Zillow Group Inc

NASDAQ:ZUnited States

Jun 20, 2024

Show headlines and story abstract

• DJ Medium Income Homebuyers Need Large Downpayments To Afford Monthly Mortgage -- Market Talk, from 1:03PM ET on Thursday Jun 20, 2024 by Dow Jones

  1:03PM ET on Thursday Jun 20, 2024 by Dow Jones
  Companies Mentioned: ZG, Z
  
  1303 ET - To comfortably afford a typical U.S. home, valued at about $360,000, a home buyer making the median income needs to put down nearly $127,750, or 35.4%, Zillow reports. Five years ago, when mortgage rates were hovering just above 4% and the typical home was worth about 50% less, that home would have been affordable with no money down. The monthly mortgage payment for the household making the median income would now take up no more than 30% of that household's monthly income. The gap between the down payment needed now and five years ago underscores how the pandemic fueled a hot housing market, and why the rise in mortgage rates in the time since has cooled the market. (chris.wack@wsj.com)
  

• To afford a monthly mortgage payment, middle-class Americans need to put more than $127,000 down, from 8:00AM ET on Thursday Jun 20, 2024 by Dow Jones

  8:00AM ET on Thursday Jun 20, 2024 by Dow Jones
  Companies Mentioned: ZG, Z
  -------------- ----------- ----------- ----------- -------- ------------- Columbus, OH $315,438 $84,215 26.7 % 8.5 $12,357 -------------- ----------- ----------- ----------- -------- ------------- Indianapolis, IN $282,396 $27,570 9.8 % 3.1 $10,967 -------------- ----------- ----------- ----------- -------- ------------- Cleveland, OH $230,536 $31,551 13.7 % 4.0 $9,524 -------------- ----------- ----------- ----------- -------- ------------- San Jose, CA $1,631,252 $1,320,275 80.9 % 36.2 $63,407 -------------- ----------- ----------- ----------- -------- ------------- Nashville, TN $446,180 $203,325 45.6 % 16.7 $17,620 -------------- ----------- ----------- ----------- -------- ------------- Virginia Beach, VA $351,095 $112,962 32.2 % 10.9 $10,217 -------------- ----------- ----------- ----------- -------- ------------- Providence, RI $481,911 $257,453 53.4 % 19.0 $22,792 -------------- ----------- ----------- ----------- -------- ------------- Jacksonville, FL $361,796 $116,974 32.3 % 10.8 $12,700 -------------- ----------- ----------- ----------- -------- ------------- Milwaukee, WI $348,439 $137,086 39.3 % 13.4 $10,483 -------------- ----------- ----------- ----------- -------- ------------- Oklahoma City, OK $235,815 $31,331 13.3 % 3.9 $9,442 -------------- ----------- ----------- ----------- -------- ------------- Raleigh, NC $449,514 $152,410 33.9 % 11.8 $16,814 -------------- ----------- ----------- ----------- -------- ------------- Memphis, TN $242,519 $30,852 12.7 % 4.1 $9,075 -------------- ----------- ----------- ----------- -------- ------------- Richmond, VA $372,080 $105,228 28.3 % 9.6 $10,896 -------------- ----------- ----------- ----------- -------- ------------- Louisville, KY $258,557 $46,869 18.1 % 5.7 $10,935 -------------- ----------- ----------- ----------- -------- ------------- New Orleans, LA $241,940 $46,138 19.1 % 6.0 $12,998 -------------- ----------- ----------- ----------- -------- ------------- Salt Lake City, UT $549,373 $251,131 45.7 % 17.1 $19,751 -------------- ----------- ----------- ----------- -------- ------------- Hartford, CT $362,763 $129,585 35.7 % 11.0 N/A -------------- ----------- ----------- ----------- -------- ------------- Buffalo, NY $262,616 N/A N/A N/A $14,273 -------------- ----------- ----------- ----------- -------- ------------- Birmingham, AL $255,033 $19,406 7.6 % 2.4 N/A -------------- ----------- ----------- ----------- -------- ------------- *Table ordered by market size **Assuming a household saves 10% of its income each month with a 4% annual return ***Source: Down Payment Resource. The average amount of down payment assistance that a qualified household could receive for the purchase of a starter home.