May 19, 2021
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While home values increased across the country since the onset of the pandemic, communities of color and majority-Black neighborhoods experienced the highest home price increases but also experienced the most price drops. Typical home values increased 8% annually in December 2020 for 92% of the zip codes Zillow tracks, with one-third of the zip codes seeing a much faster home price growth of 8% or more. Half of those zip codes are communities of color, which experienced a 9.3% price increase on average and 10.3% in Black-majority areas, according to the Joint Center for Housing Studies of Harvard University. On the other end, prices increased 6.6% in neighborhoods where at last 90% of the population is White.
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The first homes at San Diego’s newest residential community haven’t even been built yet but the interest list is growing by the minute.
3Roots in Mira Mesa plans to build 1,800 homes by 2025 to 2026. Just 200 homes are anticipated to open this year, but the interest list is at more than 14,000 people and expected to keep growing before pre-sales start in June.
The developers have a gold-plated problem who gets to buy? At the moment, they say they are still trying to figure that out. New home builders across San Diego County have relied on lotteries or very long wait times for a home after an initial deposit to select residents. Would-be buyers at 3Roots don’t seem concerned about the development’s prices,
May 13, 2021
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While older Millennials entering homeownership are moving into the suburbs, young adults are steadily increasing in urban areas. According to the Joint Center for Housing Studies of Harvard University, Millennials helped accelerate the urban revival. City centers experienced a resurgence in recent years, with Millennials leading the trend. Now, as Millennials enter their 30s and 40s, many see their urban impact has started to dwindle, spurring questions about the urban exodus and loss of a momentum. But the top 50 metros show an increase in the share of late Millennials, those born between 1991 and 2000.
The paper also examines how population distribution has changed in the top 50 MSAs, between urban and suburban neighborhoods. To determine this, I analyzed the share of the top 50 MSA residents within a one, three, and ten mile radius from city centers, by age or generational group. While the share of residents of all ages in urban areas slight