.1% +6.8%Peak-to-Trough Peak-to-Current Year-over-Year
Zillow Home Value Index
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 12
2001 2003 2005 2007 2009 2011 2013 2015 2017
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Yea
r-o
ver-
Yea
r C
hang
e in
ZH
VI
-1.0%
-0.8%
-0.6%
-0.4%
-0.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
Mo
nth-
ove
r-M
ont
h C
hang
e in
ZH
VI
6.8%
0.4%
Annual Home Value Growth Monthly Home Value Growth
Annual U.S. home value appreciation accelerated in the second half of 2016.
Source: Zillow Home Value Index (March 2017)
Zillow Home Value Index, Annual and Monthly Growth
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 13
Washington, DC3.8%
Tampa, FL11.4%
Seattle, WA11.6%
San Francisco, CA4.4%
San Diego, CA5.2%
Sacramento, CA8.2%
Portland, OR7.2%
Pittsburgh, PA4.8%
Phoenix, AZ6.4%
Philadelphia, PA4.4%
Orlando, FL10.0%
New York, NY7.6%
Minneapolis, MN7.7%
Los Angeles, CA6.1%
Las Vegas, NV9.9%
Kansas City, MO5.9%
Houston, TX3.2%
Detroit, MI10.1%
Denver, CO9.5%
Dallas, TX11.0%
Columbus, OH4.8%
Cincinnati, OH6.7%
Chicago, IL6.4%
Boston, MA7.0%
Austin, TX7.3%
Atlanta, GA7.1%
St. Louis, MO6.2%
Miami, FL8.7%
3.2% 11.6%Annual Home Value Growth
Markets in the Pacific Northwest, Texas, Florida and parts of the Southwest continue to outperform slower-moving markets in the Midwest and Mid-Atlantic.
Source: Zillow Home Value Index (March 2017)
Annual Home Value Growth
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 14
Depending how long a resident stays in a home, buying is often a better bargain than renting. In many areas, buyers can break even on a home purchase in as little as 1-2 years.
Source: Zillow Breakeven Horizon, Top 100 Metros (2016 Q4)
1. Honolulu, HI: 6.8 years
2. San Jose, CA: 5.1 years
3. San Francisco, CA: 4.5 years
4. Santa Rosa, CA: 4.4 years
5. Los Angeles, CA: 4.1 years
Metros with the
Longest Breakevens
1. Memphis, TN: 1.1 years
2. Jackson, MS: 1.3 years
3. Lakeland, FL: 1.3 years
4. Indianapolis, IN: 1.4 years
5. Orlando, FL: 1.4 years
Metros with the
Shortest Breakevens
Zillow Buy vs. Rent Breakeven Horizon
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 15
2001 2006 2011 2016$80K
$100K
$120K
$140K
$160K
$180K
$200K
$220K
$240K
$260K
$280K
$300K
Zill
ow
Ho
me
Val
ue In
dex
$151,120
$225,075
$295,960
2001 2006 2011 2016
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Ann
ual H
om
e V
alue
Ap
pre
ciat
ion
7.0%
5.1%
8.6%
Urban Suburban Rural
Urban homes are worth more than suburban homes and are growing at a faster pace.
Source: Zillow Home Value Index (March 2017)
Urban, Suburban and Rural Home Values
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 16
0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%
Expected Home Value Appreciation through March 2018
Seattle, WA
Dallas, TX
New York, NY
Riverside, CA
Minneapolis, MN
Detroit, MI
Tampa, FL
Boston, MA
Atlanta, GA
Chicago, IL
United States
Philadelphia, PA
Baltimore, MD
Phoenix, AZ
Houston, TX
St. Louis, MO
Washington, VA
San Diego, CA
Los Angeles, CA
San Francisco, CA
Miami, FL
0.6%
0.6%
0.9%
0.8%
4.4%
4.8%
2.6%
2.6%
3.8%
3.8%
3.5%
3.2%
3.2%
2.3%
1.8%
3.1%
3.1%
1.5%
1.5%
1.2%
1.7%
Home value growth is expected to slow through 2018 Q1
Source: Zillow Home Value Forecast, Top 20 Metros (March 2017)
Zillow Home Value Forecast
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 17
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017$0K
$50K
$100K
$150K
$200K
$250K
$300K
$350K
Med
ian
Ho
me
Val
ues
$353,300
$196,500
$113,000
Bottom Third Zillow Home Value Index Top Third
Zillow Home Value Index, by Thirds
Source: Zillow Home Value Index (March 2017)
Year-over-Year % Change
9.7% 6.8% 4.8%Bottom Third Median Top Third
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 18
1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Ann
ual H
om
e V
alue
Gro
wth
4.8%
6.8%
9.7%
Bottom Third Zillow Home Value Index Top Third
Annual Home Value Appreciation, by Thirds
Source: Zillow Home Value Index (March 2017)
Home value appreciation for bottom-third homes continues to outpace home value growth in top-third homes.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 19
2012 2013 2014 2015 2016 2017$1,240
$1,260
$1,280
$1,300
$1,320
$1,340
$1,360
$1,380
$1,400
Zill
ow
Ren
t In
dex
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Yea
r-O
ver-
Yea
r C
hang
e in
Zill
ow
Ren
t In
dex
$1,408
0.7%
Zillow Rent Index Annual Rent Growth
Growth in rents flattened in the second half of 2016.
Source: Zillow Rent Index (March 2017)
Zillow Rent Index
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 20
Washington, DC-0.3%
Tampa, FL2.7%
Seattle, WA6.7%
San Francisco, CA-0.1%
San Diego, CA3.4%
Sacramento, CA4.7%
Portland, OR4.6%
Pittsburgh, PA-4.6%
Phoenix, AZ2.5%
Philadelphia, PA0.0%
Orlando, FL3.2%
New York, NY-1.3%
Minneapolis, MN3.4%
Los Angeles, CA4.4%
Las Vegas, NV1.3%
Kansas City, MO1.5%
Houston, TX-2.5%
Detroit, MI1.2%
Denver, CO0.7%
Dallas, TX3.2%
Columbus, OH1.2%
Chicago, IL-1.9%
Boston, MA4.0%
Austin, TX-0.6%
Atlanta, GA3.2%
St. Louis, MO0.3%
Cincinnati, OH1.9%
-4.6% 6.7%Annual Rent Growth
Annual rent growth is strongest in the Pacific Northwest.
Source: Zillow Rent Index (March 2017)
Annual Rent Appreciation
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 21
2012 2014 2016
$1,250
$1,300
$1,350
$1,400
$1,450
$1,500
$1,550
Zill
ow
Ren
t In
dex
(Z
RI)
$1,393
$1,542
2012 2013 2014 2015 2016 2017-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Yea
r-o
ver-
Yea
r C
hang
e in
ZR
I
6.6%
1.2%
6.1%
0.9%
Multifamily Units Single-Family Homes
Rents for single-family homes and units in larger multifamily buildings share similar trends.
Source: Zillow Rent Index (March 2017)
Mulifamily and Single-Family Home Rents
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 22
2011 2012 2013 2014 2015 2016 2017
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
Zill
ow
Ren
t In
dex
$1,176
$1,550
$1,830
Urban Suburban Rural
2012 2013 2014 2015 2016 2017-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Ann
ual R
ent
Ap
pre
ciat
ion
2.3%
2.5%
0.2%
Rents in the city are higher than rents in the suburbs
Source: Zillow Rent Index (March 2017)
Urban, Suburban and Rural Rents
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 23
-1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5%Expected Rent Appreciation Through March 2018
Seattle, WA
Boston, MA
Los Angeles, CA
Dallas, TX
Minneapolis, MN
Riverside, CA
Phoenix, AZ
San Diego, CA
Tampa, FL
Miami, FL
Washington, DC
Philadelphia, PA
United States
Atlanta, GA
Detroit, MI
St. Louis, MO
Houston, TX
San Francisco, CA
Chicago, IL
Baltimore, MD
New York, NY
-0.6%
-0.6%
-0.8%
-0.8%
-0.3%
-0.5%
-0.2%
4.0%
0.9%
0.5%
2.0%
2.4%
2.4%
2.6%
2.6%
2.9%
3.5%
5.2%
1.4%
1.1%
1.1%
Growth in rents over the next year is expected to slow further.
Source: Zillow Rent Forecast (March 2017)
Zillow Rent Forecast
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 24
MORTGAGE AND RENT AFFORDABILITY
• Overall, mortgage affordability – the share of income necessary to afford a typical mortgage payment – looks reasonable in most markets. But affordability is suffering, especially at the bottom end of the market, as home values rise and incomes fail to keep pace.
• As mortgage interest rates rise, mortgage affordability will also suffer, although there’s some headroom for rates to rise before this really becomes problematic.
• Unlike mortgage affordability, rental affordability is worse than ever in many areas, and is unlikely to significantly improve soon.
• Poor rent affordability is worrisome, as more money devoted to rent makes it more difficult to save for homeownership.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 25
1988 1993 1998 2003 2008 2013 201812%
14%
16%
18%
20%
22%
24%
26%
28%
30%
22%
20%
18%
29%
16%
Average Share of Income Spent on Rent, 1985-2000
Average Share of Income Spent on Mortgage, 1985-2000
Average Share ofIncome Spent on
Mortgage,1985-2000
Share of IncomeSpent on Mortgage,
2017 Q1
Forecasted at 5%Rates
Forecasted at 6%Rates
Forecasted at 7%Rates
Average Share ofIncome Spent onRent, 1985-2000
Share of IncomeSpent on Rent,
2017 Q1
29%26%22%20%18%16%21%
Share of Income Spent on Housing
Nationwide, the share of income spent on a mortgage is well below historic norms.
Source: Zillow Mortgage Affordability, Zillow Rent Affordability (2017 Q1)
Zillow Mortgage and Rent Affordability
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 26
Atl
anta
, GA
Bo
sto
n, M
A
Chi
cag
o, I
L
Den
ver,
CO
Ho
usto
n, T
X
Mia
mi,
FL
New
Yo
rk, N
Y
Po
rtla
nd, O
R
San
Fra
ncis
co, C
A
Sea
ttle
, WA
Uni
ted
Sta
tes
Was
hing
ton,
DC
0.0%
20.0%
40.0%
60.0%
Sha
re o
f In
com
eS
pen
t o
n M
ort
gag
e
Share of Income Spent on Mortgage, 2017 Q1Average Share of Income Spent on Mortgage, 1985-2000
Forecasted at 5% RatesForecasted at 6% Rates
Forecasted at 7% Rates
Source: Zillow Mortgage Affordability (2017 Q1)
Share of Income Spent on Mortgage, 2016 Q4 13% 24% 15% 23% 13% 22% 27% 25% 43% 26% 16% 19%
Average Share of Incomes Spent on Mortgage, 1985-2000 19% 26% 23% 22% 15% 20% 30% 23% 38% 25% 21% 22%
Forecasted at 5% Rates 15% 27% 17% 26% 15% 25% 31% 28% 47% 30% 18% 20%
Forecasted at 6% Rates 17% 30% 19% 30% 16% 27% 34% 32% 53% 33% 20% 23%
Forecasted at 7% Rates 18% 34% 21% 33% 18% 30% 38% 35% 59% 37% 22% 26%
Mortgage Affordability in the Largest Metro Areas
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 27
Weak income growth and rapid appreciation, even with very low mortgage interest rates, means homes are becoming more unafforable, more quickly for bottom-third home buyers.
Source: Zillow Mortgage Affordability (2016 Q2)
Zillow Mortgage Affordability, by Thirds
2000 2002 2004 2006 2008 2010 2012 2014 20160.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
11.2%
14.2%
22.7%
Bottom Third Middle Third Top Third
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 28
Atl
anta
, GA
Bal
tim
ore
, MD
Bo
sto
n, M
A
Chi
cag
o, I
L
Dal
las,
TX
Den
ver,
CO
Det
roit
, MI
Ho
usto
n, T
X
Los
Ang
eles
, CA
Min
neap
olis
, MN
New
Yo
rk, N
Y
Phi
lad
elp
hia,
PA
Pho
enix
, AZ
Riv
ersi
de,
CA
San
Die
go
, CA
San
Fra
ncis
co, C
A
Sea
ttle
, WA
St.
Lo
uis,
MO
Tam
pa,
FL
Uni
ted
Sta
tes
Was
hing
ton ,
DC
0%
10%
20%
30%
40%
50%S
hare
of
Inco
me
Sp
ent
on
Ren
t
Rent A�ordability, 2017 Q1Average Rent A�ordability, 1985-2000
Rent Affordability in the Largest Metro Areas
Source: Zillow Rent Affordability, Top 20 Metros (2017 Q1)
Share of Income Spent on Rent, 2016 Q4 25% 28% 34% 29% 30% 33% 25% 30% 49% 25% 40% 27% 27% 36% 42% 43% 32% 23% 32% 29% 26%
Average Share of Income Spent on Rent, 1985-2000
19% 27% 26% 25% 22% 24% 20% 24% 36% 21% 26% 21% 23% 33% 35% 31% 24% 21% 28% 26% 18%
The share of income spent on rent is higher than the historic average in the nation’s 20 largest metros.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 29
2000 2002 2004 2006 2008 2010 2012 2014 2016$0K
$20K
$40K
$60K
$80K
$100K
$120K
$140K
Ho
useh
old
Inco
me
$134,000
$57,079
$20,495
Bottom Third Middle Third Top Third
Income growth for the lowest earners has been especially weak.
Source: Zillow analysis of U.S. Census Bureau ACS data, IPUMS (2016 Q2)
Income Growth, 2000-2016
48.3%Top Third
35.1%Middle Third
32.2%Bottom Third
Household Income, by Thirds
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 30
12.5% or less 12.6% to 19.4% 19.5% to 27.3% 27.3% to 45.3% 45.4% or more0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Sha
re o
f R
ente
rs S
avin
g N
oth
ing
43.3%
33.6%
55.6%
38.3%
67.2%
Share of Income Spent on Rent
As the share of income spent on rent rises, more renters report saving nothing.
Source: Zillow analysis of data from the Federal Reserve Board, Survey of Household Economics and Decisionmaking 2015 and 2016, and the U.S. Census Bureau, ACS, IPUMS
Renters With No Savings
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 31
Miami, FL Philadelphia, PA San Francisco, CA Seattle, WA
2006 2010 2014 2006 2010 2014 2006 2010 2014 2006 2010 20146.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
Med
ian
Co
mm
ute
Dis
tanc
e to
Do
wnt
ow
n C
ore
, Mile
s
12.6
13.3
7.8
9.5 9.1
10.5
15.4
11.9
Annual income $40K or more Annual income $15K or less
Lower-income workers with jobs in major downtown cores have steadily moved farther away from city centers, sacrificing distance for affordability.
Source: Zillow analysis of U.S. Census Bureau, Longitudinal Employer-Household Dynamics, Origin-Destination Employment Statistics, 2002-2014
Commute Distances
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 32
GovernmentProgram orNon-Profit
Organization
Loan or Gift fromFamily and Friends No Down Payment Personal Savings Second Mortgage Other source
0%
10%
20%
30%
40%
50%
60%
70%
80%
Sha
re O
f B
uyer
s
3.9%6.3%
25.1%
8.2%
31.7%
10.1%
58.9%
79.2%
18.5%
1.5% 2.3% 2.1%
Pre-Recession Post-Recession
Resourceful first-time home buyers are scraping together down payments from a number of different sources.
Source: Zillow analysis of Federal Reserve Board, Survey of Household Economics and Decisionmaking, 2014
Down Payment Sources Among First-Time Homebuyers
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 33
INVENTORY, CONSTRUCTION AND DEMOGRAPHICS
• Inventory of homes for sale is very low, and getting lower. Inventory constraints are particularly acute among entry-level and median homes – the exact homes sought by first-time homebuyers and young families.
• New construction has thus far failed to get back to pre-recession levels, especially for single-family homes.
• A lack of inventory overall means those homes that are on the market are selling faster – currently, homes spend about a week less on the market before selling than they did a year ago.
• Millennials do value homeownership, but many are finding it difficult to attain, and more young adults are living with their parents.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 34
2010 2011 2012 2013 2014 2015 2016 2017
1,400K
1,500K
1,600K
1,700K
1,800K
1,900K
2,000K
2,100K
2,200K
2,300K
Fo
r-S
ale
Inve
nto
ry
1,378,176
The number of U.S. homes for sale is low, and falling.
Source: Zillow For-Sale Inventory (Seasonally Adjusted, Smoothed) (March 2017)
-41.3% -5.3%Peak-to-Current Year-over-Year
Zillow For-Sale Inventory
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 35
2010 2011 2012 2013 2014 2015 2016 20170K
100K
200K
300K
400K
500K
600K
700K
800K
900K
Sm
oo
thed
Sea
sona
lly A
dju
sted
Inve
nto
ry
321,745
301,119
591,316
Bottom Third Middle Third Top Third
Inventory shortages are particularly acute among bottom- and middle-third homes.
Source: Zillow For-Sale Inventory (Seasonally Adjusted, Smoothed) (March 2017)
-7.5% -8.7% -3.2%Bottom Third Middle Third Top Third
Year-over-Year % Change
Zillow For-Sale Inventory, by Thirds
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 36
2010 2011 2012 2013 2014 2015 2016 2017
80
90
100
110
120
130
140
Day
s o
n Z
illo
w
91
Homes listed for sale are selling more quickly than in the past few years.
Source: Zillow Days on Zillow, Including REOs (March 2017)
Days on Zillow
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 37
2000 2002 2004 2006 2008 2010 2012 2014 2016 20180.0M
1.0M
2.0M
3.0M
4.0M
5.0M
6.0M
7.0M
Exi
stin
g H
om
e S
ales
0K
200K
400K
600K
800K
1,000K
1,200K
1,400K
New
Ho
me
Sal
es
5.7M
621K
Existing Home Sales(NAR: SFR/Condo/Co-op, SAAR)New Home Sales (U.S. Census Bureau: SFR, SAAR)
Sales of new homes in particular have struggled to get back to pre-recession levels.
Source: National Association of Realtors, U.S. Census Bureau (March 2017)
Home Sales
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 38
1994 1999 2004 2009 20140K
200K
400K
600K
800K
1,000K
1,200K
1,400K
1,600K
1,800K
New
Pri
vate
Ho
usin
g U
nits
Aut
hori
zed
by
Bui
ldin
gP
erm
its
(Sea
sona
lly A
dju
sted
Ann
ual R
ates
)
823K
401K
In structures with 1 unitIn structures with 5+ units
Permits for new multifamily projects are near pre-recession levels, while single-family permits remain low.
Source: U.S. Census Bureau: New Residential Construction (March 2017)
New Residential Construction Permits
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 39
2000 2002 2004 2006 2008 2010 2012 2014 20160
3
6
9
12
15
18
21
24
27
30
Med
ian
Ag
e o
f S
old
Ho
mes
2006: 15 years
2015: 28 years
The age of sold homes has almost doubled since the housing collapse, largely because of a lack of new construction.
Source: Zillow analysis of public record transactions, 2015
Age of Sold Homes
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 40
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Percent of Housing Stock Built 30+ Years Ago
0
5
10
15
20
25
Num
ber
of
Fix
er-U
pp
ers
Per
1k
Lis
ting
s
San Francisco, CA
Los Angeles, CA
Las Vegas, NV
Sacramento, CA
Housing markets with older homes see more listings marketed as fixer-uppers.
Source: Zillow analysis of Zillow listing descriptions and home attributes
Fixer-Upper Share of Listings
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 41
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Ann
ual A
pp
reci
atio
n O
ver
the
Nex
t D
ecad
e
New homes built in 1997appreciated an average of 5.7% peryear over their first decade ofexistence.
New construction isappreciating fasterthan existing housingstock
Existing Housing Stock New Construction
Newly constructed homes held their value better during the recession.
Source: Zillow analysis of home values (Zestimates) appreciation of new and existing homes over time
New Construction Appreciation by Decade
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 42
1950s 1960s 1970s 1980s 1990s 2000s 2010s0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
55.0%
60.0%
% o
f H
om
ebuy
ers
Mak
ing
Maj
or
Rep
airs
43.4%
29.4%
33.9%
56.3%
24.2% 23.8%
39.1%Less than 1 in 4 buyersof recently built homes
paid for majorrenovations within thefirst year of owning.
Decade of Construction
Buyers of newly constructed homes also pay less in repairs after moving in.
Source: Zillow Group Consumer Housing Trends Report 2016
Repairs on New Construction Homes
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 43
2001 2003 2005 2007 2009 2011 2013 2015 2017$0K
$50K
$100K
$150K
$200K
$250K
$300K
$350K
Med
ian
Sal
e P
rice
$243K
$315K
Existing Homes New Homes
The price gap between newly built and existing homes is widening.
Source: National Association of Realtors and U.S. Census Bureau Construction Review (March 2017)
Home Sale Prices
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 44
2000 2002 2004 2006 2008 2010 2012 2014
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Per
cent
Cha
nge
in M
edia
n H
om
e S
ize
and
Med
ian
Lot
Siz
e S
ince
19
99
24.4%
-10.4%
Lot Square Feet Structure Square Feet Note: Centered 6-month moving average
Since 1999, homes have gotten larger while lots have gotten smaller.
Source: Zillow analysis of U.S. Census Bureau: Survey of Construction microdata, 2000-2016
Home and Lot Sizes
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 45
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Share of Buyers
Existinghomes
Newconstruction
2.5%
4.7%20.5%
22.9%
25.3%
23.7%
16.8%16.8%
16.5%
15.8%
15.3% 19.1%
65+ years 55-64 years 45-54 years 35-44 years 25 - 34 years 18-24 years
Millennials make up 30% of existing home buyers, and 26.2% of new construction buyers.
Source: Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA
Age of Existing Home Buyers and New Construction Buyers
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 46
Typical Buyer Profile
Source: Zillow analysis of U.S. Census Bureau, American Community Survey, 2014, made available by the University of Minnesota, IPUMS-USA
Existing Homes New Construction
$95KIncome
25 minutesTypical Commute Time
75.5% marriedMarital Status
46.1%Have at least one child
26.2%Millennial Share
$70KIncome
56.6% marriedMarital Status
40%Have at least one child
30%Millennial Share
20 minutesTypical Commute Time
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 47
1980 1985 1990 1995 2000 2005 2010 2015
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
19.0%
Sha
re o
f S
FR
s th
at a
re R
ente
d
19.2%
Renting single-family homes is increasingly popular.
Source: Zillow analysis of U.S. Census Bureau, Current Population Survey 2016, made available by University of Minnesota, IPUMS-USA
Single-Family Residence Rentals
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 48
Owning a home is necessaryto live The Good Life and The
American Dream
Owning a home is necessaryto be a repected member of
society
Owning provides a personmore freedom
Buying a home is the bestlong-term investment a
person can make
18-34 35-49 50-64 65+ 18-34 35-49 50-64 65+ 18-34 35-49 50-64 65+ 18-34 35-49 50-64 65+
66%
63%
58% 58%
40%
30%
48%
31%
63% 63%65%
75%
64%63%
65%
71%
Millennials do have positive views of homeownership and their opinions tend to align most closely with those of their grandparents.
Source: Zillow Housing Confidence Index (July 2016)
Homeownership Views by Age
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 49
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
26.0%
27.0%
28.0%
29.0%
30.0%
31.0%
32.0%
33.0%
34.0%
Sha
re o
f Y
oun
g A
dul
ts L
ivin
g w
ith
The
ir P
aren
ts
33.9%
The share of millennials (age 18-34) living with their parents has increased sharply in the past decade.
Source: U.S. Census Bureau: Current Population Survey, March Supplement, 2016, made available by the University of Minnesota, IPUMS-USA
Share of Millennials Living With Their Parents
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 50
1975-1979 2010-2013
32.5 years oldAverage age
$54KIncome in today’s dollars
2 people Household size
6 years Years renting before buying
$140KHome value in today’s dollars
29 years oldAverage age
2.6 people Household size
4.6 years Years renting before buying
$99KHome value in today’s dollars
$55KIncome in today’s dollars
Comparing First-Time Buyers Now and Then (mid 1970s)
Source: Zillow analysis of University of Michigan Panel Survey of Income Dynamics, 1970-2013
Today’s first-time home buyer is more than three years older and typically rents longer before making the jump into homeownership compared to previous generations.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 51
None Associate's Bachelor's Master's Doctorate
$0K $40K $0K $40K $0K $20K $40K $0K $40K $0K $40K
10%
20%
30%
40%
50%
60%
70%
80%
90%
Pro
bab
ility
of
Ho
meo
wne
rshi
p
48%
33%
73%
57%
70%
66%
80%
75%
87%
84%
Student Loan Amount
Highest Degree Attained
Student Debt and Homeownership
Source: Zillow analysis of University of Michigan Panel Survey of Income Dynamics, 2013
Generally, more completed education corresponds with better homeownership odds, regardless of debt level.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 52
JOBS, NEGATIVE EQUITY & BROADER ECONOMIC TRENDS
• The U.S. negative equity rate has fallen consistently for four years, but more than 5 million homeowners remain trapped underwater. These homeowners are more likely to live in less expensive homes, contributing to inventory shortages.
• The homeownership rate is at multi-decade lows, as renters stay renting longer and would-be buyers find it difficult to enter the market.
• For the homeownership rate to climb meaningfully, it will need to be driven by younger and minority Americans finding ways to successfully buy homes.
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 53
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
2014
Q3
2014
Q4
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
30.0%
32.0%
Per
cent
of
Ho
mes
wit
h a
Mo
rtg
age
in N
egat
ive
Eq
uity
21.0%
19.4%18.8%
17.9%
23.8%
16.9%16.9%
31.4%31.1% 30.9%
30.6%
10.5%
25.4%
10.9%
15.4%
30.0%
14.4%
12.1%
27.5%
12.7%
28.2%
13.4%13.1%
Negative equity has declined steadily since early 2012.
Source: Zillow Negative Equity (2016 Q4)
Negative Equity
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 54
Black Hispanic National White0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
Sha
re o
f H
om
eow
ners
Wit
h a
Mo
rtg
aged
Ho
me
in N
egat
ive
Eq
uity
10.5%
18.9%
11.5%
9.6%
The negative equity rate in largely black communities is more than twice as high as the negative equity rate in predominantly white communities.
Source: Zillow Negative Equity (2016 Q4)
Negative Equity, by Race
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 55
0.0% 20.0% 40.0%Bottom Third
0.0% 20.0% 40.0%Middle Third
0.0% 20.0% 40.0%Top Third
United States
Atlanta, GA
Baltimore, MD
Boston, MA
Chicago, IL
Detroit, MI
Los Angeles, CA
Miami, FL
Minneapolis, MN
New York, NY
Philadelphia, PA
Phoenix, AZ
Riverside, CA
San Diego, CA
San Francisco, CA
Seattle, WA
St. Louis, MO
Tampa, FL
Washington, DC
25.9%
26.2%
27.6%
25.5%
37.5%
14.0%
19.0%
19.4%
19.9%
21.6%
13.8%
17.8%
16.1%
11.3%
9.4%
9.8%
6.5%
7.6%
8.2%
10.0%
10.4%
10.8%
10.7%
12.8%
15.3%
6.0%
11.6%
4.9%
9.4%
9.9%
9.9%
7.4%
6.5%
2.9%
6.2%
8.2%
8.7%
5.3%
4.4%
3.0%
6.4%
6.9%
4.3%
5.4%
8.9%
4.2%
8.8%
6.5%
3.8%
5.3%
5.5%
3.7%
5.7%
7.2%
7.7%
1.6%
8.1%
Negative equity is worst among bottom-third homes.
Source: Zillow Negative Equity by Tier (2016 Q4)
Negative Equity, by Thirds
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 56
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Share of Foreclosures
UnitedStatesNew York, NY
Los Angeles, CAChicago, IL
Dallas, TXPhiladelphia, PAWashington, DC
Miami, FLAtlanta, GABoston, MA
San Francisco, CADetroit, MI
Riverside, CAPhoenix, AZSeattle, WA
Minneapolis, MNSan Diego, CA
St. Louis, MOTampa, FL
Baltimore, MDDenver, CO
Pittsburgh, PA
60.0
44.0
30.0
40.3
48.4
46.9
20.8
20.8
30.3
34.9
34.6
49.3
46.7
38.4
42.9
39.6
36.8
45.5
38.6
43.235.9
33.8
55.8
56.2
38.3
28.5
55.3
35.2
37.7
37.241.9
14.6
44.1
16.9
16.6
16.6
15.4
41.5
46.1
14.7
13.9
15.6
16.7
51.8
12.9
12.6
45.1
45.1
17.6
18.7
31.5
13.5
31.5
13.3
39.1
31.3
13.751.7
51.7
51.7
12.3
17.3
35.1
57.1
11.5
13.1
Top-Third HomesMiddle-Third HomesBottom-Third Homes
Owners of the least expensive homes were hit hardest by the foreclosure crisis.
Source: Zillow Foreclosure Data (2015)
Foreclosure Thirds
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 57
5 10 1500
10
20
30
40
50
60
70
80
Sha
re o
f B
orr
ow
ers
wit
h a
New
Mo
rtg
age
Years After Foreclosure Start
Subprime, 2000–06 foreclosure startPrime, 2000–06 foreclosure start Prime, 2007–10 foreclosure start
Subprime, 2007–10 foreclosure start
Homeownership rates for individuals foreclosed upon during the recession have been slower to recover than for those foreclosed upon before the recession.
Dharmasankar and Mazumder, Federal Reserve Bank of Chicago, 2016
Boomerang Buyers
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 58
1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017
63.0%
64.0%
65.0%
66.0%
67.0%
68.0%
69.0%
U.S
. Ho
meo
wne
rshi
p R
ate
63.6%
The U.S. homeownership rate is near historic lows.
Source: U.S. Census Bureau Homeownership Rate for the United States (2017 Q1)
U.S. Homeownership Rate
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 59
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Cum
ulat
ive
Per
cent
Cha
nge
in t
he N
umb
er o
f H
ous
eho
lds
31.7%
24.8%
27.2%
% change total % change owner % change renter
Since 2005, newly formed households have tended to rent.
Source: Zillow analysis of U.S. Census Bureau CPS data 1995-2016, IPUMS
Newly Formed Households
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 60
Asian Black Hispanic White0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Ho
meo
wne
rshi
p R
ate
46.6%
56.8%
42.7%
71.8%
Blacks have the lowest homeownership rate.
Source: U.S. Census Bureau, Housing Vacancies and Homeownership (2017 Q1)
U.S. Homeownership Rate, by Race
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 61
Share of Population
Asian Hispanic
Share of Conventional Loan Applications Share of Approved Applications
61.5% 17.6%
12.3%
5.3%3.3%
69.2%
6.2%
3.0%
7.1%
14.6%
71.4%
5.6%2.6%
6.8%
13.5%
Black White Other
Blacks and Hispanics are underrepresented among loan applications and approvals.
Source: Zillow analysis of the U.S. Census Bureau, American Community Survey, 2015 and the Home Mortgage Disclosure Act data, 2015
Loan Applications
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 62
Mar 1, 16 May 1, 16 Jul 1, 16 Sep 1, 16 Nov 1, 16 Jan 1, 17 Mar 1, 173.1%
3.2%
3.3%
3.4%
3.5%
3.6%
3.7%
3.8%
3.9%
4.0%
4.1%
4.2%
Pri
me
30-y
ear
Fix
ed M
ort
gag
e R
ate
November 8, 2016U.S. Presidential Election
June 24, 2016Brexit Vote
February 11,2016WTI Crude pricehits 13-year low
May 17, 2016FOMC March meeting minutessuggest higher likelihood ofJune rate increase
April 17, 2016OPEC negotiations tofreeze oil ouput collapse
April 27, 2016FOMC April Statementbackpedals rate hikeexpectations
January 4, 2016Chinese stock market crashes; globalmarkets open year sharply lower
September 21, 2016FOMC decides againstSeptember rate hike
September 28, 2016Yellen testimony to Congressdownplays economic weakness
Mar 15Fed announcesinterest rate hike
March 8, 2017Strong jobs report
Mortgage interest rates spiked at the end of 2016 after staying low for much of the year in the face of global uncertainty.
Source: Freddie Mac: Primary Mortgage Market Survey (March 2017)
The Year in Mortgage Rates: 2016
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ZILLOW HOUSING MARKET OVERVIEW | PAGE 63
About Zillow
Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zaillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
Press Contact: [email protected]