Gentrification Comes from Lack of Housing Supply, Study Finds

A recent study from the Urban Institute reveals that higher housing costs as a result of the shortage of housing inventory is leading affluent buyers to seek out low- or moderate-income neighborhoods.

This creates gentrified neighborhoods.

Due to historical housing inventory shortages, gentrification is happening quicker.

According to the 2018 Home Mortgage Disclosure Act and 2018 American Community Survey data, nationally, 14% of low-income buyers are taking out new mortgages to buy homes in low- or moderate-income neighborhoods. This is happening at much lower rates than low-income homeownership rates in these neighborhoods, which is 31%. While the Urban Institute report was written shortly before the latest HMDA data came out, the 2019 ACS data will not be available until this fall.

Steps made to decrease gentrification disparity include boosting housing supply by easing local land use as well as easing building and zoning restrictions to make homes affordable, the Urban Institute said.

This would also lift barriers as to who can buy a home, and thus slowing down the pace of gentrification.

The report also pointed out that there are considerably fewer borrowers with low incomes who have mortgages, which is largely due to the lack of supply of houses for sale and mortgages at the lower end of the housing price spectrum.

Of households with moderate incomes, earning 50% to 80% of area median incomes, the share of new mortgages is 31%, compared to the 21% of the share of current homeowners.

For middle-income households, earning 80% to 120% of area median incomes, the share of mortgages is 27%, while rates of those already owning homes in the neighborhood are 21%.

Across the U.S., high-income households represent 45% of homeowners, 48% of all borrowers and 28% of borrowers in low- to moderate-income areas in 2018.

To read more, go to Housing Wire.

Related Links

• Where to find the best homes for living the backyard dream

• Millions of Americans have moved due to the Coronavirus

• This startup gives renters a stake in their homes

Where to Find the Best Homes for Living the Backyard Dream

If you're one of the lucky ones who can open your sliding glass door, step outside, and grab an icy IPA from your outdoor kitchen's fridge, and then sink in to the cozy sofa next to the fire pit in your outdoor living room—well, we tip our envious hats to you.

And if you don't already live like this, you may well be wondering: Why the heck not? 

“Indoor-outdoor living really has been a trend for a good five or 10 years,” says Lisa Stryker, spokesperson for the National Association of Landscape Professionals. “What started as something accessible for only higher incomes has trickled down ... and now it's amplified by everyone being at home.”

In fact, a whopping 79% of U.S. home buyers ranked outdoor space as the No. 1 priority for their first home, according to a recent survey by the NALP. And a recent realtor.com® survey conducted during the pandemic found that the most desired feature in buyers' next homes is more space (according to 15.7% of respondents), followed by “more and better outdoor space” (13.6%).

“These are the things that are very important to consumers in light of this pandemic," says George Ratiu, senior economist with realtor.com.

So where are those parts of the country most filled with homes offering the best in open-air life?

Realtor.com’s data team scoured thousands of listings in the 300 largest U.S. metros for mentions of outdoor features—from courtyard, pool, fire pit, and patio to rarer amenities like lazy river, private dock, outdoor kitchen, and much, much more. To keep it geographically diverse, they limited the list to one metro per state.

Ready to live your best backyard life right now? Let’s dive in to that cool pool.

1. Naples, FL

Median listing price of homes with outdoor features: $649,900
Percentage of listings with outdoor amenities: 70.3%

In this balmy beach town it should come as no surprise that a whopping 65% of listings feature a pool—a coveted private amenity these days that can certainly help locals keep their cool while staying at home.

The desire for rays runs so deep in Naples that some buyers are adamant that their back lanai (Southwest Florida speak for "patio") or balconies face a specific cardinal direction to optimize the beams, Hahn says.

And inside, ideally, buyers can find amenities such as transom windows and frameless sliders that open to their large, covered lanai, with an outdoor dining area and living space overlooking the pool.

2. Phoenix, AZ

Median listing price of homes with outdoor features: $387,000
Percentage of listings with outdoor amenities: 65.1%

Scottsdale, part of the Phoenix metro area, was recently listed by Forbes as the best place to quarantine in the United States. Its mix of parkland and generously sized apartments earned it the No.1 slot.

And, yes, it’s also high on the list for folks who want to enjoy the area's breathtaking mountain and desert views without trekking up one of its many gorgeous hiking trails. Nearly 50% of listings around Phoenix boast a patio, and 37.4% highlight a pool.

3. Oxnard, CA

Median listing price of homes with outdoor features: $869,900
Percentage of listings with outdoor amenities: 61.8%

Stretching from the Pacific Ocean to the Santa Monica Mountains, Oxnard and the surrounding southern Ventura County is like much of Southern California: a sunny paradise for lovers of the outdoors. It also offers a variety of terrain: sandy beaches, gnarly forests, craggy mountains, and gentle plains.

But what sets apart this laid-back metro (which is also home to the company headquarters of outdoor apparel and gear retailer Patagonia) is that home buyers can more easily find an indoor-outdoor balance without totally breaking the bank.

Unlike in much pricier nearby ZIP codes (such as Santa Barbara and Los Angeles, where the median home price exceeds $1 million), plenty of Oxnard residents can hang by the water without leaving their homes. Over 35% of listings mention a patio, and 30% have a pool.

4. Kennewick, WA

Median listing price of homes with outdoor features: $369,999
Percentage of listings with outdoor amenities: 58.3%

Set on the east side of the dramatic Cascade Mountain Range in the high desert of the Columbia Basin, the tri-cities of Kennewick, Pasco, and Richland get 300 days of sunshine per year. You can bet residents take full advantage of the mild climate and gorgeous natural surroundings. The metro is located at an elevation above the confluence of the Yakima, Snake, and Columbia rivers, offering stunning views of the waterways and far-off peaks in nearly every direction.

When locals aren’t taking in scenery on the 96 miles of biking trails that wind through the region, they're enjoying the cool summer nights in their comfortable backyards. The term “patio” appears in 23% of listings in the area.

5. Myrtle Beach, SC

Median listing price of homes with outdoor features: $302,080
Percentage of listings with outdoor amenities: 56.2%

New residents have been migrating to Myrtle Beach like geese escaping winter. The population (currently 350,000) has skyrocketed 25% in the past decade—making it the fastest-growing metro in the United States.

A lot of that has to do with the mild weather and gorgeous 60-mile stretch of coast. While coastal residents sure do love heading to the beaches, most of the locals want a comfortable outdoor space of their own. Nearly 20% of area listings boast a patio and 36% have access to a pool.

In addition to these popular features, home buyers also prioritize mosquito-resistant, indoor-outdoor space, such as the bug-proof area in this $387,500 three-bedroom.

6. Medford, OR

Median listing price of homes with outdoor features: $490,000
Percentage of listings with outdoor amenities: 56.1%

While quirky Portland is known as the rainiest town in America (with a drenching 43 inches per year), Medford—on the other side of the Cascades—gets far less rainfall than the U.S. average, just 23 inches compared with 38 across the rest of the country.

Residents of the Rogue Valley metro enjoy the dry weather by spending lots of time in their yards. Over 32% of listings feature a patio, 22.5% feature a garden, and 10% mention a pool.

7. Lafayette, LA

Median listing price of homes with outdoor features: $265,000
Percentage of listings with outdoor amenities: 54.3%

Lafayette, the heart of Louisiana’s Cajun and Creole Country, is known for its rich cultural history, flavorful cuisine, as well as its peaceful rivers and bayous. According to one Harvard study, it’s the "Happiest City in America." And for two years running, Lafayette has held a spot on realtor.com's top 10 cities where millennials are buying homes.

The ample outdoor living amenities are part of Lafayette's appeal. Of all the listings in town, 37% mention a patio and 17% tout a pool.

8. Oklahoma City, OK

Median listing price of homes with outdoor features: $295,900
Percentage of listings with outdoor amenities: 53.0%

For years now, Oklahoma City has been systematically upgrading its public outdoor amenities. Last fall, Scissortail Park opened to the public; it's the first phase of what will eventually become a 70-acre park featuring a lake and boathouse, 5-acre lawn with a main stage, woodlands, gardens, dog parks, and more. And throughout the metro, the city is improving residential neighborhoods with sidewalks and bike paths to help residents spend more time in the fresh air.

While folks here are excited about the park's completion—and for when they can finally socialize again—many of the locals already have their own private outdoor space to enjoy the moderate weather. More than 35% of listings in Oklahoma City include a patio, and 21% offer a pool.

9. Dallas, TX

Median listing price of homes with outdoor features: $379,000
Percentage of listings with outdoor amenities: 52.9%

“People in Dallas enjoy having homes with outdoor living rooms and being able to spend time on patios,” says Ratiu, who once lived in the Texas city.

In fact, the Big D features listings with just about every outdoor amenity on our list. Patios were most common (32% of listings included the term), followed by pools (23%). The listings also boast everything from lazy rivers, grottoes and waterfalls, to pizza ovens, fireplaces, and outdoor kitchens.

To be sure, many of those upscale amenities are found in higher-priced homes. Starting in the $600,000 range, buyers can find swanky homes with backyard pools and outdoor kitchens for seamless indoor-outdoor entertaining.

10. Santa Fe, NM

Median listing price of homes with outdoor features: $720,000
Percentage of listings with outdoor amenities: 52.9%

In Santa Fe, 24.5% of listings feature a patio, 17% mention a garden, and 16.5% include a courtyard. It makes sense given the dry, lovely weather, absence of bugs, and stunning views of the nearby Sangre de Cristo mountain range.

To read more, go to Realtor.com

Related Links

• Millions of Americans have moved due to the coronavirus

• The ups and downs of multigenerational housing

• These outdoor additions will increase the value of your home

Millions of Americans Have Moved Due to Coronavirus

The ongoing coronavirus pandemic, which has infected nearly 3 million Americans and killed over 130,000, has also caused millions to uproot themselves from their homes.

Three percent of U.S. adults have moved either temporarily or permanently and six percent say that someone has moved into their home because of Covid-19, according to new Pew Research Center data. In total, more than one in five adults either moved themselves, had someone move into their home, or knew someone who did due to the virus. 

The most kinetic group by far was young people. Nearly one in ten Americans aged 18 to 29 said they had moved because of the pandemic, and many of them have returned home. 

“One of the more striking findings is that young adults really are more affected than other groups across the board,” said D’Vera Cohn, a senior writer and editor at Pew. Generation Z is feeling the full force of the pandemic’s economic effects and many college students scrambled to arrange new housing in March as campuses closed en masse.

Reducing the risk of contracting the virus was the most common reason respondents said they moved (28%), followed by the closure of college campuses (23%) and to be with family (20%). The majority of those who moved (61%) said they’re now living with a family member.

Pew did not specifically ask respondents if their move was permanent or temporary, but only 9% said they had bought or rented a permanent new home, indicating that most of those who have been displaced don’t plan to stay in their new locations for the longterm.

The new data comes from Pew’s American Trends Panel survey of 9,654 adults conducted between June 4 and 10.

For more info, go to Bloomberg.com

Related Links

• 6 plants that naturally repel mosquitos

• Prices for “affordable” homes continue to rise

• 5 designers predict what post-lockdown remodels will look like

6 Plants That Naturally Repel Mosquitoes

Gardening with a perk.

With all the joys that open-window, patio-dining summer weather brings, there’s one buzzing flaw in the plan: mosquitoes.

Whether you have a sprawling backyard or just a balcony, you can’t escape them—or can you? If you’ve already tried sticky repellent sprays to no avail, perhaps some extra protection is in order. Luckily, you can grow your very own with the help of a couple pots. 

“The most important plants to naturally repel mosquitoes are strong-scented ones,” explains Isabelle Palmer, author of Modern Container Gardening. 

Rebecca Bullene, cofounder of Greenery Unlimited, agrees: Her homegrown defense comes in the form of hanging baskets she has lining her porch and garden. The first step is making a couple environmental tweaks to create a less hospitable space for insects.

Moisture: “Remove standing water,” instructs Palmer. “It encourages larvae to reproduce—these bugs can lay hundreds of eggs even in a tiny spoonful of it.”

Air: If you’re trying to keep your apartment pest-free, Bullene recommends propping up a fan nearby. “You may have noticed they’re not around on windy days; that’s because their wings aren’t equipped to deal with gusts,” she explains.  

Once you’ve adjusted accordingly, it’s time to start planting. We asked Palmer, Bullene, and Washington, D.C.–based gardening expert Dominique Charles to share their top picks for greens that double as natural mosquito repellents.

Lavender

It’s not just a sleep aid. This fragrant plant will kick unwanted visitors to the curb, thanks to the strong-smelling essential oils that are found in the leaves. Keep it in a dry, sunny spot to prolong its life span. “In the spring, cut back to the woody stems so you get a lovely mass of leaves forming mounds in the summer,” suggests Palmer. 

Citronella

“This is my top pick because it’s incredibly easy to grow and propagate,” says Bullene. She plants hers in baskets with cascading flowers for a form-meets-function display. This option is as low-maintenance as they come; just be sure to bring it indoors in the winter. Palmer recommends buying the cymbopogon nardus or citronella winterianus varieties, as they produce the most potent smell. 

Basil

Charles grows a lot of tomatoes; the byproduct of which is that she also plants a lot of basil (hello, caprese salads). Though there’s a hidden, nonculinary benefit to her method: “The sweet yet pungent scent of its leaves emits an aroma that, while delicious to people, is toxic to mosquitoes,” she explains. It contains estragole, a chemical compound that will keep insects at bay. 

Marigolds

“A staple for any edible gardener, these keep more than just the aphids away—they’re also a reliable mosquito deterrent,” says Bullene of the easy-to-grow annual bloom. Pro tip: Stay on top of deadheading the buds and you’ll have sunny orange and yellow flowers all the way from May through October. Charles arranges hers right next to her caprese garden for what she calls “the utmost triple threat” in natural bug protection. 

Bee Balm

Otherwise known as monarda, this colorful flower attracts butterflies and pollinators but wards off mosquitoes. “It can be susceptible to powdery mildew, so be sure to plant it where it has space and air circulation around it,” warns Bullene. As long as you don’t overwater it, you can expect bright blossoms all the way through late summer. 

Rosemary

There are so many ways to reap the benefits of this handy herb. Palmer swears by a DIY spray, made from boiling a kilogram of dried rosemary in a liter of water for 25 minutes, then straining the liquid into a container before topping up with cool water to make one liter total. “Store it in the refrigerator, then add it to small squirt bottles as needed when going outdoors,” she says. Charles likes to hang a few sprigs of rosemary by the grill or firepit to create a fragrant smokiness that will keep your barbecue pest-free. 

Thanks to our partners at Domino for this great list! Keep reading.

If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search for Homes in Colorado

Search for Homes in Oklahoma

The Ups and Downs of Multigenerational Housing

Thinking About Going in on a House With Grandma? Hear From Families Who Bought Together.

You can see the allure: grandma coming up from her place downstairs to read bedtime stories or babysit, not to mention being able to split utilities and mortgage payments with the in-laws. It’s no wonder multigenerational living has been on the rise in recent years. While the move is most popular among nonwhite populations, the total number of people living in such homes went up from 17 percent to 19 percent between 2009 and 2014. As of 2018, a record 64 million Americans are living in multigenerational homes, a move that can seem even more appealing during a global pandemic. From being able to closely care for vulnerable family members to having a larger community at home during quarantine to help with child care and at-home schooling, COVID-19 has cast a new light on this living trend.

Yet, little is known about a subsection of that trend: multigenerational homebuyers. To explore what it means and what it takes to not only live together but to make major life purchases together across generations, Curbed spoke to five people scattered around North America who have taken the plunge.

Pega Ren and Keph Senett

A mother-daughter duo living together in Nelson, British Columbia, Canada

Keph Senett: This wasn’t something I had planned on, but with the recent economic downturns over the last couple of years, and now COVID, we started thinking about what we could do to make our positions more secure. My mom, who is a therapist, has had her house for ten years. I moved into what she was using as a counseling room in January, and she got a little office space outside of the house before the pandemic.

Before this, I had no intention to become a homeowner for many reasons, including that it’s nearly impossible because of the indebtedness you have to go into. My mom had paid for the first chunk of the house, and I took over the rest with some money from my retirement savings plan, untaxed. There are so many pros to this, from reducing our environmental footprint to sharing labor and resources.

Pega Ren: Gravity has lightened for me by 20 percent — the financial burden was lightened. I can now be picky about the clients I take on. Life got easier in a number of ways, and she cooks! I was able to offer her the security of a single place to live, and she was able to offer me the security of staying in my home more easily, now that I don’t have to work all the time to afford the house. We’ve been able to convert the money we’ve saved into a new roof and fixing the parking pad — things that would have been very stressful otherwise.

Just recently, I had an accident. I cut my leg on a faulty step coming out of the hot tub. I was caught and hurt and was able to just call for Keph. She came to the hospital with me. She just took care of it — all I had to do was call for her.

Go to Curbed to read four more stories of multigenerational homes.

Related Links

• This startup gives renters a stake in their home

• Housing starts rise 4.3% as crews return to building sites

• A strong force in the housing market: single women