20 Surprising Stats for the Housing Markets
Considering that most of us are still dealing with the ongoing damage caused by the COVID-19 pandemic, there is no doubt that the pandemic affected the housing markets. However, we are a resilient civilization that will undoubtedly get back on its feet again.
As we slowly begin to plan our recovery, it is essential to look at the data before the pandemic, as it can help shape our future after the pandemic. Although, we did manage to find some stats post-pandemic as well. Let’s take a look.
- Remote workers are 41% more likely to purchase property in urban areas, while those who work onsite are 53% more likely to buy their homes in the suburbs.
- Renting a property in urban and suburban areas is more likely to come with an application fee, with urban at 69% and suburban at 67%.
- Zoomers (70%), Millennials (67%), and even Gen Xers (61%) are far more likely to pay an application fee when compared to Boomers (54%).
- In Q2 of 2019, the homeownership rate was highest in the Midwest (68%), followed by the South (66%), the Northeast (61.2%), and the West (59.3%). It was highest for the 65-plus age group (78%) and lowest for the segment under age 35 (36.4%).
- There was $16 billion worth of outstanding mortgage debt in the USA between 2001 – 2019
- Only 8% of home purchasers regret not renting instead.
- 36% of landlords are disappointed with the unexpected maintenance or repairs their rented homes required.
- Homes that have installed solar panels sell for 4.1% more, especially in New York.
- In 2019, the best markets for buyers (based on the share of listings that had a cut, duration of the listings, and sale-to-list price ratios) in the US were Chicago, Pittsburgh, Baltimore, Miami, Tampa, Houston, Orlando, Philadelphia, Riverside, and New York.
- The share of young adults (25- 34-year-olds) who have lived in their current home for fewer than two years rose from 33.8% in 1960 to 45.3% in 2017, with the highest mobility detected in Boston, Pittsburgh, Detroit, and Philadelphia.
- House Prices were up by 4.9% in Europe for Q3 of 2020, compared with Q3 2019.
- In 2018, over 17% of the population of Europe lived in overcrowded dwellings, with Romania holding the highest rate at 46.3%.
- In 2019, Luxemburg had the most expensive apartments in Europe with €7.145/sqm, while Bulgaria had the lowest at €550/sqm.
- Balkan countries (Serbia, Bosnia &Herzegovina, Croatia, Bulgaria) have the most affordable rent prices in Europe.
- Latvia, Poland, the Czech Republic, and Slovakia recorded the lowest mortgage indebtedness levels in Europe in 2020.
- Luxemburg (145%), Norway (160%), Denmark (167%), and the Netherlands (187%) had the highest ratio of outstanding residential loans in Europe in 2018.
- In Q4 2019, Moscow’s prime office location cost roughly €715 compared to Brussels at approximately €320.
- Real estate prices in Cyprus fell by 4.8% in Q4 of 2019 compared to Q4 of 2018.
- Currently, the three most popular countries in Europe that offer citizenship or residence permit by investment are Malta, Portugal, and Spain.
- The cheapest country that offers residence permits by investment (golden visa) is Greece, at €250,000 investment.