New: 🧠 Market Minds Issue #023

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New Homeowners Spending 40% on What??

According to a survey conducted by Thumbtack, new homeowners are expected to spend approximately 40% of their income on home maintenance, upgrades, and repairs in the first year of homeownership.

The survey, which included 2,000 new homeowners who purchased a home between 2018 and 2023, sheds light on the challenges faced by new homeowners in finding the right home, compromising on must-haves, and maintaining their new investment.

The survey found that first-time homeowners are often overwhelmed by the complexity of their homes after moving in. More than four out of five new homeowners (83%) reported being surprised by the complexity of their homes and found home projects to be much more time-consuming than anticipated.

Top Markets for First-Time Buyers

As the share of first-time home buyers continues to grow, it is important to identify the markets where their dollars can go further and starter homes are relatively plentiful. Zillow has analyzed various metrics to determine the best markets for first-time buyers, including rent affordability, available inventory that median households can afford, the ratio of affordable active inventory to renters, and the share of households in the 29-43 age range.

These are Zillow’s top 10 markets:

• 10. Baltimore, MD

• 9. Kansas City, MO

• 8. Birmingham, AL

• 7. San Antonio, TX

• 6. Pittsburgh, PA

• 5. Austin, TX

• 4. Indianapolis, IN

• 3. Minneapolis, MN

• 2. Detroit, MI

• 1. Saint Louis, MO

The Struggle Continues

Affording housing has become a significant challenge for many Americans, with half (49.9%) of homeowners and renters struggling to make their housing payments, according to a recent survey conducted by Redfin. To cover the costs, individuals are making sacrifices such as skipping meals, working overtime, and even dipping into retirement savings.

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TL;DR (Too Long; Didn’t Read)

New homeowners are expected to allocate around 40% of their income towards home maintenance, upgrades, and repairs during the first year of ownership, as revealed by a survey conducted by Thumbtack. Meanwhile, amidst the struggle for affordable housing, Zillow identifies the top markets for first-time buyers, while a Redfin survey underscores the widespread difficulty Americans face in affording housing, with nearly half of homeowners and renters struggling to make payments, resorting to sacrifices like skipping meals and tapping into retirement savings.

Have a great weekend - we’ll see you next Saturday.

Cheers 🍻

-Market Minds Team