Bought a Home Pre-Pandemic? Here’s How Much It’s Worth Now (Break Out the Champagne)

Homeowners across America who bought before the COVID-19 pandemic stand to make a “tidy profit” if they were to sell today, according to the latest monthly housing report from Realtor.com.

Just how much financial gain can an owner reap? Although the exact amount will vary by location, the typical listed home price grew by an astounding 37.5% overall, from May 2019 to May 2024.

“Homeowners have seen extraordinary gains in home equity over the past five years,” says Realtor.com senior economist Ralph McLaughlin.

More Than a House: The Emotional Benefits of Homeownership

With all the headlines and talk about housing affordability, it can be tempting to get lost in the financial side of buying a home. That’s only natural as you think about the dollars and cents of it all.

And while you ultimately need to be able to afford a home you buy, don’t lose sight of why homeownership was so important to you in the first place. That’s because buying a home is so much more than just a financial transaction. As the National Association of Realtors (NAR) says:

“The benefits of purchasing and owning your place of residence are both financial and emotional – pride in homeownership and the feeling of security are huge intangible benefits.”

Here’s a look at just a few of those more emotional or lifestyle perks, to help anchor you to why homeownership is one of your goals.

You’ll Never Guess Which Generation Has the Lowest Mortgage Rate

A recent breakdown of mortgage rates by generation contains a few surprises, finding that millennials on average secured lower rates than baby boomers.

The report earlier this month from Freddie Mac shows that millennials are tied with Gen X for the lowest home loan rate at origination, at 4%. Mortgage rates for boomers are slightly higher, at 4.1%, despite that generation’s much higher propensity for refinancing.

For the silent generation, which preceded the boomers, rates average 4.3%. Meanwhile, the youngest adult generation, Gen Z, has the highest average mortgage rate, at 4.9%. That’s likely because the oldest members of Gen Z, who are now 27, are more likely to have purchased their first home as mortgage rates spiked in the past few years.

Here Are the Types of Homes Buyers Are Purchasing

Which generations of homebuyers are buying which types of homes? Here are some of the highlights of the characteristics of homes bought from the National Association of Realtors' 2024 Home Buyers and Sellers Generational Trends Report.

New vs. Previously Owned

Overall, buyers of new homes made up 13%, and buyers of previously owned homes made up 87% of buyers during the research period (2022-2023).

These numbers are similar to all generations of homebuyers. Notably, homebuyers ages 69-77 were the most likely to buy a new home at 19%, compared to:

Housing Affordability Is Gen Z’s Top Voting Issue

More than nine in 10 (91%) adult Gen Zers say housing affordability is important when considering who they will vote for in the upcoming presidential election, making it the top issue for that generation. Gen Zers were more likely to rate housing affordability as an important factor in their vote than any other issue they were asked about, including the economy, abortion and gun rights, preserving democracy and foreign wars.

This is according to a Redfin-commissioned survey of roughly 3,000 U.S. homeowners and renters conducted by Qualtrics in February 2024. Please see a more detailed methodology at the end of this report.

Atlantic City Among the Top 10 Most Affordable Beach Towns in 2024

Most Americans say they dream of owning a vacation home, according to a new realtor.com® survey, and many hope it’s near a beach. But beachside property often comes with a hefty price tag.

Realtor.com® found pockets across the country offering bargains on the beach in its list of America’s 10 most affordable beach towns which analyzes median list prices for single-family homes and condos in coastal cities and towns nationwide. In the top five cities, waterfront property can be had for less than $300,000.