Hey Friends!
I’ve got 3 fun facts for you today. Ā IĀ hope you have a great weekend!Ā
Blessings,
Andrew
Fun Fact 1:Ā
The market value of owner-occupied housing in America is now just over $50 trillion. That number has quadrupled since 2000 and doubled since 2015 (not adjusted for inflation).Ā The owner equity share of that $50 trillion has steadily risen to 72% (up from 48% just 10 years ago). The remaining 28% is owned by lenders and investors. This means that Americans directly own nearly $35 trillion of the housing stock.
Source: Z.1 Financial Accounts of the United States; NAHB Analysis
Fun Fact 2:Ā
Realtor(.)com has just published research measuring how long it would take in and around major cities to afford a down payment on the median-priced house. They compared the nation’s 50 largest housing markets (metropolitan areas).Ā Overall, the median-income household would need to save at the annual household savings rate of 5.1% for about seven years to come up with the down payment. Denver sits at about 14.6 years, about double the average.Ā
Source: NAR, Realtor(.)comĀ via Unleash Property Hotline
Fun Fact 3:Ā
In 2015, the average home was 2,687sqft and cost $353,000.($131.37/sqft). By 2024, the average home was 2,364sqft and cost $514,000 ($217.43/sqft). In about 10 years, homes have become almost 66% more expensive.
Source: Visual Capitalist (Hat tip to Zach Lopez for sharing)
Quote I’m pondering:
“The world seems to be accustomed to delaying gratification less and less, which means the rewards of delaying gratification grow more and more.” – James Clear
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Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or to buy or sell real estate property. Read our full disclosures HERE.
