By Insurify
In these cities, the value of a typical home saw great heights in 2020.
It would be an understatement to say that 2020 has given us a lot to look back on. The unique circumstances of this year, primarily shaped by the coronavirus pandemic and its resulting changes to our everyday lives, have had interesting and somewhat surprising effects on real estate markets across the nation.
Our relationship to home has certainly intensified in 2020, as shelter-in-place orders have kept us inside more than ever. Likewise, across the country, housing markets have witnessed the effects of these policies: Insurify’s analysis on cities with the greatest pandemic real estate booms found that between April and July 2020 across metropolitan areas in the United States, the average rate of home sales month to month was up overall, at 14.89 percent, exceeding the previous year’s rate by 66 percent (the average rate of home sales month to month was 5.21 percent in 2019). More and more p
Home value disparities between races persist and are prominent, but they re shrinking
Bing Guan/Bloomberg
An analysis from Zillow shows homes owned by Black and Latino individuals nationwide are worth 16.2% and 10.2% less, respectively, than the median U.S. home and the gaps are quite a bit larger in Cleveland.
The online real estate marketplace says what it calls the Zillow Home Value Index, or ZHVI, (methodology here) for all homes nationwide is $262,604. That figure for Black-owned homes, though, is $219,931, and for homes owned by Latino people, it s $235,943.
In Cleveland, the ZHVI for all homes is $168,994, quite a bit lower than the national number. And the gap for minority-owned homes is wider. The ZHVI for Black-owned homes in Cleveland is $101,824, or 39.7% below the figure for all homes. For Latino-owned homes in Cleveland, the ZHVI is $134,180, which is 20.6% below the figure for all homes.
By Insurify
In these cities, the value of a typical home saw great heights in 2020.
It would be an understatement to say that 2020 has given us a lot to look back on. The unique circumstances of this year, primarily shaped by the coronavirus pandemic and its resulting changes to our everyday lives, have had interesting and somewhat surprising effects on real estate markets across the nation.
Our relationship to home has certainly intensified in 2020, as shelter-in-place orders have kept us inside more than ever. Likewise, across the country, housing markets have witnessed the effects of these policies: Insurify’s analysis on cities with the greatest pandemic real estate booms found that between April and July 2020 across metropolitan areas in the United States, the average rate of home sales month to month was up overall, at 14.89 percent, exceeding the previous year’s rate by 66 percent (the average rate of home sales month to month was 5.21 percent in 2019). More and more p
By Insurify
In these cities, the value of a typical home saw great heights in 2020.
It would be an understatement to say that 2020 has given us a lot to look back on. The unique circumstances of this year, primarily shaped by the coronavirus pandemic and its resulting changes to our everyday lives, have had interesting and somewhat surprising effects on real estate markets across the nation.
Our relationship to home has certainly intensified in 2020, as shelter-in-place orders have kept us inside more than ever. Likewise, across the country, housing markets have witnessed the effects of these policies: Insurify’s analysis on cities with the greatest pandemic real estate booms found that between April and July 2020 across metropolitan areas in the United States, the average rate of home sales month to month was up overall, at 14.89 percent, exceeding the previous year’s rate by 66 percent (the average rate of home sales month to month was 5.21 percent in 2019). More and more p
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