I love the spring homebuying season. But I'm not buying a home, selling one or even working as a real estate agent. With the warmer weather comes a ton of new property listings on sites like Zillow. That's when I find myself in a rabbit hole, clicking through photo after photo.
Considering I cover the housing market and mortgages for a living, I guess that could fall under the purview of my job. Market research and all that. But if I'm being honest, I'd do it regardless.
My dad studied architecture in college and has always had an eye for design. Growing up, he'd lecture me on "good" stonework versus "bad." And don't get me started on the importance of window placement or the correct way to hang shutters. It's still the first thing I clock when I pass by a new house.
Some people are obsessed with fashion, art or music. For me, it's real estate. When I visit a new city or town, I'll imagine what it's like to live in the houses I like and question the design choices of the ones I don't.
Zillow is just the online version of that — except better. I can see the interiors and even gawk at the asking prices, particularly for the brownstones in my Brooklyn neighborhood.
I'm not alone in this. A 2021 survey from Surety First, a California-based insurance agency, found that 55% of respondents spend between 1 and 4 hours a day on Zillow. In 2023, the real estate platform counted nearly 10 billion visitors.
I think it's the same reason people binge-watch House Hunters, Million Dollar Listing or Selling Sunset. Zillow is a social simulation that allows us to explore an alternate universe, one where we can actually afford to purchase a house.
Buying a home is quintessential to the American Dream. But we're in the middle of an affordability crisis, with high mortgage rates, elevated home prices and limited housing supply blocking would-be buyers. Doomscrolling property listings can be a distraction from just how unaffordable today's housing market is. It can also be a very harsh reminder of it.
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Browsing Zillow is fun, until it isn't
Houses aren't all that different from clothing or any other item when you're merely window shopping. Even if whatever's in the window is wildly outside of your budget, it's a fantasy. The stakes aren't high, and daydreaming is free anyway.
But the gap between my real estate daydreams and my financial reality is pretty dumbfounding. Prices have increased more than 40% since before the pandemic, and mortgage rates are more than double what they were just a few years ago.
I could happily live out my days in this $11 million Brooklyn brownstone around the corner from my apartment. I don't need five bedrooms, four bathrooms or a built-in fireplace. But hey, if not for the price tag, I certainly wouldn't mind.
A brownstone in Brooklyn, NY.
ZillowOut in New Jersey suburbia, I found a home with a price tag that's a bit easier on the eyes, though not by much. This charming Tudor is going for $1.3 million. To add insult to injury, Zillow tells me its value has increased a whopping 385.6% since it was last on the market in 1995.
A Tudor home in New Jersey.
ZillowMaybe I should consider moving to a more rural area, like the town where I went to college in upstate New York. I found a three-bedroom house with plenty of outdoor space that's going for just under $300,000, below the national median sales price. I love a good wrap-around porch, but I still wouldn't be able to cover the down payment and closing costs needed for that house.
A three-bedroom home in upstate New York
ZillowBack to square one.
What the Zillow obsession says about today's housing market
During the pandemic, Zillow surfing became the perfect escape from quarantine. The rise of remote work meant many people were suddenly considering a move to the suburbs in search of more space, leading to the housing boom that sent home prices soaring.
In 2020, Zillow saw a 1.5 billion increase in visits to its site, but only "a single-digit percentage" turned into buyers, according to the company's CEO. The phenomenon was the subject of a 2021 Saturday Night Live sketch that perfectly embodied millennials' obsession with stalking real estate.
Dreaming of moving into another space and life, even if only virtually, has an undeniable appeal, especially when many of us were trapped in tiny apartments or holed up in our childhood bedrooms.
It's not that different from the "comparison game" social media invites us to play. On Instagram, everyone appears to be living their best life -- traveling, dining out, going to concerts and flaunting the latest trends. As I scroll through posts and eat my meal-prepped dinner on a thrifted kitchen table, that kind of life feels utterly unattainable.
When we idealize the homes we see online, we either shame ourselves for not being able to afford them or lose hope that we ever will. For younger generations, who find themselves in a significantly different economic landscape than our homeowner parents and grandparents, that shame-loss cycle is particularly common.
Saddled with debt, high rental costs and wages that haven't kept up with the cost of living, saving for a home purchase feels impossible. So, instead, we doomscroll. Call it market research or morbid curiosity, but it rarely makes me feel more hopeful about my prospects of homeownership.
Do this instead
Some of you might find real estate window-shopping inspiring. If, however, you're left feeling frustrated and dejected, you may want to couple that energy with tangible advice.
We can't force home prices or mortgage rates to come down. We can, however, focus on what is within our control.
And who knows? Maybe these steps can make us feel a bit more hopeful about being able to afford a home purchase one day.
💵 Set savings goals: Saving for a down payment can feel insurmountable, especially given today's home prices. But you can start small with weekly or monthly goals. Putting your cash in a separate high-yield savings account or money market account can help your money grow faster thanks to the power of compound interest.
💵 Build your credit score: The higher your credit score, the better your chances are of securing a lower interest rate on your future mortgage. Aside from aiming to pay your bills on time and in full, be sure to monitor your credit report for any mistakes. You can get a free weekly credit report here.
💵 Pay down debt: Reducing how much debt you have will not only help boost your credit score, but it will also put you in a better position to take on a mortgage. As you pay more off debt, you'll have more room in your budget to contribute to your down payment savings.
💵 Research first-time homebuyer programs: There are several government-sponsored or private programs available to help with your down payment and closing costs. Almost every state offers some form of assistance to first-time homebuyers, whether in the form of a grant or interest-free loan.