Thursday, 30 January 2020

NFL Cribs: Striking Gold With the Homes of the San Francisco 49ers

NFL Cribs: Striking Gold With the Homes of the San Francisco 49ers

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Although many current San Francisco 49ers haven’t been to the Super Bowl, this is well-trod turf for one of the NFL’s glamour franchises.

After years in the football wilderness filled with losing seasons, coaching shuffles, and fan apathy, the Niners are back in a big way. Whether this is a single season of golden luck or a deep vein of sustained success—à la classic ’80s-’90s 49ers squads—remains to be seen.

And while we can’t claim to be football soothsayers, we are well aware that the team’s Santa Clara headquarters is right in the middle of one of the most expensive real estate markets in the country. (We should know: realtor.com’s own HQ is just 1.6 miles from Levi’s Stadium!) It is serious sticker shock for any free agent or coach eyeing a move to the Niners.

From what we’ve gathered, the team has adapted to its pricey surroundings. Most backups are likely paying exorbitant monthly rent of $2,500 and up, and the team’s big-money ballers have splurged on luxe homes throughout Silicon Valley.

We weren’t able to tackle the living situation of one elusive star, but we did dig deep on the mansions of all the other big names on the San Francisco 49ers. And we start with the biggest mansion of them all, which belongs to the man who sits in the owner’s box.

The owner: Jed York

There’s no need to toss a red flag for an official review—at 40 years old, York is the youngest owner in the NFL by a wide margin. And while his parents, Denise DeBartolo York and John York, technically own the team, they handed the keys to one of the NFL’s premier kingdoms to the younger York back in 2010.

York was the driving force behind the team’s move 45 miles south from San Francisco to the new stadium in Santa Clara. Levi’s Stadium has since earned plenty of grumbles from the Niners faithful, but York’s own home is worthy of a cheer. Except from a couple of disgruntled neighbors.

York’s mansion is tucked in Los Altos Hills, one of the San Francisco Bay Area’s priciest and most exclusive towns. It’s where Google CEO Sundar Pichai, Google founder Sergey Brin, and an assortment of other high-powered tech execs call home. The town also made headlines in 2011 when Russian investor Yuri Milner paid a then-unheard-of $100 million for a hilltop mansion.

York’s place is plenty nice, although it’s not quite in the nine-digit price tag stratosphere. Custom-built for the Niners boss and completed in September 2015, it sits on roughly 4.5 acres. In addition to the main house, there’s a guesthouse and a gatehouse. Outside, there’s a large pool, bocce court, and summer kitchen.

But there’s also a hotly disputed cabana, which forced York to go before the city’s planning commission in 2016. Neighbors objected to the cabana’s height, and York eventually had to reduce it by a foot and a half.

The finished cabana was slated to include a sauna, steam room, massage room, and meditation room. This all sounds like a fantastic way to unwind from a busy (and successful!) season.

Los Altos Hills, CA
Jed York’s mansion in Los Altos Hills, CA

Google

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The head coach: Kyle Shanahan dials up a Saratoga handoff

About 12 miles southeast of Los Altos Hills, Saratoga is another posh Bay Area enclave noted for its large homes and quiet streets. It’s attracted a fair share of notable figures, including a number of current and former San Jose Sharks.

It was also the home of former NFL quarterback Trent Dilfer. The well-traveled former QB left the Bay Area for Texas in 2017. He put his lovely Spanish-style mansion in Saratoga on the market for $7 million in February and sold it just a month later for $6.8 million.

The buyer? None other than the 49ers head coach. Shanahan was brought on board by the then-beleaguered franchise in February 2017, right around the time Dilfer’s gorgeous home popped onto the market.

Saratoga
Kyle Shanahan’s backyard in Saratoga, CA

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Shanahan was familiar with Saratoga, having lived in the town when his dad was an assistant coach for the 49ers. He even led the Saratoga High JV football team to a league title as a freshman quarterback in 1994.

What Shanahan acquired from Dilfer three years ago is a six-bedroom, 6.5-bathroom mansion with style to spare. Built in 2006 on a 1.5-acre lot, the home pays “tribute to California’s Spanish heritage combined with absolute luxury for today’s lifestyle,” according to the listing.

It’s outfitted with an outdoor kitchen with pizza oven, a bocce court, and a mini vineyard.

Saratoga vineyard
Saratoga vineyard

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And Shanahan will have to propose a big toast if his now-retired Super Bowl–winning father, Mike Shanahan, ever manages to sell his Colorado estate. The 32,254-square-foot mansion just outside Denver went on the market in 2016 for a whopping $22 million. The price has since been cut by a couple of million, but the massive home is still searching for a buyer.

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The elusive QB: Jimmy Garoppolo

Perhaps he felt burned by the paparazzi who chronicled his dinner with an adult-film star in 2018. Perhaps he’s an advocate for privacy—a rarity in Silicon Valley. Or maybe he’s just as good at hiding his location off the field as he is leading his team on the field.

Whatever the case, we couldn’t pin down Jimmy G at a specific home with any sense of surety. After his infamous date in summer 2018, the handsome (and wealthy!) QB complained, “My life off the field is under a microscope.” He also told local reporters that he had spent part of the offseason house hunting in the Bay Area.

That was nearly two years ago, and Garoppolo has yet to make a peep. There are no signs of a mansion on Instagram. No “Cribs”-style videos. No trace of where he rests his head after a big game. If you have a tip, hit us up on Twitter.

Before joining the 49ers, Jimmy G was a bit more forthcoming with his housing history. In 2015, his parents allowed cameras into the family home in Arlington Heights, IL. See the video:

Keeping with the Chicago-land vibes, he also showed off his skills as a deep-dish pizza maker back home in Illinois:

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Providing long-term protection: Joe Staley

Staley has been with the Niners long enough to have played alongside the aforementioned Trent Dilfer during the quarterback’s final season. The huge offensive tackle has donned the red and gold since 2007 and been a stalwart along the line protecting the likes of former Niners QBs Colin Kaepernick and Alex Smith.

He’s also been active off the field in the real estate game. In 2015, he put his four-bedroom home in San Jose’s Willow Glen neighborhood on the market for $1.95 million. It was sold in just a couple of months for $1.89 million.

Joe Staley's former San Jose home.
Joe Staley’s former San Jose, CA, home

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At the time, there was speculation that the team was looking to trade its hulking tackle. The home’s appearance on the market helped fuel the rumor mill, but Staley never left the Bay Area.

He simply moved north up the peninsula to a larger four-bedroom home in Menlo Park. It was a step up pricewise: Staley and his wife paid $4,474,000 for their new place in June 2015.

According to the listing from five years ago, the two-story home is “tucked away on one of Menlo Park’s most prestigious cul-de-sacs.” It’s within walking distance to the city’s cute downtown and sits close to the exclusive environs of Palo Alto.

Joe Staley's Menlo Park home.
Joe Staley’s Menlo Park, CA, home

Google

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The effusive tight end: George Kittle makes a home in Music City

While we don’t know where Kittle stays while he’s in the Bay Area, we do know the newly minted All-Pro spent some of his hard-earned NFL cash on a place in Music City.

In May, the prolific pass catcher and his new bride scored a brand-new home in Nashville for $940,000. Located in the affluent Green Hills neighborhood, the home is just a mile from Lipscomb University and a 15-minute drive from downtown Nashville.

Featuring dark hardwood floors, quartz countertops in the kitchen, and exposed wood beams in the living area, the four-bedroom home looks like a Pinterest-perfect spot to chill in the offseason.

Nashville, TN
Nashville, TN

realtor.com

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The fullback: Kyle Juszczyk knows the way to San Jose

After signing the largest contract (four years, $21 million!) for a fullback in NFL history, the Harvard grad took part of his $5 million signing bonus and bought a four-bedroom home in San Jose’s Evergreen neighborhood.

Sitting on a huge 3.6-acre lot, the luxe home flanked by palm trees came on the market for $2,769,000 in March 2017. Juszczyk managed to eke out a minimal hometown discount, paying the round sum of $2.7 million for the place a couple of months later.

Buffeted by open space on the back side of the property, the massive lot features a tennis court, enormous pool, and enough patio space to host an entire football team. Just don’t let Juszczyk block the fun from starting…

Kyle Juszczyk San Jose home overhead
Kyle Juszczyk’s San Jose, CA, home

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Kyle Juszczyk San Jose home patio space.
Patio space

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The legend on defense: Richard Sherman

Sherman already has a Super Bowl ring, earned as a member of the Seattle Seahawks‘ legendary Legion of Boom. Cut loose by Seattle after the 2017 season, he joined the team he often tormented and soon became a beloved figure in the defensive backfield for the Niners.

Sherman signed with the 49ers in March 2018 and then purchased a home in San Jose’s Silver Creek neighborhood in May. He paid $2.6 million for the four-bedroom mansion in the gated Silver Creek Country Club community. Backing up to open space, the mansion in the hills is private and about as far away as one can get within the sprawling San Jose city limits.

Inside, the single-story home features hardwood floors, an open living space, and a library.

Richard Sherman's San Jose home.
Richard Sherman’s San Jose, CA, home

realtor.com

Even though he’s found a new home by the Bay, Sherman has held on to his mansion near Seattle. He still owns his place in Maple Valley, WA, which he purchased for $2.31 million in June 2014 from former NBA star Jamal Crawford.

In late 2014, the fiery defensive back also shelled out a reported $1,744,000 for a home in Yorba Linda, CA. The 7,100-square-foot residence was purchased for his parents, who now enjoy the fruits of their son’s All-Pro career.

The post NFL Cribs: Striking Gold With the Homes of the San Francisco 49ers appeared first on Real Estate News & Insights | realtor.com®.



source https://www.realtor.com/news/celebrity-real-estate/san-francisco-49ers-real-estate/

Wednesday, 29 January 2020

‘House Party’ Podcast: A Raw Review of 2020’s New American Home; a Baltimore Foreclosure That’ll Blow Your Mind

Getty Images; realtor.com

“House Party” is realtor.com®’s official podcast about the overlapping worlds of real estate and pop culture, hosted by Natalie Way, Erik Gunther, and Rachel Stults. Click the player above to hear our takes on this week’s hot topics.

If you’re a loyal “House Party” listener, you know there are few things we enjoy more than ogling the latest luxurious and outrageous homes that pop up on the market. So imagine our excitement when we got to actually go inside one—and compile a report for you straight from the scene.

That’s what happened when Rachel toured the 2020 New American Home last week during the seventh annual Design and Construction Week in Las Vegas. The 7,638-square-foot home in Henderson, NV, was built to showcase the latest innovations in design, efficiency, and technology—plus every luxury amenity you could imagine. Impressive? Sure. But we have some (possibly) controversial takes on a few of the design choices inside—and outside—this place.

Other topics we cover:

  • A review of several new home products presented at the show in Las Vegas (Warning: You might be tempted to crack open an adult beverage while listening.)
  • The Baltimore foreclosure that is easily the most bizarre listing we’ve seen in 2020 thus far
  • The home remodeling projects that pay off the most—and the one that really, really doesn’t
  • And, of course, our celebrity real estate winner and loser (Our loser had to shred the price on his gorgeous Malibu, CA, home, while our winner scored a breathtaking retreat that just might make him feel like the last man on Earth.)

Ready to listen? Subscribe on Apple Podcasts, Google Play Music, Spotify, or wherever you get your podcasts. And please: Throw us a five-star rating if you like what you hear. The more good ratings and reviews we have, the easier it’ll be for people to find us.

Want to chime in? Have your own crazy home-related story you’re dying to share? We’re all ears, eagerly waiting to discuss all of your burning real estate questions. Email us at podcast@realtor.com, follow us on Facebook, or tweet us @housepartypod on Twitter.

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Stories we discussed on ‘House Party’ this week:

The 2020 New American Home Wowed Us—Except for These 3 Things

Exclusive: TV’s Nate Berkus on 2020’s Top Design Trends and the Biggest Mistake People Make

Bizarre Baltimore Foreclosure Features Weird Indoor Pool for Only $140K

2020’s Smartest (and Dumbest) Remodeling Projects: What Pays Off vs. What You’ll Regret

Olympian Shaun White Cuts Price on Gorgeous Craftsman in Malibu

Comedian Will Forte Scores Glorious $6.25M Home on the Carmel Coast

The post ‘House Party’ Podcast: A Raw Review of 2020’s New American Home; a Baltimore Foreclosure That’ll Blow Your Mind appeared first on Real Estate News & Insights | realtor.com®.



source https://www.realtor.com/news/podcast/episode-48-house-party-podcast/

South Carolina’s Most Expensive Home Just Had Its Price Cut by 30%

Twickenham Plantation

realtor.com

Even with a recent price cut from $25 million to $17.5 million, the historic 2,510-acre Twickenham plantation near Yemassee is still the most expensive home in South Carolina.

The huge property near Interstate Highway 95 dates to the 1730s and has been featured in Southern Living magazine.

Initially listed in October 2018, the property had its price cut by 30% on Jan. 9.

“The owner just said, ‘let’s drop the price and see if we can get it sold,’” says listing agent CJ Brown. “He owns a lot of different properties around the country, and they’re spending more time at some of the other properties right now.”

The land was once a rice plantation and has more than a mile of frontage on the Combahee River in the ACE Basin in coastal South Carolina. In addition to a manor home, there are two historic guesthouses, a horse barn, stables, and storage barns.

Barns and stables

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Interior

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It’s centrally located as well—about 20 minutes from Beaufort, SC, 50 minutes from Charleston, SC, and an hour from Savannah, GA.

“When you’re on the plantation, it feels like you’re a million miles from everywhere, but you’re pretty close to the best of everything,” says Brown.

The plantation dates to 1732, when King George II of England created a grant for the property, and Walter Izard assembled the property in 1733.

“It feels like you step back into an earlier time when you enter the property,” Brown explains. “The live oaks are massive with the canopy around the house, and it just feels like you’re stepping back in the 1700s. You almost expect to see a wagon. It’s like you’re going back into a time machine and into a snapshot of what life was like back then.”

The main plantation house was built by Maj. John Screven in 1878 in a two-story, Federal style. It has four bedrooms and 3.5 baths. While maintaining the home’s history and period-appropriate furnishings, the current owners put the place through an extensive remodel, which was completed in 2018.

Tree canopy

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Kitchen

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Guesthouse

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There’s now a chef’s kitchen with high-end appliances, modern bathrooms, and expansive living spaces.

Many of the rooms overlook gardens designed by Robert Marvin and Douglas Duany, landscape architects who did work at Augusta National Golf Club and Sea Pines Resort.

Not far from the main house are two guesthouses and a manager’s house.

“There’s one two-bedroom guesthouse that’s adjacent to the main house that has a large kitchen and living room in the center, and it divides the house,” Brown says. “The bedrooms are on either side, and they’re identical. The bathrooms are exquisite.”

The other guesthouse is a single story with one bedroom, a kitchen, and dining and living rooms. The manager’s house is similar.

The fields are in working order for growing crops and also provide areas for world-class waterfowl hunting.

“This is simply the best. It has the best hunting, the best sporting opportunities, the best accommodations, the best location,” Brown says. “It’s just the pinnacle of sporting pursuits in the Southeast.”

Hunting and fishing Areas

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Quail, whitetail deer, ducks, and turkeys are abundant on the property. There’s also a dock with private boat access to the Combahee River and a 3,300-foot grass airstrip, which could be expanded to 5,000 feet.

“The perfect buyer really would be someone with the love of the outdoors and, of course, South Carolina history, early American history, and someone who really enjoys duck hunting and quail hunting,” Brown says. “It’s probably one of the more attractive and appealing properties that I’ve ever been on. I mean, it’s just absolutely magnificent.”

The post South Carolina’s Most Expensive Home Just Had Its Price Cut by 30% appeared first on Real Estate News & Insights | realtor.com®.



source https://www.realtor.com/news/unique-homes/price-cut-south-carolina-most-expensive-historic-southern-plantation/

QB Blake Bortles Completes Sale of Jacksonville Beach House for $1.7M

Michael Reaves/Getty Images

Former Jacksonville Jaguars quarterback Blake Bortles has headed west to the Los Angeles Rams, and moved on from his oceanfront abode in Jacksonville Beach, FL. The beach house was just sold for $1.7 million, the Jacksonville Business Journal reports.

The 27-year-old first listed the home last February for $2 million, then quickly cut the price to $1,925,000. Its latest price cut, to $1,825,000, finally enticed a buyer in mid-January, according to real estate records. 

Bortles had bought the home for $1.5 million in 2015, soon after being drafted by the Jaguars as a first-round NFL pick in 2014.

Blake Bortles’ beach house

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Balcony overlooking the ocean

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Open living space

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Kitchen with bar seating

realtor.com

Dining area

realtor.com

Master suite

realtor.com

Outdoor space

realtor.com

Built in 1995, the 2,500-square-foot home has three bedrooms and three bathrooms, The “light and bright floor plan” maximizes views of the ocean. The open living area extends to a large covered deck overlooking the ocean. The kitchen features dark wood cabinets, stone countertops, and a center island with bar seating.

The master suite includes a sitting room, bath, and private balcony with ocean views. 

The property comes with a private path to the beach, a grassy backyard, and deck with dining space. A two-car garage completes the offering.

Bortles started at quarterback for the Jaguars for five seasons with mixed results. After a dismal 2018 season, he was released by the team after it picked up Nick Foles. He spent the 2019 season as a backup for the Rams and made only three brief appearances on the field.

Justin Dalrymple of Mainframe Real Estate represented the listing.

The post QB Blake Bortles Completes Sale of Jacksonville Beach House for $1.7M appeared first on Real Estate News & Insights | realtor.com®.



source https://www.realtor.com/news/celebrity-real-estate/blake-bortles-sells-jacksonville-beach-house/

Could HUD Chief Ben Carson’s Bus Tour Help Solve the Affordable Housing Crisis?

Elizabeth Flores/Star Tribune via Getty Images

Housing chief Ben Carson says he is committed to tackling the affordable housing crisis that’s reached a fever pitch in many parts of the country. His first step? A nationwide bus tour.

The secretary of the U.S. Department of Housing and Urban Development kicks off his tour on Wednesday in Louisville, KY. The purported aim of Carson’s Driving Affordable Housing Across America journey is to talk to local officials, builders, and just about everyone else about ways to loosen state and city regulations that make it harder, costlier, and longer to construct housing.

Reducing “overly burdensome” regulatory barriers to putting up housing is a priority of Carson’s boss, President Donald Trump, and Carson heads up a White House council dedicated to the task.

“It’s important that we get out into local communities and hear directly from our fellow citizens who are grappling with rising housing prices and learn more about best practices to address them,” Carson said in a statement. “Families, businesses and all levels of government have concerns about the rising cost of housing, and this is an opportunity to bring those parties to the table for a discussion about how we can work together to fix the problem.”

HUD has not released the number or location of the stops on the controversial tour. It will run through June.

But in an election year where nearly all of the major Democratic presidential candidates have released comprehensive affordable housing plans, many critics believe the multistop bus trip is little more than a publicity stunt. And they say that although reducing regulatory barriers will help to alleviate the dearth of affordable housing, it’s just one of many steps needed to turn the crisis around.

The bus tour is “really unnecessary,” says Edward Goetz, an urban policy professor at the University of Minnesota in Minneapolis. “HUD has been collecting this information for a long time, and they don’t need a bus tour to do it.”

Others applauded Carson’s willingness to talk to local leaders grappling with this crisis in a bid to find solutions.

“He’s getting out of [Washington,] DC, and actually going to look at communities and examples where maybe they’ve successfully tackled affordability,” says K.C. Conway, director of research at the Alabama Center for Real Estate at the University of Alabama in Tuscaloosa. “It might give him some good takeaways.”

Conway also praised Carson’s desire to use the carrot—instead of the stick—to get state and local officials to loosen regulations to create more housing.

“A lot of [the regulations] emanate from this ‘not in my backyard’ [ethos],” says Conway. “There’s a stigmatization with affordable housing. They think it’s going to bring crime and undesirable [new residents] to their communities and it won’t be good for their property values.”

What is the solution to the affordable housing crisis?

Everyone seems to have a theory on the best ways to address the affordable housing crisis.

University of Minnesota professor Goetz would like the government to produce more subsidized housing and offer more programs to help the lowest-income folks secure a roof over their heads. These could include tax breaks, subsidies for developers and builders, expansion of the Section 8 program for the poorest of the poor, and creation of more federally subsidized housing.

“The size of the affordable housing crisis is so great, we have to do everything,” says Goetz. “It’s foolish that [reducing regulatory barriers] by itself is the solution. And it seems to be all we’re getting from this administration.”

Andrew Aurand, vice president for research at the National Low Income Housing Coalition, would like fewer regulations prohibiting rental apartments from going up. He’d also like to speed up the time between builders submitting proposals to construction and the shovels going into the ground. (Proposals can sometimes get lost in a series of zoning board meetings.)

“Addressing regulatory barriers is important, but it cannot be used as an excuse to not sufficiently invest in our housing programs that serve the poorest families,” says Aurand. “This administration that is planning this road tour … at the same time consistently proposes cuts to the programs that serve our lowest-income renters.”

Most experts agree that not all state and local regulations are bad. Some are important for public safety and protecting the environment, says Ken Chilton, a public administration professor at Tennessee State University in Nashville. And some of these regulatory costs fund necessary infrastructure, new roads, and schools to accommodate the folks moving into the new housing.

Chilton isn’t convinced that if the regulations were removed, builders would suddenly start building cheaper homes.

“The data doesn’t support that,” he says.

But making it easier and less expensive to construct new homes will make housing more affordable—and help more folks become homeowners, says John Weicher, director of the Center for Housing and Financial Markets at the Hudson Institute, a conservative-leaning think tank in Washington, DC. Weicher is also the former HUD assistant secretary of housing during President George W. Bush‘s first term.

“It’s certainly a step in the right direction,” Weicher says.

The post Could HUD Chief Ben Carson’s Bus Tour Help Solve the Affordable Housing Crisis? appeared first on Real Estate News & Insights | realtor.com®.



source https://www.realtor.com/news/trends/could-hud-chief-ben-carsons-bus-tour-help-solve-the-affordable-housing-crisis/

The Number of Buyers Who Signed Contracts on Homes Plummeted in December Despite High Demand

Couple with documents

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The numbers: The index of pending home sales decreased 4.9% in December from the previous month, the National Association of Realtors reported Wednesday.

The index reflects transactions where a contract has been signed but the sale has not yet closed. As a result, the index functions as an indicator for existing-home sales reports in the coming months. The index is benchmarked to contract-signing activity in 2001.

What happened: Compared with December 2018, contract signings were up 4.6% nationally, but pending sales volume was down on annual basis by 0.1% in the Northeast.

On a monthly basis, contract signings decreased in every region across the country, led by the South (down 5.5%), followed by the West (down 5.4%), the Northeast (down 4%) and the Midwest (down 3.6%).

Big picture: The drop in contract signings in December suggests that the existing home sales reports coming out in the near future likely won’t feature notable increases. While the drop in mortgage rates in the summer of 2019 provided a momentary lift for the housing market as it improved affordability for many buyers, the housing industry will struggle in 2020 with a depleted supply of homes for sale. Many real-estate experts expect this will curtail sales activity in the next year.

“The state of housing in 2020 will depend on whether home builders bring more affordable homes to the market,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report. “Home prices and even rents are increasing too rapidly, and more inventory would help correct the problem and slow price gains.”

What they’re saying: “Housing demand continues to gain traction owing to improved affordability, low borrowing costs, strong household balance sheets and elevated confidence. The issue for the housing sector these days is more about capacity… the paucity of homes for sale and workers to build new ones,” Michael Gregory, deputy chief economist at BMO Capital Markets, wrote in a research note.

Market reaction: The Dow Jones Industrial Average and the S&P 500 moved higher Wednesday morning as corporate earnings beats outweighed concerns about the coronavirus, though this trend did not extend to the 10-year Treasury yield, which dropped.

The post The Number of Buyers Who Signed Contracts on Homes Plummeted in December Despite High Demand appeared first on Real Estate News & Insights | realtor.com®.



source https://www.realtor.com/news/real-estate-news/the-number-of-buyers-who-signed-contracts-on-homes-plummeted-in-december-despite-high-demand/

Rent vs. Buy: The Best Places to Become Homeowners—or Remain Renters

Rent vs. Buy: The Best Places to Become Homeowners—or Remain Renters

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The most important question for many potential home buyers isn’t about the quality of the local school districts, whether mortgage interest rates will fall, or commute times. Instead, it’s whether it makes more financial sense to just keep renting, rather than sinking money into the purchase of a home. And it all depends on where you live.

In more than 8 out of 10 counties, 84%, it was cheaper to rent than to buy in the fourth quarter of 2019, according to a recent realtor.com® report. In the past year, it has become better to buy in 26 counties—in part because mortgage rates have dropped under 4% in that time.

The economics team at realtor.com analyzed the 593 counties with at least 100,000 residents where sufficient data was available to come up with its quarterly Rent vs. Buy report. It looks at the percentage of income required to rent and to purchase a home, using listing, rental, homeownership, mortgage, and income data.

“Renting remains the more affordable option in a lot of the country,” says Senior Economist George Ratiu of realtor.com. “However, due to declining mortgage rates, we are seeing buying becoming more financially attractive.”

Smaller counties in the Midwest and South tend to offer lower-priced real estate and a cheaper cost of living than the big cities along the coasts. That’s because land and construction labor are less expensive and there are fewer zoning regulations. Plus, there isn’t as much demand for a limited supply of homes in smaller and midsize cities and the surrounding suburbs and exurbs.

Meanwhile, New York City and ultrapricey (and scenic) California counties on the water dominated the list of the highest-priced counties where it makes more sense to rent. These places tend to have lots of good-paying jobs, lively social scenes, and natural beauty. Six of them had median list prices over $1 million.

“Affordability is driven by geography,” says Ratiu. The most expensive markets have “solid economies and strong job growth, which is very attractive to young professionals. The trade-off is that it’s much more difficult to get a foothold in homeownership.”

So where are the best places to purchase a home, or to rent one?

The best counties to buy a home

  1. Clayton, GA  ($154,500 median list price)
  2. Baltimore City, MD ($167,500)
  3. Cumberland, NJ ($142,450)
  4. Richmond, GA ($125,50
  5. Vigo, IN ($89,050)
  6. Wayne, MI ($127,050)
  7. Muscogee, GA ($151,550)
  8. Cambria, PA ($79,950)
  9. Hampton City, VA ($193,00)
  10. Jefferson, NY ($162,500)

The best counties to rent a home

  1. New York, NY ($1,680,550 median list price)
  2. Santa Barbara, CA ($1,395,050)
  3. Monterey, CA ($1,000,050)
  4. San Mateo, CA ($1,643,050)
  5. San Francisco, CA ($1,499,300)
  6. Marin, CA ($1,383,550)
  7. Napa, CA ($995,050)
  8. Los Angeles, CA ($866,550)
  9. Kings, NY (Brooklyn) ($807,050)
  10. Maui, HI ($960,050)

The post Rent vs. Buy: The Best Places to Become Homeowners—or Remain Renters appeared first on Real Estate News & Insights | realtor.com®.



source https://www.realtor.com/news/trends/rent-vs-buy-the-best-places-to-become-homeowners-or-stay-renters/