Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • AI Tools
  • Multichannel Amplification
  • Guaranteed Paid Placement
  • SocialBoost
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Overview
  • Distribution by PR Newswire
  • AI Tools
  • Multichannel Amplification
  • SocialBoost
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

Low-Income Renters Left Out of Pandemic Savings

Rent price declines have typically been sharpest in the most-expensive areas, meaning less savings for lower-income renters who were hit the hardest by the pandemic

- U.S. rents grew for the second month in a row, another sign the bottom of the market may be in the past.

- The softest rental markets during the coronavirus pandemic were in high-priced areas of a metro, meaning affordability gains were often less for lower-income renters.

- Home values tied a record pace of monthly growth for the third consecutive month and annual growth approached 10% in February as rising rates did little to slow housing demand. The typical U.S. home has appreciated by nearly $25,000 over the past year.


News provided by

Zillow

Mar 19, 2021, 08:00 ET

Share this article

Share toX

Share this article

Share toX

SEATTLE, March 19, 2021 /PRNewswire/ -- Home values continued their march upward in February, matching record monthly growth from months prior, according to Zillow's February Market Report.[i] While home sales and appreciation soared over the course of the pandemic, rent growth slowed, seemingly a boost for rent affordability. However, it was often the more-expensive areas of metros that softened the most, providing little respite for renters in lower-priced areas. 

Rents have largely flatlined nationally during the pandemic and fallen significantly in several expensive markets, but the cuts did not reach all renters equally. While dropping rents could have provided relief to lower-income households who have been disproportionately impacted by the pandemic, rent has remained stubbornly high in more-affordable areas, a new Zillow® analysis shows. 

"While the pandemic has cut into demand for rental housing, that has only translated into declining rents in expensive markets, and most acutely at the top-end of those markets," said Zillow senior economist Jeff Tucker. "This past year saw widespread adoption of work-from-home policies, especially for higher-income renters who previously paid top dollar for proximity to their workplace. Demand for these rentals took a hit as many leapt into homeownership, while the flow of new renters entering these sub-markets dried up, at least temporarily."

In the New York metro area, for example, rents in wealthier neighborhoods are down 11.6% year over year, but they're up 1.8% in the least-expensive areas. In Atlanta, like many other more-affordable metros where rent has risen since last February, the increases have been biggest in the least-expensive ZIP codes, putting added financial pressures on vulnerable renters.

Rents across the U.S. are showing real signs of recovery. Typical rents grew substantially on a monthly basis for the second month in a row, posting 0.4% gains after a 0.5% rise in January, lending credence to the idea that rents have bottomed out and are on an upward swing. Still, rents are up just 0.5% year over year, well behind the 3.7% annual pace they were growing in February 2020, illustrating the long road ahead to a full pre-pandemic recovery. 

Home values continue record-setting rise
The typical U.S. home value rose 1.1% in February to $272,446, maintaining the lightning-fast speed of month-over-month growth seen in both January and December. This is the fastest monthly appreciation in Zillow records reaching back to 1996, and still above the previous high of 1% set in the summer of 2005. 

Annual home value growth across the U.S. jumped from 9.1% in January to 9.9% in February, the highest yearly appreciation since April of 2006 and an increase of $24,473 for the typical U.S. home. 

For-sale housing inventory remains lower than a year earlier, as it did throughout 2020 largely due to a fast pace of sales. Inventory fell 8% from January, and is down 30.3% year over year. 

"Home price appreciation kept up its breakneck pace in February, as a wave of early-bird shoppers competed furiously over a very limited inventory offering," said Tucker. "Monthly price growth accelerated further in most large metros in February, suggesting that buyers still have a lot of gas in the tank to keep pushing prices higher."

Mortgage rates listed by third-party lenders on Zillow rose from a monthly low of 2.58% on February 10 to 2.98% as the month ended. While the streak of record-low rates may be over, rates remain very low by historical standards -- mortgage rates ended February 2020 at 3.91%. Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Group Mortgages site by third-party lenders and reflect recent changes in the market.[ii]

Metropolitan
Area*

Zillow Home
Value Index,
Feb. 2021

ZHVI - YoY
Change,
Feb. 2021
(%)

ZHVI - YoY
Change,
Feb. 2021
($)

Zillow
Observed
Rent Index,
Feb. 2021

ZORI - YoY
Change,
Feb. 2021
(%)

ZORI - YoY
Change,
Feb. 2021
($)

United States

$272,446

9.9%

$24,473

$1,708

0.5%

$9

New York, NY

$520,587

8.3%

$40,102

$2,471

-9.4%

-$257

Los Angeles-Long Beach-Anaheim, CA

$761,635

9.6%

$67,020

$2,472

-0.8%

-$20

Chicago, IL

$263,185

7.6%

$18,544

$1,634

-3.0%

-$50

Dallas-Fort Worth, TX

$278,259

8.9%

$22,774

$1,519

2.2%

$32

Philadelphia, PA

$280,522

11.3%

$28,531

$1,583

2.3%

$36

Houston, TX

$235,792

8.1%

$17,684

$1,391

-0.1%

-$1

Washington, DC

$483,254

9.5%

$41,761

$1,979

-3.8%

-$79

Miami-Fort Lauderdale, FL

$326,457

7.8%

$23,738

$1,937

3.4%

$63

Atlanta, GA

$269,997

10.6%

$25,981

$1,615

6.3%

$96

Boston, MA

$545,895

10.3%

$50,802

$2,326

-5.5%

-$135

San Francisco, CA

$1,192,921

5.4%

$60,861

$2,831

-9.1%

-$285

Detroit, MI

$202,879

11.0%

$20,028

$1,276

7.3%

$87

Riverside, CA

$441,324

13.0%

$50,666

$2,137

9.5%

$186

Phoenix, AZ

$339,878

18.3%

$52,539

$1,547

8.9%

$126

Seattle, WA

$601,735

13.1%

$69,565

$1,854

-5.8%

-$115

Minneapolis-St Paul, MN

$323,661

9.0%

$26,845

$1,549

-0.2%

-$3

San Diego, CA

$702,933

14.2%

$87,664

$2,380

4.2%

$97

St. Louis, MO

$198,709

9.3%

$16,901

$1,110

3.9%

$42

Tampa, FL

$261,314

13.9%

$31,850

$1,593

7.5%

$111

Baltimore, MD

$323,406

9.2%

$27,275

$1,635

2.3%

$37

Denver, CO

$496,944

10.0%

$45,228

$1,697

0.2%

$3

Pittsburgh, PA

$179,774

10.7%

$17,425

$1,205

1.8%

$21

Portland, OR

$464,988

10.6%

$44,563

$1,628

1.4%

$22

Charlotte, NC

$273,202

11.8%

$28,865

$1,514

2.8%

$41

Sacramento, CA

$489,607

12.3%

$53,610

$1,882

7.5%

$131

San Antonio, TX

$225,999

7.9%

$16,588

$1,278

1.6%

$20

Orlando, FL

$276,596

7.7%

$19,712

$1,600

2.4%

$37

Cincinnati, OH

$211,922

13.1%

$24,564

$1,261

5.6%

$67

Cleveland, OH

$177,598

11.6%

$18,446

$1,151

4.1%

$45

Kansas City, MO

$233,102

11.7%

$24,373

$1,188

4.8%

$54

Las Vegas, NV

$320,222

8.6%

$25,339

$1,455

7.6%

$103

Columbus, OH

$237,025

11.1%

$23,593

$1,282

5.8%

$70

Indianapolis, IN

$205,859

12.2%

$22,349

$1,237

6.9%

$80

San Jose, CA

$1,325,899

12.8%

$150,961

$2,840

-8.3%

-$258

Austin, TX

$408,106

14.5%

$51,552

$1,474

-1.0%

-$15

Virginia Beach, VA

$267,161

8.8%

$21,628

$1,380

6.5%

$84

Nashville, TN

$310,812

9.6%

$27,208

$1,600

1.6%

$25

Providence, RI

$363,298

13.1%

$41,968

$1,606

9.8%

$144

Milwaukee, WI

$224,157

12.6%

$25,124

$1,230

2.8%

$33

Jacksonville, FL

$257,266

10.1%

$23,659

$1,375

6.6%

$85

Memphis, TN

$175,627

11.6%

$18,319

$1,381

9.3%

$118

Oklahoma City, OK

$171,597

8.0%

$12,696

$1,113

3.9%

$42

Louisville-Jefferson County, KY

$200,197

9.1%

$16,751

$1,072

4.4%

$45

Hartford, CT

$263,441

11.1%

$26,216

$1,423

5.3%

$71

Richmond, VA

$272,653

8.9%

$22,387

$1,295

4.1%

$51

New Orleans, LA

$226,517

8.4%

$17,476

$1,263

4.6%

$55

Buffalo, NY

$195,939

12.4%

$21,586

$1,157

6.0%

$66

Raleigh, NC

$314,170

10.2%

$29,035

$1,494

3.0%

$44

Birmingham, AL

$192,094

10.4%

$18,172

$1,140

5.0%

$54

Salt Lake City, UT

$440,100

15.1%

$57,690

$1,421

4.3%

$58

*Table ordered by market size 

About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. 

As the most-visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and nearly seamless end-to-end service. Zillow Offers® buys and sells homes directly in dozens of markets across the country, allowing sellers control over their timeline. Zillow Home Loans™, our affiliate lender, provides our customers with an easy option to get pre-approved and secure financing for their next home purchase. Zillow recently launched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow Offers transactions.  

Zillow Group's brands, affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

[i] The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit www.zillow.com/research/. The data in Zillow's Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder's office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/research/data.

[ii] Zillow Group Marketplace, Inc. is a licensed mortgage broker, NMLS #1303160.

SOURCE Zillow

Related Links

https://www.zillow.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Also from this source

Sellers slam the brakes; new listings fall to record low for August

Sellers slam the brakes; new listings fall to record low for August

Sellers took a step back from the housing market in August in response to slow demand from cash-strapped home shoppers, according to the latest...

Zillow brings AI-powered Virtual Staging to Showcase listings

Zillow brings AI-powered Virtual Staging to Showcase listings

Zillow® today announced the launch of Virtual Staging, an AI-powered feature built directly into Zillow Showcase℠, the company's premium listing...

More Releases From This Source

Explore

Banking & Financial Services

Banking & Financial Services

Real Estate

Real Estate

Residential Real Estate

Residential Real Estate

Economic News, Trends, Analysis

Economic News, Trends, Analysis

News Releases in Similar Topics

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.