ZG - Downsizing Homeowners Hit The Jackpot Amid Skyrocketing Property Values | Benzinga
As the U.S. housing market continues its meteoric rise, homeowners looking to downsize are reaping unexpected benefits.
What Happened: The significant appreciation in property values has positioned many in a favorable spot, especially those considering a smaller living space.
Chief economist at the Zillow Group Inc (NASDAQ: ZG), Skylar Olsen, likened the recent housing market surge to homeowners "winning the lottery."
Since January 2020, the market's value has soared, creating a windfall for many, according to Zillow.
"The reason why I say lucky is because what happened over the last three years was stunning and, in some ways, was a bit like winning the lottery," Olsen told MarketWatch.
The total valuation of the U.S. housing sector has reportedly jumped by nearly 50%, reaching a staggering $52 trillion. Leading this valuation is California, contributing almost a fifth to the national total.
Other states like Florida, New York, Texas, and New Jersey have also ...