A Zillow and Thumbtack analysis finds insurance is the fastest-rising cost of owning a home, while the overall pace of growth has slowed
Insurance, maintenance and property taxes now cost the typical U.S. homeowner $16,566 per year, about $1,380 a month on top of a mortgage payment. The pace is cooling. Hidden costs are up 32% over five years but just 3% over the past year. Insurance premiums are climbing the most. In Houston, Phoenix, Denver and Nashville, homeowners now pay more for insurance than for property taxes. , /PRNewswire/ -- Buying a home comes with a price tag, but keeping that home comes with a second one. A new analysis from Zillow® and Thumbtack finds that the hidden costs of homeownership, which include maintenance, property taxes and homeowners insurance, now add up to $16,566 per year nationwide, or about $1,380 a month, on top of a monthly mortgage payment.
Here's how those costs break down for the typical U.S. homeowner:
Hidden costs of homeownership approach $17K annually $11,171 on annual maintenance $2,266 on homeowners insurance $3,129 on property taxes Over the past five years, homeowners insurance premiums have jumped 54%, maintenance costs have risen 32%, and property taxes have gone up 19%. But the pace is cooling. Overall, the cost of owning a home rose just 3% in the past year, compared with 32% over five years.
Maintenance shows the clearest slowdown. Yearly increases in maintenance costs have shrunk every year, from 9% in 2022 to 1% in 2026. Insurance may be following the same path. Federal data shows insurance premiums rose just 0.3% between February and June 2026, though they remain well above where they were five years ago.
The biggest jumps have been in a handful of metros. Insurance premiums are up at least 50% over five years in 19 of the 30 metros analyzed, led by Dallas (75%), Tampa (71%), Denver (70%) and Houston (69%). Miami homeowners pay the most, at nearly $5,000 a year. Six metros now top $3,000 a year: Miami, Dallas, Houston, Tampa, Orlando and Denver. Homeowners in Houston, Phoenix, Denver and Nashville pay more each year for insurance than for property taxes. Severe weather, including hail, tornadoes and damaging winds, may be driving premium increases in storm-prone metros like Dallas and Denver.
Maintenance remains the largest hidden cost everywhere, at roughly two-thirds of the national total, and tops $12,000 in six major metros, including Seattle ($12,594) and Boston ($12,486). Los Angeles experienced the sharpest surge in maintenance expenses, jumping 27% year over year. This steep rise reflects a mix of regional factors, including wildfire-related recovery efforts, heightened demand for home services, and persistently elevated labor costs.
"Many households focus so much on winning the home and underestimate what it costs to live in it," said Zillow Senior Economist Kara Ng. "Long after they receive the keys, insurance, taxes and upkeep are recurring expenses to plan for. Since these homeownership costs vary so much by market, home shoppers should run the numbers and understand what they can truly afford before they make an offer."
The total hidden costs of homeownership are highest in coastal metros: $25,111 in New York, $24,383 in San Francisco, $22,915 in Los Angeles and $22,096 in Boston. Even in the least costly metro analyzed, Phoenix, hidden costs run $14,187 a year.
"The slowdown in maintenance cost growth is welcome news for homeowners managing a lot of competing expenses," said Kendra Sinclair, Thumbtack's home trends expert. "Planning for regular upkeep throughout the year can help prevent bigger repair bills and protect your savings when something unexpected happens."
Here are four tips for prospective buyers:
Get an insurance quote before you make an offer. With premiums rising across the country, the cost of insuring a specific home can change what you can afford to pay for it. Know your true buying power. Start with BuyAbilitySM, a personalized affordability tool available on the Zillow app. It lets you set a target monthly payment, which can be adjusted to account for these costs. Plan for maintenance early. Maintenance is the biggest hidden cost in every metro analyzed. Thumbtack's free personalized maintenance guides, available on the Thumbtack app, help buyers anticipate upkeep and budget with confidence. Reconsider the type of home you buy. A large single-family home with a big yard often comes with higher maintenance costs. Townhomes and condos may offer less upkeep, while new construction is cheaper by the square foot and typically needs fewer repairs in the near term. Crunching the numbers
For this analysis, Zillow estimated annual property tax and homeowners insurance costs for a typical U.S. homeowner in each metro, then compared year-over-year and five-year changes. Thumbtack provided estimates for annual home maintenance costs. Pricing data is based on projects requested on Thumbtack and reported directly by the independent service professional or individual customers. The cost is a weighted index of yearly home maintenance projects, based on recommended yearly frequency, calculated quarterly using a moving average.
Metro
Hidden costs of
homeownership
Hidden costs, 1-year
change
Hidden costs, 5-year
change
United States
$16,566
2.8 %
31.7 %
New York, NY
$25,111
1.8 %
13.8 %
Los Angeles, CA
$22,915
15.9 %
42.5 %
Chicago, IL
$18,239
6.2 %
19.8 %
Dallas, TX
$17,598
2.6 %
18.1 %
Houston, TX
$16,529
3.4 %
24.1 %
Washington, DC
$18,663
3.1 %
30.6 %
Philadelphia, PA
$18,834
2.5 %
31.7 %
Miami, FL
$20,861
1.1 %
42.8 %
Atlanta, GA
$17,346
-2.5 %
33.4 %
Boston, MA
$22,096
2.8 %
27.1 %
Phoenix, AZ
$14,187
5.3 %
34.2 %
San Francisco, CA
$24,383
3.4 %
28.9 %
Detroit, MI
$16,186
3.7 %
30.0 %
Seattle, WA
$21,354
-1.5 %
28.1 %
Minneapolis, MN
$19,755
7.4 %
41.3 %
San Diego, CA
$20,718
3.1 %
32.9 %
Tampa, FL
$17,775
2.8 %
44.4 %
Denver, CO
$17,659
6.6 %
36.2 %
Baltimore, MD
$17,507
3.8 %
35.3 %
St. Louis, MO
$15,809
3.2 %
22.8 %
Orlando, FL
$17,327
3.6 %
37.5 %
Charlotte, NC
$15,364
5.9 %
33.2 %
Portland, OR
$19,656
6.4 %
33.5 %
Sacramento, CA
$18,883
5.6 %
33.0 %
Pittsburgh, PA
$15,619
3.0 %
54.8 %
Indianapolis, IN
$15,680
3.4 %
36.3 %
Cleveland, OH
$16,904
3.0 %
32.2 %
Nashville, TN
$15,538
2.8 %
29.4 %
Raleigh, NC
$16,181
0.1 %
31.9 %
Salt Lake City, UT
$15,553
6.2 %
35.5 %
Table ordered by market size
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing, and renting experiences.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
We're Thumbtack, a technology company helping millions of people confidently care for and improve their homes. Our homeowners get personalized guidance on what to do, when to do it, and who to hire from our growing community of 300,000 local service businesses. Every day in every county of the U.S., people turn to Thumbtack to complete small fixes, routine maintenance, and major improvements. With over 16 million 5-star projects and counting, we empower homeowners to take control and local businesses to grow. Accomplish more with Thumbtack.
A new connector brings real home listings, interactive maps and affordability tools into Claude, built on two decades of Zillow housing data
, /PRNewswire/ -- A Zillow® experience is now available in Claude through a new connector that lets people explore homes for sale or rent, check home values and estimate what they can afford within the AI assistant.
Claude can bring listings on Zillow, interactive maps, home value estimates and affordability tools into the conversation.
The connector builds on two decades of investment in housing technology that spans buying, selling, renting and financing. "Finding a home is one of the most important decisions people make, and it deserves specialized intelligence — real listings, real home values and real affordability math, built on two decades of housing data," said Josh Weisberg, senior vice president of AI at Zillow. "This connector helps Claude users take the next step through Zillow: a tour, an agent, a loan officer. The conversation doesn't stop with providing information, it leads to a way to make it happen."
How it works
To get started, open Claude, go to "Customize," select "Connectors" and connect Zillow. Then ask for something specific, like "Find three-bedroom homes for sale in Denver under $600,000 with a garage" or "Show me apartments for rent in Seattle under $2,500 a month."
Claude can bring listings on Zillow, interactive maps, home value estimates and affordability tools into the conversation. Listings include photos, prices and other information, with links to further explore properties directly on Zillow. In the same conversation, people can request a tour, connect with a real estate agent or explore financing, ensuring agents remain at the center of consumers' journeys.
Zillow doesn't send data to Anthropic; instead, Zillow's own MLS-approved listing display appears within Claude, with the same broker and MLS attribution as on Zillow.com.
The foundational technology behind the experience
The connector builds on two decades of investment in housing technology that spans buying, selling, renting and financing. Zillow's proprietary data, rich media, custom AI models, and tools that connect consumers with real estate agents, loan officers and other services help make AI more useful for the complex decisions involved in moving.
That same foundation powers Zillow AI mode, which brings together housing information and individual preferences to offer richer, more personalized guidance directly on the Zillow app. AI-powered tools from Zillow also help real estate professionals work more efficiently and better serve their customers.
The Claude connector extends this technology to another major AI platform, joining existing Zillow experiences in ChatGPT and a rentals-focused experience in Gemini.
Zillow's housing expertise also shapes how it designs, tests and launches AI, including fair housing reviews by its ethical AI team. The company has also published its AI principles and released its Fair Housing Classifier as an open-source tool to help identify potential bias in real estate conversations.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Top real estate companies are rallying today. Zillow Group stock jumped 11%, while Better Home & Finance and Opendoor surged 33% and 17%, respectively. Other major names, including UWM Holdings and PennyMac Holdings, also traded in the green.
While these stocks jumped, they remain well below their highs for the year. Zillow has dropped by 62%, while Better Home & Finance and Opendoor have slumped by 85% and 72% in the last 12 months.
The rebound coincided with the retreat in bond yields. Data show that the ten-year yield dropped to 5.06%, while the five-year fell to 4.86%. The two have dropped substantially from their highest points this month.
US bond yields dropped even after the US published strong consumer inflation data. The report showed that the headline Consumer Price Index (CPI) jumped to 3.7% last month. Core inflation rose 2.6% in September. Another report released today showed that the producer price index (PPI) rose from 0.5% in August to 1.3% in September, higher than the expected 0.6%.
Despite these numbers, market participants don’t expect the bank to hike interest rates this month. Odds of the bank leaving interest rates unchanged moved to 72%. Most analysts expect the bank to hike interest rates by 0.25% in the December meeting.
The falling bond yields have led to a brief retreat in mortgage rates. The average mortgage rate dropped slightly to 7.3%. Despite this, these rates have remained at the highest level in nearly three years.
Lower mortgage rates would boost companies like Zillow Group, Opendoor, and Better Home & Finance. Indeed, the rising mortgage rates explain why these stocks have plunged by double digits this year.
The soaring mortgage rates explain why these stocks have been under pressure this year. Zillow, the biggest portal, has suffered substantially this year as demand for homes has done. SimilarWeb data shows that its website traffic dropped by 11% in September to 317 million.
Its recent results showed that its revenue rose by 18% to $772 million, while its net loss jumped to $4 million. Analysts expect the upcoming results to show that its revenue rose 11% to $754 million, a sign that its business is slowing.
Opendoor’s business has been one of the most pressured companies because of the rising mortgage rates. In a recent statement, the company’s CEO clarified that the company was not near its breakeven point. She said:
“The worsening housing market at the end of August pushed us roughly six to eight weeks behind on our Adjusted EBITDA guidepost, meaning the twelve-month window in which we expect to be adjusted EBITDA profitable now starts this quarter rather than last quarter.”
Better Home & Finance has also come under pressure as higher interest rates have led to a dip in originations. While its second quarter had strong growth, the estimate is that its revenue will grow by 12% to $50 million. Looking forward, these stocks will remain under pressure once the ongoing dip-buying ends.
With the typical monthly payment for a new homeowner climbing nearly twice as fast as rent, more shoppers are turning to rentals
Rental demand is up 19.2% year over year nationwide, as measured by the Zillow Observed Renter Demand Index (ZORDI).1 The typical U.S. rent was $1,932 a month in September, up 2.7% from a year ago. The financial advantage of renting is growing, as the typical new home buyer's monthly payment2 is climbing nearly twice as fast as rent, up 5% from a year ago to $3,037. , /PRNewswire/ -- Housing demand doesn't disappear when buying becomes harder financially. Instead, it finds a new home in the rental market. The Zillow Observed Renter Demand Index (ZORDI), an indicator of rental demand, rose 19.2% year over year as elevated borrowing costs push would-be buyers to rent instead, according to the latest Zillow® Rental Market Report.
Rents are climbing, but buying costs are climbing faster. Typical rent is $1,932 a month, up 2.7% from a year ago. By comparison, the typical new home buyer's monthly payment has risen 5%, to $3,037, nearly double the pace.
"Elevated mortgage rates have pushed home shoppers straight into the arms of rentals," said Kara Ng, senior economist at Zillow. "Homeownership has long been a way for families to build wealth, but with the rise in borrowing costs, we're seeing the rise of the deliberate renter, someone who chooses to bank the difference between a buyer's monthly payment and rent, and build wealth without owning a home."
And for many home shoppers, what they still want is a house. ZORDI shows demand for single-family rentals up 21.6% from a year ago, more than double the 10.1% rise for multifamily rentals. At a typical rent of $2,266, renting a house offers the space and lifestyle shoppers want without a down payment or the hidden costs of owning, and it costs $771 less each month than a buyer's monthly payment.
For shoppers weighing renting against buying, Zillow's rent vs. buy research breaks down the break-even timeline by metro, that timeline being the number of years a household would need to own before buying comes out ahead.
Rental demand surges in the Bay Area and the Sun Belt
Rental demand rose the most in San Jose, where ZORDI is up 82.5% from a year ago, followed by San Francisco (66.9%), Austin (49.3%), Miami (48.9%) and Phoenix (43%).
Rent growth over the past year was also fastest in California's Bay Area, where typical rent is up 11.8% in San Francisco and 8.3% in San Jose. In the other markets where demand has jumped the most, rent growth was more moderate, at 0.7% in Austin, 1.8% in Miami and 1% in Phoenix, as new construction has kept supply in step with demand.
Not every market is following the national trend. ZORDI is down year over year in markets that include Louisville (down 6.2%), Baltimore (-6.1%), Washington, D.C. (-5.6%) and Cleveland (-5.5%).
Affordability holds steady for renters
The median household spends 26.3% of its income on a new rental, essentially unchanged from a year ago, compared with 41.3% spent by a new homeowner. A household needs an income of $77,278 to afford a typical rental versus $121,496 to afford a typical home, a gap of more than $44,000.
For renters who are ready to make a move, Zillow brings together apartments, single-family homes and rooms for rent in one place, and Zillow's portable rental application makes applying simpler: one form, one flat fee and 30 days to apply to as many participating properties as needed.
Metro area*
Zillow
Observed
Renter
Demand
Index
(ZORDI),
YoY
Zillow
Observed
Rent
Index
(ZORI)
Zillow
Observed
Rent
Index
(ZORI),
YoY
Typical monthly
payment for a new
homeowner (10%
down, 30-year fixed)
Typical monthly
payment for a new
homeowner (10%
down, 30-year
fixed), YoY
United States
19.2 %
$1,932
2.7 %
$3,037
5.0 %
New York, NY
19.3 %
$3,546
4.2 %
$6,296
8.6 %
Los Angeles, CA
25.9 %
$2,929
1.8 %
$7,473
5.3 %
Chicago, IL
21.6 %
$2,163
4.7 %
$3,120
8.5 %
Dallas, TX
38.9 %
$1,659
0.7 %
$3,205
1.6 %
Houston, TX
32.2 %
$1,638
0.1 %
$2,665
1.9 %
Washington, DC
-5.6 %
$2,407
1.4 %
$4,673
4.1 %
Philadelphia, PA
13.1 %
$1,903
3.3 %
$3,335
6.1 %
Miami, FL
48.9 %
$2,654
1.8 %
$4,259
3.8 %
Atlanta, GA
26.3 %
$1,843
2.1 %
$3,154
2.3 %
Boston, MA
21.2 %
$2,987
2.3 %
$5,926
6.0 %
Phoenix, AZ
43.0 %
$1,720
1.0 %
$3,400
3.1 %
San Francisco, CA
66.9 %
$3,445
11.8 %
$8,931
7.1 %
Riverside, CA
26.9 %
$2,533
2.9 %
$4,689
4.5 %
Detroit, MI
8.4 %
$1,514
4.2 %
$2,267
5.5 %
Seattle, WA
7.7 %
$2,250
1.8 %
$5,817
2.3 %
Minneapolis, MN
21.0 %
$1,736
3.5 %
$3,341
5.4 %
San Diego, CA
29.1 %
$2,967
2.2 %
$7,308
4.8 %
Tampa, FL
23.2 %
$1,991
0.4 %
$3,128
2.8 %
Denver, CO
19.6 %
$1,900
0.0 %
$4,457
2.2 %
Baltimore, MD
-6.1 %
$1,937
2.7 %
$3,337
4.2 %
St. Louis, MO
-1.1 %
$1,427
4.1 %
$2,377
6.8 %
Orlando, FL
21.1 %
$1,929
0.8 %
$3,301
2.3 %
Charlotte, NC
17.6 %
$1,735
1.4 %
$3,057
3.2 %
San Antonio, TX
28.7 %
$1,415
-0.7 %
$2,430
1.8 %
Portland, OR
15.7 %
$1,803
1.1 %
$4,394
3.7 %
Sacramento, CA
22.8 %
$2,269
1.8 %
$4,633
3.9 %
Pittsburgh, PA
7.7 %
$1,467
3.5 %
$1,995
3.9 %
Cincinnati, OH
0.0 %
$1,522
2.8 %
$2,590
5.9 %
Austin, TX
49.3 %
$1,603
0.7 %
$3,696
-0.6 %
Las Vegas, NV
16.9 %
$1,732
0.5 %
$3,272
1.5 %
Kansas City, MO
12.4 %
$1,534
3.8 %
$2,818
7.2 %
Columbus, OH
4.0 %
$1,525
2.9 %
$2,813
4.9 %
Indianapolis, IN
24.2 %
$1,528
3.5 %
$2,449
4.8 %
Cleveland, OH
-5.5 %
$1,440
4.5 %
$2,217
7.3 %
San Jose, CA
82.5 %
$3,812
8.3 %
$11,845
4.3 %
Nashville, TN
15.0 %
$1,803
1.2 %
$3,558
3.5 %
Virginia Beach, VA
40.0 %
$1,886
7.1 %
$3,095
6.6 %
Providence, RI
-1.3 %
$2,166
4.2 %
$4,331
7.4 %
Jacksonville, FL
35.5 %
$1,680
2.2 %
$3,037
3.6 %
Milwaukee, WI
6.1 %
$1,549
5.1 %
$3,364
8.9 %
Oklahoma City, OK
14.8 %
$1,384
2.4 %
$2,191
4.5 %
Raleigh, NC
23.2 %
$1,669
1.4 %
$3,487
2.2 %
Memphis, TN
19.0 %
$1,393
1.1 %
$2,116
3.7 %
Richmond, VA
-2.7 %
$1,706
2.5 %
$3,182
6.5 %
Louisville, KY
-6.2 %
$1,339
2.0 %
$2,337
5.3 %
New Orleans, LA
7.9 %
$1,577
1.7 %
$2,424
4.8 %
Salt Lake City, UT
7.4 %
$1,644
0.7 %
$4,337
5.1 %
Hartford, CT
-2.9 %
$1,998
3.5 %
$3,580
8.5 %
Buffalo, NY
24.0 %
$1,451
3.8 %
$2,274
7.6 %
Birmingham, AL
23.9 %
$1,404
2.9 %
$2,116
6.3 %
*Table ordered by market size
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
1 The Zillow Observed Renter Demand Index (ZORDI) is a measure of the typical observed rental market engagement across a region. It tracks engagement on Zillow's rental listings to proxy changes in rental demand and is smoothed to remove volatility.
2 Reflects the typical new home buyer's monthly payment on a typical home (Zillow Home Value Index) with 10% down and a 30-year fixed rate, including principal and interest, property taxes and insurance.
Selling up north and buying in Florida right away feels like the confident move, but a growing number of retirees say it nearly cost them six figures to learn which market they actually wanted to live in.
Nearly every couple planning a Florida retirement faces the same decision: sell up north and buy right away, or rent for a while and figure out where you actually want to live. A year of renting can feel like money thrown away, but the numbers often show it costs less than buying the wrong house.
What a Year of Renting Actually Buys You Florida isn’t one housing market, it’s really dozens of separate ones. Zillow Group (NASDAQ:Z | Z Price Prediction) reports average rent of $ 1,750 in Largo’s 33770 ZIP code, $ 2,145 in 34613 near Spring Hill, and $ 6,000 in Delray Beach’s 33483. The statewide median single-family price was about $420,000 this spring.
At the Largo rent, that’s $21,000 for the year. If you bought a median home with cash instead, you’d carry fixed costs for property taxes, insurance, and maintenance. At the statewide average of 10.5 mills, the non-school levies alone come to about $3,870 after the homestead exemption, and school taxes sit on top of that. Add $3,815 for average insurance with wind coverage and a 1% maintenance reserve.
So renting costs you about $6,985 more than owning. For that money, you get a full August, a look at the HOA’s books, and real drive times to the hospital and the grandkids. Selling a house that turned out to be the wrong one adds commissions and closing fees.
The market also gives you time. Existing-home sales are running at 3.99M annualized, which points to a soft market. Condo listings carry added disclosure issues. In one Highland Beach sample, 16.5% of listings showed an open special assessment, reserve study, or milestone inspection issue.
Turning a Florida Budget Into a Portfolio Target Here’s a working budget for a couple over 65 who own a median home outright:
Line Item Annual Medicare Part B, two people $4,870 Medigap Plan G, two people $4,560 Part D and out-of-pocket care $3,000 Food and utilities (heavy AC use) $16,800 Total, including housing costs, transportation, travel, reserves, and federal tax $68,245 Part B costs $202.90 per person per month, and Plan G quotes range from about $130 to $190. Florida has no state income tax, and its income-adjusted state and local tax burden of $5,110 per capita ranks among the lowest in the country.
An aged couple who both collect Social Security averages $3,208 a month, or $38,496 a year. That leaves a $29,749 gap. Taking 4% a year means you need about $743,725. At 3.5%, which fits a horizon past 30 years, you need closer to $850,000. Delaying Social Security reduces both numbers, since the maximum benefit at full retirement age reaches $4,152 monthly. One more thing to plan for: selling the northern house during your rental year can push joint income above $218,000, which triggers IRMAA surcharges on Medicare premiums two years later.
Why December 31 Matters for Renters Florida voters decide Amendment 3 on November 3, 2026. It needs 60% to pass. If it does, the non-school homestead exemption rises to $150,000 in 2027 and $250,000 in 2028. People who establish permanent residency after December 31, 2026, keep the current exemption but won’t receive the expanded exemption until the fifth year of claiming homestead.
The test is residency, so you don’t need to own a home to meet it. A renter who gets a Florida driver’s license, registers to vote, and files a declaration of legal residence before year-end can still take a full year to choose a house. Florida TaxWatch estimates savings at the average rate of $1,035 in 2027 and $2,085 in 2028. Missing four years of that comes to about $7,290, roughly what the rental year costs you.
What It Takes to Make the Rent-First Year Pay Off A couple needs about $68,000 a year, average Social Security, and a portfolio of $743,725 to $850,000 to support a 3.5% to 4% withdrawal rate. Renting for a year can reduce the odds of buying the wrong house. Establishing residency before December 31 protects your tax position if Amendment 3 passes, and that timing can matter as much as which house you pick.
Contact [email protected] for any questions or corrections.
In the past 12 months, Zillow's (Z -2.26%) share price has collapsed by more than 60% as of this writing. The reasons for the crash are multifaceted. The path to recovery looks increasingly difficult. The stock is cheap, but for a reason, and I don't see a turnaround anytime soon.
Today's Change
(
-2.26
%) $
-0.63
Current Price
$
27.08
The second-quarter earnings weren't bad at all. Revenue grew 18% year over year, and the company's mortgage division expanded an impressive 75% to $84 million. The problem is that Zillow still posted a GAAP loss of $4 million in the quarter.
Plus, even with the decline in share price, the stock is still trading at 124 times trailing earnings. The potential recovery isn't getting any easier, as Zillow contends with macroeconomic factors, including a slowing housing market and rising mortgage rates. It's also facing challenges in the form of legal matters and competition. Zillow was cut off from more than 30,000 listings in Chicago recently. The company's competitive edge could crumble if antitrust lawsuits don't go Zillow's way.
Image source: Getty Images.
Zillow needs to find a way to scale its end-to-end real estate journey for advisors, buyers, and sellers alike. It also needs to find other reliable sources of revenue to help better weather housing market slowdowns.
Between the legal troubles and a weak housing market, I don't foresee any relief for Zillow's investors in the coming years. Sure, the stock is below $28 per share, but it may still be a costly investment. I don't believe it's worth buying right now, not until management can prove there's a clear path to profitability and sustainability.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool recommends Zillow Group. The Motley Fool has a disclosure policy.
Conference call to be webcast live at 2 p.m. PT / 5 p.m. ET
, /PRNewswire/ -- Zillow Group, Inc. (Nasdaq: Z and ZG) today announced it will release third-quarter 2026 financial results after market close on Wednesday, Nov. 4, 2026. The company will host a webcast and conference call to discuss its results that afternoon at 2 p.m. PT / 5 p.m. ET.
Information about Zillow Group's financial results, including a link to the live webcast and recorded replay, will be available on the company's Investor Relations website.
Please register for the live event here.
For more information about Zillow Group, visit investors.zillowgroup.com.
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Zillow Group (NASDAQ:Z – Get Free Report) and Weibo (NASDAQ:WB – Get Free Report) are both communication services companies, but which is the better stock? We will contrast the two companies based on the strength of their institutional ownership, analyst recommendations, profitability, risk, dividends, earnings and valuation.
Analyst Recommendations This is a summary of recent ratings and target prices for Zillow Group and Weibo, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Zillow Group 1 7 5 1 2.43 Weibo 3 2 1 0 1.67 Zillow Group presently has a consensus target price of $61.29, suggesting a potential upside of 120.61%. Weibo has a consensus target price of $8.80, suggesting a potential upside of 37.18%. Given Zillow Group’s stronger consensus rating and higher probable upside, analysts plainly believe Zillow Group is more favorable than Weibo.
Institutional and Insider Ownership 71.0% of Zillow Group shares are owned by institutional investors. Comparatively, 68.8% of Weibo shares are owned by institutional investors. 25.0% of Zillow Group shares are owned by company insiders. Comparatively, 41.3% of Weibo shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock is poised for long-term growth. Profitability This table compares Zillow Group and Weibo’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Zillow Group 1.96% 2.32% 1.97% Weibo 17.78% 8.87% 4.96% Valuation & Earnings This table compares Zillow Group and Weibo”s revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Zillow Group $2.81 billion 2.22 $23.00 million $0.22 126.27 Weibo $1.79 billion 0.88 $449.02 million $1.21 5.30 Weibo has lower revenue, but higher earnings than Zillow Group. Weibo is trading at a lower price-to-earnings ratio than Zillow Group, indicating that it is currently the more affordable of the two stocks.
Volatility and Risk Zillow Group has a beta of 2.04, suggesting that its share price is 104% more volatile than the S&P 500. Comparatively, Weibo has a beta of 0.17, suggesting that its share price is 83% less volatile than the S&P 500.
Summary Zillow Group beats Weibo on 9 of the 15 factors compared between the two stocks.
About Zillow Group (Get Free Report)
Zillow Group, Inc. operates real estate brands in mobile applications and Websites in the United States. The company offers premier agent and rentals marketplaces, new construction marketplaces, advertising, display advertising, and business technology solutions, as well as dotloop and floor plans. It also provides mortgage originations and the sale of mortgages, and advertising to mortgage lenders and other mortgage professionals; and title and escrow services. In addition, the company's brand portfolio includes Zillow Premier Agent, Zillow Home Loans, Zillow Rentals, Trulia, StreetEasy, HotPads, and Out East; and a suite of marketing software and technology solutions for the real estate industry, including ShowingTime+, Spruce, and Follow Up Boss. Zillow Group, Inc. was incorporated in 2004 and is headquartered in Seattle, Washington.
About Weibo (Get Free Report)
Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People’s Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform. It also provides advertising and marketing solutions, such as social display advertisements; and promoted marketing offerings, such as Fans Headline and Weibo Express promoted feeds, as well as promoted trends and search products that appear alongside user’s trends discovery and search behaviors. In addition, the company offers products, such as trends, search, video/live streaming, and editing tools; content customization, copyright contents pooling, and user interaction development; and search list recommendation, trends list recommendation, and Weibo app opening advertisements. Further, it provides back-end management, traffic support, and product services for better displaying and promotion of its account and content; open application platform for other app developers that allows users to log into third-party applications with their Weibo account for sharing third-party content on its platform; and Weibo Wallet, a product that enables platform partners to conduct interest generation activities on Weibo, such as handing out red envelops and coupons. The company was formerly known as T.CN Corporation and changed its name to Weibo Corporation in 2012. The company was founded in 2009 and is headquartered in Beijing, the People’s Republic of China.
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HOA fees are quietly doing to some homeowners what timeshares do to their owners, and an Iowa listener's question to Clark Howard reveals just how trapped sellers can become when monthly dues spiral out of control.
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“There are communities in Florida where people can’t sell their place because of the homeowners fees,” Clark Howard told listeners on the October 2, 2026 episode of The Clark Howard Podcast.
The consumer advocate was answering Vanessa, a listener in Iowa, who asked: “Given the soaring increases in HOA fees, is it too much of a risk to purchase a property that has an HOA? I see a lot of homes with a high HOA to home value ratio and these homes aren’t selling.”
Then she asked a sharper question: “Is this situation becoming similar to timeshares?”
If you buy into an association with climbing fees, you pay more monthly. You also pay when you sell, because every buyer deducts that fee from what they can afford.
Clark’s HOA Test Works, but His Map Is Too Small Howard called it a coastal problem: “I’m not aware of it being a general problem all over the country.” He pointed to Florida condos facing legally required repair schedules on top of “much, much higher building insurance costs that are being passed on to the owners.”
That’s accurate for Florida, and the same math applies everywhere. HOA fee math works the same in Des Moines as in Miami. Zillow (NASDAQ:Z | Z Price Prediction) chief economist Mischa Fisher said on CNBC on October 1 that the housing market is struggling, with newly pending listings down 11%.
Existing home sales slowed to a 3.98 million annualized pace in August, the slowest in over a year. Supply reached a decade high. When shoppers have more choices than any time in ten years, the home with the oversized fee sits unsold.
How a $275 Monthly Fee Can Cut $43,500 From Your Sale Price Lenders count HOA dues as part of a buyer’s monthly housing cost. Every dollar going to fees is a dollar that can’t go toward a mortgage payment.
Picture a $200,000 home with a $350 monthly HOA fee. That fee eats up 2% of the home’s value each year. Compare a similar house nearby with a $75 fee.
The $275 monthly gap is the payment on about $43,500 of loan, assuming an example 6.5% 30-year rate. So a buyer approved for a set monthly payment would offer roughly that much less for the high-fee home. The seller takes the discount or the house doesn’t sell.
Rising Fees Cost You Twice The direction of the fee after closing drives the outcome. Howard’s point that runaway fees usually have “something behind that” is key: underfunded reserves, delayed repairs, or insurance increases.
Take that same $350 fee over 10 years. If it stays flat, you pay $42,000.
If it rises 10% annually, it hits about $825 a month by year 10.
The total comes to roughly $66,900, an extra $24,900.
The bigger hit comes at sale. By year 10, the rising fee is $475 monthly higher than the flat one. At 6.5%, that gap cuts about $75,000 from what the next buyer can pay.
Four Checks to Run Before You Make an Offer Ask the neighbors. This is Howard’s free screening test. Ask current residents: “Have you found your homeowner association fees have stayed steady or they’ve been going up and up and up?” If they start complaining about past hikes and another increase on the way, he says, “that’s your fair warning.” Get the fee history and the reserve study. Ask the association for five years of dues and its latest reserve study. Work out the average annual increase. Increases running well above inflation usually point to deferred repairs that someone will eventually have to pay for. Calculate the HOA-to-value ratio. Multiply the monthly fee by 12 and divide by the asking price. Compare the result with similar listings in the same ZIP code. If your home is the outlier, the next buyer will notice too. Profit from the fee yourself. Enter the monthly HOA fee into any mortgage calculator as a payment at current rates and see how much loan it would cover. That figure is roughly the discount a future buyer will expect, so factor it into your offer now. As listings keep piling up, buyers will examine HOA dues more closely, and communities with steady fees stand to hold value best.
Contact [email protected] for any questions or corrections.
The rental market continues to show strength, with the biggest annual rent gain since April 2025
In September, existing home sales fell 2.5% from last year according to Zillow's nowcast. Newly pending sales, a forward-looking indicator of future closed sales, fell by 8.5% as mortgage rates reached their highest level since November 2023. A monthly mortgage payment on a typical home is 6.7% higher than a year ago, assuming a 20% down payment and excluding taxes and insurance. That's despite home values rising just 1% over the past year, according to the Zillow Home Value Index. The typical U.S. rent rose 2.7% from a year earlier to $1,932, the biggest annual gain since April 2025 according to the Zillow Observed Rent Index. , /PRNewswire/ -- Sky-high mortgage rates and the usual fall slowdown teamed up to chill housing activity, according to the Zillow® September Market Report. Closed sales of existing homes fell 2.5% from a year earlier, according to Zillow's preliminary nowcast. Newly pending sales, a leading indicator of future closings, fell 8.5% year over year.
Mortgage rates ended the month at 7.28%, the highest reading since November 2023 according to Freddie Mac. Home values remain little changed, up just 1% over the past year according to the Zillow Home Value Index. But higher rates have pushed the typical mortgage payment to be 6.7% higher than a year ago, assuming a 20% down payment and excluding taxes and insurance.
Despite more inventory, sales remain muted as buyers grapple with rising costs. There were 0.4% more new listings than last September, though that is 11.9% below the pre-pandemic baseline. Total for-sale inventory was 2.5% higher than a year ago, marking the 34th consecutive month of annual gains.
The for-sale market's retreat may be translating to rising costs in the rental market. The typical U.S. rent rose 2.7% year over year in September, the biggest annual gain since April 2025 according to the Zillow Observed Rent Index. Annual rent growth has accelerated every month since April and is widespread, rising for both multifamily and single-family homes.
"The for-sale market's slowdown was predictable given where mortgage rates currently stand, but the continued strength in the rental market is more surprising. Buyers on the margins are finding the monthly savings for renting too good to pass up, even if their long-run goal is still to purchase a home," said Mischa Fisher, chief economist at Zillow. "We expect sales to remain lower than last year through the fourth quarter. However, it's not out of the question that rates will decline as rapidly as they rose, which would bring both buyers and sellers back to the market. At this point in the calendar, the question is whether they would sit out until next spring."
More data, including dashboards with local market data, can be found on the refreshed Zillow Research website. The Zillow October Market Report is expected to be released November 5.
Home Values & Mortgage Payments
The typical U.S. home value is $366,913. The Zillow Home Value Index (ZHVI) fell 0.5% month over month in September. Home values are 1% higher than a year earlier. The monthly mortgage payment on a typical U.S. home is $1,922, assuming a 20% down payment and excluding taxes and insurance. That is 6.7% higher than last year. Inventory
There were 1.39 million homes for sale nationwide in September. Active inventory was 2.5% higher than a year earlier. Inventory fell 1.5% from August. New for-sale listings totaled 343,311 in September, up 0.4% from a year earlier and down 3.9% from August. Sales
319,346 homes were sold in September, according to the preliminary Zillow sales count nowcast. That is 2.5% lower than a year earlier and down 5.6% from August. These figures will be revised mid-month. Newly pending sales, which measures listings that changed from for-sale to pending status rather than closed sales, shows an 8.5% decrease from a year earlier and a 11.2% decrease over August. Affordability
A household earning the median income would need to spend 34.3% of its income on the typical monthly mortgage payment (assuming a typically valued home and a 20% down payment, and including estimates for taxes, maintenance and insurance). That is up from 33.7% a year earlier and 33.9% in August. A household earning the median income would need to spend 26.3% of its income on the typical rent in September. That is down from 26.4% a year earlier and flat from August. Competition
Homes took a median of 29 days to go pending in September. That was two days longer than a year earlier and two days longer than August. The share of listings with a price cut in September was 27.4%. That was up from 26.2% a year earlier and up from 26.3% in August. 27.6% of homes sold above list price in August, the most recent data available. That's compared to 26.9% a year earlier and 29.6% in July. Rents
The typical rent nationwide is $1,932, according to the Zillow Observed Rent Index. That's 2.7% higher than a year earlier and up 0.1% from August. 39.6% of rental listings on Zillow offered a concession in September. That's up from 37.4% a year earlier and up from 39.3% in August. Zillow September Market Report
Metro Area*
Typical
Home
Value
(ZHVI)
Home
Value
Change:
MoM
Home
Value
Change:
YoY
Inventory
Change:
YoY
Sales
Count
Nowcast
Change:
YoY
Typical
Rent
(ZORI)
Rent
Change:
MoM
Rent
Change:
YoY
United States
$366,913
-0.5 %
1 %
2.5 %
-2.5 %
$1,932
0.1 %
2.7 %
New York, NY
$733,217
-0.2 %
4.8 %
3 %
-2.2 %
$3,546
-0.1 %
4.2 %
Los Angeles, CA
$952,830
-0.5 %
1.3 %
0.5 %
-5.2 %
$2,929
0.2 %
1.8 %
Chicago, IL
$358,074
-0.2 %
5.1 %
0.1 %
1 %
$2,163
-0.2 %
4.7 %
Dallas, TX
$359,178
-0.5 %
-1.9 %
-3.9 %
-2.4 %
$1,659
0 %
0.7 %
Houston, TX
$303,039
-0.5 %
-1.8 %
2.4 %
-7.2 %
$1,638
0 %
0.1 %
Washington, DC
$570,871
-0.7 %
0.1 %
13.2 %
-8.8 %
$2,407
0.2 %
1.4 %
Philadelphia, PA
$387,304
-0.5 %
2.4 %
7.3 %
-7 %
$1,903
0 %
3.3 %
Miami, FL
$478,411
0 %
0.9 %
-13.9 %
-3 %
$2,654
0.2 %
1.8 %
Atlanta, GA
$376,082
-0.5 %
-1.6 %
1.3 %
-11.2 %
$1,843
0.2 %
2.1 %
Boston, MA
$728,324
-0.7 %
1.9 %
15 %
-0.4 %
$2,987
-0.6 %
2.3 %
Phoenix, AZ
$440,821
-0.4 %
-1.1 %
4.4 %
-5.1 %
$1,720
0.1 %
1 %
San Francisco, CA
$1,131,146
-0.3 %
3.7 %
-12.3 %
-2.6 %
$3,445
1.2 %
11.8 %
Riverside, CA
$581,604
-0.3 %
0.5 %
-3.8 %
-2.6 %
$2,533
0.2 %
2.9 %
Detroit, MI
$264,838
-0.7 %
1.5 %
6.6 %
-7.7 %
$1,514
0.4 %
4.2 %
Seattle, WA
$721,838
-1.1 %
-2.2 %
20.3 %
-8.7 %
$2,250
-0.2 %
1.8 %
Minneapolis, MN
$389,947
-0.3 %
1.7 %
16.8 %
0.4 %
$1,736
-0.1 %
3.5 %
San Diego, CA
$929,618
-0.6 %
0.9 %
-4.9 %
-9.3 %
$2,967
0 %
2.2 %
Tampa, FL
$357,180
-0.4 %
-0.5 %
-6.2 %
0.5 %
$1,991
0.2 %
0.4 %
Denver, CO
$557,532
-0.8 %
-1.7 %
0.4 %
-8.1 %
$1,900
-0.2 %
0 %
Baltimore, MD
$397,069
-0.7 %
0.2 %
9.1 %
-2.9 %
$1,937
0.3 %
2.7 %
St. Louis, MO
$274,292
-0.5 %
3.1 %
6.8 %
-4.2 %
$1,427
0.3 %
4.1 %
Orlando, FL
$383,561
-0.2 %
-1.2 %
-1.8 %
5.9 %
$1,929
-0.3 %
0.8 %
Charlotte, NC
$381,219
-0.7 %
-1.2 %
5.7 %
-0.2 %
$1,735
0.1 %
1.4 %
San Antonio, TX
$273,869
-0.7 %
-1.9 %
3.3 %
3.3 %
$1,415
0 %
-0.7 %
Portland, OR
$541,200
-0.6 %
-0.1 %
4.5 %
-2.8 %
$1,803
0.3 %
1.1 %
Sacramento, CA
$574,555
-0.5 %
0.2 %
-1.6 %
-0.3 %
$2,269
0.1 %
1.8 %
Pittsburgh, PA
$229,242
-0.6 %
0.4 %
11.7 %
-3.1 %
$1,467
0.1 %
3.5 %
Cincinnati, OH
$306,903
-0.5 %
1.9 %
6.3 %
3.2 %
$1,522
0.2 %
2.8 %
Austin, TX
$416,134
-0.7 %
-3.9 %
-2.5 %
-0.5 %
$1,603
0 %
0.7 %
Las Vegas, NV
$422,534
-0.5 %
-2.7 %
3.7 %
-2.5 %
$1,732
-0.1 %
0.5 %
Kansas City, MO
$327,069
-0.4 %
3.5 %
0.7 %
0.2 %
$1,534
0.1 %
3.8 %
Columbus, OH
$328,082
-0.6 %
1.1 %
5.5 %
0.1 %
$1,525
0.2 %
2.9 %
Indianapolis, IN
$292,332
-0.4 %
0.9 %
10.8 %
0.2 %
$1,528
0.2 %
3.5 %
Cleveland, OH
$251,602
-0.4 %
3.8 %
16.6 %
-1.2 %
$1,440
0.4 %
4.5 %
San Jose, CA
$1,535,288
-1 %
-0.2 %
10.5 %
2 %
$3,812
0.7 %
8.3 %
Nashville, TN
$449,730
-0.5 %
-0.6 %
9.6 %
2.7 %
$1,803
0.1 %
1.2 %
Virginia Beach, VA
$372,867
-0.3 %
2.8 %
4.8 %
-1.8 %
$1,886
0.6 %
7.1 %
Providence, RI
$524,593
-0.3 %
3.5 %
10.7 %
-9.3 %
$2,166
-0.2 %
4.2 %
Jacksonville, FL
$351,310
-0.1 %
0.2 %
-12.4 %
3.5 %
$1,680
0.3 %
2.2 %
Milwaukee, WI
$386,695
-0.6 %
4.9 %
4.4 %
2.2 %
$1,549
0.2 %
5.1 %
Oklahoma City, OK
$243,587
-0.5 %
0.7 %
5.4 %
7.5 %
$1,384
0.3 %
2.4 %
Raleigh, NC
$427,969
-0.7 %
-1.8 %
11.1 %
3.9 %
$1,669
0.2 %
1.4 %
Memphis, TN
$241,929
-0.7 %
-0.2 %
8 %
-1.4 %
$1,393
-0.1 %
1.1 %
Richmond, VA
$394,095
-0.4 %
2.5 %
8.3 %
2.1 %
$1,706
-0.3 %
2.5 %
Louisville, KY
$279,064
-0.5 %
1.3 %
16 %
7.2 %
$1,339
0.3 %
2 %
New Orleans, LA
$256,676
-0.9 %
0.8 %
-0.3 %
-2.5 %
$1,577
-0.1 %
1.7 %
Salt Lake City, UT
$560,853
-0.4 %
0.5 %
8.9 %
-3.3 %
$1,644
-0.1 %
0.7 %
Hartford, CT
$401,131
-0.3 %
5 %
5.6 %
2.9 %
$1,998
0.1 %
3.5 %
Buffalo, NY
$287,962
-0.6 %
3.1 %
15.2 %
6.3 %
$1,451
0.4 %
3.8 %
Birmingham, AL
$261,464
-0.4 %
2.3 %
1.6 %
4.8 %
$1,404
0.5 %
2.9 %
*Table ordered by market size
Forward-looking statements
This press release includes forward-looking statements about future housing market conditions, mortgage rates, rental trends and other economic factors. These statements are based on current expectations and assumptions, which are subject to change. Actual outcomes may differ materially due to changes in economic and market conditions. Forward-looking statements speak only as of the date of this release, and Zillow Group undertakes no obligation to update them.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Sun Belt markets where building has boomed account for most of the markets where new construction offers the best value per square foot
Newly built homes sell for a median of $205 per square foot nationally, below the $212 median for existing homes, a new Zillow analysis finds. Many of the markets with the biggest discounts for new homes — as much as 19% less — are high-supply Sun Belt markets where builders have been most active, including Austin, Raleigh and Tampa. Nationally, new homes make up 12.6% of home sales over the past year. That share ranges from more than 1 in 3 sales in San Antonio (37.1%) and Raleigh (33.6%) to 2% in Hartford. , /PRNewswire/ -- Buying a new home is now typically a better value than an existing home nationwide. A new Zillow® analysis finds new homes now sell for a median of $205 per square foot, below the $212 median for existing homes. The relative discount for new homes is usually biggest where construction surged during the pandemic boom, particularly in the Sun Belt.
This reverses the trend in recent years, when new homes sold for more per square foot than existing homes in 77 of 84 months from 2018 to 2024. The price-per-square-foot premium for new homes peaked at $25 in November 2022. New homes have been selling at a discount relative to existing homes in 17 of the past 19 months, with builders more willing to cut prices and offer incentives to move inventory. The deepest discount was seen in June at $12 per square foot.
Where construction has boomed and inventory is plentiful, discounts run deeper as increased competition gives builders more reason to offer incentives. Where inventory remains locked up and new construction faces more hurdles, builder offerings lean toward the higher end and carry a premium.
"New homes are the overlooked opportunity more buyers should be thinking about. Buyers who assume new homes are out of their price range may be surprised at what they find," said Kara Ng, senior economist at Zillow. "Where the most new homes have been built, buyers are in the best position to negotiate as sellers have a lot of other homes on the market to compete with. We often preach letting America build its way out of the affordability crisis, and these friendlier conditions are the payoff."
Supply is the primary driver. The U.S. Census Bureau put the supply of new homes at 9.6 months in July 2026, up from 7.6 months just two years earlier and well above the roughly six months recorded in July 2018 and 2019.
While the supply of new homes sits well above pre-pandemic norms, inventory of resale homes remains 17.1% below where it was before the pandemic. Existing home sellers are generally in a strong financial position, benefiting from significant equity during the pandemic and low monthly payments locked in when mortgage rates were around 3%. There is less incentive for a resale seller to cut their price, especially when many have the option to relist their home as a rental if they do not receive an acceptable offer from a buyer.
The deepest discounts for new homes are often in the markets that have built the most, such as Austin (19.3% price-per-square-foot discount), Raleigh (14.4%) and Tampa (12.4%). The opposite is true where new construction is scarce, including in the New York metro area (64.9% price-per-square-foot premium), Cleveland (50.7%), Milwaukee (46%) and Detroit (44.5%).
New construction's footprint
Nationally, newly built homes account for 12.6% of all sales over the 12 months ending July 2026. That's the same share as in 2019, representing a return to pre-pandemic norms after peaking at 16.7% in 2023.
The share of new home sales over the past 12 months varies widely by market, ranging as high as 37.1% in San Antonio and as low as 2% in Hartford. Compared to 2019, new construction has captured a growing share of the market in major Texas metros. The share of sales made up by new homes is up 12.9 percentage points in San Antonio, 7 points in Dallas and 6.8 points in Houston. Markets where new construction has lost share since 2019 are led by New Orleans (down 17.7 percentage points), Baltimore (5.8) and Atlanta (5.7).
The path forward
The clearest path out of the affordability crisis is building more homes, as evidenced by affordability gains in many Sun Belt markets where construction has boomed. However, permitting has slowed, threatening progress that has been made this decade.
Zillow has joined Let America Build, a national campaign to bring attention to the local policies that would unlock more housing supply. Zillow has long supported policies that make it easier to build, including modernizing zoning to allow more types of housing, streamlining permitting, and expanding access to ADUs and manufactured homes.
For home shoppers considering newly built homes, Zillow makes it easy to explore available homes, communities, floor plans and features in one place. Home shoppers can discover new construction options, view rich listing details and connect directly with builders as they consider their next move.
Metro Area*
New Construction
Price Per Square
Foot (July 2026)
Existing Home Price
Per Square Foot
(July 2026)
New Construction
Share of Home Sales
(August 2025–July 2026)
New Construction
Share of Home
Sales (2019)
United States
$205
$212
12.6 %
12.6 %
New York, NY
$727
$441
3.2 %
4.1 %
Los Angeles, CA
$660
$633
3.1 %
6.9 %
Chicago, IL
$223
$224
6.0 %
4.5 %
Dallas, TX
$175
$195
25.8 %
18.9 %
Houston, TX
$164
$161
30.7 %
24.0 %
Washington, DC
$268
$290
8.7 %
13.5 %
Philadelphia, PA
$270
$235
4.2 %
7.3 %
Miami, FL
$394
$321
3.7 %
7.1 %
Atlanta, GA
$190
$187
13.6 %
19.2 %
Boston, MA
$465
$426
6.5 %
9.8 %
Phoenix, AZ
$239
$253
17.4 %
18.0 %
San Francisco, CA
$787
$729
N/A**
5.9 %
Riverside, CA
$304
$324
11.4 %
11.5 %
Detroit, MI
$239
$165
3.5 %
4.4 %
Seattle, WA
$408
$410
12.6 %
16.3 %
Minneapolis, MN
$217
$196
10.1 %
12.4 %
San Diego, CA
$498
$582
3.0 %
4.5 %
Tampa, FL
$198
$226
13.6 %
16.1 %
Denver, CO
$277
$270
10.7 %
15.4 %
Baltimore, MD
$253
$227
5.0 %
10.8 %
St. Louis, MO
$229
$165
3.9 %
6.5 %
Orlando, FL
$214
$220
19.8 %
24.0 %
Charlotte, NC
$205
$212
21.9 %
24.0 %
San Antonio, TX
$156
$164
37.1 %
24.2 %
Portland, OR
$308
$306
14.9 %
16.5 %
Sacramento, CA
$298
$337
16.4 %
14.2 %
Pittsburgh, PA
$189
$180
3.4 %
7.7 %
Cincinnati, OH
$202
$183
6.8 %
11.3 %
Austin, TX
$184
$228
31.1 %
28.8 %
Las Vegas, NV
$253
$247
14.9 %
18.1 %
Kansas City, MO
$237
$181
10.5 %
8.9 %
Columbus, OH
$222
$199
10.2 %
12.9 %
Indianapolis, IN
$174
$159
13.4 %
13.0 %
Cleveland, OH
$223
$148
2.1 %
7.3 %
San Jose, CA
$948
$889
5.9 %
9.6 %
Nashville, TN
$225
$247
26.3 %
28.9 %
Virginia Beach, VA
$227
$217
8.8 %
11.7 %
Providence, RI
$346
$318
6.0 %
6.7 %
Jacksonville, FL
$198
$204
22.6 %
23.3 %
Milwaukee, WI
$316
$216
4.9 %
2.2 %
Oklahoma City, OK
$183
$154
17.9 %
19.5 %
Raleigh, NC
$188
$219
33.6 %
32.8 %
Memphis, TN
$184
$143
N/A**
9.5 %
Richmond, VA
$235
$224
14.7 %
17.5 %
Louisville, KY
$188
$171
9.4 %
6.3 %
New Orleans, LA
$184
$164
7.7 %
25.4 %
Salt Lake City, UT
$247
$268
N/A**
17.9 %
Hartford, CT
N/A**
$248
2.0 %
4.5 %
Buffalo, NY
N/A**
$208
N/A**
N/A**
Birmingham, AL
$189
$153
11.9 %
8.8 %
*Table ordered by market size
**Marked "N/A" because data for at least one month during the period is unavailable
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
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Nearly 5 engaged home shoppers are competing for every listing, but affordability headwinds are weighing on sales
Engaged home shoppers — Zillow users who save or share a for-sale listing — were up 21% year over year this past spring, at 4.8 shoppers per listing nationally. Buffalo, Providence and Hartford had the most engaged shoppers per listing; Houston, Miami and San Antonio had the fewest. Higher-priced and larger homes are attracting disproportionately more engaged shoppers. , /PRNewswire/ -- This year's home shopping season had no shortage of interest, but sales didn't fully reflect that. A new Zillow® analysis tracked engaged home shoppers1 — people who saved or shared a for-sale listing on Zillow, signaling real interest beyond casual browsing. This past spring, there were nearly five of them for every home on the market, a 21% jump from the previous year.
Despite the surge, home sales told a more modest story, rising just 4.5% over the same period. Serious home shopping was up even with more inventory on the market than a year before, making the signal of pent-up demand even stronger. Elevated mortgage rates and affordability pressures are keeping would-be buyers on the sidelines.
This analysis captures the second quarter of 2026, the height of the home shopping season. Heading into it, mortgage rates held at or below 6.5%, and affordability was more favorable than a year prior. Since then, conditions have tightened, with a weaker-than-anticipated close to the year expected.
"This past spring gave us a window into what demand looks like when conditions are even modestly more favorable," said Kara Ng, Zillow senior economist. "With borrowing costs moving back up and economic uncertainty weighing on household decisions, that gap between intent and action has only grown. There is a lot of pent-up demand sitting on the sidelines, and the right conditions could open the floodgates."
Where competition is fiercest — and where engaged home shoppers have the upper hand
That pent-up demand isn't spread evenly. In some Northeast markets, where years of underbuilding have kept inventory tight, engaged home shoppers are competing 10 to 1 for every home. In parts of the Sun Belt, the ratio barely clears 2 to 1.
Five most competitive markets:
Buffalo, New York — 10.5 engaged shoppers per listing Providence, Rhode Island — 9.5 Hartford, Connecticut — 8.5 San Francisco, California — 7.6 Cleveland, Ohio — 7.3 When more engaged home shoppers are chasing fewer listings, competition becomes fierce and negotiating power shrinks. Home shoppers in these markets should know their purchasing power and be ready to act fast when the right listing appears. Zillow Home Loans' BuyAbility℠ tool gives home shoppers a personalized, real-time estimate of what they can afford as borrowing costs fluctuate.
Five least competitive markets:
Houston, Texas — 2.2 engaged shoppers per listing Miami, Florida — 2.4 San Antonio, Texas — 2.9 Las Vegas, Nevada — 3.4 Austin, Texas — 3.4 Sun Belt markets dominate the least competitive list, where a much-needed wave of new inventory has cooled competition and given buyers the upper hand. Sellers in these markets are competing harder for attention. Pricing right from the start and maximizing listing visibility are key to standing out.
Pricier, bigger homes are attracting the most engaged home shoppers
Engaged shopper activity reflects the K-shaped housing market Zillow has been tracking across the for-sale market. Luxury listings2 had a median of eight engaged home shoppers per listing this past spring, nearly three times the 2.7 per listing seen for bottom-tier homes. More tellingly, engagement for luxury homes grew 25.7% year over year while bottom-tier engagement grew just 8.6%, meaning the gap is widening. Wealthier home shoppers appear more insulated from today's economic headwinds and more willing to step into the market.
The same pattern holds according to home size. Listings with four or more bedrooms attracted 6.6 engaged home shoppers per listing, nearly double the 3.5 seen for two-bedroom homes, and posted stronger year-over-year growth as well. For now, higher-end home shoppers tend to have more financial flexibility to navigate today's borrowing costs and economic uncertainty, and they are stepping into the market accordingly.
Metro Area*
Engaged Shoppers per Listing
Engaged Shoppers Growth, Year over Year
United States
4.8
21.4 %
New York, NY
6.6
20.6 %
Los Angeles, CA
6.1
14.9 %
Chicago, IL
5.7
16.8 %
Dallas, TX
4.0
23.2 %
Houston, TX
2.2
8.2 %
Washington, DC
4.6
8.4 %
Philadelphia, PA
6.4
17.7 %
Miami, FL
2.4
34.5 %
Atlanta, GA
4.7
16.9 %
Boston, MA
7.0
16.6 %
Phoenix, AZ
3.8
19.8 %
San Francisco, CA
7.6
30.0 %
Riverside, CA
4.7
24.4 %
Detroit, MI
6.4
13.8 %
Seattle, WA
4.9
0.2 %
Minneapolis, MN
4.8
9.6 %
San Diego, CA
6.8
16.3 %
Tampa, FL
4.3
32.3 %
Denver, CO
4.6
18.7 %
Baltimore, MD
4.6
10.4 %
St. Louis, MO
5.9
20.2 %
Orlando, FL
4.0
27.6 %
Charlotte, NC
4.8
12.1 %
San Antonio, TX
2.9
14.4 %
Portland, OR
5.9
17.9 %
Sacramento, CA
6.4
22.2 %
Pittsburgh, PA
7.3
19.8 %
Cincinnati, OH
6.1
14.8 %
Austin, TX
3.4
20.7 %
Las Vegas, NV
3.4
13.6 %
Kansas City, MO
5.4
5.5 %
Columbus, OH
5.1
17.1 %
Indianapolis, IN
5.7
15.5 %
Cleveland, OH
7.3
20.3 %
San Jose, CA
6.1
16.5 %
Nashville, TN
4.0
10.6 %
Virginia Beach, VA
5.6
17.8 %
Providence, RI
9.5
26.1 %
Jacksonville, FL
4.8
42.9 %
Milwaukee, WI
4.7
-0.9 %
Oklahoma City, OK
4.3
16.6 %
Raleigh, NC
5.6
15.9 %
Memphis, TN
3.5
14.9 %
Richmond, VA
6.7
17.2 %
Louisville, KY
5.5
15.0 %
New Orleans, LA
3.6
29.2 %
Salt Lake City, UT
3.9
14.1 %
Hartford, CT
8.5
23.8 %
Buffalo, NY
10.5
9.5 %
Birmingham, AL
3.9
15.8 %
*Table ordered by market size
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
1 Engaged shoppers per listing reflects Q2 2026 data. An engaged shopper is defined as a Zillow user who saved or shared a for-sale listing. Updated definition excludes agent activity.
2 Zillow defines price tiers for this analysis as follows: Bottom-tier homes are those in the 5th to 35th percentile of home values in a given region, and luxury homes are those in the top 5% of home values in a given region.
Scenes from the live GeekWire Podcast recording at Atmosphere Seattle, with Zillow Senior Vice President of Engineering Toby Roberts, Real Estate At Work host Leka Devatha, and GeekWire co-founders John Cook and Todd Bishop. (GeekWire Photos / Curt Milton) Zillow launched 20 years ago, and we’ve been covering the Seattle-based company since before it had a name. This week, we’re looking ahead to what’s next in real estate and technology.
On this episode of the GeekWire Podcast, recorded live at Atmosphere Seattle overlooking Lake Union, Zillow Senior Vice President of Engineering Toby Roberts joins us to talk about what AI is doing to the business of buying and selling homes.
The show was recorded in partnership with Real Estate At Work, the networking group hosted by Leka Devatha, a broker with Real Residential and founder of the redevelopment firm Rehabit Homes, in front of a room of brokers, investors and technologists.
Listen here, or subscribe on Apple or Spotify, and keep reading for highlights.
AI agents and real estate agents: Roberts called AI “a complete watershed moment” that “has changed the full ecosystem” of buying and selling homes.
His position is that AI agents will work as a copilot for real estate agents rather than replace them. He cited what’s already happening inside Zillow’s CRM for agents, where the company has built conversation summaries and follow-up prompts, such as where the loan stands, whether the customer has submitted their documents, and what the next step should be.
But there’s still the human side of the business, with Roberts noting that 50% of people cry at some point during a home purchase. It’s the biggest transaction many people will ever take part in, with huge financial and personal stakes, and that’s the part of the job that still needs a person.
If the AI agents can do more of the grunt work for real estate agents, he said, “they can spend more time focused on that human connection that has to exist in this really scary transaction.”
Real estate professionals, investors and technologists at the live GeekWire Podcast recording at Atmosphere Seattle with Zillow’s Toby Roberts, presented with Real Estate At Work. (GeekWire Photo / Curt Milton) Real or AI? John raised a New York Times story published days before the show, on listing sites filling up with fake fireplaces, enhanced views and virtual landscaping. Roberts said listings “should accurately represent the state of the home,” noting that fake fires in fireplaces predate AI, going back years to Photoshop.
In July, Zillow said on its site it “supports clear disclosure when A.I. is used to materially alter a listing image” and that “where possible, believes consumers should be able to view the original content alongside the altered version.”
Zillow does offer generative AI on the buyer’s side, where a shopper can restyle a listing photo to see the room a different way. Roberts said the point is that the buyer chooses it, rather than the original photo being altered before anyone sees it.
Zillow and ChatGPT: The company was a launch partner in OpenAI’s app store, which John tried the day before the show. He clicked to request a tour inside ChatGPT for a home on Whidbey Island, and a human agent called him two minutes later with no idea that the lead came from a chatbot.
Asked about the integration, Roberts said it’s still early, but the people who show up that way are serious about buying. Zillow built its own map inside ChatGPT, pins and all, and those leads reach agents the same way they would from Zillow’s own app.
One big consideration was security and permissions. Zillow connects to ChatGPT through MCP, the Model Context Protocol, the standard that lets a chatbot plug into an outside service.
It was still new when Zillow started, and the sign-in and permissions pieces were “still very much in its infancy,” so Zillow had to build some of it itself. Because the company originates mortgages, it also has to follow fair housing and fair lending rules, which he called “an absolute must.”
Zillow’s Toby Roberts, left, with GeekWire co-founders John Cook and Todd Bishop during the GeekWire Trivia Challenge at the live podcast recording at Atmosphere Seattle. (GeekWire Photo / Curt Milton) AI inside Zillow: Roberts runs Zillow’s core technology initiatives, with a team of more than 650 engineers. He shared some of the numbers on AI-assisted coding inside Zillow: 97% of engineers are using the tools, and code is reaching production about 40% faster than in the past.
But even as engineers write more code, other engineers still have to review it. Roberts said that code review process is the next thing Zillow needs to speed up, “otherwise, we inundate our developers with just reading more and more code reviews, day after day.”
Roberts said Zillow hasn’t made the wholesale shift to small, self-contained teams that some have predicted. Instead it has placed AI champions across every part of the company, and set up internal groups where employees compare what worked and what didn’t.
It has also built a way for teams to share AI skills across the company. Roberts’ example was a financial calculation that comes up over and over. A team can build one skill and share it, so Zillow isn’t running “different, conflicting, and competing” versions of the same math.
Then it’s the GeekWire Trivia Challenge: We present four extraordinary Zillow listings for unusual buildings that were converted into homes. Three are real. One is an AI deepfake. Check out the handout here with the four listings, and see if you can tell the difference.
Zillow Group shares have fallen sharply toward 52-week lows, potentially putting the online real estate giant back on investors’ radars.
Zillow’s Class C shares (Z - Free Report) ) and Class A shares (ZG - Free Report) ) are both trading around $30, just above their respective 52-week lows of $29 a share.
However, the housing backdrop remains challenging. The Federal Reserve raised its benchmark rate by 25 basis points this week to a range of 3.75%-4.00%, while the average 30-year fixed mortgage rate has climbed to 6.95%, up from 6.76% a week earlier and 6.26% a year ago.
While the Fed does not directly set mortgage rates, additional monetary tightening can reinforce elevated borrowing costs and housing affordability concerns—a clear near-term headwind for Zillow’s home-buying and mortgage ecosystem.
Image Source: Federal Reserve Economic Data
Z vs. ZG: What's the Difference?Investors essentially get exposure to the same underlying Zillow business with either ticker.
ZG represents Zillow's Class A common stock, which carries voting rights, while Z represents Class C shares, which generally have no voting rights. Zillow also has unlisted Class B shares with enhanced voting power.
For most investors focused primarily on Zillow's financial performance, the economic exposure of Z and ZG is largely similar, although the shares can trade at slightly different prices because of voting rights, liquidity, and supply.
Zillow's Growth Outlook Remains SolidDespite housing-market weakness, Zillow continues to grow faster than the broader residential real estate market.
Most recently, Q2 revenue increased 18% to $772 million, with residential revenue rising 7%, rentals revenue jumping 31%, and mortgage revenue surging 75% as purchase-loan originations nearly doubled.
Management expects 2026 revenue of $2.92-$2.96 billion (+13% growth) and adjusted EBITDA of $730-$760 million (+17% growth).
Meanwhile, the Zacks Consensus calls for EPS of $2.22 this year, up 35%, followed by another 21% increase to $2.69 per share in 2027. That said, FY26 and FY27 earnings estimates are slightly down in the last 60 days, reflecting the more difficult housing environment.
Image Source: Zacks Investment Research
Zillow's Valuation Looks More AppealingThe selloff has made Zillow’s valuation considerably more appealing, with Z and ZG shares trading at roughly 13X forward earnings and near the often preferred level of less than 2X forward sales.
Both metrics offer a compelling discount to the benchmark S&P 500, although inexpensive shares alone may not be enough to overcome another prolonged period of elevated mortgage rates.
Image Source: Zacks Investment Research
Bottom LineZillow's plunge toward 52-week lows has created a much more reasonable valuation, while double-digit revenue growth and strong expansion across its mortgage and rental businesses provide reasons for longer-term optimism.
However, the Fed's latest rate hike and mortgage rates approaching 7% could keep housing activity subdued and limit Zillow's near-term upside.
For now, Zillow's Z and ZG shares both land a Zacks Rank #3 (Hold), suggesting investors may want to see greater improvement in the interest-rate and housing outlook before aggressively buying the dip.
In all 50 major U.S. metros, typical rent is less than the typical monthly cost of homeownership, giving renters a financial cushion
According to the Zillow Observed Rent Index, the typical U.S. rent is $1,948 a month. The typical new home buyer's monthly payment is $3,014, a difference of $1,066 a month or $12,792 a year. By investing the monthly difference between renting and owning, renters can earn an additional $322 in the first year, compounding to $8,041 over five years. The savings are most dramatic in high-cost coastal markets. San Jose renters typically pay $94,596 less than buyers in a year and can earn an additional $2,381 by investing those savings. , /PRNewswire/ -- In August, the typical renter paid $1,066 less per month than the typical home buyer. According to the Zillow® Rental Market Report, rent was $1,948 while the typical mortgage payment plus taxes and insurance totaled $3,0141 — a gap that has grown as mortgage costs have risen faster than rents. For renters who can set that difference aside, it could translate into meaningful long-term savings.
Consider what that monthly difference can become. At $1,066 a month, renters save $12,792 a year over owning a home, and those who invest it at the rate of the 10-year Treasury yield2 earn an additional $322 in the first year alone. Assuming rents and home buying costs remain stable, that could turn into a cumulative total of $72,000 after five years — real wealth built without the hidden costs of homeownership like closing costs, maintenance and more.
Those weighing whether to rent or buy their next home can explore the full financial picture with Zillow's rent versus buy analysis, which breaks down the true costs of each path based on local market conditions. Across most of the country, the rent versus buy decision typically favors renting for households that plan to stay for five years or less. The cash flow difference in a five-year period could be tens or even hundreds of thousands of dollars for those choosing to rent.
"The idea that renting is a consolation prize is outdated. When mortgage costs are running hundreds of dollars more per month than rent, renters who are intentional about saving and investing the difference are often making a sound financial decision," said Mischa Fisher, chief economist at Zillow. "Finances are just one piece of the puzzle. Those weighing their options should also consider the lifestyle differences, such as the flexibility to move more often as a renter or stable payments year after year as an owner."
Renting costs less in every major U.S. market
The monthly savings from renting over buying are not limited to one region or price point. In each of the 50 largest U.S. metros, the typical rent is lower than the typical monthly payment for a new homeowner. The gap has widened as the monthly cost for home buyers rose $140 over the past six months, more than four times the $32 increase in typical rent over the same period. That gap could shrink over time, as softness in the for-sale market and a slowdown in new apartment supply work through the system, but today renting remains the more affordable option in every major market.
The savings are most dramatic in high-cost coastal markets, where home prices have climbed far faster than rents. Renters in San Jose can save the most — $7,883 per month compared to a typical mortgage payment — followed by San Francisco ($5,413/month), Los Angeles ($4,441/month) and San Diego ($4,235/month). For renters in those markets who invest the difference at the rate of the 10-year Treasury yield, the first-year investment return alone could reach as high as $2,381 in San Jose and $1,635 in San Francisco.
The cost of buying vs. renting goes beyond the monthly payment
The affordability divide between renting and buying extends beyond the monthly payment. A household needs $77,919 in annual income to afford the typical U.S. rental, compared to more than $120,500 to afford a typical mortgage payment with 10% down, a gap of more than $42,000. With mortgage costs continuing to outpace rent growth, that divide is widening.
For renters looking to find the right place at the right price, Zillow connects renters to apartments, single-family homes and rooms for rent all in one place. With Zillow's AI mode, renters can search smarter, get instant answers about listings, and find a home that fits their needs and budget faster than ever. The Zillow rent affordability calculator helps ensure the match fits the budget.
Metro
Area*
Zillow
Observed
Rent Index
(ZORI)
ZORI
Growth,
Year over
Year
Typical New
Home Buyer
Monthly
Payment
(Including
Taxes and
Insurance)
Monthly
Savings
(Rent vs.
Buy)
Annual
Savings
(Rent vs.
Buy)
Annual
Investment
Return
(4.68%)
United States
$1,948
2.5 %
$3,014
$1,066
$12,792
$322
New York, NY
$3,615
4.2 %
$6,244
$2,629
$31,548
$794
Los Angeles, CA
$2,941
1.6 %
$7,382
$4,441
$53,292
$1,342
Chicago, IL
$2,210
4.9 %
$3,092
$882
$10,584
$266
Dallas, TX
$1,659
0.4 %
$3,181
$1,522
$18,264
$460
Houston, TX
$1,643
0.0 %
$2,646
$1,003
$12,036
$303
Washington, DC
$2,433
0.8 %
$4,633
$2,200
$26,400
$665
Philadelphia, PA
$1,911
3.6 %
$3,331
$1,420
$17,040
$429
Miami, FL
$2,666
1.6 %
$4,196
$1,530
$18,360
$462
Atlanta, GA
$1,853
2.0 %
$3,122
$1,269
$15,228
$383
Boston, MA
$3,074
2.4 %
$5,903
$2,829
$33,948
$855
Phoenix, AZ
$1,722
0.7 %
$3,356
$1,634
$19,608
$494
San Francisco, CA
$3,409
10.8 %
$8,822
$5,413
$64,956
$1,635
Riverside, CA
$2,541
2.8 %
$4,630
$2,089
$25,068
$631
Detroit, MI
$1,524
3.8 %
$2,258
$734
$8,808
$222
Seattle, WA
$2,278
1.7 %
$5,789
$3,511
$42,132
$1,061
Minneapolis, MN
$1,719
3.5 %
$3,307
$1,588
$19,056
$480
San Diego, CA
$2,994
2.0 %
$7,229
$4,235
$50,820
$1,279
Tampa, FL
$2,001
-0.1 %
$3,101
$1,100
$13,200
$332
Denver, CO
$1,922
-0.6 %
$4,426
$2,504
$30,048
$756
Baltimore, MD
$1,948
2.6 %
$3,286
$1,338
$16,056
$404
St. Louis, MO
$1,443
3.9 %
$2,364
$921
$11,052
$278
Orlando, FL
$1,942
0.7 %
$3,257
$1,315
$15,780
$397
Charlotte, NC
$1,749
1.0 %
$3,036
$1,287
$15,444
$389
San Antonio, TX
$1,422
-1.3 %
$2,422
$1,000
$12,000
$302
Portland, OR
$1,818
0.6 %
$4,358
$2,540
$30,480
$767
Sacramento, CA
$2,282
1.7 %
$4,581
$2,299
$27,588
$694
Pittsburgh, PA
$1,469
3.4 %
$2,005
$536
$6,432
$162
Cincinnati, OH
$1,522
2.6 %
$2,575
$1,053
$12,636
$318
Austin, TX
$1,622
0.0 %
$3,676
$2,054
$24,648
$620
Las Vegas, NV
$1,742
0.1 %
$3,232
$1,490
$17,880
$450
Kansas City, MO
$1,529
3.6 %
$2,800
$1,271
$15,252
$384
Columbus, OH
$1,521
2.6 %
$2,759
$1,238
$14,856
$374
Indianapolis, IN
$1,552
3.3 %
$2,430
$878
$10,536
$265
Cleveland, OH
$1,454
4.5 %
$2,218
$764
$9,168
$231
San Jose, CA
$3,815
7.6 %
$11,698
$7,883
$94,596
$2,381
Nashville, TN
$1,813
0.8 %
$3,530
$1,717
$20,604
$519
Virginia Beach, VA
$1,891
6.6 %
$3,066
$1,175
$14,100
$355
Providence, RI
$2,167
4.3 %
$4,294
$2,127
$25,524
$643
Jacksonville, FL
$1,696
1.8 %
$2,981
$1,285
$15,420
$388
Milwaukee, WI
$1,563
5.0 %
$3,375
$1,812
$21,744
$547
Oklahoma City, OK
$1,388
2.3 %
$2,180
$792
$9,504
$239
Raleigh, NC
$1,675
0.8 %
$3,460
$1,785
$21,420
$539
Memphis, TN
$1,400
1.0 %
$2,108
$708
$8,496
$214
Richmond, VA
$1,729
2.5 %
$3,156
$1,427
$17,124
$431
Louisville, KY
$1,348
1.6 %
$2,317
$969
$11,628
$293
New Orleans, LA
$1,598
1.4 %
$2,424
$826
$9,912
$250
Salt Lake City, UT
$1,641
0.5 %
$4,281
$2,640
$31,680
$797
Hartford, CT
$2,034
3.2 %
$3,565
$1,531
$18,372
$462
Buffalo, NY
$1,449
3.5 %
$2,272
$823
$9,876
$249
Birmingham, AL
$1,433
2.0 %
$2,101
$668
$8,016
$202
*Table ordered by market size.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
___________________________________
1 Assumes a 30-year fixed-rate mortgage with 10% down at a 6.67% rate on a typical home based on the Zillow Home Value Index. Monthly payment figures include estimates for taxes and insurance.
2 The 10-year Treasury yield is used as a benchmark for this analysis to proxy the risk-free rate of return, consistent with Zillow's rent versus buy methodology. Rate as of August 2026: 4.68%.
With permitting at a post-pandemic low, the housing shortage at the root of today's affordability crisis could deepen
Residential building permits fell 1.7% in the year ending July 2026 and are now running a record 19.4% below the pre-pandemic trend line. Detached single-family home completions dropped 2.5% in 2025 to about 817,000, the third consecutive annual decline and the lowest total since 2020. Builders are shrinking home sizes to keep prices within reach. , /PRNewswire/ -- After a historic run, new home construction is slowing. A new Zillow® analysis finds completion of detached single-family homes fell for the third straight year in 2025, and the pace of permitting is slipping further below its pre-pandemic trend line. The concern is that a thinner pipeline could deepen an already significant housing shortage at a time when affordability is already stretched thin.
Over the 12 months ending July 2026, more than 1.42 million residential building permits were issued nationwide, down 1.7% from the same period a year earlier. Compared with the pre-pandemic trajectory from 2016 through 2020, permitting is running 19.4% below where it would have been if that trend had held. Permitting has fallen year over year for 44 consecutive months and is now the furthest below the pre-pandemic trend line that it's been this decade.
Bright spots are that builders are completing homes more quickly as the pandemic-era backlog clears, and favoring smaller homes that are more affordable for financially stretched buyers. The median detached home completed in 2025 took six months to build, a month faster than at the height of the supply-chain crunch in 2022 and 2023.
"Builders are responding to a softer market by pulling back, especially in the places they'd been building the most," said Kara Ng, senior economist at Zillow. "That's an understandable reaction to today's conditions, but the housing shortage that drove the building boom is still very much intact. The concern is that when conditions improve and buyers return, the thinner pipeline could mean a tighter market that drives up prices."
The permitting pullback is concentrated in markets that led the pandemic-era boom, largely in the Sun Belt. Austin permitting fell 25.3% over the past year, the biggest drop among major markets. San Antonio dropped 24.1%, which was the second-largest decline. These markets have seen a surge in overall inventory, making it harder for builders to justify breaking new ground.
Permitting gains are happening mostly on the coasts and in the Midwest, where construction had been more subdued during the boom of the past few years. Permits more than doubled in San Jose (up 122%), with Seattle (35.8%), Birmingham (32.9%), Los Angeles (30.6%) and San Francisco (29.0%) also among the biggest gainers. In many of these markets, years of depressed construction mean even a modest uptick in new projects can produce a large swing. For context, the 34,696 permits in Los Angeles over the past year were barely half of what was seen in Dallas (61,275) and Houston (59,214).
What builders built in 2025
The number of detached single-family homes built in 2025 fell for the third straight year, down 2.5% from 2024 to about 817,000 homes. While that is a post-2020 low, it's still 4.4% more than the number completed in 2019.
The median newly completed detached home measured 2,300 square feet in 2025, down from 2,400 in 2019. Lots have shrunk by more, down to a median of 8,700 square feet in 2025 from 9,000 in 2019. With a housing deficit of 4.7 million units and more than 300,000 empty lots listed on Zillow in June, increasing density is one of the most actionable steps toward building enough homes.
Buyers today value homes that are move-in ready
Buyers have signaled their interest in homes that are ready from day one without needing renovations or repairs, and new construction fits that bill. Turnkey homes sell for 2.9% more than expected, while fixer-uppers sell for 14% less.
For home shoppers considering newly built homes, Zillow makes it easy to explore available homes, communities, floor plans and features in one place. Home shoppers can discover new-construction options, view rich listing details and connect directly with builders as they consider their next move.
Metro Area*
Permits Year
over Year**
Permits Versus
Pre-Pandemic Trend**
United States
-1.7 %
-19.4 %
New York, NY
19.4 %
71.9 %
Los Angeles, CA
30.6 %
53.6 %
Chicago, IL
-18.6 %
-18.5 %
Dallas, TX
-11.9 %
-28.5 %
Houston, TX
-13.0 %
-31.6 %
Washington, DC
18.8 %
-30.4 %
Philadelphia, PA
5.1 %
-21.4 %
Miami, FL
-7.4 %
-23.0 %
Atlanta, GA
-5.5 %
-10.5 %
Boston, MA
14.4 %
-11.9 %
Phoenix, AZ
-13.5 %
-39.7 %
San Francisco, CA
29.0 %
-60.3 %
Riverside, CA
-8.8 %
-60.6 %
Detroit, MI
-5.4 %
6.5 %
Seattle, WA
35.8 %
-28.1 %
Minneapolis, MN
-0.6 %
-73.1 %
San Diego, CA
-19.2 %
71.1 %
Tampa, FL
14.5 %
-35.0 %
Denver, CO
2.4 %
-28.0 %
Baltimore, MD
-19.0 %
-66.7 %
St. Louis, MO
1.8 %
30.3 %
Orlando, FL
-22.1 %
-45.1 %
Charlotte, NC
-19.3 %
-54.7 %
San Antonio, TX
-24.1 %
-54.6 %
Portland, OR
-0.3 %
-53.4 %
Sacramento, CA
1.1 %
-29.8 %
Pittsburgh, PA
-2.3 %
351.6 %
Cincinnati, OH
26.8 %
16.0 %
Austin, TX
-25.3 %
-59.8 %
Las Vegas, NV
-14.1 %
7.7 %
Kansas City, MO
3.1 %
7.0 %
Columbus, OH
-16.8 %
96.7 %
Indianapolis, IN
-0.5 %
26.9 %
San Jose, CA
122.0 %
-40.0 %
Nashville, TN
-14.6 %
-17.6 %
Virginia Beach, VA
12.7 %
47.9 %
Jacksonville, FL
-13.4 %
-68.6 %
Milwaukee, WI
-10.0 %
15.6 %
Oklahoma City, OK
5.5 %
96.1 %
Raleigh, NC
0.7 %
-25.6 %
Memphis, TN
3.7 %
-16.9 %
Richmond, VA
-9.6 %
-46.0 %
Louisville, KY
-11.6 %
-39.6 %
New Orleans, LA
-7.9 %
-69.2 %
Salt Lake City, UT
20.3 %
-52.6 %
Birmingham, AL
32.9 %
182.3 %
*Table ordered by market size
**12 months ending July 2026
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Zillow expects continued softness in the for-sale market, with newly pending sales and inventory growth both decelerating as affordability challenges push demand toward rentals
Home sales fell 0.6% year over year in August, a deceleration from July's 6% annual gain, according to Zillow's August Market Report. Newly pending listings, a leading indicator of future closings, fell 2.6% year over year in August, extending a rapid deceleration from June's 7.5% annual gain — even as the number of homes for sale continues to climb. The rental market shows signs of absorbing sidelined demand, with rents rising 2.5% year over year, nearly double the rate of home value growth. , /PRNewswire/ -- Home sales slipped 0.6% year over year in August and fell sharply from July, according to the Zillow® August Market Report. Mortgage rates holding above 6.5% — their highest level in a year — kept many buyers on the sidelines. Newly pending listings, a forward-looking measure of demand, fell 2.6% from a year ago, a sign that the slowdown could continue through the remainder of the year.
August's closed sales largely reflect contracts signed in July, when elevated rates were already discouraging many would-be buyers. The typical U.S. home value rose 1.3% from a year ago to $369,678, according to the Zillow Home Value Index, and the monthly mortgage payment on the typical home was 2% higher than last year. Rents are climbing, too, up 2.5% year over year to $1,948 nationwide, giving prospective buyers little relief on either side of the rent-versus-own equation. That annual rent growth figure is also reaccelerating, up from 2.3% last month and 2% a year ago, suggesting the rental market is absorbing some of the demand that has shifted away from the for-sale market.
Inventory continues to offer a modest bright spot, with 1.41 million homes for sale nationwide, up 3% from a year ago. But new listings fell 7.9% from July, and the share of listings with a price cut edged up to 26.3% — half a percentage point above last year — a sign that sellers are still having to adjust expectations to meet the market.
"The for-sale housing market took a step back in August, and mortgage rates above 6.5% are the primary culprit," said Mischa Fisher, chief economist at Zillow. "The combination of weak sales and even weaker pending sales points to a soft close to 2026. There are more homes for sale than a year ago, which is good news for buyers who are ready to move, but until rates ease, many households will likely stay on the sidelines a little longer as renting is still the more affordable substitute."
Home Values & Mortgage Payments
The typical U.S. home value is $369,678. The Zillow Home Value Index (ZHVI) fell 0.1% month over month in August. Home values are 1.3% higher than a year earlier. The monthly mortgage payment on a typical U.S. home is $1,897, assuming a 20% down payment and including estimates for taxes, insurance and maintenance. That is 2% higher than last year. Inventory
There were 1.41 million homes for sale nationwide in August. Active inventory was 3% higher than a year earlier. Inventory rose 0.2% from July. New for-sale listings totaled 356,934 in August, up 2.4% from a year earlier and down 7.9% from July. Sales
339,927 homes were sold in August, according to Zillow's sales count nowcast. That is 0.6% lower than a year earlier, and down 10.7% from July. Competition
Homes took a median of 27 days to go pending in August. That's the same as last year and two days longer than July. The share of listings with a price cut in August was 26.3%. That was up 0.5 percentage points from a year earlier and down 0.8 percentage points from July. 29.6% of homes sold above list price in July, the most recent data available. That was 0.8 percentage points higher than a year earlier and 1.1 percentage points lower than June. Rents
The typical rent nationwide is $1,948, according to the Zillow Observed Rent Index. That's 2.5% higher than a year earlier and up 0.2% from July. 39.2% of rental listings on Zillow offered a concession in August. That's 2.5 percentage points higher than a year earlier and down 0.6 percentage points from July. Local data can be found on Zillow's market explorer. The Zillow September Market Report is expected to be released October 6.
Zillow August Market Report
Metro Area*
Typical
Home
Value
(ZHVI)
Home
Value
Change:
MoM
Home
Value
Change:
YoY
Inventory
Change:
YoY
Sales
Count
Nowcast
Change:
YoY
Typical
Rent
(ZORI)
Rent
Change:
MoM
Rent
Change:
YoY
United States
$369,678
-0.1 %
1.3 %
0.2 %
-0.6 %
$1,948
0.2 %
2.5 %
New York, NY
$739,324
0.4 %
5.2 %
-3.5 %
-2.3 %
$3,615
0.2 %
4.2 %
Los Angeles, CA
$957,612
-0.3 %
1.4 %
0.5 %
-2.0 %
$2,941
0.2 %
1.6 %
Chicago, IL
$359,782
0.3 %
5.1 %
-0.4 %
4.9 %
$2,210
-0.1 %
4.9 %
Dallas, TX
$361,463
-0.3 %
-1.9 %
-1.3 %
-2.1 %
$1,659
0.1 %
0.4 %
Houston, TX
$305,386
-0.3 %
-1.8 %
-1.1 %
-4.0 %
$1,643
0.0 %
0.0 %
Washington, DC
$575,362
-0.5 %
0.3 %
-2.6 %
-3.5 %
$2,433
0.2 %
0.8 %
Philadelphia, PA
$390,935
-0.1 %
2.5 %
-0.2 %
-2.7 %
$1,911
0.4 %
3.6 %
Miami, FL
$477,919
0.2 %
0.5 %
-2.6 %
-1.0 %
$2,666
0.2 %
1.6 %
Atlanta, GA
$377,813
-0.4 %
-1.5 %
0.6 %
-0.8 %
$1,853
0.3 %
2.0 %
Boston, MA
$737,482
-0.2 %
2.3 %
-4.2 %
0.1 %
$3,074
-0.7 %
2.4 %
Phoenix, AZ
$442,171
-0.4 %
-1.0 %
-0.9 %
-1.4 %
$1,722
0.1 %
0.7 %
San Francisco, CA
$1,134,525
-0.3 %
3.3 %
-1.1 %
2.5 %
$3,409
1.7 %
10.8 %
Riverside, CA
$583,081
-0.1 %
0.4 %
-0.9 %
-0.7 %
$2,541
0.3 %
2.8 %
Detroit, MI
$267,999
-0.1 %
1.8 %
5.0 %
-1.6 %
$1,524
0.4 %
3.8 %
Seattle, WA
$730,623
-0.8 %
-1.6 %
0.0 %
-6.5 %
$2,278
0.2 %
1.7 %
Minneapolis, MN
$390,396
-0.2 %
1.7 %
1.4 %
4.4 %
$1,719
0.1 %
3.5 %
San Diego, CA
$934,936
-0.4 %
1.0 %
-2.0 %
-6.3 %
$2,994
0.3 %
2.0 %
Tampa, FL
$359,285
-0.1 %
-0.6 %
-1.4 %
2.7 %
$2,001
0.1 %
-0.1 %
Denver, CO
$562,732
-0.5 %
-1.5 %
0.0 %
-1.6 %
$1,922
-0.1 %
-0.6 %
Baltimore, MD
$400,583
-0.4 %
0.4 %
0.2 %
3.7 %
$1,948
0.3 %
2.6 %
St. Louis, MO
$277,084
-0.1 %
3.3 %
-0.5 %
-5.3 %
$1,443
0.2 %
3.9 %
Orlando, FL
$383,656
-0.2 %
-1.4 %
-1.0 %
5.8 %
$1,942
0.0 %
0.7 %
Charlotte, NC
$384,369
-0.4 %
-0.7 %
-1.5 %
-2.4 %
$1,749
0.2 %
1.0 %
San Antonio, TX
$276,834
-0.3 %
-1.8 %
-0.5 %
5.7 %
$1,422
0.2 %
-1.3 %
Portland, OR
$545,374
-0.3 %
0.1 %
-0.4 %
1.4 %
$1,818
0.3 %
0.6 %
Sacramento, CA
$576,967
-0.3 %
0.2 %
-1.3 %
3.5 %
$2,282
0.3 %
1.7 %
Pittsburgh, PA
$232,967
0.1 %
0.3 %
-0.3 %
-6.5 %
$1,469
0.0 %
3.4 %
Cincinnati, OH
$309,495
-0.2 %
2.3 %
-1.8 %
3.7 %
$1,522
0.2 %
2.6 %
Austin, TX
$419,900
-0.5 %
-4.2 %
-3.2 %
2.0 %
$1,622
0.1 %
0.0 %
Las Vegas, NV
$423,354
-0.5 %
-2.8 %
1.8 %
2.1 %
$1,742
-0.3 %
0.1 %
Kansas City, MO
$329,538
0.0 %
3.8 %
-0.5 %
1.7 %
$1,529
0.3 %
3.6 %
Columbus, OH
$331,866
-0.1 %
1.3 %
-0.5 %
6.3 %
$1,521
0.5 %
2.6 %
Indianapolis, IN
$294,343
-0.1 %
1.0 %
2.9 %
-2.7 %
$1,552
0.3 %
3.3 %
Cleveland, OH
$255,245
0.3 %
4.0 %
1.6 %
1.4 %
$1,454
0.3 %
4.5 %
San Jose, CA
$1,544,638
-1.0 %
0.3 %
0.2 %
-5.7 %
$3,815
1.0 %
7.6 %
Nashville, TN
$453,322
-0.2 %
-0.3 %
0.7 %
1.0 %
$1,813
0.2 %
0.8 %
Virginia Beach, VA
$374,765
0.0 %
2.9 %
0.6 %
3.4 %
$1,891
1.0 %
6.6 %
Providence, RI
$528,018
0.1 %
3.7 %
2.3 %
-1.5 %
$2,167
0.1 %
4.3 %
Jacksonville, FL
$351,487
-0.1 %
0.0 %
-2.2 %
-1.0 %
$1,696
0.2 %
1.8 %
Milwaukee, WI
$391,398
0.1 %
5.5 %
-1.4 %
-2.9 %
$1,563
0.3 %
5.0 %
Oklahoma City, OK
$246,105
0.0 %
1.1 %
2.4 %
-4.9 %
$1,388
0.2 %
2.3 %
Raleigh, NC
$431,407
-0.4 %
-1.6 %
-1.4 %
4.7 %
$1,675
0.3 %
0.8 %
Memphis, TN
$244,845
-0.2 %
0.1 %
-0.5 %
0.8 %
$1,400
-0.1 %
1.0 %
Richmond, VA
$396,305
-0.1 %
2.7 %
3.5 %
-3.6 %
$1,729
-0.2 %
2.5 %
Louisville, KY
$280,808
-0.3 %
1.6 %
1.7 %
-0.2 %
$1,348
0.0 %
1.6 %
New Orleans, LA
$261,012
-0.3 %
1.6 %
-0.8 %
-2.7 %
$1,598
0.0 %
1.4 %
Salt Lake City, UT
$562,551
-0.2 %
1.0 %
6.2 %
0.1 %
$1,641
0.1 %
0.5 %
Hartford, CT
$404,670
0.2 %
5.2 %
1.0 %
1.2 %
$2,034
0.3 %
3.2 %
Buffalo, NY
$292,435
0.3 %
3.7 %
5.2 %
-3.8 %
$1,449
0.5 %
3.5 %
Birmingham, AL
$263,461
0.0 %
2.5 %
0.4 %
1.0 %
$1,433
0.8 %
2.0 %
*Table ordered by market size
Forward-looking statements
This press release includes forward-looking statements about future housing market conditions, mortgage rates, rental trends and other economic factors. These statements are based on current expectations and assumptions, which are subject to change. Actual outcomes may differ materially due to changes in economic and market conditions. Forward-looking statements speak only as of the date of this release, and Zillow Group undertakes no obligation to update them.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Zillow data reveals which rental markets are drawing the most outside interest and where demand may be heading next
Outside interest is growing fastest in Buffalo, Chicago and Houston, where out-of-town rental search shares grew the most year over year. In established hotspots — Raleigh (59%), Hartford (55%), New Orleans (54%) and Nashville (52%) — outside rental searchers outnumber local rental searchers on Zillow. The largest shares of long-distance rental searches typically come from neighboring states. The notable exception is New Yorkers looking south, especially in Florida. , /PRNewswire/ -- Prospective renters are looking beyond their own backyards, and new Zillow® data reveals where they're setting their sights. An analysis of rental listing page views found that out-of-town interest is growing fastest in Buffalo, Chicago and Houston. The share of searches coming from renters outside these markets has surged over the past year — an early signal of where relocation demand may be heading next.
"Renting is often how people try out a new community before committing. When we see a market with a growing share of rental searches coming from outside the metro, that tips us off to a developing pipeline," said Mischa Fisher, chief economist at Zillow. "A year-over-year surge in out-of-town browsing in places like Buffalo and Chicago tells us a wave of newcomers may not be far behind."
Outside vs. local: Where rental interest is shifting year over year
Buffalo saw the steepest climb in outside interest over the past year, with its out-of-town rental share growing 4.2 percentage points. Chicago (up 3.7 percentage points), Houston (+3.4), New Orleans (+3.2) and Dallas (+3) saw the next biggest gains.
Meanwhile, Cincinnati led local share growth, up 8.1 percentage points year over year, followed by Jacksonville (+4.6) and Columbus (+3.2), a likely sign that homegrown demand is driving these rental markets.
The markets drawing the most out-of-town rental searches
The markets drawing the most out-of-town rental interest are concentrated in the Sun Belt and Mid-Atlantic. These markets have absorbed years of relocation demand from higher-cost coastal metros.
Raleigh tops the list with 59% of page views on rental listings coming from outside the metro area. Hartford (55.1%), New Orleans (53.7%), Salt Lake City (51.9%) and Nashville (51.7%) round out the top five. Providence, named Zillow's hottest rental market of 2026, is next with 51.5% of rental page views coming from out-of-towners.
At the other end of the spectrum, New York (76.3% of page views on rental listings coming from locals), Los Angeles (72.9%) and Chicago (69.1%) are the most locally driven markets.
As the three biggest markets in the U.S., their population sizes are a primary reason the most local rental traffic is seen in these areas — there are simply more potential rental shoppers. Metros that outperform their population include St. Louis, which ranks No. 4 among major markets with 67.2% of rental page views coming from within the metro; Kansas City, which ranks No. 10 at 63.3%; and Las Vegas, which ranks No. 13 at 62.1%.
Top cross-metro shopping flows
Most cross-market rental searches happen between neighboring metros. Washington, D.C. rental searchers account for 23.9% of all rental page views on Baltimore listings. Similar short-distance flows dominate the top of the list, with Los Angeles renters browsing Riverside (21.3%), San Francisco renters browsing San Jose (17.6%) and Boston renters browsing Providence (16.1%).
When looking only at long-distance searches — between markets in different states and at least 100 miles apart — the most common flow is renters in the New York area browsing listings in Hartford, accounting for 6% of all Hartford rental page views on Zillow. Other common flows include Los Angeles renters browsing Las Vegas listings (5.5% of all Las Vegas rental page views), Houston renters browsing Oklahoma City (5.2%) and Boston renters browsing Buffalo (5%).
Among the 20 most common long-distance searches, most occur within neighboring states. The notable exception is New Yorkers looking south. Rental shoppers in the New York metro area make up 2.8% of all page views in Raleigh, about 425 miles and several states away. They also account for large shares of views in Miami (4.8%), Orlando (2.7%) and Tampa (2.4%).
The bigger picture
For renters considering a move, this data offers a map of where others are already looking, signaling which metros may be more competitive and which may still be under the radar. On Zillow Rentals®, renters can explore listings from across the country with 3D virtual tours that let them walk through properties from anywhere, and a reusable renter application that covers credit and background checks across multiple properties, so searching somewhere new doesn't mean starting over each time.
For property managers, the analysis reveals how far their potential tenant pool can extend beyond the local metro. Reaching that audience on Zillow Rentals® could mean the difference in filling a vacancy.
Metro Area
Share of Rental Page
Views From Out-of-
Towners
Year over Year Change:
Out-of-Town Rental
Page View Share
(Percentage Points)
Out-of-Town Market
With the Highest Share
of Rental Page Views
Share of Rental Page
Views Coming From Top
Out-of-Town Market
Raleigh, NC
59.0 %
-0.8
Charlotte, NC
5.4 %
Hartford, CT
55.1 %
-1.9
New York, NY
6.0 %
New Orleans, LA
53.7 %
+3.2
Houston, TX
1.9 %
Salt Lake City, UT
51.9 %
+0.3
Los Angeles, CA
2.1 %
Nashville, TN
51.7 %
+0.5
Memphis, TN
1.7 %
Providence, RI
51.5 %
-0.7
Boston, MA
16.1 %
Birmingham, AL
50.0 %
-1.8
Atlanta, GA
4.0 %
Richmond, VA
50.0 %
-0.9
Virginia Beach, VA
14.1 %
Austin, TX
49.5 %
+1.9
San Antonio, TX
5.3 %
Charlotte, NC
49.2 %
-1.2
New York, NY
2.4 %
Baltimore, MD
48.4 %
-0.4
Washington, DC
23.9 %
Jacksonville, FL
48.2 %
-4.6
Orlando, FL
3.6 %
Oklahoma City, OK
47.8 %
+0.9
Houston, TX
5.2 %
San Antonio, TX
47.5 %
+0.5
Austin, TX
5.7 %
San Jose, CA
47.2 %
-2.4
San Francisco, CA
17.6 %
Tampa, FL
46.4 %
+2.7
Miami, FL
5.9 %
Sacramento, CA
46.1 %
-2.1
San Francisco, CA
5.1 %
San Francisco, CA
45.0 %
0.0
San Jose, CA
11.7 %
Orlando, FL
44.8 %
+0.6
Miami, FL
5.3 %
Riverside, CA
44.2 %
+0.5
Los Angeles, CA
21.3 %
Memphis, TN
43.9 %
+1.7
Nashville, TN
3.5 %
Virginia Beach, VA
43.9 %
0.0
Richmond, VA
7.9 %
Louisville, KY
42.6 %
-0.7
Indianapolis, IN
4.3 %
Cleveland, OH
42.4 %
+1.2
Columbus, OH
5.6 %
Indianapolis, IN
42.4 %
-1.0
Chicago, IL
4.1 %
Milwaukee, WI
42.4 %
-2.4
Chicago, IL
7.8 %
Portland, OR
42.3 %
-0.5
Seattle, WA
3.2 %
Boston, MA
42.2 %
-0.6
New York, NY
4.3 %
Pittsburgh, PA
42.0 %
+2.0
New York, NY
2.6 %
Columbus, OH
40.8 %
-3.2
Cincinnati, OH
4.5 %
San Diego, CA
40.0 %
-0.9
Los Angeles, CA
8.8 %
Buffalo, NY
39.9 %
+4.2
Boston, MA
5.0 %
Cincinnati, OH
39.9 %
-8.1
Columbus, OH
5.4 %
Washington, DC
39.6 %
-0.1
Baltimore, MD
7.7 %
Denver, CO
39.3 %
-1.0
Dallas, TX
1.0 %
Philadelphia, PA
39.1 %
+0.6
New York, NY
7.3 %
Phoenix, AZ
38.1 %
+0.7
Los Angeles, CA
2.3 %
Las Vegas, NV
37.9 %
+1.8
Los Angeles, CA
5.4 %
Miami, FL
37.0 %
+2.2
New York, NY
4.8 %
Detroit, MI
36.8 %
-1.5
Chicago, IL
1.4 %
Kansas City, MO
36.7 %
-1.7
Denver, CO
1.8 %
Minneapolis, MN
35.8 %
+2.9
Chicago, IL
2.0 %
Houston, TX
35.2 %
+3.4
Dallas, TX
3.0 %
Seattle, WA
35.1 %
-0.5
Portland, OR
1.5 %
Atlanta, GA
34.3 %
-0.4
New York, NY
1.7 %
Dallas, TX
33.7 %
+3.0
Houston, TX
1.6 %
St. Louis, MO
32.8 %
+1.8
Chicago, IL
2.4 %
Chicago, IL
30.9 %
+3.7
Milwaukee, WI
1.4 %
Los Angeles, CA
27.1 %
+0.8
Riverside, CA
5.2 %
New York, NY
23.7 %
-0.5
Philadelphia, PA
1.6 %
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Key Takeaways Zillow has reported more than 1.78 million rent payments to major credit bureaus since 2024.CreditClimb lets renters report payments beyond Zillow, while Esusu users saw an average 53-point score rise.Zillow links credit-building with BuyAbility and down-payment tools to support renters to homeownership. Zillow (Z - Free Report) is expanding its role in the housing market by helping renters build stronger credit histories through on-time rent reporting. Since launching its free rent-reporting program in 2024, Zillow has reported more than 1.78 million rent payments to major credit bureaus. In July 2026 alone, more than 78,000 renters had payments reported, which rose 26% year over year and marked the highest monthly total since the program began.
Zillow is broadening the reach of the program through CreditClimb, launched in November 2025 and powered by Esusu. The tool enables renters to report rent payments even when they do not pay rent directly through Zillow. According to the cited data, renters consistently using Esusu-powered programs have experienced an average 53-point increase in credit scores.
Zillow is also connecting renters with tools such as BuyAbility and information on down-payment assistance. This creates a more connected journey in which consumers can move from renting and establishing credit to assessing affordability and eventually purchasing a home.
Final Take on ZillowAs more renters become financially prepared for homeownership, Zillow could gain additional opportunities to monetize these users across multiple stages of the housing journey. The initiative could support engagement, deepen customer relationships and enhance Zillow's brand as a platform that not only helps consumers find homes but also become financially ready to buy one.
However, higher lead acquisition, advertising and legal costs can delay margin expansion for Zillow, impacting its performance.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have declined 3.8% compared with the industry’s fall of 1.2%.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Digital Realty Trust (DLR - Free Report) and OUTFRONT Media (OUT - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for DLR’s 2026 FFO per share has been revised upward marginally to $8.40 over the past month.
The consensus estimate for OUT’s 2026 FFO per share has moved 1.3% upward over the past week to $2.32.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Zillow has reported nearly 2 million on-time rent payments to credit bureaus for free since launching its rent reporting program in 2024
In July, more than 78,000 renters who paid on time through Zillow had their payments reported to credit bureaus. That's 26% more than a year ago, reflecting strong demand for tools that translate rent into credit history. Insufficient credit history was responsible for nearly one-third of mortgage application denials in 2025, edging debt-to-income ratio as the most common reason cited. Nearly 4 million U.S. renters could become eligible for a mortgage by having their on-time rent payments reflected in their credit history, per VantageScore. , /PRNewswire/ -- Nearly one-third of mortgage applicants are denied a loan because of insufficient credit history, making it the most common reason for a denial.1 Yet the average renter's biggest monthly expense doesn't count toward their credit score. Zillow® is helping to change that. Since launching rent reporting in 2024, Zillow has reported more than 1.78 million on-time rent payments to credit bureaus for free.
More than one-third of renters planning a near-term move say they plan to buy their next home, but the credit barrier too often stands in the way. Zillow's rent reporting programs let renters build credit history with payments they're already making. Those who pay their rent on Zillow can choose to have those on-time payments reported to major credit bureaus for free.
Zillow is continuing to help a growing number of renters build their credit history via this program. More than 78,000 renters had payments reported in July, the most in any single month since the program launched, and up 26% from a year ago.
"Affordability is the headline in housing right now, and access to financing is a very important part of the story," said Michael Sherman, general manager and senior vice president of Zillow Rentals®. "Credit history is a barrier standing in the way of too many potential buyers. Rent reporting is a direct way to address that."
Rent reporting could move millions of renters closer to a mortgage. A report by VantageScore found that nearly 4 million homebuying age renters could become eligible for a mortgage — reaching a VantageScore 4.0 of 620 or higher — when on-time rent payments are reflected in their credit history.
In November 2025, Zillow expanded its rent reporting program to all renters via its CreditClimb tool, powered by Esusu. This additional offering means that every renter — even those who do not pay on Zillow — can now have their on-time rent payments reported to credit bureaus. Renters who consistently report their payments in Esusu-powered programs like CreditClimb have seen an average credit score increase of 53 points.
"Every on-time rent payment is evidence of the financial responsibility lenders want to see. We are giving renters ways to get credit for what they are already doing every month," Sherman said. "These programs are part of how Zillow supports people wherever they are, from finding a rental, to building credit, to eventually connecting them with a great agent or loan officer when they are ready to buy."
For renters ready to take the next step, Zillow offers tools to help them understand what they can afford and find available assistance. BuyAbility℠ gives buyers a personalized estimate of what they can afford based on their finances and current mortgage rates. Zillow for-sale listings also include down payment assistance programs buyers may qualify for in their area, helping address another common barrier to homeownership.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
1 Source: Zillow analysis of 2025 Home Mortgage Disclosure Act data. Credit history was cited for 32.88% of mortgage denials for primary home purchases with conventional loans. That is the highest of any factor. Debt-to-income ratio was cited for 32.86% of denials for primary home purchases with conventional loans.
, /PRNewswire/ -- Zillow Group, Inc. (Nasdaq: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced Zillow Group will present at this year's Goldman Sachs Communacopia + Technology Conference in San Francisco.
Chief Operating Officer & Chief Financial Officer Jeremy Hofmann will participate in a fireside chat on Thursday, Sept. 10, at 10:50 a.m. PT / 1:50 p.m. ET.
Register and access the live webcast here. Live and recorded versions of the webcast will also be available under the Events & Presentations section on Zillow Group's Investor Relations website.
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Real-estate giants Compass and Zillow are battling over control of home listings. Consumer advocates and industry experts warn that buyers and sellers could pay a price.
Zillow and Redfin have reached a settlement with the Federal Trade Commission (FTC) and five states, ending a legal fight over a 2025 partnership that the FTC claimed hurt competition in the rental-listing market. The settlement was announced on Monday, just as the case was scheduled to head toward trial this morning.
The case stems from a deal announced last year in which Redfin agreed to display Zillow’s rental listings on its websites rather than compete directly with Zillow for rental advertisers. The arrangement could have kept Redfin out of the rental advertising business for as long as nine years. Redfin owns Rent.com and ApartmentGuide.com, two major rental-listing platforms.
According to the FTC and attorneys general from Arizona, Connecticut, New York, Virginia, and Washington, Zillow agreed to pay Redfin $100 million to keep Redfin from competing with Zillow.
The companies defended the partnership as a way to give renters access to a larger pool of listings. The FTC, however, argued that Zillow was paying one of its largest competitors to stop competing, potentially allowing the company to charge higher prices and provide less favorable terms to property managers. It could have also reduced the quality of rental listings available to consumers.
Under the proposed settlement, Redfin will be required to reenter the rental advertising business. The order also removes restrictions that previously limited Redfin’s ability to compete independently for property-management customers.
The settlement doesn’t completely end the relationship between the two companies. Redfin can continue displaying Zillow’s rental listings, but it will once again be able to compete for its own customers. Redfin will be able to sell advertising, display listings from its own clients, and pursue new rental customers without being required to share sensitive business information with Zillow.
The Zillow-Redfin case comes just months after the DOJ’s settlement with Ticketmaster, another antitrust case involving allegations that a dominant company used its power to suppress competition. However, 26 of the 30 state attorneys general who initially sued Live Nation alongside the DOJ chose to continue pursuing the case and won their lawsuit in April.
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GeekWire Illustration Zillow and Redfin settled an antitrust case with the Federal Trade Commission and five states Monday, just as a trial was set to begin, agreeing to undo part of a $100 million partnership that the government said effectively paid Redfin to stop competing in apartment rental advertising.
The companies, both based in Seattle, have been rivals in online real estate and related services for the better part of two decades, expanding into rentals to build their businesses beyond the market for single-family homes. The FTC alleged the deal combined two of the three largest online apartment listing services against one main competitor, CoStar’s Apartments.com.
The proposed settlement requires Redfin, now owned by Rocket Cos., to relaunch its apartment advertising operation within six months — hiring a general manager, a sales force and a trained customer support team, while committing to spend millions of dollars to grow the business.
Redfin faces fines if it misses deadlines, and must report regularly to the FTC on its progress.
Zillow’s apartment listings will still appear on Redfin.com, Rent.com and ApartmentGuide, and Redfin will keep syndicating them, so Zillow is holding onto the audience it gained in the 2025 deal.
What ends is the exclusive nature of the partnership: As part of the FTC settlement, Redfin is no longer barred from selling its own advertising alongside those listings, or from doing business on its own with the property managers shifted to Zillow under their original deal.
Zillow also must help Redfin rebuild. Under the order, which runs 10 years, Zillow is required to give Redfin employee information so it can recruit Zillow workers, waive any noncompete or anti-poaching agreements blocking those hires, and let apartment advertisers locked into Zillow contracts renegotiate without penalty for nine months after Redfin relaunches.
The companies will also pay the states $2 million in costs and fees, according to Washington Attorney General Nick Brown, who co-led the five-state coalition.
Zillow said the partnership “will continue unchanged,” and framed the standalone advertising products both companies plan to launch in 2027 as added flexibility for property managers.
“This resolution is a win for renters and multifamily housing providers,” said Michael Sherman, general manager and senior vice president of Zillow Rentals, in a statement. He said the partnership has brought “more leads and leases to property managers and more options to renters,” and that the standalone products will let Zillow “do even more to support the marketplace.”
The FTC put it in very different terms: “Today’s settlement unwinds an agreement under which Zillow paid Redfin $100 million to stop competing and hand off all its customers to Zillow,” said Daniel Guarnera, director of the FTC’s Bureau of Competition. “This kind of payment to a competitor to exit a market and stop competing violates the antitrust laws.”
FTC Chairman Andrew Ferguson called it “a complete victory for the American people” in a thread on X early Monday. He added, “This anticompetitive agreement is now history under our proposed settlement.”
Guarnera said the settlement “delivers better, quicker, more certain results” than the agency would have been able to achieve if it had gone to trial and prevailed.
“Today’s settlement will restore competition by paving the way for Redfin to re-enter the market as a stronger competitor,” Brown said in a statement. “Most importantly, consumers will have more choices and won’t be subjected to illegally manipulated prices.”
The FTC and state cases were consolidated last year. Zillow and Redfin moved to dismiss in January, and U.S. District Judge Anthony Trenga denied that motion in May, according to Real Estate News. However, the FTC’s case had met resistance in July, when Trenga denied its request to declare the deal presumptively unlawful, finding genuine disputes of material fact.
Redfin called the outcome “a significant win for Redfin and consumers across the country.”
“This agreement allows us to maintain our rental partnership with Zillow through at least 2030, while building and investing in a standalone rentals business of our own,” a spokesperson said, adding that renters “will continue to have access to the rental inventory they rely on today.”
The proposed settlement, announced Monday morning, requires court approval.
Updated with details from Washington AG Nick Brown.
The U.S. Federal Trade Commission and a group of states settled with Zillow (ZG.O) ahead of trial on Monday, ending claims the online real estate platform illegally paid Rocket Companies' (RKT.N) Redfin $100 million to stop competing in apartment rental listings.
The FTC and five states were ready to argue at trial scheduled to start Monday that the Zillow-Redfin partnership drove up costs for landlords and decreased listing quality for renters. More than 30% of Americans rent their homes, according to census data.
Under the settlement, Redfin can continue to display Zillow ads on its sites but will resume its rental advertising business within six months, the FTC and states said.
While Democratic state attorneys general have clashed with the Trump administration on other matters, both the FTC and the states called the settlement a win.
New York Attorney General Letitia James said the lawsuit restored competition in online listing platforms, "critical tools that New Yorkers rely on to find affordable homes."
Virginia, Arizona, Connecticut and Washington were also plaintiffs.
FTC Chair Andrew Ferguson said the settlement will provide competition in rental markets that is "an integral component of President Donald Trump’s domestic housing agenda."
A Redfin spokesperson said the settlement allows the company to maintain its partnership with Zillow through at least 2030 while building its own rentals business.
Zillow rentals executive Michael Sherman said the settlement is positive and "enables us to keep our energy on innovating for renters and property managers."
Zillow and Redfin made a deal in February 2025: Redfin would wind down its rental listing business, refer its customers to Zillow, and display copies of Zillow's listings on its site. Redfin agreed to stay out of the business for up to nine years.
In return, Zillow agreed to pay Redfin $100 million, plus fees for each renter who signaled interest in a property.
The FTC sued the companies, as did New York, Virginia, Arizona, Connecticut and Washington. They said that before the deal, Zillow and Redfin were competing to list vacancies in buildings with more than 25 units.
After Redfin stopped competing, Zillow customers paid an average of 14.5% more per listing, an expert for the FTC and states estimated, while some property managers stopped buying online listings.
Zillow had said in court papers that the deal put more listings on both sites and helped it compete with market leader CoStar Group (CSGP.O). Exclusive deals are common in the industry, Zillow had said.
Syndication partnership with Redfin continues; both companies to also offer standalone options, improving choice, affordability and access
, /PRNewswire/ -- Zillow Group today announced a resolution with the Federal Trade Commission (FTC) and five states regarding its multifamily rental listings syndication agreement with Redfin. Zillow has consistently maintained the partnership with Redfin is pro-consumer and procompetitive, and we're pleased to have found a resolution that enables its continuation.
The partnership will continue, and the listings syndication will remain intact across Zillow, Trulia, HotPads, Rent.com, ApartmentGuide and Redfin. In 2027, Zillow and Redfin will offer standalone multifamily advertising products in addition to the existing partnership — giving housing providers even more flexibility in how they work with Zillow.
"This resolution is a win for renters and multifamily housing providers," said Michael Sherman, general manager and SVP of Zillow Rentals. "Our syndication partnership with Redfin has already expanded access to multifamily listings across multiple platforms, bringing more leads and leases to property managers and more options to renters. Now, with the ability to offer more multifamily advertising solutions in addition to the existing partnership, we can do even more to support the marketplace. The data shows the pro-consumer and procompetitive benefits of this partnership. This positive resolution enables us to keep our energy on innovating for renters and property managers, and ultimately making renting easier, more affordable and better for everyone."
Since the combined syndication partnership launched:
Renters across the country have more options. Multifamily properties on Redfin's websites nearly quadrupled, and multifamily properties on Zillow's websites grew almost 40%. Housing providers are getting more for their investment. Through this partnership, properties that were previously listed on only Zillow or Redfin have seen an increase in leads, reflecting the benefit of reaching new audiences. This means renters are getting access to more inventory in more places and housing providers in the category are filling vacancies faster and at lower customer acquisition costs. Zillow is building a simpler, more affordable rental marketplace — one where renters can find more homes with less hassle, and housing providers can list once and reach more people. Through syndication partnerships, universal rental applications, upfront cost and fee transparency, and credit-building tools for renters, Zillow continues to invest in reducing friction at every step of the rental journey.
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our future targets and opportunities, the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, and the health of, and our impact on, the residential real estate industry. Differences in Zillow Group's actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group's control. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's filings with the Securities and Exchange Commission.
Nationally, a typical household can save for and come out ahead on a home purchase compared to renting after about 15 years
A typical U.S. household needs 8.5 years to save for a down payment and an additional 6.2 years to break even on the purchase relative to renting, according to a new analysis by Zillow. In San Jose, the combined timeline is almost 50 years. In Memphis, it's about 11 years. Targeting a starter home can cut the timeline roughly in half: Nationwide, a typical household reaches the break-even point in 7.2 years. , /PRNewswire/ -- Buying a home is a financial commitment measured not just in dollars, but in years. Whether to buy or rent is a complex question that depends on where you want to live and your lifestyle preferences, in addition to your financial situation. Nationwide, a median-income household can save for a down payment and break even on their purchase in less than 15 years, compared to renting, according to a new Zillow® analysis.
To measure how long a potential buyer should expect to wait until buying makes more financial sense than renting, Zillow looked at how long it takes to save for a down payment, then come out ahead financially compared to renting a single-family home. Nationally, a household saving 10% of the median income needs 8.5 years to save enough to put 20% down on the typical single-family home, then another 6.2 years before the investment pays off relative to renting.
The numbers vary widely market by market. Memphis has the shortest timeline at just under 11 years, with Pittsburgh, Detroit and Indianapolis showing similar numbers. That puts a four-year college graduate on track to cross that threshold by their mid-30s. But in the most expensive markets — like California's major markets — that timeline may mean you need to age in place in your first home. San Jose has the longest timeline at nearly 50 years.
"The common wisdom is that saving early to buy a home is the smart financial move, but the reality is more nuanced," said Kara Ng, senior economist at Zillow. "The breakeven number tells you something about a market that a price tag alone doesn't. Buyers should think about not just when they can afford to buy, but how long they'd need to stay before owning makes more financial sense than renting. Homeownership comes with equity and stability, while renting offers flexibility and freedom from maintenance bills and emergencies."
The years add up differently depending on where you live
Not every timeline follows the same path. A typical household in Austin can save for a down payment after about eight years — faster than the national figure. But because rents have fallen in the area and are relatively affordable, that same buyer needs another 18 years to break even compared to renting, nearly triple the national average. Meanwhile, a typical Miami household needs five more years to save for a down payment than in Austin, but roughly half the time to break even once it does. The result is that Miami buyers reach the finish line about three years ahead of Austin buyers, despite the longer wait to buy a home.
This split matters for how potential buyers should interpret these numbers. A long timeline in one market may reflect affordability challenges across the board, while in a market like Austin it represents a more significant financial tradeoff when jumping into homeownership while the rental market is friendly.
The starter home dilemma
One way to shorten the clock is to target a starter home, defined by Zillow as the average home in the lowest one-third of home values in a given region. Nationwide, it takes half the time — 7.2 years — to save for and come out ahead when buying a starter home compared to renting a typical multifamily unit.
However, with the cost of homeownership this high, buyers have signaled they do not want an expensive project. Turnkey homes sell for 2.9% more than expected, according to Zillow research, while remodeled homes sell for 2.2% more than similar homes without renovations noted in the listing description. Meanwhile, fixer-upper homes sell for 14% less. Not all starter homes need renovations, but buyers who go this route should account for the full cost of ownership, including the possibility of repairs.
The housing shortage is what's driving the affordability crisis
In July 2019, before the pandemic, the combined timeline was 11 years nationwide, nearly four years shorter than it is today. At the root of the housing affordability crisis is a shortage that stands at 4.7 million homes, according to Zillow's latest estimate. The metros with the largest shortages tend to also have the longest break-even timelines. Los Angeles, for example, has the second-largest deficit at nearly 345,000 homes, and a break-even timeline of nearly 38 years.
Closing a gap this large requires action on multiple fronts. Zillow advocates for measures that make it easier and less expensive to build, including modernizing zoning to allow more density, streamlining permitting, and expanding financing options for manufactured housing.
Tools for buyers ready to move
For buyers ready to move, a few tools can help during the saving stage. BuyAbilitySM shows in real time what a buyer can afford as mortgage rates change. CreditClimb lets renters build credit from the rent they already pay, which can help them qualify for a better loan. And Zillow for-sale listings show down payment assistance programs that buyers may qualify for in their area.
Methodology
Years to save is calculated as the number of years a household saving 10% of the area's median income would need to accumulate a 20% down payment on either a typical single-family home or a typical starter home. The years to break even compared to renting is drawn from Zillow's Rent vs. Buy analysis, which compares the total costs of owning versus renting an equivalent home, accounting for mortgage payments, taxes, insurance, maintenance and opportunity costs.
The primary scenario compares buying a typical single-family home, as measured by the Zillow Home Value Index, against renting a typical single-family unit, as measured by the Zillow Observed Rent Index. The starter home scenario compares buying a starter home — defined as the average home in the lowest third of home values in a given region — against renting a typical multifamily unit, as measured by the Zillow Observed Rent Index. Data reflects market conditions as of July 2026.
Metro Area
Years to Save
(Single-Family Home)
Years to Break Even
(Single-Family Home)
Total
(Single-Family Home)
Years to Save
(Starter Home)
Years to Break Even
(Starter Home)
Total
(Starter Home)
United States
8.5
6.2
14.7
4.6
2.6
7.2
New York, NY
14.3
15.1
29.4
9.2
3.9
13.1
Los Angeles, CA
19.8
17.9
37.7
12.9
13.5
26.4
Chicago, IL
7.9
6.9
14.8
4.8
2.7
7.4
Dallas, TX
7.4
9.5
16.9
5.0
5.9
10.9
Houston, TX
7.1
6.1
13.2
4.8
4.3
9.1
Washington, DC
9.3
11.4
20.7
5.6
6.6
12.2
Philadelphia, PA
8.3
9.8
18.0
4.7
3.3
7.9
Miami, FL
13.2
9.6
22.8
5.9
2.6
8.5
Atlanta, GA
7.8
5.3
13.2
5.2
3.1
8.2
Boston, MA
12.3
15.1
27.4
8.2
7.4
15.6
Phoenix, AZ
9.5
6.1
15.6
6.8
4.6
11.4
San Francisco, CA
16.9
30.0
46.9
9.2
17.0
26.2
Riverside, CA
12.3
10.8
23.0
8.7
7.3
15.9
Detroit, MI
6.6
4.8
11.4
3.4
1.6
4.9
Seattle, WA
13.0
18.4
31.4
8.6
13.2
21.8
Minneapolis, MN
7.8
8.2
16.0
5.4
6.3
11.7
San Diego, CA
17.0
23.4
40.4
11.3
13.3
24.5
Tampa, FL
9.0
6.3
15.2
5.6
3.0
8.6
Denver, CO
10.3
10.3
20.6
6.9
11.5
18.4
Baltimore, MD
7.9
9.5
17.4
4.4
3.6
8.0
St. Louis, MO
6.5
9.2
15.7
3.3
2.7
5.9
Orlando, FL
9.3
5.8
15.1
6.1
3.3
9.4
Charlotte, NC
8.5
5.9
14.4
5.5
3.5
9.0
San Antonio, TX
6.7
7.8
14.4
4.3
5.6
9.9
Portland, OR
10.6
16.3
26.8
7.8
18.2
25.9
Sacramento, CA
11.2
14.4
25.6
8.2
12.8
21.0
Pittsburgh, PA
5.5
5.6
11.1
2.9
2.1
5.0
Cincinnati, OH
7.4
4.8
12.2
4.5
3.1
7.6
Austin, TX
8.1
18.1
26.2
5.7
23.3
28.9
Las Vegas, NV
10.5
5.3
15.7
7.3
3.7
11.0
Kansas City, MO
7.4
8.6
16.0
4.4
3.4
7.8
Columbus, OH
8.0
5.5
13.5
4.5
3.2
7.7
Indianapolis, IN
7.1
4.4
11.5
4.4
2.4
6.8
Cleveland, OH
7.0
6.1
13.1
3.9
2.4
6.3
San Jose, CA
19.2
30.0
49.2
10.8
24.5
35.3
Nashville, TN
9.8
8.4
18.2
6.6
5.3
12.0
Virginia Beach, VA
8.6
9.3
18.0
5.8
5.8
11.7
Providence, RI
12.5
10.0
22.5
9.2
8.2
17.3
Jacksonville, FL
8.3
7.3
15.5
5.0
3.3
8.3
Milwaukee, WI
9.8
11.9
21.8
5.9
4.4
10.3
Oklahoma City, OK
6.3
9.2
15.5
3.9
4.3
8.1
Raleigh, NC
8.1
10.3
18.4
5.6
6.3
11.8
Memphis, TN
6.8
4.2
10.9
3.4
1.8
5.2
Richmond, VA
9.1
6.7
15.8
6.3
4.6
10.9
Louisville, KY
7.2
4.7
11.9
4.7
2.7
7.4
New Orleans, LA
8.0
11.2
19.2
5.1
3.3
8.4
Salt Lake City, UT
10.9
6.9
17.8
8.0
6.9
14.9
Hartford, CT
8.5
14.3
22.8
5.8
10.3
16.0
Buffalo, NY
7.6
4.7
12.3
5.1
3.2
8.3
Birmingham, AL
6.6
5.2
11.7
3.0
1.8
4.9
*Table ordered by market size
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Rents are rising and demand is strong, but property managers aren't rushing to cut concessions
The Zillow Observed Rent Index (ZORI) shows the typical U.S. asking rent rose to $1,962 in July, up 2.3% annually — the fastest pace in more than a year. 39.8% of rentals on Zillow offered a concession in July, up from 35.9% a year ago. A household needs $78,488 in annual income to afford the typical U.S. rental, compared to nearly $99,800 to afford a typical mortgage payment — a gap of more than $21,000. , /PRNewswire/ -- The wave of new apartments that gave renters more options and more deals over the past two years is beginning to recede. The typical U.S. asking rent rose to $1,962 in July, up 2.3% from a year ago, the fastest annual pace in over a year, according to the Zillow® Rental Market Report for July. Even as rent growth picked up speed, 2 in 5 listings still offered a concession, a lasting benefit of the construction boom.
What has changed isn't demand; it's supply. The historically large number of new apartments that hit the market over the past couple of years increased supply and gave renters room to negotiate. As that pipeline narrows, the market is gradually tightening — multifamily permits in the second quarter were 31% below their most recent peak in 2022.
"Renters have benefited from one of the most favorable supply surges in decades," said Mischa Fisher, chief economist at Zillow. "But nationally, we're approaching an inflection point. The supply tailwind is fading, rent growth is picking back up, and concession rates that have been climbing for two years are expected to start easing."
Why concessions are holding and what it means
The 39.8% national concession rate is up nearly 4 percentage points from a year ago, driven by markets where supply came online fastest: Charlotte (68.1%), Denver (67.2%) and Dallas (65.6%) all top 65%. Even as rent growth accelerates, the share of listings offering a concession continues to rise, reflecting just how much new supply hit these markets in a short period of time. In markets that didn't build as much, deals are scarce and rents are rising fast: San Francisco rents are up 9.7% year over year ($3,372), San Jose is up 7% ($3,782), and Chicago is up 5.1% ($2,253).
Elevated cost of homeownership keeps rental demand strong
The typical U.S. renter spends about 26.8% of their income on rent, below the 30% threshold traditionally considered a cost burden. Comfortably affording the typical rental requires $78,488 in annual income, compared to nearly $99,800 to afford a typical home purchase — a gap of more than $21,000 that has widened significantly as home prices and mortgage rates have climbed. With mortgage rates holding above 6.5%, a large share of would-be buyers are staying in the rental market, providing demand that isn't going anywhere.
Single-family rent growth outpaces apartments
Single-family rents rose 3% to $2,314, far outpacing the 1.7% gain for multifamily units, which now sit at $1,786, reflecting how heavily new construction skewed toward apartments. As that inventory is absorbed, multifamily rent growth is expected to follow the single-family trend upward.
Zillow forecasts multifamily rents to rise around 1.9% for the full year, and single-family rents to increase closer to 2.9%. Both figures remain below the long-run historical average, even as growth reaccelerates from the unusually soft pace of the past two years. Concession rates are expected to ease gradually as the market tightens.
Metro
Typical Rent,
Zillow Observed
Rent Index (ZORI)
Rent Year over
Year
Concession Share
Renter
Affordability
United States
$1,962
2.3 %
39.8 %
26.8 %
New York, NY
$3,627
4.5 %
17.5 %
40.9 %
Los Angeles, CA
$2,944
1.5 %
31.2 %
34.1 %
Chicago, IL
$2,253
5.1 %
23.7 %
27.9 %
Dallas, TX
$1,667
0.1 %
65.6 %
20.0 %
Houston, TX
$1,654
0.0 %
55.7 %
22.8 %
Washington, DC
$2,456
0.4 %
54.0 %
21.9 %
Philadelphia, PA
$1,925
3.4 %
31.3 %
23.7 %
Miami, FL
$2,677
1.4 %
28.6 %
37.1 %
Atlanta, GA
$1,855
2.1 %
58.4 %
22.5 %
Boston, MA
$3,165
2.6 %
28.4 %
29.9 %
Phoenix, AZ
$1,727
0.3 %
61.3 %
21.5 %
San Francisco, CA
$3,372
9.7 %
24.8 %
27.9 %
Riverside, CA
$2,547
2.5 %
30.1 %
31.4 %
Detroit, MI
$1,531
3.6 %
24.1 %
22.5 %
Seattle, WA
$2,282
1.4 %
52.5 %
22.9 %
Minneapolis, MN
$1,725
3.5 %
40.5 %
19.8 %
San Diego, CA
$3,008
1.8 %
37.6 %
30.7 %
Tampa, FL
$2,013
-0.5 %
51.7 %
28.7 %
Denver, CO
$1,930
-0.9 %
67.2 %
20.0 %
Baltimore, MD
$1,946
2.5 %
39.4 %
22.1 %
St. Louis, MO
$1,445
4.3 %
29.2 %
19.9 %
Orlando, FL
$1,959
0.6 %
55.2 %
27.1 %
Charlotte, NC
$1,756
0.6 %
68.1 %
22.7 %
San Antonio, TX
$1,425
-1.8 %
56.8 %
20.4 %
Portland, OR
$1,810
0.3 %
47.7 %
20.4 %
Sacramento, CA
$2,296
1.7 %
32.8 %
26.0 %
Pittsburgh, PA
$1,499
3.4 %
25.4 %
21.6 %
Cincinnati, OH
$1,552
2.7 %
33.5 %
21.4 %
Austin, TX
$1,647
-0.9 %
65.1 %
18.7 %
Las Vegas, NV
$1,747
0.2 %
57.9 %
24.4 %
Kansas City, MO
$1,546
3.7 %
35.1 %
20.6 %
Columbus, OH
$1,519
1.9 %
47.9 %
20.4 %
Indianapolis, IN
$1,571
2.7 %
50.0 %
22.2 %
Cleveland, OH
$1,476
4.3 %
24.7 %
23.6 %
San Jose, CA
$3,782
7.0 %
22.2 %
25.5 %
Nashville, TN
$1,820
0.6 %
63.0 %
23.0 %
Virginia Beach, VA
$1,877
5.9 %
18.9 %
25.5 %
Providence, RI
$2,180
3.6 %
11.4 %
30.1 %
Jacksonville, FL
$1,711
1.4 %
50.2 %
23.5 %
Milwaukee, WI
$1,545
4.7 %
19.7 %
22.3 %
Oklahoma City, OK
$1,390
2.4 %
30.2 %
21.2 %
Raleigh, NC
$1,683
0.5 %
65.4 %
18.4 %
Memphis, TN
$1,422
1.2 %
40.3 %
23.5 %
Richmond, VA
$1,751
2.7 %
47.8 %
23.8 %
Louisville, KY
$1,357
1.8 %
43.3 %
20.5 %
New Orleans, LA
$1,604
1.2 %
23.0 %
28.9 %
Salt Lake City, UT
$1,647
0.5 %
66.5 %
18.4 %
Hartford, CT
$2,020
2.8 %
21.4 %
24.1 %
Buffalo, NY
$1,446
3.3 %
8.2 %
22.6 %
Birmingham, AL
$1,456
1.4 %
39.9 %
21.6 %
Table ordered by market size.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
A scarcity of affordable multibedroom rentals is the biggest barrier
Key Findings:
Rent burden falls harder on families: Families with children are more likely to be rent-burdened than nonfamily households — a gap driven not by income, but by the higher cost of the larger homes families need. Family-size rentals are scarce: Thirty-seven percent of rentals offered two bedrooms, and only 24% offered three or more as of July 2026, limiting options for the more than one-third of renters who have children. The housing shortage is the underlying cause: The U.S. is short 4.7 million homes, driving up housing costs across the board. , /PRNewswire/ -- Amid rising inflation and childcare costs, families today face another affordability hurdle: rent burden. A new Zillow® and StreetEasy® analysis of the U.S. Census Bureau's American Community Survey data shows that approximately 1 in 3 family households with children under the age of 18 today are renting their home, and more than half of those families (54.1%) are rent burdened. In addition, 49.7% of all U.S. renters are rent burdened, meaning they spend more than the recommended 30% of household income on rent.
The reason is structural. Families with children often need more space and more bedrooms, but these larger homes come at a higher cost and are in shorter supply. Across the country, just over one-third (37%) of all rentals on Zillow in July offered two bedrooms, and fewer than one-quarter (24.4%) offered three or more.
"At its heart, our affordability crisis is a supply crisis," said Zillow and StreetEasy Senior Economist Kenny Lee. "As the average age of renters climbs, more than a third of renters today have children, yet their options for affordable family-sized apartments remain limited in most markets. That pushes competition for homes higher, which pushes housing costs higher, and ultimately leads to more families doubling up or staying in homes they've long outgrown."
While family households generally earn significantly more than their nonfamily counterparts, they still struggle to make the math work in high-cost markets. In Miami, for example, where 41.7% of all family households are renters, an outsize 67% of those renter family households face rent burden. Though the median family household income in Miami is $100,000 — well above the $52,000 median income for nonfamily households — the median rent for a two-bedroom rental is $2,600, or $31,200 annually, pushing into rent burden territory.
The challenge for families to find affordable housing is most extreme in expensive coastal markets like Seattle and New York City, where fewer than half of rental listings on Zillow and StreetEasy had at least two bedrooms, as of July. NYC has the highest share of renter families of any market across the country, at 66.7%, yet just 48.1% of July rental listings had multiple bedrooms. The median family household income in the city sits just under $89,000 per year — nearly $27,000 more than the median nonfamily household. Despite that income advantage, 53.4% of renter family households spent more than 30% of their income on housing, as median rent for a two-bedroom rental runs $4,750, or $57,000 annually.
Zillow research shows that America's housing deficit of 4.7 million units — the result of nearly two decades of underbuilding — is the primary driver of the housing affordability crisis today. Closing that gap requires building more homes, and a significant amount of land to build them on is already available. More than 300,000 empty lots were listed for sale on Zillow in June 2026, representing 17.4% of all for-sale listings. Building just one home on each of those lots would reduce America's housing deficit by 6.3% — and the typical lot is often large enough to support more than one unit, meaning the real potential is even higher.
Yet zoning rules in many cities still restrict how and where larger, multibedroom rental homes and manufactured housing can be built, and permitting backlogs slow construction in the markets where it is needed most. Zillow advocates for flexible zoning to allow more density, streamlined permitting and expanded financing options for manufactured housing to unlock homeownership for more people. Read more about what needs to change in our ongoing affordability research.
Metro area
Share of
family
households
that rent
Share of
renter
families
that are
rent
burdened
Median
family
household
income
Median
annual
list rent
for two
bedrooms
Median
annual list
rent for
three or
more
bedrooms
Share of
rentals with
two
bedrooms
Share of
rentals
with three
or more
bedrooms
United States
31.7 %
54.1 %
$107,800
$21,480
$27,600
37.0 %
24.4 %
Orlando, FL
40.4 %
68.8 %
$96,000
$22,128
$28,080
36.9 %
30.2 %
Miami, FL
41.7 %
67.0 %
$100,000
$31,200
$42,300
37.6 %
26.5 %
New Orleans, LA
31.6 %
66.4 %
$86,802
$17,400
$23,400
38.1 %
26.2 %
Jacksonville, FL
29.9 %
63.6 %
$101,793
$19,116
$24,000
38.0 %
41.9 %
Tampa, FL
32.4 %
63.4 %
$107,665
$21,900
$28,740
40.0 %
24.8 %
Hartford, CT
26.9 %
62.8 %
$130,000
$24,708
$28,800
38.9 %
18.1 %
Raleigh, NC
28.2 %
61.0 %
$143,195
$19,188
$24,948
36.8 %
25.8 %
Riverside, CA
38.1 %
60.8 %
$102,000
$28,800
$40,260
40.2 %
32.9 %
Houston, TX
34.8 %
60.6 %
$101,344
$18,288
$26,100
32.3 %
25.2 %
San Antonio, TX
35.3 %
60.2 %
$95,000
$15,948
$21,564
31.5 %
27.9 %
Virginia Beach, VA
39.9 %
60.2 %
$95,437
$21,000
$28,740
44.3 %
26.0 %
San Diego, CA
44.5 %
60.1 %
$135,000
$37,740
$52,812
39.5 %
18.3 %
Los Angeles, CA
50.9 %
60.1 %
$117,500
$36,612
$53,940
33.5 %
18.2 %
Louisville, KY
28.8 %
59.9 %
$97,422
$15,540
$21,018
45.2 %
21.6 %
Las Vegas, NV
42.1 %
59.0 %
$95,205
$18,492
$26,280
38.9 %
27.4 %
Memphis, TN
45.7 %
58.9 %
$84,315
$13,560
$19,140
35.8 %
36.5 %
Nashville, TN
28.6 %
57.1 %
$108,808
$20,340
$27,180
35.8 %
22.3 %
Atlanta, GA
28.5 %
57.1 %
$120,000
$20,364
$26,400
36.4 %
28.1 %
Detroit, MI
24.8 %
56.5 %
$108,000
$17,940
$20,400
44.5 %
22.7 %
Portland, OR
29.8 %
56.4 %
$139,210
$21,540
$31,140
39.4 %
16.3 %
Dallas, TX
33.2 %
56.4 %
$116,522
$20,280
$28,200
33.7 %
19.2 %
Chicago, IL
26.9 %
56.4 %
$120,631
$25,800
$33,000
36.1 %
18.6 %
Boston, MA
30.2 %
56.3 %
$170,000
$38,340
$50,400
34.3 %
27.0 %
Baltimore, MD
28.1 %
56.3 %
$138,000
$21,804
$29,700
40.4 %
24.2 %
Denver, CO
25.9 %
55.8 %
$150,000
$24,120
$34,980
35.9 %
14.1 %
Providence, RI
33.5 %
55.7 %
$114,000
$26,220
$31,200
39.8 %
28.6 %
Milwaukee, WI
28.1 %
55.4 %
$116,920
$21,540
$23,760
41.9 %
17.9 %
Sacramento, CA
34.9 %
55.3 %
$123,000
$24,768
$34,800
38.9 %
26.0 %
Philadelphia, PA
26.6 %
55.1 %
$125,000
$23,700
$28,800
35.0 %
18.5 %
Buffalo, NY
25.7 %
54.9 %
$108,000
$17,940
$20,400
49.4 %
24.3 %
Minneapolis, MN
19.6 %
54.5 %
$144,931
$21,420
$29,400
36.7 %
13.7 %
Seattle, WA
31.7 %
54.4 %
$165,000
$27,600
$38,694
30.7 %
14.5 %
Columbus, OH
31.1 %
54.3 %
$117,062
$18,048
$24,600
48.6 %
15.4 %
Indianapolis, IN
27.8 %
54.1 %
$110,000
$17,400
$22,200
42.1 %
21.7 %
Pittsburgh, PA
21.4 %
53.9 %
$120,000
$17,940
$21,600
37.0 %
20.8 %
New York, NY*
66.7 %
53.4 %
$88,937
$57,000
$66,000
30.8 %
17.3 %
Cleveland, OH
27.2 %
53.3 %
$105,000
$15,720
$19,200
41.2 %
24.3 %
Richmond, VA
30.1 %
52.7 %
$114,000
$20,028
$26,940
42.6 %
19.1 %
St. Louis, MO
22.7 %
52.6 %
$118,206
$16,896
$21,402
41.9 %
21.5 %
Phoenix, AZ
31.4 %
52.2 %
$113,797
$19,488
$27,000
37.8 %
25.2 %
Oklahoma City, OK
33.3 %
52.2 %
$88,307
$13,800
$19,500
33.1 %
37.1 %
Austin, TX
31.8 %
52.2 %
$140,000
$19,200
$25,800
32.2 %
20.0 %
Birmingham, AL
25.8 %
52.0 %
$106,508
$15,600
$17,784
37.8 %
34.2 %
Charlotte, NC
29.9 %
52.0 %
$114,599
$20,340
$25,788
36.1 %
23.0 %
Cincinnati, OH
26.5 %
52.0 %
$117,103
$18,042
$23,994
42.1 %
18.2 %
Washington, DC
28.7 %
51.7 %
$165,000
$30,000
$38,400
34.0 %
16.5 %
Kansas City, MO
25.4 %
50.3 %
$115,000
$18,828
$23,400
37.5 %
21.5 %
San Francisco, CA
37.0 %
49.9 %
$200,000
$38,400
$51,540
35.3 %
18.5 %
Salt Lake City, UT
24.7 %
46.6 %
$124,962
$19,860
$28,320
34.7 %
17.4 %
San Jose, CA
41.7 %
42.5 %
$235,409
$47,136
$59,400
38.6 %
17.4 %
*Includes only New York City's five boroughs
Methodology
This analysis is based on Zillow and StreetEasy analysis of the U.S. Census Bureau's American Community Survey (ACS) microdata. "Family households" are defined as two or more people living together who are related by birth, marriage or adoption, with children under the age of 18 in the home. Nonfamily households include unmarried partners, unrelated roommates and single-person households. Rent burden is defined as spending more than 30% of household income on housing costs. Metro-level data reflects the 50 largest U.S. metropolitan statistical areas. Rental trend data specific to New York City reflects asking rents on StreetEasy.
About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people.
As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.
Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
If you're interested in the real estate market and would like to profit from it without actually buying homes or other buildings, you might be invested in Zillow Group (Z +0.42%) (ZG +0.35%) -- or may be thinking of investing in it. The stock is down about 60% over the past year, and it dropped nearly 13% in a single day in early August, before closing down 8%.
Image source: Getty Images.
That's a sign of concern regarding the digital real estate specialist, and it may also present a good buying opportunity. Here's a closer look at the situation.
Today's Change
(
0.35
%) $
0.12
Current Price
$
34.07
The reason for the drop was the company's second-quarter earnings report, which featured:
Revenue up 18% year over year Mortgage revenue up 75% Rentals revenue up 31% So far, so good, right? The report also featured this, though:
Traffic to Zillow's mobile apps and sites was down 2% year over year. Zillow's average monthly unique users declined 2% to 239 million (but this was true across the category, and Zillow fared better than average). Perhaps the worst news is that Alphabet's Google will now display real estate listings in all 50 states, which is very likely to have an impact on Zillow.
There are some positives for Zillow, though. Per management, it's implementing artificial intelligence (AI) effectively: "Consumers who use AI mode spend more than three times as long on Zillow, view more than twice as many homes, run nearly three times as many searches -- and contact an agent at nearly three times the rate of consumers who don't use AI mode. The same pattern holds in rentals..."
Greater use of AI may be behind the company's recent layoff of 500-plus people. That's bad for those people, but investors often see layoffs positively, if they result in leaner, more profitable operations.
So, should you invest in Zillow? Well, maybe, if you're doing so for the long term and you're risk-tolerant. The real estate market is tough these days, and the company still posted a double-digit gain. Alternatively, you might consider a real estate fund, which offers greater diversification.
Selena Maranjian has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet and Zillow Group. The Motley Fool has a disclosure policy.
NEW YORK, Aug. 10, 2026 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A or Class C common stock of Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) between February 11, 2025 and May 7, 2026, both dates inclusive (the "Class Period"), of the important August 10, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.
NEW YORK--(BUSINESS WIRE)---- $Z #ClassAction--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Zillow Group, Inc. (“Zillow” or the “Company”) (NASDAQ: ZG) (NASDAQ: Z) and reminds investors of the August 10, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia.
, /PRNewswire/ -- Schall, Brown & Schwartz LLP ("SBS"), a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Zillow Group, Inc. ("Zillow" or "the Company") (NASDAQ: Z) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Shareholders who purchased shares of Z during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.
CLASS PERIOD: February 11, 2025 to May 7, 2026
DEADLINE: August 10, 2026
If you are a shareholder who suffered a loss, click here to participate.
CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Zillow describes its agreement with Redfin as a "partnership" but it was actually an acquisition. The Company faced increased risk of antitrust scrutiny due to the Redfin agreement. The Company downplayed its legal exposure even after an antitrust lawsuit was filed against it. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Zillow, investors suffered damages.
We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Join the case to recover your losses
WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
Schall, Brown & Schwartz LLP
Brian Schall, Esq.,
Andrew Brown, Esq.,
David Schwartz, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]
, /PRNewswire/ -- The DJS Law Group reminds investors of a class action lawsuit against Zillow Group, Inc. ("Zillow" or "the Company") (NASDAQ: Z) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Shareholders who purchased shares of Z during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.
CLASS PERIOD: February 11, 2025 to May 7, 2026
DEADLINE: August 10, 2026
CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. Zillow portrayed its agreement with Redfin as merely a partnership when it was in fact an acquisition deal. This deal led to the Company suffer from an increased risk of antitrust scrutiny. Even after an antitrust lawsuit was filed, the Company downplayed its legal risk. Based on these facts, Zillow's public statements were false and materially misleading throughout the class period.
If you are a shareholder who suffered a loss, contact us to participate.
WHY DJS LAW GROUP? DJS Law Group's primary focus is to enhance investor return through balanced counseling and aggressive advocacy. We specialize in securities class actions, corporate governance litigation, and domestic/international M&A appraisals. Our clients are some of the largest and most sophisticated hedge funds and alternative asset managers in the world. The litigation claims of our clients are extraordinarily valuable assets that demand respect, focus, and results.
Join the case to recover your losses.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
New York, New York--(Newsfile Corp. - August 9, 2026) - Bronstein, Gewirtz & Grossman, LLC, a nationally recognized investor-rights law firm, announces that a class action lawsuit has been filed against Zillow Group, Inc. (NASDAQ: Z) and certain of its officers.
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Zillow securities between February 11, 2025 and May 7, 2026, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/Z.
Zillow Case Details
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that:
Zillow's agreement with Redfin Corporation was not a "partnership," but rather an acquisition of Redfin's business; as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and as a result, defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.What's Next for Zillow Investors?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/Z, or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in Zillow you have until August 10, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
No Cost to Zillow Investors
We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman, LLC for Zillow Securities Class Action?
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com
"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.
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Prior results do not guarantee similar outcomes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301101
Source: Bronstein, Gewirtz & Grossman, LLC
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
NEW YORK, Aug. 09, 2026 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized investor-rights law firm, announces that a class action lawsuit has been filed against Zillow Group, Inc. (NASDAQ: Z) and certain of its officers.
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Zillow securities between February 11, 2025 and May 7, 2026, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/Z.
Zillow Case Details
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that:
Zillow's agreement with Redfin Corporation was not a "partnership," but rather an acquisition of Redfin's business;as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and as a result, defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. What's Next for Zillow Investors?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/Z. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in Zillow you have until August 10, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
No Cost to Zillow Investors
We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman, LLC for Zillow Securities Class Action?
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com
"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.
Follow us for updates on LinkedIn, X, Facebook, or Instagram.
Contact Info
Peretz Bronstein, Esq. or Nathan Miller
Bronstein, Gewirtz & Grossman, LLC
917-590-0911 | [email protected]
Attorney advertising.
Prior results do not guarantee similar outcomes.
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Zillow To Contact Him Directly To Discuss Their Options
If you purchased or acquired Class A or Class C Zillow common stock between February 11, 2025 and May 7, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
New York, New York--(Newsfile Corp. - August 9, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Zillow Group, Inc. ("Zillow" or the "Company") (NASDAQ: ZG) (NASDAQ: Z) and reminds investors of the August 10, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Zillow's agreement with Redfin was not a "partnership," but rather an acquisition of Redfin's business; (2) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (3) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (4) as a result, Defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and or lacked a reasonable basis at all relevant times.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Zillow's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Zillow class action, go to www.faruqilaw.com/Z or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Frequently Asked Questions (FAQ) for Investors Regarding the Zillow Securities Class Action Lawsuit:
What is the Zillow securities fraud lawsuit about?
The lawsuit alleges Zillow misrepresented its agreement with Redfin as a partnership, understated antitrust and regulatory risks, and downplayed potential legal exposure, making statements about its business and prospects allegedly misleading.
Who may be eligible to participate in the lawsuit?
Investors who purchased or acquired Zillow Class A or Class C common stock (NASDAQ: Z) (NASDAQ: ZG) between February 11, 2025 and May 7, 2026 may be eligible to participate if they suffered losses related to the alleged misconduct.
What is a lead plaintiff, and how can I seek appointment?
A lead plaintiff represents the interests of the proposed class and helps oversee the litigation. Investors seeking appointment must file a motion with the court by August 10, 2026. Investors can share in any recovery without serving as lead plaintiff.
What should investors do if they purchased Zillow stock during the Class Period?
Investors should review their transaction records, preserve relevant documents, and evaluate their legal options. Those who suffered losses may wish to consult counsel regarding participation in the lawsuit or seeking lead plaintiff status before the deadline.
Why should investors contact Faruqi & Faruqi, LLP?
Faruqi & Faruqi, LLP has represented investors in securities litigation for decades and has recovered hundreds of millions of dollars for shareholders. Investors who purchased Zillow securities during the Class Period may contact the firm to discuss their legal rights, potential claims, and the lead plaintiff process at no cost or obligation.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308437
Source: Faruqi & Faruqi LLP
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
New York, New York--(Newsfile Corp. - August 9, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A or Class C common stock of Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) between February 11, 2025 and May 7, 2026, both dates inclusive (the "Class Period"), of the important August 10, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.
SO WHAT: If you purchased Zillow common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 10, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Zillow's agreement with Redfin Corporation was not a "partnership," but rather an acquisition of Redfin's business; (2) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (3) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (4) as a result, defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308764
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
NEW YORK, /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A or Class C common stock of Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) between February 11, 2025 and May 7, 2026, both dates inclusive (the "Class Period"), of the important August 10, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.
So what: If you purchased Zillow common stock during the Class Period, you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
What to do next: To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 10, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Details of the case: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Zillow's agreement with Redfin Corporation was not a "partnership," but rather an acquisition of Redfin's business; (2) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (3) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (4) as a result, defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com
New York, New York--(Newsfile Corp. - August 8, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A or Class C common stock of Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) between February 11, 2025 and May 7, 2026, both dates inclusive (the "Class Period"), of the important August 10, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.
SO WHAT: If you purchased Zillow common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 10, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Zillow's agreement with Redfin Corporation was not a "partnership," but rather an acquisition of Redfin's business; (2) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (3) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (4) as a result, defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308738
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
NEW YORK--(BUSINESS WIRE)--Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A or Class C common stock of Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) between February 11, 2025 and May 7, 2026, both dates inclusive (the “Class Period”), of the important August 10, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.
So what: If you purchased Zillow common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
What to do next: To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 10, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Details of the case: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Zillow’s agreement with Redfin Corporation was not a “partnership,” but rather an acquisition of Redfin’s business; (2) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (3) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (4) as a result, defendants’ statements about Zillow’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Zillow class action, go to https://rosenlegal.com/cases/zillow-group-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.
Attorney Advertising. Prior results do not guarantee a similar outcome.
NEW YORK, Aug. 07, 2026 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A or Class C common stock of Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) between February 11, 2025 and May 7, 2026, both dates inclusive (the “Class Period”), of the important August 10, 2026 lead plaintiff deadline in the securities class action first filed by the Firm. SO WHAT: If you purchased Zillow common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of Class A or Class C common stock of Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) bet
New York, New York and New Orleans, Louisiana--(Newsfile Corp. - August 7, 2026) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until August 10, 2026 to file lead plaintiff applications in a securities class action lawsuit against Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) ("Zillow" or the "Company"), if they purchased or otherwise acquired Zillow Class A or Class C common stock between February 11, 2025 and May 7, 2026, inclusive (the "Class Period"). This action is pending in the United States District Court for the Western District of Washington.
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https://www.youtube.com/watch?v=hIyQUNEoCGc
What You May Do
If you purchased shares of Zillow as described above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-833-538-3653 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-zg-z/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 10, 2026.
CLICK HERE for more information
About the Lawsuit
Zillow and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) Zillow's agreement with Redfin was not a "partnership," but rather an acquisition of Redfin's business; (ii) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (iii) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (iv) as a result, Defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
The case is Breidert v. Zillow Group, Inc., et al., 26-cv-02016.
To Learn More, Click HERE
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors, in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
Bragar Eagel & Squire, P.C. Litigation Partners Brandon Walker and Melissa Fortunato Encourage Investors Who Suffered Losses In Zillow (Z) To Contact Them Directly To Discuss Their Options
