Z and Millennial Generation Homeownership Rates Flatlined in 2024 because of Soaring Housing Costs 🦅 🌎 ⚓️

 




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Z and Millennial Generation Homeownership Rates Flatlined in 2024 because of Soaring  Housing Costs

Housing Market Challenges for Younger Generations

Gen Z and Millennial homeowner rates flat line in 2024 as housing costs soar. This is. Been expected. We've been talking about it, but here's a nice little article about it. When we grew up, 40% of baby boomers owned property, and 33%do  today. Young Americans are losing momentum when it comes to home ownership, according to a new report. Here's what I wanted to do: bullet points. 


Impact of Housing Supply and Demand


Housing supply is tight, partly because older Americans are hanging onto their homes rather than selling.


This means younger people have fewer homes to choose from, especially desirable homes in popular neighborhoods. We're not building enough homes for the population. Boom. We just don't have enough housing starts to match the population growth, and that's not just our births versus deaths; it's also importing people from other countries, especially on the coasts. 


So you're seeing prices go up because there's still demand and a lot less supply. People are staying in their houses longer, even with Proposition 19, which allows you to empty nest or move somewhere else and enjoy your tax base somewhere in California. People are still deciding now, you know what?


I'm just going to stay here. Mostly because there's a cost basis. Step up when you pass. 


Financial Strategies and Capital Gains


So if a couple is living in a house for 50 years and your house is worth two or three or $4 million, now if you sold that, you would have to give a huge portion of that to capital gains. So the smart thing to do is to wait for somebody to pass.


I know it's morbid, but it's a financial choice for the legacy of your children. It just makes sense. And I know a lot of people right now that are holding off buying a house because once their parents pass, then they can assume that house and sell it.


Move into it in California, you're allowed to move into it and keep that property basis or rent it out, right? So we're in a conundrum. The houses have gotten so expensive that if you sold them today, you would have a huge capital gains tax on them. And that is probably what's going on with.


Us not selling as many homes as possible. Now in middle America, it's probably something different. But here on the coast, if you bought in the seventies and you still own that same house, you have equity, especially if you're in Cupertino. In Sunnyvale or Mountain View, 33% of the oldest Gen Zs own their home compared to roughly 40% of their parents at the same age. You might be making more money than what your parents made, but it's hard to come up with a down payment. You can do 3%, 3.5% FHA, or conventional 3% if your income matches it.


If you're a veteran, you can do 0% down, but those prices are hugely expensive. 


Regional Housing Prices


The average cost of a house in Santa Clara County is $2.3 million. The median is below 2 million, but the average cost of a house in Santa Clara County is $2.3 million. Same thing with San Mateo County.


It's 2.5 or 2.6. Now, if you go to Napa, it's a little more affordable. If you go down to San Benito County, it's much more affordable. If you go to Monterrey,y Santa Cruz, it's about 1.6, 1.8, You're gonna wait for your parents to pass. I hate to say it this way, but that's just the way it is. This report brings it all, wraps it off.


The stuff that I've been talking about for the last four years. It makes a lot of sense when you think that my parents don't want to move. They want to live in their house, and they should. They have memories there. They grew up there. They raised their kids there financially. It's smart for them to hold off until one of them passes, and then they can move.


Use Proposition 19, move to another house, empty nest it, sell it, and not have to pay capital gains for you as a benefit to you as a child. Enough said,



Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist

Home Inspection Checklist

This portion of this episode is brought to you by the home inspection checklist. If you have not done so yet. Download this checklist. If you're thinking about selling your house, download this checklist and get your house ready to sell.


Even if you're not, it's a good thing to do. If you think maybe two or three years, because it takes time to get your handyman and painter and plumber, and landscaper out to fix those things, or you get around to doing it, download it now and then start having that conversation about what you need to fix.


And this in no way, shape, or form should ever supersede or take the place of a professional home inspection. You should always get a home inspection done on your house,tooo. Disclose to the buyer what is not right with the house, no matter how perfect. 





Featured Listings and Market Trends

Mountain View home of the week 

Mountain View, home of the week, Fairmont Ave. Not my listing.

Two bedroom, one bath, almost a thousand square feet, $1.7 million. Crazy. But it's really close to Castro Street. You can walk down to it. I don't like that tile. It looks like it's broken, but updated kitchen, you have a laundry room, very snug. I want it turned 90 degrees, Allergies are kicking my butt right now. Okay, get professional photos, Meadow Lark, Cupertino, 



Apple Homes for sale  

Apple House of the Week. And this is Meadow Lark Lane, not my listing. It's in Sunnyvale. $2.7 million, four bedroom, three bath, 2023 square feet, built in 1958. The space center, the space saucer, the apple space, whatever, headquarters. Nicely done. Beautiful house. Not a big fan of this new brass, it is what it is. Skylights everywhere. Love it, because that makes it bright and airy, and it's big enough for a four-bedroom. Wow. That's an awesome picture of a corner.


Thank you for doing the floor plan. I do floor plans for all my listings, and it's nice because if you're on the interweb, you know what the flow of the house is before you actually go into it. Looking at houses in Henderson for my parents, I'm going there this weeken,d and nobody does it out there.


iIt's notSilicon Valley. They don't understand tthaththisis Babasically a free service if you have it. tThere'san an app you can use. I have a little 360 device that allows me to take 360 picture , and it costs me nothing compared to F8 and all them.

So that's Metal Arc. REO of the week is a four-bedroom, two-and-a-half bath condo. 1,474 square feet were built in 1972, rightt off the freeway, right off of 101. So if you don't mind noise, pollution, and asbestos coming down and raining on your house, you can enjoy this possible end unit, and pay $397 a month for the glory of lawn.

REO of the Week 

That looks like my lawn. Wow, that's awesome, a measly $800,000. It's been on the market 67 days, even though it's a new listing, so maybe they tried to sell it and then they reverted it to the bank. There you go. 90 days on market, 40 days on market, 40 days on market. We have 96, it's going up a bit.

tThen90 days on market. 41. Bank-owned Bay Area 73 up just a tad bit, and REO California is 214. Our sales are mediocre at best, but that's only because supply. If there were more supply, meaning San Jose, we would have about a thousand. In Santa Clara County, we would have about 2000 tons. 1800 to 2200 is about.

Right no, we're about half of where we need to be as far as supply is concerned, and we're in the middle of the selling season. So yeah, sales are poultry, but it's only because lack of supply. The demand is there. Rates have gone down a bit, and we're enjoying itHereee are your charts talking about the same thing, right?

This was a spike. I think that was a bad number. San Jose Homes for sale pending enc. Closed chart. We're seeing supply go up just a tad bit, but nowhere near where we need it to be. We need to be at about a thousand for San Jose. And that consumption is pretty much level. This is when rates went up to 7.5, 7.25, and now rates are below 7%.


They're at 6%. They're hovering near close to. Low sixes, and we're seeing Demand consumption go up a little bit. So there you go. 


Conclusion and Final Thoughts


That's it for now. Thanks for watching Oito with Abano. We'll see you out there. 




🔴 Insurance Adjuster: What You Should Know 



🔴 Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41



🔴 MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be


Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

Update your home value: https://hmbt.co/bT7qRJ      

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

If you are moving ANYWHERE in the world, let me know! I know a LOT of AMAZING Agents!



🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg





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