• Sotheby's International Realty identified four things motivating luxury homebuyers in 2025.
• Luxury buyers want move-in-ready homes with sustainability and wellness elements already added.
• Some home must-haves include solar panels, spas, steam rooms, and pickleball courts.

Millionaires are like the rest of us — for the most part.

Global real estate brokerage Sotheby's International Realty found that luxury homebuyers want to live where their money stretches further, and they're willing to move to new cities or even other countries to make it happen. They're also prioritizing move-in-ready homes with wellness-oriented amenities, brand names, and environmentally conscious features.

"We're seeing that emerging affluents are increasingly driven by the lifestyle they aspire to, often prioritizing their personal interests and values when choosing a home," Philip White, president and CEO of Sotheby's International Realty, said in the brokerage's annual luxury real estate trend forecast.

Here are four priorities for luxury homebuyers in 2025, according to Sotheby's.

1. Young buyers are on the hunt for move-in-ready homes with features that will help them be healthier.

Sotheby's found that millennial luxury buyers prefer turnkey, move-in-ready homes over properties that require extensive updates or renovations.

"They don't want to deal with improvements," said Daniel Heider, a global real estate advisor at TTR Sotheby's International Realty in Washington, DC. "They want it ready, down to the landscaping, and they're willing to pay for it."

From the start, younger wealthy buyers expect homes to include features like "wellness facilities, cold plunges, steam rooms, pickleball courts, and infrared saunas," Heider added.

This emphasis on wellness design is part of a larger trend of American homeowners prioritizing mental health and physical well-being in their living spaces.

Wellness trends are also a driver in the Napa Valley real estate market, according to Hillary Ryan, a global real estate advisor with Sotheby's in St. Helena, California.

"In the ultra-luxury category, buyers expect to have a gym, productive gardens for farm-to-table dining, spa-like bathrooms, tennis and pickleball courts, and even Zen gardens and infrared saunas," Ryan said. "The influence of biohacking culture has made an impact on what buyers are seeking in their wine country residences."

2. Buyers are increasingly drawn to homes built by buzzy car, fashion, and restaurant brands.

We have designer clothes, cars, appliances — and, yes, designer homes, too.

While traditionally linked to luxury hotel brands, branded residences are becoming more popular, especially in Miami.

Luxury automakers like Mercedes-Benz, Porsche, Aston Martin, Bentley, and Pagani have all ventured into Miami real estate, developing their own condos with names to match.

In 2024, Pagani announced plans for a 70-unit luxury condo in Miami's North Bay Village. The Pagani Residences will offer two- to four-bedroom units, ranging from 2,000 to over 3,000 square feet, with prices starting around $3 million — about the same cost as one of their cars. Each condo will come fully furnished, featuring Italian-designed Schiffini kitchens, 11-foot-wide terraces, and walk-in closets.

"I sold a unit to a guy who loves Pagani cars, and it didn't matter to him where the location was," Carlo Dipasquale, a luxury real-estate agent in South Florida, told Business Insider's James Rodriguez. "They could've built the building inland, anywhere in Miami, for all he cared."

It's not just carmakers leveraging their iconic brands to sell homes.

The owner of the popular Italian restaurant Carbone is partnering with developers on a high-rise project in Miami, set to be completed by 2027, with units starting at $5 million each. Meanwhile, Dolce & Gabbana is behind the upcoming 888 Brickell Miami development.

3. Homes with environmentally friendly features are appealing — partly because they might be worth more.

According to Sotheby's, hybrid homes are gaining popularity among luxury buyers as Americans look to balance sustainability and convenience.

Hybrid homes blend traditional and modern building techniques and styles. They often use classic materials, like stone or wood, alongside sustainable technologies such as rainwater harvesting systems and green roofs, also known as living roofs.

Ryan MacLaughlin, a Maui-based principal broker with Sotheby's, said that "100%" of the high-end homes his brokerage sells in Hawaii have at least one sustainable feature.

"The high-end homeowner is still the most price-conscious on the market," he said. "They don't want to waste money, and sustainable features help them feel confident they can run their homes as efficiently as possible at a lower cost."

Sotheby's 2025 survey of its agents found that solar panels are buyers' most sought-after green features, primarily because they can reduce utility bills and increase homes' value.

Luxury buyers expect eco-friendly features like solar panels to be included from the start, not added later, said Darlene Streit, a global real estate advisor at Sotheby's in Santa Fe, New Mexico.

"There was a craze with people renovating their homes to be more sustainable during the pandemic, and now I find that more people want that done for them," Streit added. "They will pay more to have it done rather than have to worry about doing it themselves."

4. Wealthy buyers want to live where their money goes further.

The Midwest's affordable homes and strong job market have made it a prime homebuying destination for Americans of all income levels.

Paul Handle, managing director of Mahler Sotheby's International Realty in Milwaukee, said that the surge in demand has sparked a "renaissance" in the region's luxury real estate market.

"Luxury buyers are increasingly looking at the Midwest because of the incredible value they receive compared with coastal cities," he said. "They can purchase expansive properties, often with unique architectural details or waterfront access, for a fraction of the cost they would pay in New York, Los Angeles, or Miami."

Data from Redfin shows that in December, the median sale price in Milwaukee was $216,000, far less than New York City's median sale price of $825,000.

Beyond cost savings, Handle said that the Midwest's slower pace of life and more predictable climate are also drawing buyers.

Sotheby's also found that cost of living and quality of life concerns motivate young wealthy Americans to look beyond US borders to European countries like Italy.

The brokerage calls it the "White Lotus" effect, inspired by the popular HBO series. Young investors —  including digital nomads and tech and finance workers — are moving to places like Lake Como, where their money fetches a better life, the vibes are relaxed, and golden visas offer a path to residency.

• Developer and interior designer Robert Novogratz shared the mistakes people make during renovations.
• Novogratz has bought, renovated, and sold homes with his wife and business partner for over 25 years.
• Common missteps include not vetting contractors and going overboard with color and pattern, he said.

Home renovations are a practical way for homeowners to create the space they want without the high cost of buying new.

However, without careful planning and attention to detail, projects can easily cost more than expected — or might not turn out as envisioned.

Robert Novogratz — a New York-based designer and developer with over 25 years of experience buying, selling, and renovating homes and hotels alongside his wife and business partner, Cortney — has some advice.

The duo, who have seven children and call themselves the Novogratz, compiled the lessons they've learned throughout their years in the home renovation and design industry in a 2024 book.

"The best decisions we've ever made — the ones that felt right and true and are still with me today — were the ones we made when we were slightly limited, either financially or by square footage. Those are the moments that forced us to get creative," the couple wrote in the book.

The Novogratz have completed projects from Los Angeles to Brazil, including the bohemian-chic Hotel Dylan in Woodstock, New York, and the California mountain home of skateboarding legend Tony Hawk.

Here are seven mistakes homeowners often make when renovating and designing their homes, from choosing the wrong-sized furniture to hanging art too high, according to Robert Novogratz.

1. One mistake many homeowners make is not hiring the right contractor.

"When you hire a contractor, check all of their references and previous work extensively," he told Business Insider. "It's crucial for everything, from avoiding lawsuits to preventing thievery or shoddy work and making sure the job is finished on time."

Novogratz recommends checking at least three references and visiting their past projects in person before hiring a contractor. He said failing to conduct proper due diligence could cost homeowners hundreds or thousands of dollars.

"The world has become very litigious," Novogratz said. "Anytime someone walks on your property, you're at risk, so your general contractor needs to be insured. As a homeowner, you should also be included in their policies as 'additional insured.'"

2. People often choose furniture that's too large or too small for a room, which can throw off its entire vibe.

Novogratz said getting the scale right is key.

Furniture that's too small can get lost in a room, while pieces that are too large can overwhelm the space.

The same goes for rugs, he added.

3. Homeowners who don't stick to their renovation budgets might buy things they don't truly need.

Novogratz suggests homeowners create a wish list when renovating their home and follow it closely.

"You want to stick to that budget and then pick what you want in your home," he said.

4. Artwork is often hung too high on walls.

"Usually, 60 inches from the center of an art piece is how you hang something on a wall. But art is hung too high sometimes — I see that a lot," Novogratz said.

Hanging art at this height can ensure it's at eye level for most people, making it easier to enjoy. It also might help the room feel more intentional and organized.

5. People add too many colors and patterns to their homes, which can be overwhelming.

"My wife and I love color and patterns in homes, but sometimes it can be a problem," Novogratz said. "You might see checks, stripes, dots, or other patterns that just don't work together. It can be too much.

He emphasized that great interior design is about balance and making sure all elements complement each other in a cohesive and harmonious way.

"Editing is key in design — more isn't always more," Novogratz added. "I love many things, but sometimes less is better."

According to Novogratz, a home "should tell a story." Mixing and matching elements, like having "five different hardwood floors" or mismatched decor styles, can be a chaotic faux pas.

"I'm one of those people that believes everything has to make sense — the dots need to connect the chapters," he said.

6. Homeowners sometimes back-burner structural necessities in their quest to make spaces aesthetically pleasing.

"We all want to make the house beautiful, but when you're building, the most important thing is getting the basics right," Novogratz said.

"Don't just patch the roof — make it perfect," he added. "The plumbing and the electrical work might seem boring, but they're the most important. Make sure that doesn't come back to bite you in the ass."

7. People ignore their intuition. Don't — it's your greatest asset.

"Sometimes a home has great bones but a weird layout or floor plan," Novogratz said. "You have to get a little creative. For us — like anyone else — our gut instincts are usually right. When we've ignored them, we've been wrong."

• America has a love affair with cowboy culture, from "Yellowstone" to Beyoncé's latest album.
• The pandemic supercharged interest in ranches, but buyers are still drawn to them, brokers told BI.
• Here are three reasons people are fascinated by rugged, romantic ranch life.

It feels like everyone wants to be a cowboy.

Western wear — scuffed boots, wide-brimmed cowboy hats, and rugged denim — influences fashion from New York to California, with Vogue and GQ dubbing it trendy. Beyoncé's chart-topping 2024 album "Cowboy Carter" debuted at No. 1 on the Billboard 200 and surpassed 1 billion streams on Spotify. Paramount's "Yellowstone," a five-season modern Western starring Kevin Costner, ended in a dramatic finale in December that drew 11.4 million viewers.

As "cowboy-core" becomes more mainstream, it's also putting a spotlight on the ranch real-estate market, said William Elfland, the managing director of Montana-based Hall and Hall, a brokerage specializing in farms and ranches.

"De-urbanization, mostly due to COVID, and popular TV shows like 'Yellowstone' raised awareness of the culture," Elfland told Business Insider. "These factors led more people to want to relocate to these areas, which has had a big impact on the marketplace."

"We saw huge growth in 2021, followed by a feeding frenzy into 2022. By 2023 and 2024, the market has normalized," said Elfland, who has brokered sales of ranches for 25 years.

Wyoming-based ranch brokerage Live Water Properties said it transacted deals with 31 buyers and 28 sellers in 2024. That's down from 2021, when it worked with 65 buyers and 62 sellers, but still a robust sales volume.

The United States Department of Agriculture (USDA) found that there were about 1.9 million ranches and farms in the US with an average size of 463 acres as of 2022, the most recent data available. Primarily used for raising livestock and outdoor recreation, ranches are typically located in the western United States and are prevalent in states like Montana, Wyoming, and Texas.

Owning ranches presents some challenges, including contending with extreme weather events, such as fires and droughts, that are intensified by the climate crisis. These events make it difficult to grow crops and keep livestock healthy.

Still, ranches are a buzzy topic in the real-estate industry. Here are three reasons everyone's talking about them.

1. Hollywood and popular culture put ranches center stage.

Ranch broker John Merritt of Live Water Properties said he is "consistently" contacted by production companies looking for ranches to feature on television shows.

"Everyone knows about the 'Yellowstone' phenomenon," said Merritt, who has 15 years of experience in the ranch market. "People are drawn to the idea of Western and rural culture. It's taking over the public airwaves, from reality shows to beyond."

Beyond "Yellowstone" and Beyoncé's "Cowboy Carter" album, artists like Shaboozey and Lil Nas X have dominated Billboard's Hot 100 chart, and reality shows like Peacock's 'The McBee Dynasty' offer a window into ranch life.

Some people are so captivated by the lifestyle they want to live it themselves.

In 2024, a mansion on 8.5 acres in Cashiers, North Carolina, inspired by the Dutton family's ranch in "Yellowstone," sold for $7.5 million.

2. Ranches appeal to a wide range of buyers.

Ranches offer something for everyone.

Some buyers seek to live off the land, enjoy more living space, or just relax — desires that became more widespread during the COVID-19 pandemic as lockdowns led some people to seek larger homes with ample outdoor space and lower-stress, self-sufficient lifestyles.

Smaller ranches can be priced like houses. Atwell Ranch — a 210-acre property in Cisco, Texas, about two hours southwest of Fort Worth — is listed for $803,000. In contrast, larger properties can command sales prices in the millions and up. This 10,648-acre ranch in Sudan, Texas — about an hour northwest of Lubbock — is on the market for $30 million.

Ranch ownership can also be financially rewarding. USDA data shows that in 2023, households running commercial farms had a median income of $167,550 from farming, with a total median household income of $253,496.

Mike Ledger, who cofounded Confluence Land Company, a Denver-based real-estate brokerage specializing in ranch and farm sales in Colorado, told the Denver Post that demand for ranches from those who might not even need them as a main source of income was high in 2024.

"Some call them 'recreational,' some call them 'legacy ranches,'" he said. "Many of these buyers may not even choose to recreate at all. They may just want to hold the land as an investment."

Last year, billionaire Joe Ricketts bought Granite Ranch in Jackson, Wyoming — last asking around $9 million — with plans to convert it into a luxury resort.

Cattle rancher Taylor Sheridan, the cocreator of "Yellowstone," has turned his properties into versatile investments. He hosts reining events, music festivals, and charity functions at his Bosque Ranch near Fort Worth. He also makes money when networks film on his properties, with The Wall Street Journal reporting he sought to charge Paramount $50,000 a week to film there.

3. Boomer owners are putting legacy ranches up for sale.

Some ranches are legacy properties passed down through generations. However, as younger family members move away to other places or pursue different careers, they are often sold to non-family buyers.

Between 2017 and 2022, the USDA found that the number of farmers age 35 to 64 dropped by 9% and the number of farmers 65 and older grew by 12%. The contrast highlights the aging population of farmers and ranchers and how younger generations may be moving away from agricultural professions.

"The generational shift is happening," Merritt said. "Plenty of properties are in long-steeped family traditions and have been in the family for five or more generations. Often, what happens is that the great-grandkids aren't as interested in ranching, so it just runs its course."

Take Lost Creek Ranch in Jackson Hole, Wyoming, which became the sole property of the Halpin family in 1989 (though they'd been involved in managing it since the 1960s). However, after the deaths of the family patriarch and matriarch, the 50-acre dude ranch was listed for $39.5 million and sold to the Gottwald family in 2024.

Also in 2024, another historic property, the 16,532-acre Antlers Ranch in Meeteetse, Wyoming, which had been owned by the May family since 1895, was listed for sale at $85 million.

Elfland said situations like this are common as baby boomers age and either have no family to inherit their land or to maintain it.

"That's a real dilemma for rural America," Elfland said. "Some farmers or ranchers with large holdings want to keep the land in the family, but it's often not economically viable for the next generation to maintain it. These properties are increasingly being sold to buyers who aren't multi-generational, hands-on farmers."

• LendingTree analyzed the US cities with the most homes valued at $1 million or more.
• Large and populous metros like San Jose, New York, and Miami top the list.
• The surplus of valuable properties in these cities is partly due to their limited housing supply.

Basic economics tells us that the scarcer something is, the more valuable it becomes — and housing is no exception.

As the nationwide housing shortage persists, demand continues to exceed supply, keeping home prices high for the foreseeable future. While homebuyers can take comfort in the fact that most cities still have mostly six-figure homes, the number of properties reaching or exceeding seven-figure values is steadily increasing.

To determine the US cities with the most million-dollar homes, the economic research team at LendingTree analyzed data from the Census Bureau's 2023 American Community Survey on the share of owner-occupied homes valued at $1 million or more — with or without a mortgage — in the 50 largest metropolitan areas.

The research team found that US cities with the most million-dollar homes are predominantly in California; the top four are San Jose, San Francisco, Los Angeles, and San Diego. Other high-value markets include New York, Seattle, and Washington DC.

These cities attract residents with thriving job markets, vibrant entertainment scenes, and a high perceived quality of life. However, many struggle with limited housing inventory, which greatly contributes to higher home prices.

"Steep prices are often felt the most in large metros, where roadblocks such as overly strict zoning laws can make new construction difficult and exacerbate supply issues," Jacob Channel, a senior economist at LendingTree, said.

In San Jose, ranked by LendingTree as the US city with the most million-dollar homes, single-family zoning laws and NIMBYism (Not In My Backyard) — where residents tend to oppose new development to preserve neighborhood character and property values — have long contributed to the city's housing shortage.

"Without more homes being built, San Jose and other cities will likely see home prices keep rising," Channel told Business Insider. While the average home price in the US is "unlikely to reach $1 million anytime soon," million-dollar properties will "become more and more common across the nation," he said.

He forecast that Salt Lake City may crack this list at some point and that Miami and Denver could move up the rankings.

"If things keep along their current course, we will see a heck of a lot more places where a million-dollar home is the norm," Channel added.

Below are the 10 US cities with the most million-dollar housing units, as defined by the census as a house, an apartment, a mobile home, or other types of housing.

10. Miami

• Number of owner-occupied housing units: 1,452,129
• Number of owner-occupied units valued at $1 million or more: 166,014
• Percentage of owner-occupied units valued at $1 million or more: 11.43%
• Median value of owner-occupied housing units: $474,000

9. Denver

• Number of owner-occupied housing units: 785,480
• Number of owner-occupied units valued at $1 million or more: 97,425
• Percentage of owner-occupied units valued at $1 million or more: 12.40%
• Median value of owner-occupied housing unit: $611,300

8. Washington

• Number of owner-occupied housing units: 1,530,307
• Number of owner-occupied units valued at $1 million or more: 214,807
• Percentage of owner-occupied units valued at $1 million or more: 14.04%
• Median value of owner-occupied housing units: $574,000

7. New York

• Number of owner-occupied housing units: 3,825,885
• Number of owner-occupied units valued at $1 million or more: 618,642
• Percentage of owner-occupied units valued at $1 million or more: 16.17%
• Median value of owner-occupied housing units: $610,200

6. Boston

• Number of owner-occupied housing units: 1,200,208
• Number of owner-occupied units valued at $1 million or more: 206,708
• Percentage of owner-occupied units valued at $1 million or more: 17.22%
• Median value of owner-occupied housing units: $646,600

5. Seattle

• Number of owner-occupied housing units: 974,123
• Number of owner-occupied units valued at $1 million or more: 252,908
• Percentage of owner-occupied units valued at $1 million or more: 25.96%
• Median value of owner-occupied housing unit: $712,200

4. San Diego

• Number of owner-occupied housing units: 643,311
• Number of owner-occupied units valued at $1 million or more: 224,035
• Percentage of owner-occupied units valued at $1 million or more: 34.83%
• Median value of owner-occupied housing units: $864,900

3. Los Angeles

• Number of owner-occupied housing units: 2,189,902
• Number of owner-occupied units valued at $1 million or more: 797,553
• Percentage of owner-occupied units valued at $1 million or more: 36.42%
• Median value of owner-occupied housing units: $867,200

2. San Francisco

• Number of owner-occupied housing units: 975,016
• Number of owner-occupied units valued at $1 million or more: 551,606
• Percentage of owner-occupied units valued at $1 million or more: 56.57%
• Median value of owner-occupied housing units: $1,105,100

1. San Jose

• Number of owner-occupied housing units: 374,116
• Number of owner-occupied units valued at $1 million or more: 267,751
• Percentage of owner-occupied units valued at $1 million or more: 71.57%
• Median value of owner-occupied housing units: $1,393,400

• MyCabin started building prefab homes for European customers from a base in Latvia in 2020. 
• Illinois-based PrefabPads licensed MyCabin's minimalist designs, making them available in the US.
• Take a look inside some of the units, which cost as little as $59,000 and can run up to $175,000.

MyCabin, a Latvia-based startup, began building and selling minimalist, Scandinavian-inspired tiny homes to European customers in 2020.

MyCabin founder Girts Draugs initially built a collection of tiny abodes for himself after he couldn't find a vacation home that lived up to his vision. He then began selling and distributing his designs in Europe and the US.

In 2022, the company licensed its designs for structures also called accessory dwelling units, or ADUs, to Illinois-based firm PrefabPads, which launched MyCabin US. The tiny home builder offers four unit options, ranging from a 132-square-foot sauna to a 682-square-foot home with two bedrooms and one bathroom.

Prices range from $59,000 to $175,000, but customization and upgrades can increase overall costs.

Clients pay for the ADU plans but are individually responsible for obtaining permits and hiring contractors for groundwork and installation. MyCabin US builds each unit at its factory in Waukegan, Illinois, outside Chicago, and then delivers it fully constructed to the customer.

As of January 2024, MyCabin US has delivered about 43 tiny homes to customers in Connecticut, New York, Maine, Utah, Pennsylvania, and Wisconsin.

For many Americans, tiny homes are a sustainable, budget-friendly housing alternative or a way to generate extra income. As demand grows, many states have passed zoning laws to permit their construction, with some even offering incentives to encourage development.

"First and foremost, land is expensive, and mortgage rates are terrible, so people are trying to expand their property instead of moving to bigger footprints," Anisha Seltenright, chief marketing officer of MyCabin US, told Business Insider. She said new regulations in states like California and Colorado that make building ADUs easier have helped the company expand.

Take a look inside the factory where MyCabin US builds its homes as well as five of its tiny home options.

PrefabPads builds the MyCabin units — from the initial framing down to the smallest fixtures and finishes — in its Illinois factory.

Each tiny home is fully finished at the factory, with plumbing, electrical systems, appliances, and interior and exterior lighting installed.

The company can produce seven to 20 homes at a time in its factory, according to its website.

The architecture of each unit is intentionally modern and minimalist.

The units have many large windows designed to bring "the outdoors indoors," Peter Seltenright, the cofounder of PrefabPads, told BI.

The homes' siding is treated in the factory to extract sugars and moisture.

This process makes the homes more resistant to bugs and rot. Afterward, the walls are stained a sleek, dark color.

Whoever ordered the cabin names it — in this case, Heron — and PrefabPads creates a custom sign.

The company wraps the homes and puts them on trucks to transport them to their final destinations.

This is the Milla unit, a cozy studio.

The Milla has a joint living room, kitchen, and bathroom. It has 270 square feet of living space and 78 square feet of loft space. The initial deposit is $4,000, and the total cost is about $98,500.

This is the interior of a finished Milla home before it was trucked to a client's home in Connecticut.

Inside the Milla's front door is a living room with an open kitchen. A ladder leads to a loft space, where there is a sleeping area.

The lofted sleeping area is four feet tall and fits a mattress.

A view down to the living room from the lofted bedroom.

This is how another customer designed their Milla living room.

Milla's kitchen has black quartz countertops, frameless matte black cabinets, and a stainless steel sink. There is also an induction stovetop.

The bathroom also has matte black fixtures, which nicely contrast the white walls and lighter-colored floors.

The Milla Long is a one-bedroom version of the regular Milla, which is classified as a studio.

It is 528 square feet, and includes a bedroom, loft, full kitchen, living room, and bathroom.

The Milla Long is a very popular unit, said PrefabPads cofounder Anisha Seltenright.

It costs around $149,500 and requires a deposit between $4,500 and $5,500. The company said on its website that it can be built and shipped in two months

The Milla Long's bathroom is sleek and spacious.

This is a kitchen in a customer's installed Milla Long tiny home.

The Milla XL is a two-bedroom, one-bathroom version of the other two Milla designs.

This 682-square-foot tiny home requires an initial deposit of $5,500 and costs about $175,000.

The Galia home at the far right of this rendering is a tiny home-turned-sauna.

The private at-home spa is waterproof, featuring a tile floor and vapor barrier film. It requires an initial deposit of $2,500 and is priced at $37,500.

Anisha Seltenright said the Galia has become more popular with homeowners as wellness culture shapes home design.

"The Galia has a lot of interest," she said. "People love the idea of using it as an option for an Airbnb-style property."

The Kalmus is also a one-bedroom unit.

The 245-square-foot tiny home — which can serve as a guest house or office — features a dining area and a loft that can be used for sleeping or storage. A bathroom is optional for the Kalmus unit.

The initial deposit for the Kalmus is $3,000 without a bathroom, but $3,500 with one. The final price — excluding upgrades —  is about $59,000 without a bathroom or $67,000 with one.

Two customers have bought the Kalmus and put it in their backyards to use as an office, said Peter Seltenright.

This Kalmus model was shipped to Connecticut to be installed as a backyard office there.

The initial deposit for the Kalmus is $3,000 without a bathroom but $3,500 with one. The final price – excluding upgrades —  is about $59,000 without a bathroom or $67,000 with one.

The floors are made of luxury vinyl that doesn't scratch and is waterproof, Peter Seltenright said.

MyCabin also sells a $175,000 three-piece set, which includes the Milla, the Kalmus, and the Galia.

• The top scientist at real-estate firm CoreLogic lives in an LA area affected by the Palisades fire.
• Howard Botts said he chose his home's location carefully and added extra protections against fire.
• He said his home is safe but that big challenges lie ahead for his neighbors and other homeowners.

This as-told-to essay is based on a conversation with Howard Botts, chief scientist and executive leader of CoreLogic's science and analytics team, which studies the climate crisis and risks from natural disasters. The interview has been edited for length and clarity.

I live in the Rustic Canyon area of Pacific Palisades, a neighborhood in the city of Los Angeles — 20 miles west of downtown.

We've had fires in the community before, but usually, they get suppressed pretty quickly. The recent fires are an anomaly.

On the day it all started, I could see smoke and fire on the top of the Santa Monica Mountains in the city. The wind was blowing at 30 to 50 miles per hour. which I knew wasn't good because winds flow from the mountains to the ocean.

My wife and I began packing up essential things, getting ready to evacuate. We had no idea how fast that fire was going to spread. Within a couple of hours, much of our city was engulfed in flames.

We evacuated from our house, along with tens of thousands of residents from Pacific Palisades and surrounding areas.

Last Thursday, I was able to walk into Rustic Canyon. Miraculously, our house had no damage, but there's a lot of ash, debris, and smoke damage that will need extensive clean-up. We may have to remove the drywall and insulation if deep cleaning doesn't remove the campfire smell.

I live on the south side of Sunset Boulevard, just below Will Rogers State Park. Virtually all the homes on the north side of Sunset and above burned — including Billy Crystal's house and Will Rogers' historic home.

As you go up the hill from where I live, into the main part of the Palisades, it looks like the pictures you see of Hiroshima after the atomic bomb was dropped. Literally everything is gone, except for some fireplaces and metal staircases.

Palisades residents didn't anticipate the fires even though the area is high-risk

The Pacific Palisades is uniquely located between the Pacific Ocean and the Santa Monica Mountains, which rise about 1,000 feet above the city — just a few miles from the coast. The mountains offer beautiful views but are also heavily covered with chaparral, making the area at high risk for wildfires.

I was very aware of this and avoided living in the hillside area.

A question I get a a lot is, "Why do people live in the Palisades, up in the hillside?"

I think it's a calculated risk. For some, the area's amenities outweigh the perceived risk.

The homes in the neighborhood range from $3 million to $64 million, so people living here have some level of assets and probably feel secure. The area is also unique in that, even though it's part of the city of LA, it has a small-town feel.

I think all of those things caused people to maybe downplay the wildfire risk. They thought nothing like this would ever happen.

The Palisades fire ignited for several reasons

You would never envision an entire community burning, but the wildfires were born from a perfect storm of events.

Increasing average temperatures put stress on vegetation in the mountains that hadn't burned in 30 years.

Extremely high wind speeds also played a major role. The winds carried embers a mile from the wildfire, blowtorching flames out of the mountains and into flat, more urban areas. In those areas, houses, fences, and vegetation were already burning well ahead of the fire's front.

There were also human-caused factors. Fire departments and responders ran out of water, so fire suppression that would normally occur on the ground ceased for a period.

Fires in this area are also typically attacked from the air with airplanes and helicopters. However, those aircraft were grounded due to the high winds, preventing the use of fire retardants and other aerial suppression methods.

I don't plan to leave the Palisades, but I've taken steps to protect my house and family

I absolutely plan to continue living in the Palisades.

As a scientist and a fourth-generation Californian, wildfire risk is always at the forefront of my mind. I've mitigated everything I could around my property, from installing double-paned windows and a fire-resistant roof.

My house is anchored in bedrock, so my earthquake risk is relatively low. Plus, I live high enough above the Pacific Ocean that I don't have to worry about sea level rise.

Conversely, it will take a decade for my community to return.

Many older homes likely had asbestos or lead, requiring major remediation efforts, including removing soil and other materials. This will prevent people from moving back in immediately.

Also, the stores, banks, post offices, and schools are all gone, so any sense of community closeness is lost.

It will be a long time before this area bounces back — that will be the real challenge.

Insurance costs could impact whether people who lost homes rebuild or move

The Palisades is relatively affluent. However, the areas affected by the Eaton fire have many more middle-class residents.

I think the fires will change the character of those neighborhoods, because the key question is, "Can residents afford to rebuild at the cost it will take?"

Building codes have changed, so homes being rebuilt will need to meet the latest standards, including indoor sprinklers for fire suppression and fireproof Class A roofs, which will increase both materials and costs.

Another question is, "Do residents have enough insurance coverage to make rebuilding possible?"

California definitely has an insurability problem at the moment.

In September, a major insurer did not renew my policy. The only fire insurance I could get was through the California FAIR Plan, the insurer of last resort. My overall homeowners premium increased from $2,800 a year to $12,800 a year for less coverage than I had previously.

With higher insurability costs, some of my neighbors are considering moving to lower-cost areas in other parts of California. I think we'll see this play out nationally as well.

Over the next 30 years, we'll likely see people moving to regions they've historically left, such as cities around the Great Lakes — Milwaukee, Chicago, Detroit — where climate change impacts are expected to be more moderate.

Californians will also need to adjust how they build homes

A key question is how places like California can stay safe with rising temperatures.

We'll see more happening at the community level, where neighbors band together to clear vegetation around homes to reduce wildfire risk.

Additionally, there will be more pressure on individual homeowners to mitigate wildfire risk on their properties — such as avoiding wood fences, decks, and pergolas attached to the house.

We'll also see insurers incentivizing homeowners to make changes that reduce risk. For example, some neighbors were told they could lower their rates by removing pine or eucalyptus trees from their property.

Going forward, I think there will also be much greater investments in California's public safety, including making sure there is adequate water supply, fire suppression equipment, and other resources.

• Personal-finance company Wallethub has identified the best small cities in America. 
• It compared more than 1,321 cities across five key metrics, including affordability and quality of life.
• The list is dominated by cities in the Midwest, with Carmel, Indiana taking the top spot. 

Sky-high home prices and a limited supply of available homes in larger, more popular cities have driven many buyers to smaller towns, where they can enjoy a relatively more affordable cost of living and tighter-knit communities.

WalletHub has released an annual report ranking the best small cities in the US. The personal finance company compared more than 1,321 small US cities with populations between 25,000 and 100,000 across five key metrics: affordability, economic health, education and health, quality of life, and safety.

The Midwest region — with its strong manufacturing and agricultural roots — boasts the most cities on the list. At the top is Carmel, Indiana, a suburban town just 35 minutes north of Indianapolis, home to several wineries, vineyards, gardens, and walking trails.

"Having lived in Carmel for nearly a decade I can safely say that town is amazing," A resident wrote on neighborhood and school ranking website Niche. "The people are kind and there is always something to do down in the arts center. Having the Monon Trail running through the center of town means there are lots of opportunities to walk around and enjoy the community."

Here are the 20 best small cities in the US, as ranked by Wallethub. Business Insider has also included the median home sale price for each city as of November, sourced from Redfin, along with population data based from the latest available Census figures.

20. Arlington, Massachusetts

• Median housing cost: $1,100,000
• Population: 46,308

19. Needham, Massachusetts

• Median housing cost: $1,375,000
• Population: 32,091

18. Downers Grove, Illinois

• Median housing cost: $483,000
• Population: 49,706

17. Saratoga Springs, New York

• Median housing cost: $742,500
• Population: 28,544

16. Kaysville, Utah

• Median housing cost: $754,500
• Population: 32,941

15. Castle Rock, Colorado

• Median housing cost: $656,000
• Population: 81,415

14. Noblesville, Indiana

• Median housing cost: $394,500
• Population: 73,916

13. Leesburg, Virginia

• Median housing cost: $741,250
• Population: 49,312

12. Fair Lawn, New Jersey

• Median housing cost: $630,000
• Population: 35,564

11. Milton, Massachusetts

• Median housing cost: $1,025,000
• Population: 28,630

10. Westfield, Indiana

• Median housing cost: $421,000
• Population: 57,746
  

9. Bozeman, Montana

• Median housing cost: $685,000
• Population: 57,305

8. Lancaster, Pennsylvania

• Median housing cost: $236,000
• Population: 18,677

7. Brentwood, Tennessee

• Median housing cost: $1,200,000
• Population: 45,265

6. Apex, North Carolina

• Median housing cost: $660,000
• Population: 72,225

5. Appleton, Wisconsin

• Median housing cost: $260,000
• Population: 74,719

4. Fishers, Indiana

• Median housing cost: $415,000
• Population: 104,094

3. Lexington, Massachusetts

• Median housing cost: $1,600,000
• Population: 34,454

2. Brookfield, Wisconsin

• Median housing cost: $462,500
• Population: 41,884

1. Carmel, Indiana

• Median housing cost: $479,500
• Population: 102,296

• Accessory Dwelling Units (ADUs) have become a popular alternative to traditional homes and apartments.
• Three people who built and moved into ADUs shared with BI how they improved their lives.
• One person said moving into an ADU "was the best decision we ever made."

For newlyweds Aislyn and Ali Benjamin, purchasing a traditional home in Danville, California — a small city just over an hour's drive east of San Francisco — wasn't financially feasible.

It's easy to see why. Data from Realtor.com shows that the area's median home sale price is about $1.9 million as of December.

The Benjamins weren't keen on moving too far from Danville in search of a more affordable home, nor were they interested in renting long-term. So, they opted for another solution: building an accessory dwelling unit, or ADU, in their parent's backyard.

Today, they live in a 1,200-square-foot, three-bedroom, two-bathroom ADU in San Ramon, a city neighboring Danville. The home cost $500,000 to build, which the couple paid with their parents' help.

"This was the best decision we ever made," Ali Benjamin told Business Insider. "It allowed us to save so much money and live where we wanted."

ADUs are an affordable entry to homeownership

ADUs are compact housing units, typically 150 to 1,200 square feet, depending on location. On average, they cost between $100,000 and $300,000 to design and build, though additional expenses — such as site preparation, inspections, utility hookups, and permits — can drive up the total cost.

Thanks to their affordability and minimal land requirements, ADUs have become a popular alternative to traditional homes and apartments, particularly for first-time homeowners like the Benjamins, who navigated high home prices, mortgage rates, and a shortage of available homes.

To boost the supply of affordable housing, several states, including California, New York, and Vermont, have supported ADU construction by offering grant programs to help homeowners finance the building process.

In California, where most backyard homes are built, the state's Accessory Dwelling Unit Grant Program has provided grants of up to $40,000 to qualified homeowners — it's been instrumental in driving the growth of ADUs across the Golden State.

According to an April report from the Urban Institute, ADUs accounted for just 8% of permits and 5% of completions in California in 2018. By 2022, however, they represented 18% of total permits and production.

A couple built an ADU to give their adult son more independence

People build ADUs for various reasons, including generating income by renting out the ADU or their main home. Others build ADUs to create comfortable, semi-independent living spaces for aging parents or adult children who may need assistance or support.

Take Todd Kuchta, a 58-year-old engineer who built an ADU in his Napa, California, backyard for his 26-year-old son, Jacob, who has autism.

As Kuchta's son grew older, he desired more independence from his parents but still needed their help with daily tasks like cleaning, taking medication, and preparing meals.

Unable to afford a larger home or an assisted living facility for their son, Kuchta and his wife hired Bay Area-based ADU builder Villa to construct a 480-square-foot, one-bedroom, one-bathroom tiny home on their property.

The ADU cost over $248,000 to build. The Kuchtas received financing through Napa County's Affordable ADU program, which provided a $63,000 forgivable loan. They also secured a $160,000 loan from a credit union as a second mortgage.

The new living arrangement has mutually benefited the Kucthas and their son.

"Jacob really enjoys living on his own — he's thriving," Kuchta told BI.

He added that he and his wife's "stress has significantly decreased, and they have peace of mind knowing they can still provide the emotional support he needs."

A woman built an ADU in her backyard to age in place

The growing trend of multiple generations living together, either under the same roof or on the same property, has fueled the rise of "granny pods" — small outbuildings designed to provide support while allowing older adults to age in place and maintain their independence.

Struggling with the stairs in her two-story home, 72-year-old Wilder-Abrams moved into a 560-square-foot, one-bedroom, one-bathroom granny pod in her backyard in 2022.

Meanwhile, her 34-year-old daughter moved into the home she had lived in for 35 years — a 2,000-square-foot, three-bedroom, two-bathroom home — with her 3-year-old daughter.

"I was ready to downsize and have a smaller place to live and take care of," Wilder-Abrams told BI. "The home is in an urban area, so there are a lot of possibilities for my daughter, too."

The ADU cost $350,000 to build. Wilder-Abrams secured a second mortgage on her home to finance the construction, as the original mortgage had been paid off years ago. Her daughter now pays $1,500 monthly rent, covering the new mortgage payment.

Beyond the financial benefits, home swapping has provided Wilder-Abrams with valuable physical and emotional support. She said having her daughter nearby was crucial to her recovery after knee surgery last year.

"The first few days, she stayed with me to change the ice packs regularly," Wilder-Abrams said. "It was so convenient for both of us."

• Zillow has released its forecast for the hottest housing markets of 2025.
• The metros are spread across the Northeast, Great Lakes, South, Midwest, and West regions.
• Buffalo, New York, is projected to be the hottest market in 2025, followed by Indiana.

High home prices, rising mortgage rates, and inflation have sharply reduced buyer demand in the US real estate market, leading to a slowdown in home sales over the past few years — even in previously booming areas like Austin and the Bay Area.

Brighter days may be ahead.

Several forecasts point toward an increase in homebuying this year.

Some areas are poised to see more action than others. Zillow has forecasted 10 metros where homebuyer competition will be the fiercest, taking into account factors like price growth, new construction, and job growth in each area.

Buffalo earned the title of Zillow's hottest market for the second year in a row. Located on Lake Erie and somewhat close to Niagara Falls, the metro has become an appealing choice for buyers thanks to its relatively affordable homes and strong job market, according to Zillow.

"Common threads among 2025's hottest markets are affordability — or at least relative affordability compared to nearby markets — and inventory shortages that have not been able to keep up with demand," Anushna Prakash, a data scientist at Zillow, told Business Insider. "An inventory shortfall of course limits sales, but it also means competition for each home on the market is ratcheted up."

Here are 10 metro areas forecast to see the most homebuying competition in 2025, according to Zillow.

10. Salt Lake City, Utah

• Median home price: $543,324
• Home value growth forecast: 2.3%
• Jobs per new home permitted: 0.5

9. Richmond, Virginia

• Median home price: $368,957
• Home value growth forecast: 2.9%
• Jobs per new home permitted: -0.1

8. Kansas City, Missouri

• Median home price: $299,118
• Home value growth forecast: 2.7%
• Jobs per new home permitted: 0.2

7. Charlotte, North Carolina

• Median home price: $377,450
• Home value growth forecast: 3.2 %
• Jobs per new home permitted: 0.5

6. St. Louis, Missouri

• Median home price: $250,141
• Home value growth forecast: 1.9%
• Jobs per new home permitted: 1.3

5. Philadelphia, Pennsylvania

• Median home price: $362,744
• Home value growth forecast: 2.6%
• Jobs per new home permitted: 1.5

4. Hartford, Connecticut

• Median home price: $363,298
• Home value growth forecast: 4.2%
• Jobs per new home permitted: 1.1

3. Providence, Rhode Island

• Median home price: $484,019
• Home value growth forecast: 3.7%
• Jobs per new home permitted: 1.3

2. Indianapolis, Indiana

• Median home price: $275,639
• Home value growth forecast: 3.4%
• Jobs per new home permitted: 0.5

1. Buffalo, New York

• Median home price: $260,537
• Home value growth forecast: 2.8 %
• Jobs per new home permitted: 2

• Building tiny backyard homes can be expensive. The units can range in cost — from under $100,000 to over $300,000. 
• Three states will help with the cost by providing homeowners with grant money. 
• Here are the programs, how much homeowners can receive, and who is eligible to apply. 

If you've looked into building a tiny home in your backyard, you've probably discovered what many have: While they may save you money in the long run, they can be expensive to build.

These backyard homes, called accessory dwelling units, or ADUs, are small housing units ranging from 150 square feet to 1,200 square feet, depending on where you live.

The average cost of a unit can range from $100,000 to $300,000, not to mention the cost of the permit, and it can be difficult to get a loan to build an ADU.

In California, where most backyard homes are being built, ADU building permits cost anywhere from $450 to $15,000 — even before construction starts, Backyard Unlimited, a company that builds ADUs, said.

That's not all: Other costs could include site preparation, which includes anything from inspections to running utility lines. 

All this to say, if you don't have cash lying around or the ability to access financing for the project, it can be cost prohibitive — making it harder for middle- and low-income homeowners to actually build one, studies have shown.

To combat this disparity, promote equity, and ultimately propel the construction of much-needed housing, some states — and nonprofits in some cities — have created grant programs to help.

The deadlines for these programs vary from state to state. Those interested in building an ADU should be prepared for next year's application cycles, as they often experience high demand.

Here are the ADU programs available nationwide.

California: Up to $40,000 per grantee

The funding for 2024 has already been allocated. The state previously provided $40,000 to Californians for pre-construction ADU costs, such as design, permitting, and soil inspections. In 2024, several legal changes were made regarding ADU size, owner occupancy requirements, and more.

Who can apply? Californians that fall in the range of low- to moderate-income limits.

Total funding available: $100 million was allocated in 2021, but by 2023, the money had been fully distributed. The program's funds were infused with $25 million in grant funding for 2023 to 2024, but those have also been fully allocated.

When are applications open? The program is no longer accepting applications for 2024, and applications for 2025 have not yet been announced.

Requirements:

• Homeowners do not need to live in the primary home or the ADU they build.
• For single-family lots, you can be approved for one ADU (attached or detached) up to 1,200 square feet and one Junior ADU up to 500 square feet.
• For multi-family lots, you can build multiple ADUs attached to existing structures and up to two detached ADUs on the property.
• Homeowners can build an ADU at least 800 square feet, up to 16 feet high, and must be set back 4 feet from side and rear yards.

Agency or Department in charge of distribution: California Housing Finance Agency

New York: Up to $125,000 per grantee

The Plus One ADU Program provides eligible New Yorkers up to $125,000 to build or convert an ADU on their property.

In 2024, as part of Mayor Eric Adams's 'City of Yes' housing initiative, New York State legalized permitting ADUs on one- and two-family residential properties in low-density housing districts. However, whether a locality in New York allows ADUs depends on its land use and zoning regulations.

Who can apply? Homeowners who meet the income requirement of 100% or below the area median income.

Total funding available: The 2022-2023 NYS Capital Budget provided $85 million for the Plus One ADU Program over the next five years. Of the total, $60 million has been distributed across 50 municipalities, with the remaining $25 million available through a competitive RFP.

When are applications open? There are 50 participating localities, all accepting homeowner applications on a rolling basis.

Requirements:

• The ADU can be within the existing home, such as a basement or attic apartment, an in-law suite, or a completely independent and detached structure.
• A 10-year restrictive covenant is in place to ensure the home remains the owner's primary residence and that the ADU is kept in a livable condition.
• The ADU must be occupied by a tenant or a family member, and it cannot be rented out short term.

Agency or Department in charge of distribution: New York State's Homes and Community Renewal

Vermont: Up to $50,000 per grantee

This program allows Vermonters to receive up to $50,000 to build an ADU on their property. Both landlords and owner-occupied homes with plans to rent are eligible.

Who can apply? Any Vermont homeowner can apply through these five regional organizations: RuralEdge, Champlain Housing Trust, NeighborWorks of Western Vermont, Downstreet Housing and Community Development, and Windham and Windsor Housing Trust. These organizations review applications and oversee projects.

Total funding available: As of 2023, Vermont had a $15 million budget.

When are applications open? Open now, on a rolling basis.

Requirements:

• Those who receive a grant must abide by certain stipulations, such as complying with local ordinances, maintaining HUD Fair Market rent, and matching at least 20% of the grant funds.
• The project must be completed within 18 months of signing the grant agreement.
• Those using their ADU as a rental must sign a rental covenant or forgivable loan agreement, committing to charge rent at or below Fair Market Rent for the entire duration of the agreement.

Agency or Department in charge of distribution: Vermont Housing Improvement Program

Colorado: A new grant program still rolling out

In 2024, Colorado passed HB24-1152 to assist homeowners in building ADUs.

Who can apply? The Accessory Dwelling Unit Fee Reduction and Encouragement Grant Program will offer down payment assistance, low-interest loans, and interest rate reductions to eligible low—and moderate-income Coloradans building ADUs.

Total funding available: The General Assembly allocated $5 million for the program. Currently, grants are available to "accessory dwelling unit supportive jurisdictions," meaning local governments actively supporting ADU development. The Department of Local Affairs will manage the grant program created by the bill.

When are applications open? It has not yet been announced when applications will open to local governments or residents.

Requirements: The qualification requirements are still being finalized.

Agency or Department in charge of distribution: The Department of Local Affairs, Division of Local Government

Have you built an ADU on your property? We want to hear from you. Email the reporter, Alcynna Lloyd, at [email protected] to share your story.

• Billionaires Darwin Deason, Michael Dell, and Tony Pritzker are trying to offload homes right now.
• Their properties for sale range from a $31 million penthouse in Boston to a $195 million LA estate.
• It can take a long time for extremely expensive or unique homes to find buyers.

Billionaires regularly want to offload their homes, but the housing market can present some unique challenges for the wealthiest home sellers.

Buyers at high price points don't always love properties customized for the previous owner, and the additional cost of maintenance and upkeep can deter even the deepest pockets. Some people struggling to rid themselves of luxurious properties end up slashing their asking prices. Others forego selling them altogether, choosing to either auction them off or rent them out instead.

At least two billionaires have found buyers for their homes this fall.

Gordon Getty, heir to the Getty fortune, found a buyer for his home near Berkeley, outside San Francisco, in less than a month. The 3,991-square-foot house, nicknamed the Temple of Wings, features Corinthian columns and luscious greenery, sold for $5.85 million in September after listing for $5 million in August.

Media mogul Rupert Murdoch's three-story, nearly 7,000-square-foot penthouse in Manhattan went into contract on October 10 after more than two years on the market, according to its listing. The former chair of Fox Corporation and News Corp. purchased it for $57.9 million in 2014. In 2022, he listed it for $62 million but dropped the price as low as $28.5 million — a 50% decrease.

A handful of billionaires, however, have homes they're still trying to sell.

Here's a roundup of billionaire-owned properties from Boston to California on the market as of January 6. They are presented in order of last name.

Venture capitalist Marc Andreessen listed his Bay Area mansion for $33 million in March 2024.

Earlier this year, tech investor Marc Andreessen and his wife Laura Arrillaga-Andreessen listed their $33 million Bay Area mansion.

Touted as ideal for hosts of events and parties, the five-bedroom, four-bathroom home has seven fireplaces, two separate kitchens ready for catering, and custom built-ins throughout to display art. It is located in Atherton, California, near Palo Alto and Stanford, and across the street from the Menlo Circus Club, an exclusive social club.

The Andreessens may not be leaving California altogether, however. The couple has purchased over $250 million worth of real estate in Malibu, according to the Wall Street Journal.

Of the three homes they have acquired over two years in the coastal enclave northeast of LA, the most expensive is a $177 million, seven-acre estate in Malibu's Paradise Cove neighborhood. Known for its picturesque shores that locals fiercely guard, Paradise Cove was once dubbed "the most unfriendly-to-the-public public beach in Southern California," according to San Francisco publication SFGate.

Andreessen's net worth as of January is $1.9 billion, according to Forbes.

Tech mogul Darwin Deason is parting ways with his Versailles-inspired estate in California.

Tech billionaire Darwin Deason has put his oceanfront estate in La Jolla, California, nicknamed the Sand Castle, on the market for an impressive $108 million.

Deason, who sold his IT and business process outsourcing company Affiliated Computer Services to Xerox for $6.4 billion in 2009, initially spent about $26 million on the house and an adjacent parcel of land, according to the Wall Street Journal.

Over about six years, Deason poured an additional $60 million into transforming the property into a breathtaking 13,000-square-foot mansion, drawing inspiration from Versailles and the Hotel du Cap-Eden-Roc, a five-star retreat for celebrities in the South of France.

The estate includes a seven-bedroom main house and a three-bedroom guest house, with 14 full bathrooms and three half-bathrooms. It also features a pool, two cabanas, a fitness center, and an elevated, private beach with sand Deason imported from the Augusta, Georgia, golf course where the famed Masters tournament is played.

If the property sells even near its listing price, it will more than double the San Diego County record of $44.1 million set by billionaire Egon Durban in 2023.

Deason is worth $1.3 billion as of January, according to Forbes.

Michael Dell is trying to offload not one but two luxury penthouses in Boston.

Dell Technologies Chairman and CEO Michael Dell is no stranger to eye-popping real estate.

In 2015, he was the buyer of what was then the most expensive home ever sold in New York City, a $100 million penthouse overlooking Central Park on West 57th Street, aka Billionaires' Row. He raised his kids in a sprawling 33,000-square-foot Austin compound dubbed "The Castle" that featured both indoor and outdoor pools.

As of January, Dell's net worth was $119.6 billion, according to Forbes.

Now Dell is looking to unload two Boston properties he bought in 2020.

The first is a penthouse in Boston's tallest residential tower, One Dalton, which is one of the Four Seasons' private residences. The ultra-luxe home comes complete with 24-hour white-glove concierge service and a 570-square-foot private balcony. Originally listed at $34 million, the price has been reduced to $31 million as of October.

Dell's second Boston property for sale is a $9.45 million penthouse on the 54th floor of Boston's Millennium Tower, located just steps from the iconic Boston Commons park. This property features floor-to-ceiling windows with panoramic views of the city and the Charles River.

Hedge fund manager and billionaire Ken Griffin is exiting Chicago by selling his multiple condos

Ken Griffin, who founded Citadel, a hedge fund that manages $92.46 billion in total assets as of September 2023, is offloading a few condos in Chicago.

Griffin famously relocated his managing firm to Florida in 2022. He also set himself up pretty nicely by spending about $169 million on properties in one neighborhood between 2020 and 2023. He also bought two bay front houses in Coconut Grove in 2022.

He's seemingly all in on Florida, but still has some loose ends to clean up in the Midwest.

Griffin bought a Chicago penthouse and three other units for $59 million in 2017 in what is still the city's biggest real-estate deal.

Records show he bought the top two floors, totaling about 15,000 square feet, for $34 million. The units are the top two floors of the No. 9 Walton building and are unfinished. Griffin has never lived in them.

In November, he sold those units for $19 million, taking a 44% loss on the sale. He's not quite yet done as the other two units he owns are still for sale.

According to Forbes, Griffin's net worth is $45.9 billion as of January.

Joe Lacob, who owns the Golden State Warriors, put his Malibu mansion on the market in August.

The owner of the Golden State Warriors basketball team, Joe Lacob, once claimed to be one of the best blackjack players in the world, winning $1 million in one sitting at least nine times.

Lacob must be hoping his luck hasn't run out as he tries to sell his Malibu mansion for $44 million.

The home on Carbon Beach has five bedrooms across about 5,500 square feet. It allows for indoor-outdoor living, with open balconies throughout to enjoy California's balmy climate.

It also has Hollywood-glam touches like a waterfall wall, a movie theater, and a glass-enclosed gym.

The third level is a prime entertaining space, complete with a barbecue island, a fire pit, a lounge area, and a hot tub.

Lacob does have a history of good bets. In 2010, he and other investors purchased the Golden State Warriors for $450 million. In July, the New York Post estimated the franchise's value to be $5.4 billion.

Lacob, a former venture capital investor, is worth $2.1 billion as of January, according to Forbes.

Hyatt Hotels heir Tony Pritzker is selling his enormous Los Angeles home after a bitter divorce.

Tony Pritzker, chairman and CEO of Pritzker Private Capital, built one of the country's largest and most luxurious homes.

Pritzker and his former wife Jeanne spent six years constructing a 50,000-square-foot megamansion in the hills of Beverly Crest, an upscale neighborhood in Los Angeles' Westside.

After their contentious divorce earlier this year, the home landed on the market in October for a staggering $195 million.

The estate has 16 bedrooms and 27 bathrooms over six acres. Amenities include a tennis court, a basketball court, a cliffside pool, a detached guest house, a bowling alley, and a private movie theater. The house's perch also offers stunning 180-degree views of the Los Angeles skyline.

The Wall Street Journal reported that if the Pritzker estate sells for its asking price of $195 million, it will set a record for the most expensive home sold in Los Angeles. This record is currently held by Jeff Bezos, who spent $165 million on the Warner Estate, located 1.4 miles away, in 2020.

According to Forbes, Pritzker, an heir to the Hyatt Hotels fortune, has a net worth of $4.1 billion as of January.

• Real-estate tech startups aim to make tasks from property management to homebuying more efficient.
• We surveyed 10 venture capitalists to identify the hottest proptech companies of the year.
• Some of the firms are modernizing real estate by digitizing analog processes, sometimes using AI.

The frozen housing market meant tough times for the proptech — or property technology — industry.

As the market starts to thaw, however, things are looking up for firms that seek to use technology to digitize, automate, or otherwise improve legacy processes in the worlds of residential and commercial real estate.

Business Insider asked 10 venture-capital investors who focus on real-estate and construction technology to nominate the most exciting, promising, and talked-about proptech startups in 2024.

The 20 companies on the final list reveal the breadth of the proptech universe.

Take Steadily, a firm trying to digitize insurance underwriting for real-estate investors, a process that has historically taken a lot of paperwork and time — only to result in policies with steep premiums. Another startup, Arcol, aims to make producing 3D architectural drawings faster and easier. A third, Conservation Labs, uses an AI-powered sensor to detect if water is leaking or being wasted in a building to prevent damage and protect the environment.

In the first half of 2024, venture funding for proptech companies dropped 14.3% from the same period a year prior. Funding totaled $4.37 billion, down from $5.1 billion during the same period in 2023 and dramatically less than the $13.13 billion invested in the first six months of 2022, according to the Center for Real Estate Technology & Innovation (CRETI), which surveyed 1,088 proptech startups.

Certain niches, however, hold promise. In 2024, VC investments in AI-powered proptech companies reached a record $3.2 billion, CRETI reported earlier this month.

Here are 20 of the buzziest proptech companies in 2024, presented alphabetically. The companies' fundraising numbers are from PitchBook to ensure a consistent data source.

Did we miss a company you think is disrupting the industry? Send reporter Jordan Pandy an email at [email protected].

Agora

City: New York City and Tel Aviv

Year founded: 2019

Total funding: $64.31 million

What it does: Agora is a financial software firm that helps real-estate investors process payments, keep track of tax records, raise money, and generally organize data.

Why it's hot: The firm, which raised a $34 million Series B round in May, said it helps landlords and developers with much-needed modernization.

"Real estate is the largest asset class in the world. However, the market still relies on legacy software providers, inefficient workflows, outdated, fragmented systems, and manual, tedious work," Asaf Raz, Agora's head of marketing, told Business Insider.

"Investors expect a digital-first experience — they're tech-savvy and need access to information quickly. Firms can't work without it, and clients need a platform like Agora more than ever," Raz said.

A challenge it faces: Real-estate investors are still grappling with relatively high interest rates, which makes it harder to borrow money and scale up, and the relatively high price of materials, which makes it tougher to renovate or upgrade properties. Those market forces could make customers more reluctant to spend money on new software.

Agora CEO Bar Mor told business news site Pulse 2.0 earlier this month, however, that Agora might still appeal to customers because its suite of products could help them "enhance efficiency and save costs."

Arcol

City: New York

Year founded: 2021

Total funding: $5.1 million

What it does: Arcol is a web browser-based design tool predominantly used by architects to create and collaborate on 3D models of buildings and explore their feasibility.

Why it's hot: Architects — Arcol's target audience — have traditionally relied on software design tools like AutoCAD and Revit, which require paid licenses and aren't as collaborative. Arcol has set out to solve that issue with a browser-based format easily shared and edited by anyone involved in a building project.

"These people are core to our society; they're literally building the built world, yet they hate using their tools," said Paul O'Carroll, the son of an architect and founder of Arcol. "The design tool we use to design buildings, we want to rethink for the browser to be collaborative and to be performant."

So far, demand is high. Arcol, run by a team of six, has a waitlist of over 18,000 users, O'Carroll said.

A challenge it faces: There are several other startups in the BIM, or Business Information Modeling, space. Competing with established players like Revit could take a lot of time and money, according to AEC Magazine. (AEC stands for architecture, engineering, and construction.)

Also, Arcol is currently only useful to architects during the conceptual modeling phase, and the company hopes to expand the tool to help with other stages of construction.

Branch Furniture

City: New York City

Year founded: 2018

Total funding: $11.76 million

What it does: Branch Furniture sells office products, like chairs and desks, to businesses and directly to consumers.

Why it's hot: The company's first iteration sold office furniture the old way: B2B, catering to employers outfitting a huge space who would often purchase items in bulk. After the pandemic changed how (and how often) workers occupied offices, Branch pivoted to sell to regular people — wherever they work.

"We launched our D2C business to cater to the future of work, which was definitively hybrid, both during COVID and after — and that's where we sit today," Sib Mahapatra, cofounder of Branch Furniture, told Business Insider.

Branch's ergonomic chair is a bestseller with a 4.6 rating out of five with over 6,000 reviews — it's rated among the best in its category by Business Insider, Architectural Digest, and Wired for its adjustability and sleek design.

In addition to desk chairs — in colors that range from a standard black to salmon-y orange hue called "poppy," the company also sells desks and lamps to outfit a home office. Its inventory includes meeting tables and even phone booths ($6,395) for more commercial office spaces.

A challenge it faces: Branch's products are physical, so it's been plagued by supply-chain delays. Branch is also up against competitors in the good-looking-furniture-that-is-also-comfortable arena, including Herman Miller and Steelcase — though Branch's offerings are often cheaper.

The company is also gaining ground regarding velocity, or the speed at which new products are developed and released.

"We're learning a lot about the pace of iteration in our product category," Mahapatra said. "It's definitely not software, but the benefit is that you get more time to really get things right and to iterate with purpose, and you end up being a little bit more deliberate about how you iterate the product — it just takes longer."

BuildCasa

City: Oakland, California

Year founded: 2022

Total funding: $6.67 million

What it does: BuildCasa helps California homeowners subdivide their lots — thanks to new state laws — and then connects them with local builders who pay the homeowners for a portion of their land and then build new housing on it.

Why it's hot: The national housing crisis is particularly acute in California, which recently passed a series of laws to encourage more building. While others look to transform construction to make cheaper housing, BuildCasa uses technology instead to find more buildable lots in desirable locations like San Francisco and San Jose.

Most massive home-building companies focus on large, master-planned communities, often far from city centers. BuildCasa's vision, said its founders Ben Bear, CEO, and Paul Stiedl, CPO, is to become a large homebuilder focused instead on finding land in already desirable cities and suburbs.

The company works with homeowners to subdivide their land, creating a new, buildable lot. Those lots can then be sold to a local real-estate developer to build on, or BuildCasa can work in partnership with a local builder to erect and then sell a completed home.

A challenge it faces: New laws have simplified the process of subdividing lots, but building in infill areas still requires technical expertise and good relationships with local officials. Building on these smaller lots may be becoming easier, but it still isn't easy.

Conservation Labs

City: Pittsburgh, Pennsylvania

Year founded: 2018

Total funding: $14.68 million

What it does: Conservation Labs developed a smart water sensor that can identify leaks and wasteful water use. The H2know sensor uses machine learning to decode sounds in water pipes and translate them into insights for commercial property owners, including restaurants and hotels.

Why it's hot: The startup is at the intersection of two buzzy topics: AI and sustainability. H2know trains on thousands of hours of water pipe acoustics so that, over time, it becomes more accurate in detecting leaks and inefficient water use in buildings. Customers use that information to fix problems and conserve water, saving them money on utility bills while lowering their overall carbon footprint. Some 20% of home energy use goes to heating water.

"There's a very strong relationship between net-zero carbon emissions and water consumption," said Mark Kovscek, founder and CEO of Conservation Labs.

He added that H2know has detected leaky toilets in nearly every building in which it's installed. Some large properties are wasting 1 million gallons of water a year, he said.

A challenge it faces: H2know starts at $129, and it could be hard to convince cash-strapped commercial real estate owners to spend money to install sensors when the office market is struggling in many parts of the US.

Kovscek said the goal is to scale up to 100,000 sensors installed as soon as possible, or five times what Conservation Labs is currently on track to sell this year. To support that growth, the company needs to hire some of the "best and brightest" data scientists and engineers to further develop the machine-learning platform that underpins H2know, Kovscek said.

Constrafor

City: New York

Year founded: 2019

Total funding: Almost $380 million

What it does: Large general contractors use Constrafor's software to onboard and pay their subcontractors on time — sometimes before the contractors themselves get paid by the clients. Contractors can also use the software to help purchase the supplies and services needed to complete a construction project on time and within budget.

Why it's hot: There's the money raised. In November, Constrafor announced that it raised $14 million in Series A funding as well as a $250 million credit facility.

The issues the firm is trying to address are also key. Construction is booming across the US, thanks in part to President Joe Biden's $1.2 trillion infrastructure bill. The rise of AI is also leading to a corresponding increase in the construction of data centers.

The actual process of construction, however, can often be long and complicated. That's why Constrafor's role as a one-stop shop appeals to large general contractors.

"So far, everyone has been focused on just building a very, very small point solution," said Anwar Ghauche, Constrafor's founder. "We're combining multiple different workflows, multiple different departments, all on the same platform."

The main challenges it faces: Next up: Constrafor must try to convince subcontractors to subscribe and pay for its software, too.

Gauch added that Constrafor's contractor clients can face cash-flow crunches. Those can lead to delays on important projects.

After Hurricanes Helene and Milton severely damaged parts of Florida, North Carolina, and other parts of the Southeast, Constrafor launched a disaster relief effort that would allow local contractors who are part of rebuilding efforts "to overcome delays, purchase materials, and ensure timely payment for their teams."

Ease Capital

City: New York

Year founded: 2022

Total funding: $13.95 million

What it does: Ease Capital helps private equity firms and large investors lend to smaller apartment landlords. It uses data and technology that allow the biggest players to lend $5 million to $50 million in deals that would typically be too small for them.

Why it's hot: Sophisticated private lenders usually focus on the largest apartment complexes, meaning that most apartment-building owners have to turn to banks and agencies to borrow money to purchase or refinance properties. However, current high rates have dramatically slowed bank and agency lending and the large private lenders usually won't lend for small—and medium-sized projects.

Ease uses data and technology to make it easier and more efficient for these large lenders to lend on smaller deals when the need is the highest. In 2023, the company announced a $450 million partnership with major real estate owner and asset manager Taconic Capital Partners, and has already announced multiple successfully originated loans.

CEO Charlie Oshamn told Business Insider earlier this year that the company is often seeing up to $1 billion in loan requests a month. Unlike other firms, which provide an estimated rate upfront that could potentially change over months of negotiation, Ease Capital sticks to its initial offering, eliminating the guessing game for potential clients.

A challenge it faces: Though the founding team has successfully launched other major proptech businesses, like flexible office and event space provider Convene and real-estate data firm Reonomy, it still needs to prove itself as a lender.

Habi

City: Colombia and Mexico

Year founded: 2019

Total funding: $564 million

What it does: Habi has built Latin America's largest proprietary database and utilizes AI-based pricing algorithms to facilitate transactions and financing for homebuyers and sellers. Habi also buys and sells homes, offers mortgages, and posts and publicizes listings of properties for sale.

Why it's hot: The company operates in Colombia and Mexico without centralized MLS. MLS, or multiple listing services, are databases designed to help real estate brokers identify available homes for sale. These systems are abundant in the US, whereas they are scarce in Latin America. Without an MLS, it means homebuyers and sellers in Colombia and Mexico have difficulty knowing which properties are available for sale, their prices, and their listing and pricing history.

By gathering and sharing information on more than 20 million homes, Habi has addressed a critical need in these countries' real estate sector, establishing itself as an authority on housing in the region.

"We've become a household name for low and middle-income sellers and consumers and brokers in Mexico and Colombia," Brynne McNulty Rojas, CEO and cofounder of Habi, told Business Insider.

A challenge it faces: A combination of factors, including shifting economic and political conditions, has stalled the growth of Latin America's real-estate market. To achieve the same level of ubiquity as Zillow in the US, Habi must get real-estate brokers and sellers to list their properties on its platform and entice buyers to use it.

HoneyHomes

City: Lafayette, California

Year founded: 2021

Total funding: $21.35 million

What it does: Founder Vishwas Prabhakara envisions Honey Homes as a "primary care physician for your home." For a monthly fee, a dedicated handyman will come once or twice a month to knock off "lightweight" home improvement projects like fixing a leaky faucet, installing a new ceiling fan, or repainting a room.

Why it's hot: With a cooling housing market, Prabhakara believes many homeowners are staying in their homes longer and interested in investing resources in — and enjoying — the property they currently have.

The main challenge it faces: Homeowners who already hire their preferred handymen may not be willing to pay for a service that sends new people, and bigger projects might require more specialized repair professionals. Then there's the cost and current smaller scale of the company: Subscriptions start from $295 a month, or $3,940 a year, according to the company website. The service is only available in parts of San Francisco and the Bay Area, Los Angeles, Orange County, and Dallas, according to the site.

Impulse Labs

City: San Francisco

Year founded: 2021

Total funding: $25 million

What it does: Impulse Labs made a battery-powered induction cooktop that, unlike most of its competitors, which may require an electrical upgrade, can plug into a standard 120-volt outlet. The cooktop can boil water at lightning speeds, and sensors hold heat levels steady even at high temperatures.

Why it's hot: Impulse Labs founder Sam D'Amico said the cooktop offers a better cooking experience than gas burners while promoting more climate-friendly homes. Cooking with gas emits pollutants like methane, benzene, and carbon monoxide, which harm our health and the planet. But it can cost thousands of dollars to rewire a home for an electric induction stove. Impulse Labs' induction cooktop avoids those pollutants and the cost of home retrofits.

The battery in Impulse Labs' stove also stores enough power to make three meals if the power goes out, D'Amico said.

"One of the cheapest ways to deploy battery storage is in the appliances we have to buy anyways," he added.

The main challenge it faces: The cooktop costs $5,999. The price is high, D'Amico said, but similar to other premium appliances. The price is lower if buyers qualify for tax breaks and rebates from federal and state governments, as well as some utilities. It's also only a cooktop — not a full stove — but D'Amico said the company eventually wants to sell a suite of appliances that can be a whole-home battery solution. Impulse Labs is accepting pre-orders, with plans to ship in the first quarter of 2025, according to its website.

Keyway

City: New York City

Year founded: 2020

Total funding: $43 million

What it does: Keyway uses machine learning and AI to aid institutional investors in sourcing, underwriting, and managing portfolios of properties.

Why it's hot: Companies that use AI have become commonplace today, but Keyway believes it is ahead of the pack in adopting and applying AI technology to real-estate investing.

"We were very early on in the AI game in 2020, and I think we've built a really strong backend of data with lots of APIs that allows us to integrate very segregated data very fast," CEO and cofounder Matias Recchia told Business Insider. "The fact that we built our system in a modular way also allows us to customize our product to a lot of our customers — so it's really not one solution fits all."

The main challenge it faces: New technology like Keyway can be hard to push on seasoned real-estate investors as they're used to using old-school methods like manually sourcing, underwriting, and managing portfolios.

"We're merging two cultures that are very different," Recchia said. "The real-estate industry requires a lot of proof to show them that data can really help them make better decisions. So there's a little bit of a culture shift that we're bringing to real estate as we sell them these tools and we partner with them."

Latii

City: Brooklyn, New York

Year founded: 2023

Total funding: $8.82 million

What it does: Latii is a sourcing platform that uses AI-powered tools to help North American-based architects and contractors save up to 60% by connecting with Latin American, southern European, and northern African window and door fabricators.

Why it's hot: Architects often include custom windows and doors in their designs, but hiring contractors and craftspeople overseas can cost their property-owning clients thousands of dollars. The architects who work with Latii, however, can source materials faster and at lower costs, cofounder and CEO Santiago Bueno told Business Insider.

"We're able to produce either equal or higher quality products at a less expensive rate," Bueno said.

In October, Latti announced that it had raised $5 million in seed-round funding, which it will use to expand in the Pacific Northwest, Mountain states, and the New York tri-state area.

The main challenge it faces: When working with fabricators in Latin America, challenges can arise in managing certifications, enforcing warranties, and overcoming language barriers. The region's use of the metric system can also be difficult for North America-based architects to navigate.

Lessen

City: Scottsdale, Arizona

Year founded: 2020

Total funding: $713.8 million

What it does: Lessen's software allows commercial and residential landlords to track maintenance needs, connect with service providers, and buy products.

Why it's hot: In August, Inc. magazine named Lessen the fastest-growing private software company in the US, citing its $1.1 billion valuation.

The valuation preceded a major acquisition in 2023: Lessen spent $950 million to buy property maintenance management firm SMS Assist in what the Commercial Observer called the largest proptech acquisition in history.

Lessen's software is widely used, handling 3 million work orders a year across 250,000 properties, according to Fifth Wall, an investor in the firm. Lessen also launched Lessen Advantage Marketplace, which allows its landlord customers to buy materials like glass, floors, and doors and find better insurance and loan rates.

The main challenge it faces: Like many real-estate firms, Lessen faces an overall slowdown in both the commercial and residential sectors, with mortgage rates remaining elevated. One big potential client base for Lessen is office building owners and property managers, but the office market right now is struggling, with vacancies around the US at record highs.

"We typically grow hand-in-hand with our clients, serving them in additional properties and markets as they expand. So, for example, interest rates can influence growth in some areas of our business," said Michael Tanner, senior vice president of marketing at Lessen.

A dearth of tradespeople is also a challenge for the company's platform that connects them to landlords, Tanner said.

Finally, the firm competes in a crowded market of competitors offering software for landlords, including Stessa, AppFolio, TenantCloud, and more.

Metropolis

City: Santa Monica

Year founded: 2017

Total funding raised by the company: $1.93 billion

What it does: Metropolis uses a computer vision platform powered by artificial intelligence to enable checkout-free payment at parking facilities. After registering their vehicles on the Metropolis app, customers can simply drive in and drive out without the hassle of paying with credit cards or ticket machines.

Why it's hot: Metropolis announced its acquisition of SP Plus, the largest parking network in North America, for $1.5 billion in October 2023 and closed the deal in May 2024. The move allowed Metropolis to rapidly scale its technology and reach 50 million customers across 4,000 locations.

"We've seen success and are continuing to scale and grow because Metropolis' checkout-free experiences give people the gift of time back, so they can spend it on the things that matter the most," cofounder and CEO Alex Israel told Business Insider.

The main challenge it faces: Israel said that most of the parking payments and transactions in the world are still analog.

"We envision a future where checkout-free payments travel with you, but scaling this technology across industries is complicated — it requires remarkable proprietary technology and boots on the ground," he said.

PredictAP

City: Boston

Year founded: 2020

Total funding: $13.17 million

What it does: PredictAP makes real estate invoice processing simple and easy. It uses AI to code invoices quickly.

"So the accounting rules can become very complicated in commercial real estate at big companies," said CEO and founder David Stifter, describing the journey of how an invoice is processed.

He said an invoice would come in first, and someone would need to determine which accounting rules to apply. Predict AP will be useful at this stage because the AI will understand and use the accounting rules correctly. Then, it will go through the rest of the accounts payable process, a department responsible for paying vendors for services or goods at the company. Then, someone will approve it and then pay for it.

Why it's hot: Predict AP serves every corner of the real estate sector. The company said its customers are publicly traded companies that own real estate, private companies that own and operate real estate, or customers who provide services for those big companies.

The company has been able to help AP specialists and property managers face difficulties entering invoices because it takes a lot of time and effort.

"We're able to help folks with that difficult task of coding invoices and it's particularly painful in real estate where there's a lot of complexity," said CEO and founder David Stifter. He added: "Nobody wants to be typing 15-digit invoice numbers; that's not fun."

Russell Franks, the president and cofounder of Predict AP, added to his comments and noted that Predict AP could process an invoice in 30 to 40 seconds faster than the normal processing time of five to 10 minutes.

The main challenge it faces: The company shared that it is hard to find funding in this tough economy, and it is not easy to grow and expand.

Propexo

City: Boston

Year Founded: 2022

Total funding: $7.97 million

What it does: Propexo's unified API, or application programming interface, helps other real-estate tech companies quickly and easily integrate with property-management systems.

Why it's hot: Real-estate tech companies use APIs to integrate with data from external sources, like lead generation systems or rent roll systems.

However, existing APIs and the technology around them are outdated.

That means companies lose time and money that could be used to develop their product while trying to integrate with these APIs, said COO Ben Keller.

Propexo's unified API improves the developer experience by making the integration process simpler, faster, and cheaper. "We're really the first engineering infrastructure product in the proptech ecosystem," said Keller.

The main challenge it faces: It's not easy to convince property managers and owner-operators to change how they've been running their businesses for many years.

In August, the Department of Justice filed an antitrust lawsuit against RealPage, alleging that the property-management software company allows landlords to coordinate and unfairly keep rents high. This is causing some landlords to rethink how they handle and process information, according to trade publication Multifamily Dive.

Rent Butter

City: Chicago

Year founded: 2020

Total funding: $4 million

What it does: Rent Butter has created an alternative tenant screening process that gives landlords a more comprehensive view of applicants' financial history.

Why it's hot: Landlords have historically relied on static credit reports and background checks when evaluating potential tenants. Doing so creates a barrier for applicants with financial difficulties early in their adult lives, as credit scores are a difficult metric to improve.

Rent Butter is trying to eliminate that barrier and change the narrative around who is a "good" candidate by providing landlords with additional information that can more accurately assess a person's financial reliability.

Their application connects to an applicant's bank account, credit history, and employment, criminal, and rent payment history to provide a detailed one-page report highlighting their financial behaviors and potential risks.

"Our whole approach is: How do we show who the person is today — not who they were seven or 10 years ago," cofounder and CTO Christopher Rankin told Business Insider.

The main challenge it faces: Rent Butter partners with landlords, rather than selling directly to consumers, which makes scaling a challenge. Most landlords already have a tenant-vetting process, so it could be hard to convince them to change to Rent Butter.

Shepherd

City: San Francisco

Year founded: 2021

Total funding: $22.27 million

What it does: Shepherd is a Managing General Underwriter (MGU) leveraging tech to make underwriting commercial construction insurance more efficient. It also wields data to create more informed risk selection and price recommendations, often leading to upfront and long-term savings for policyholders.

Why it's hot: Insurers partner with MGUs to provide clients with insurance, with the MGU underwriting policies for clients and selling to potential policyholders. Shepherd adapts the typical MGU model by cutting the underwriting process from weeks to hours and incorporating risk assessment tech into its platform, making it a one-stop shop for insurers and clients. By working faster and putting these services in one place, Shepherd can better serve construction companies and insurers while fostering more involved relationships.

The main challenges it faces: Both insurance brokers and potential clients have some healthy skepticism about a new model for commercial construction insurance, so it falls on Shepherd to earn their trust to gain their business.

Steadily

City: Austin

Year founded: 2020

Total funding: $60.1 million

What it does: Steadily is a digital insurance company for real-estate investors that promises a "faster, better, and cheaper" underwriting experience.

Why it's hot: Steadily founder Darren Nix first encountered the outdated nature of insurance underwriting, trying to find quotes for his own rental property in Chicago.

Terrible customer service and shockingly high quotes stopped him in his tracks.

"It was like rolling back the clock to the mid-1990s," he told Business Insider. Focusing on selling insurance to real-estate investors has helped Steadily grow to about 140 employees across Austin and Kansas City, Missouri.

In November, Steadily announced it had started to actively write new business on its own insurance carrier. "Nothing says 'we believe in the product we've built' more strongly than underwriting risk as the carrier," Nix said in a statement.

The main challenge it faces: Steadily has started selling insurance to short-term-rental investors, which presents different challenges than underwriting more traditional, longer-term rentals.

The market represents significant growth — accounting for nearly 20% of Steadily's current business — but the pricing is tricker.

"The people coming in and out of those properties don't take care of them at the same level of responsibility," Nix explained. "One of the things that a host can do to demonstrate that they are a good insurance risk is to point to their Airbnb or VRBO history and show that they're a super host, they take great care of their property, they don't host ragers."

Tour24

City: Medfield, Massachusetts

Year founded: 2020

Total funding: $20.35 million

What it does: Tour24 is an app that lets prospective tenants take self-guided apartment tours without a leasing agent present.

Why it's hot: In many cities, renting an apartment can be cutthroat, with open-house lines and bidding wars to nab a good unit at a reasonable price.

More than ever, people are deciding on places to live quickly — sometimes even committing before they've even seen the unit because they aren't able to schedule a walkthrough that jives with their working hours.

Tour24 allows users — who are ID- and credit card-verified — to tour apartments when leasing agents aren't available, such as on evenings and weekends.

"We are seeing that certainly millennials really prefer self-guided experience," Georgianna W. Oliver, the founder of Tour24, told Business Insider.

Oliver said many of their leasing-agency clients offer Tour24's self-guided tours as well as leasing agent-led tours and virtual tours — and have given feedback that the more options they give potential renters, the better.

"People have the options," she said. "And they really like having the options."

The main challenge it faces: Since the worst part of the COVID-19 pandemic, many individual leasing agencies have been offering some version of a self-guided tour on their own with their own video Tour24 also competes with other self-guided rental-tour apps like Rently and CareTaker.

Tour24 seems to be holding its own: The startup announced in October that it raised $5 million in a Series B round, noting that it had doubled in size in 2024 to reach 525,000 units across over 2,060 multifamily properties.

• Mike Cavanagh bought a 10-foot-wide skinny house in Jacksonville Beach, Florida, in 2024
• It's a spite house because its developer decided to build what he could given city restrictions.
• Cavanagh said he's glad he bought the skinny house even though it attracts some curious onlookers.

This as-told-to essay is based on a conversation with Mike Cavanagh, a 51-year-old regional manager for a medical device company, who purchased a skinny house built out of spite in Jacksonville Beach, Florida, in 2024. The interview has been edited for length and clarity.

I realized it was time to downsize once my kids got older and moved out.

In 2020, I sold my 3,700-square-foot home and moved into a townhouse. I spent about four years renting, hoping the market would adjust, but it never did. I eventually decided it was time to buy something.

In June, I called a real-estate agent friend in Jacksonville Beach and said, "Hey, I'd like to see a few properties." We toured three homes — one was a townhouse, and the other two were three-bedroom houses. None of them felt right.

Later, they called and said, "I've got something you need to see. It's really unique."

The moment I walked into the house, I turned to my real-estate agent and said, "I'll take it."

The home is 10 feet wide and 1,547 square feet, with two bedrooms and 2½ baths. Despite its narrow layout, the exterior has great curb appeal. Inside, it has a modern feel, with beautiful flooring and tile work throughout.

The same day I toured the home, I made an offer. It was accepted, and we closed in just 30 days. I purchased it in early June for just over $600,000.

The home feels like the right size for me

At first, I didn't know much about the home's history. What drew me in was the neighborhood — it was quiet and peaceful, which I liked. The house is also the perfect size for me since I'm single. If I were 40 with young kids, it wouldn't have worked.

Eventually, I met with the home's builder. He explained that he had owned the lot for a long time, and while neighbors wanted to buy it, he wasn't willing to sell.

Originally, he wanted to build a 15-foot-wide home, but the city said no. So, he decided to do it his way and make the home 10 feet wide. That's how its unique design came to be.

I've definitely acclimated to the home. It doesn't feel small; its bumped-out walls give the house an almost container-like feel, reminiscent of an RV from the outside.

One of the home's unique features is its built-in nooks. The upstairs bedroom has a built-in platform where my mattress sits, so I don't need a bed frame.

Another important feature of the home is its natural light. The builder did an excellent job positioning the windows to create a bright, inviting atmosphere.

I hired a local designer, and together we developed a vision for the space.

I do entertain sometimes, but I don't have massive dinner parties. I just wanted to create a great environment for working from home.

We added a built-in white oak couch in the living room with custom cushions. It was a bit pricey but totally worth it because it's incredibly comfortable and has an artsy vibe. By the TV, we also installed built-in shelving and cabinets made from white oak.

I think the skinny house is a good investment

I think the fact that my home was featured on Zillow Gone Wild and that there used to be a "For Sale" sign in the yard both drew a lot of attention.

It's more subdued now, but I occasionally notice random people driving by or walking past and making comments.

I still get jokes, too. Some friends introduce me socially as "the guy who bought the skinny house."

Sometimes, when I meet my neighbors, they mention that they thought the house would be bought and turned into an Airbnb since there are plenty around Jacksonville Beach.

Compared to other cities in Florida, Jacksonville Beach has been slow to develop, which helps keep it affordable — especially relative to other beach towns.

As more people discover it's a fantastic place to live, there's been an influx of movers from the Northeast, some from California, and many from the Midwest.

My real-estate agent and I agreed that the house wouldn't lose equity with Jacksonville Beach's population growing.

If I change jobs or decide to move, I'm confident my home will attract enough interest to sell quickly. I could also rent it out on Airbnb. So I have plenty of options for the home in the long term.

But I plan to continue living in the home. It's my only property, and my job is based in the area, for now at least.

Overall, I do think buying the home was a good decision. Smart people just don't buy real estate to make money; they buy to have a great place to live — and to avoid losing money.

This home was definitely a solid investment.

• Prosecutors accused luxury real-estate agents Oren and Tal Alexander of sex trafficking this month.
• They are the latest in a series of top figures in real estate accused of sexual abuse or harassment.
• Some in the industry say its structure, partying, and cult of personality are all partly to blame.

The Alexander brothers, luxury brokers who New York prosecutors accused of sex trafficking this month, are the latest in a series of top figures in real estate accused of sexual abuse or harassment.

The brothers, Oren and Tal, have denied the allegations.

Still, the accusations have made some in the industry — which is dominated by women but mostly led by men — reflect on its permissive, decentralized culture that parties hard and, too often, multiple people told Business Insider, puts women into uncomfortable or dangerous situations.

While it's far from a mass reckoning like Hollywood's #MeToo movement, the series of accusations against major real estate players over the past year and a half has prompted some in the industry to look inward and consider whether its traditional practices and lack of uniform safety precautions may have contributed.

Sue Yannaccone, the president and CEO of Anywhere Real Estate Inc., which owns multiple real-estate-brokerage chains, including Century21, Coldwell Banker, and Corcoran, told Business Insider that real estate has more to do to address some of these issues.

"Real estate is not unlike other industries that have had to, unfortunately, reckon with a pattern of discrimination and harassment of women," Yannaccone said. "Holding offenders accountable is an important and effective step in our progress, and there is still more work to be done across all sectors to ensure women can always thrive in safe, supportive, and equitable work environments."

The lax structure and low barrier to entry in real estate often mean careers are built largely on an individual agent's personality and charisma. It can also create opportunities for bad behavior to go unchecked, said Brian Boero, the cofounder of 1000watt, a real-estate branding and marketing company.

With over 1.5 million agents or brokers in the United States, it's similar to "the Wild West," he said. He added that many of them operate as independent contractors, acting as free agents.

"You have really good people, and you have really bad people. It's hard to paint this industry as a whole with a broad brush," Boero said. "The employee relationship does not exist, and people can, more or less, do whatever they want with very little supervision."

A series of accusations

Oren and Tal Alexander first rose to prominence as real-estate agents at Douglas Elliman before splitting off to found their own brokerage, Official Partners.

The Alexander Team, as they were commonly known, sold over $260 million in real estate in New York in 2023, the real-estate industry trade publication The Real Deal reported.

The Alexanders "used their prominent positions in the industry to induce other women to attend events and parties" where they later sexually assaulted them, prosecutors said in an indictment earlier this month.

Prosecutors accused Oren, Tal, and a third brother Alon, who works at the family's security firm, of operating a sex-trafficking scheme in which the brothers — and others — victimized dozens of women dating back to 2010. The brothers obtained drugs to "surreptitiously" give the women and planned the assaults in advance, prosecutors said in the indictment.

Attorneys for the three brothers, whom police arrested in Florida earlier this month, did not respond to a request for comment from Business Insider. The twins denied the allegations when they were first reported.

James Cinque, a New York attorney representing the Alexander brothers, told BI in response to a story published before their arrest outlining four women's claims of assault and sexual misconduct that he and his colleagues had "asked them not to comment while these matters work their way through the legal system." Cinque added they're "comfortable that they will ultimately be vindicated."

Meanwhile, the success of eXp, an emerging real-estate brokerage that has a market cap of about $1.8 billion, has been overshadowed by complaints of sexual misconduct against some of its agents.

Five female eXp employees, in two separate lawsuits filed in 2023, accused agents Michael Bjorkman and David Golden of drugging them at work-related events. Four of the women said they were also sexually assaulted, according to the lawsuits. The New York Times first reported the cases against Bjorkman and Golden.

Richard Schonfeld, an attorney representing Bjorkman, told BI that the lawsuits are "one side of the story." Peter Levine, a lawyer for Golden, didn't return requests for comment from BI but told the Times the charges against Golden were "baseless and without merit." Trial dates for both cases are set for 2025.

Representatives for eXp, who didn't return requests for comment from BI, emailed a statement to the Times, highlighting the industry's decentralized nature.

"The claims in this case stem from alleged assaults by independent real estate agents who were never eXp employees — which we handled with speed, seriousness, and deep respect as soon as the accusers brought it to our attention, in line with our values and with the law," it read.

The National Association of Realtors, the largest trade association for real-estate agents in the United States with more than 1.5 million members, is also facing troubling allegations.

One of the most notable involves Kenny Parcell, a Utah real-estate agent and former NAR president who resigned in August 2023 after The New York Times published an exposé detailing multiple accusations against him and the organization.

The Times' report was based on interviews with 29 current and former employees from NAR and its affiliates who said Parcell and other NAR and affiliated company leaders repeatedly engaged in abusive and inappropriate behavior, often without facing consequences.

In June 2023, Janelle Brevard filed a lawsuit against NAR, accusing the organization of sexual harassment, retaliation, and racial discrimination. In the lawsuit, Brevard, a Black woman, said she was fired from her role in podcasts, video, and marketing after ending a consensual relationship with Parcell.

Brevard ultimately withdrew her lawsuit after entering into an agreement with the organization, the Times reported. Brevard did not respond to repeated requests for comment from BI, and her attorney declined to comment.

"The allegations are not true," Parcell said in a four-page statement in 2023. "Nothing has changed" since then, he wrote in an email to Bl on December 23. "My resignation from NAR was in no way an admission of guilt — it was a good faith effort to put NAR and its members first," he said.

In response to a request for comment, a spokesperson for NAR said the organization's "new leadership has undertaken a comprehensive review of our policies and procedures and continues to work every day to help NAR employees feel respected and supported."

Parties, star-agent culture, and a long road ahead

The real-estate industry can feel unsafe at times, especially for women, as the job has inherent risks. Agents are commonly expected to meet with clients, who might be strangers, alone at homes that could be secluded or lack cell reception.

In a NAR survey of 1,423 licensed real-estate agents this year, women agents were twice as likely as men to report experiencing a situation at work that made them fear for their safety, and 54% of women carried a weapon or self-defense tool compared to 47% of men.

Still, Boero said the industry's internal culture — its hard-partying traditions and the "cult of the superstar" — also presented problems.

"The Alexander brothers were like that: high-profile, flashy, wealthy, did a ton of business. We tend to elevate, emulate, and worship those types of figures in this business. And they're not always men, but they frequently are," he said. "There is this cult of the top producer in the business that, I think, has maybe obscured bad behavior over the years."

Parties are also a central, sometimes problematic, component of real-estate culture. In an industry where success is often tied to how connected you are, brokers often frequent social events to meet and mingle with other brokers, current clients, and prospective clients.

"Parties and awards and all of that stuff is very big in this business, which means there's a lot of partying and drinking, sometimes at scale," Boero said, "which, again, sometimes creates the conditions within which bad people can do bad things."

Brooke Cohen, one of the attorneys representing all five plaintiffs in the eXp cases, told BI that socializing is often essential in real estate as an opportunity for making deals, networking, and advancing your career.

That means women can find themselves in uncomfortable environments. "It's important that in this industry some parameters are put in place," Cohen said. "We really would like it to be better for people who have to attend these events to do business."

Yannaccone said women's prevalence in the industry motivated her to create What Moves Her, a program that supports women in real-estate leadership.

"Our work is just one piece of a larger effort toward progress that includes not just the many brave voices of female agents and leaders, but many of our male counterparts as well," she said. "It's our hope that through our collective effort, we can help create an industry that truly operates on shared values of integrity, accountability, and good governance."

• A lot next to one of Jeff Bezos's South Florida mansions is for sale, and the listing price is $200 million.
• Bezos owns three properties on Miami's Indian Creek island. 
• Take a look at the enclave, known as "Billionaire Bunker," and see why it attracts the wealthy.

A lot has opened up in one of South Florida's most expensive enclaves — and for a cool $200 million it can make you neighbors to Jeff Bezos. 

After 29 years in Seattle, the Amazon founder announced he would be moving to Miami at the end of 2023. He chose the ultra-exclusive Indian Creek neighborhood, a collection of homes surrounding a golf club on a highly secure island. The area, informally called the "Billionaire Bunker," is known for its privacy.

Bezos owns three properties in the community: In June 2023, he purchased a $68 million mansion, followed by an adjacent one for $79 million in October of that year. By September 2024, he added a third mansion to his collection, purchased for $90 million.

Now, the waterfront lot next to one of his homes is for sale. The empty 1.84-acre property is listed for $200 million — many times more than its last sale price of $27.5 million in 2018 — and includes plans for a 25,000-square-foot house.

The real-estate agent representing the sellers told Bloomberg that Bezos's presence on the island is one reason for the premium. 

"Those prices just didn't exist before he came to Indian Creek," he said.

But Bezos isn't the only big name on Indian Creek. High-profile figures, including football legend Tom Brady and Jared Kushner, Ivanka Trump's husband, also own property there.

Take a look inside the neighborhood.

In December 2022, Business Insider toured the neighborhood to learn why celebrities are drawn to its high levels of privacy and security.

Indian Creek Island, located in Biscayne Bay about 15 miles from Miami, is accessible only by a single bridge connecting it to the mainland.

The neighborhood has about 40 homes spread throughout its 300 acres, according to real-estate brokerage Miami Luxury Homes.

Despite only having a few dozen homes, Miami's Indian Creek Village has its own mayor and local government.

The Florida legislature incorporated Indian Creek in 1939 under a now-defunct law that allowed 25 or more neighbors to form a town, according to the Florida Auditor General.

One bridge leads to the island, on which privacy and security are paramount.

The island has been home numerous ultrawealthy and high-profile residents, including Wall Street tycoon Carl Icahn, supermodel Adriana Lima, and singer Julio Iglesias.

The island's entrance is heavily guarded, with the Indian Creek Village Police headquarters immediately to the left.

The town has its own police force. About 15 police officers secure the island by land and sea, per the Indian Creek Village police directory.

To enter the island, you must be a resident or have your name added to a verified visitor's list.

Construction is common on the island.

Tom Brady is building an "eco-mansion" on the island.

In 2020, the seven-time Super Bowl champion and his ex-wife, supermodel Gisele Bündchen, acquired the two-acre lot for over $17 million, Page Six reported. 

The home has since been demolished to make way for an "eco-mansion" that Brady commissioned.

In July, Brady nabbed a $35 million loan for his two-story estate, likely replacing a previous $35 million construction loan he obtained the year prior. 

The Real Deal reported that the mansion is still under construction and plans to include a separate gym, cabana, waterfront pool and spa, sports court, and other luxurious amenities.

Every home on the island has stunning views of Biscayne Bay and many feature private docks.

The area is home to aquatic wildlife like manatees, sea turtles, and sawfish, and dolphins are occasionally sighted. 

A national park protects its southern expanse and other ecosystems, including Florida's coral reefs.

Some mansions are well-hidden from the street.

Discretion is a top priority for the millionaire and billionaire residents, with some mansions hidden from view. 

Real-estate agent Dina Goldentayer said this "quintessential privacy" coupled with extensive security measures is a major draw for high-profile individuals.

 

Unlike other high-end Miami neighborhoods, residents do not have direct beach access.

It's less than 10 minutes to Surfside Beach, which fronts the Atlantic Ocean north of Miami Beach.

Bezos's first two home purchases are side by side on the west side of the island, while his most recent property is in the southeast.

Bezos' Indian Creek holdings include a $68 million mansion bought in June 2023, a $79 million property adjacent to the first purchased in October 2023, and a $90 million property bought in 2024.

The seller of the second property has filed a lawsuit — but Bezos isn't involved.

Real estate brokerage Douglas Elliman handled the $79 million sale of the property — which has a seven-bedroom mansion with a home theater, a wine cellar, a library, and a pool — and received a commission of over $3 million. 

The former owner is suing Douglas Elliman for the $6 million difference between the listing and sale price, alleging he was misled about the buyer, The Wall Street Journal reported. 

Jay Parker, the Florida CEO of Douglas Elliman, denies knowing that Bezos was the buyer.

The former owner did not respond to requests for comment sent by Business Insider; Douglas Elliman declined to comment.

Indian Creek's median listing price in July 2024 was $13.5 million, according to a Rocket Homes housing market report.

That price does not automatically include admission into the neighborhood's ultra-exclusive country club.

Indian Creek Country Club dates back to the 1920s.

In the early 2000s, the country club was accused of discriminating against Black and Jewish residents, local outlets reported. The club denies the allegations.

Beyond the private homes and country club, there's not much else on the island.

Indian Creek Island Road is the neighborhood's single street — and it's a dead end.

"There's no action here," Goldentayer said. "But you're 10 minutes from the action."

Some residents own or rent additional properties off the island.

Kushner and Trump, for example, rent an apartment in Miami's Surfside neighborhood, which is only about a mile away.

The two-story, six-bedroom duplex spans 7,000 square feet and is located in the oceanfront complex Arte Surfside. The unit includes two gourmet kitchens, personal direct beach access, and wraparound terraces.

• Single women in the US are outpacing men in homebuying, the National Association of Realtors found.
• In 2024, single women represent 20% of all homebuyers, compared to 8% for single men.
• Three single women shared with BI their motivations for buying a home without a partner or a spouse.

Karla Cobreiro, 33, lived with her parents for nearly a decade after college, diligently saving to buy her own home.

"I didn't want to be house-poor or struggle financially," Cobreiro, a publicist, told Business Insider. "I waited for the right moment — when I had a higher-paying job, had saved up a large down payment, and had built a solid emergency fund.

In 2022, she purchased a 900-square-foot condo in Downtown Doral, a Miami suburb, for around $400,000. She was 31 and single.

"I didn't have a partner at the time, but I didn't think that should stop me," Cobreiro said. "So I went for it."

Cobreiro is one of many single women in the US who haven't let the absence of a relationship or marriage stop them from buying a home — an achievement long seen as a key milestone of wealth building and the American dream.

An analysis of data from the National Association of Realtors (NAR) shows that single women have consistently outpaced single men in homebuying since the organization began tracking data in 1981.

The chart below shows that since 2020, the share of single women homebuyers has continued to increase steadily, while the share of single men has declined.

By 2024, the gap has reached its widest, with single women representing 20% of all homebuyers, compared to 8% for single men.

Single women find independence in homeownership

So why are single women statistically more likely to purchase homes than single men?

Brandi Snowden, NAR's director of member and consumer survey research, told BI that it largely comes down to lifestyle choices and women's unique societal roles.

Snowden explained that many single women purchase homes because they desire independence, have experienced divorce, and are responsible for raising children.

NAR found that female buyers are typically older than their male counterparts, with the median age for single women at 60, compared to 58 for single men.

"These buyers may be recently divorced or purchasing a home not just for themselves but also for their children and parents," Snowden said.

"It's just me and this mortgage."

Cobreiro said that buying a home without a spouse has its own challenges, such as settling for a smaller condo since she's not part of a DINK household — an acronym for "dual income, no kids."

Data from the Federal Reserve's Survey of Consumer Finances shows that DINKs have a median net worth of over $200,000. This financial advantage enables them to more easily afford housing or spend their disposable income on luxuries like boats and expensive cars.

Despite the financial benefits of a two-income household, many women have chosen to live independently in an era of increasing financial and social autonomy.

Cobreiro is responsible for a 30-year mortgage, which includes $2,500 in monthly payments and an additional $1,000 in HOA fees — all of which fall entirely on her.

"Though I live comfortably, If I get laid off, break a leg, or face an emergency, I'm on my own, she said. "I always joke to my friends, "It's just me and this mortgage."

Still, she believes the benefits of sole home ownership outweigh the risks of waiting to purchase with a boyfriend.

"I'm glad I didn't wait until I was in a relationship or married to buy a home," she said. "Owning a home with someone you're not committed to can get tricky, especially if you break up. There's no prenup; if you disagree about selling, that can get messy."

Some women say no prenup, no co-owning

New Yorker Jessica Chestler, 33, shares a similar perspective to Cobreiro.

In 2022, Chestler, a real-estate agent with Douglas Elliman and a business owner, purchased a three-bedroom condo in Williamsburg for $3.25 million.

She told BI that she viewed homeownership as an investment in her future, one she wasn't willing to risk with someone she wasn't fully committed to.

"When you're buying a home with someone else, there's obviously a lot more to consider, especially if you're not married," Chestler said. "There's always that uncertainty: What happens if you break up — how do you divide the assets?"

Chestler, who also renovated her home, said the greatest benefit of owning solo is the ability to rely on herself and the freedom to live on her own terms.

"I only had to consider myself," she said. "I didn't have to worry about anyone else's opinion. I loved the apartment, knew my numbers, and was confident I could make it work — That sense of comfort was really important to me."

Women say they don't need a knight in shining armor

Some single women who buy homes may have boyfriends but aren't waiting for a ring to start building wealth through home equity.

Take real-estate agent Ayriel Von Schert, who, in February, purchased a 2,280-square-foot townhouse for $365,000 in Mesa, Arizona, without a cosigner.

Although Von Schert, 30, is in a long-term committed relationship, she wanted to take control of her financial future.

"I think many women feel the same way: Why wait for someone else to help you achieve your goals?" she told BI.

Her decision to buy alone could pay off in the long run. Another unit in Von Schert's complex is on the market for $410,000. If it sells for that price, her home will have appreciated by about $35,000 in one year.

"In a few years, I might sell this place or keep it and rent it out while buying another property," she said. "My long-term goal is to build a real estate portfolio and earn residual income, and I feel like I'm definitely on the right path."

For now, she and her boyfriend are living like roommates, equally splitting the bills for the home, including utilities and the mortgage.

She said it's a win-win situation for both of them.

"I don't think he minds because we no longer have a landlord telling us what we can or can't do," she said.

Are you a single or unmarried woman who purchased a home? Contact this reporter at [email protected].

• Karla Cobreiro, 33, lived with her parents for nearly 10 years to save up enough to buy a home.
• In 2022, she bought her first home in South Florida without the help of a partner or spouse.
• Cobreiro said solo homeownership can be challenging, but she likes not having to compromise.

This as-told-to essay is based on a conversation with Karla Cobreiro, a 33-year-old vice president at global PR firm Quinn who purchased a home on her own in 2022.

The National Association of Realtors found that from July 2023 to June 2024, single female buyers made up 20% of all homebuyers, outpacing single male buyers, who made up only 8%.

The interview has been edited for length and clarity.

I'm originally from Cuba. My parents moved to the US when I was four, and I grew up in Miami.

I left at 18 for college, then moved back home after graduation to save money for my future. I'm grateful for that time, and I know many would love the chance to do the same.

Still, I didn't want to live with my parents forever.

Living at home meant sacrificing some privacy. There was commentary about what I was doing, why I was doing it, and how. It wasn't ill-intended, but it could feel like a lot at times.

By my 30s, the decision to move out really came to a head. I asked myself: "Does it make sense to keep living at home to save money, or should I take the leap and buy my own place?"

In the end, I decided to buy a home. I'd never truly lived alone, and I wanted my own space and control over my future. Most importantly, I was ready to start a new chapter.

I didn't have a partner then, but I didn't think that should stop me. So I went for it.

I was financially prepared to buy a home alone

For many immigrants, homeownership is a big part of the American dream. It was never a question of whether I would own a home, but when.

Knowing I'd be doing it all on my own, I approached homeownership with a methodical mindset.

I didn't want to be house-poor or struggle financially. I waited for the right moment — when I had a higher-paying job, had saved up a large down payment, and had built a solid emergency fund.

I lived with my parents for almost 10 years after college to save and set myself up for the expenses of homeownership: a down payment, mortgage, HOA fees, utilities, and insurance.

In November 2022, at 31, I bought a 900-square-foot condo in Downtown Doral, a suburb of Miami, for about $400,000.

Sometimes, I wish I hadn't overthought it or waited so long.

House hunting was a challenging experience

My homebuying journey started during the COVID-19 pandemic, when home prices and mortgage rates were much higher than before. By 2022, the South Florida real-estate market was incredibly hot.

Although I was financially ready, it was a tough time to be a buyer.

I found myself in bidding wars for homes, often walking away because properties were selling for $30,000 or more over the asking price, especially with so many cash offers.

I cried more about real estate than anything else. My twin sister, a real-estate attorney, helped me navigate the process. I would call her, frustrated, asking, "What's going on? This is insane! I didn't realize buying a house would be this hard."

I felt I had done everything right: I graduated from college, got a job, earned a master's degree, paid off my student loans and car, and saved 25% for a down payment. I had an 800 credit score and liquid assets — all on my own, without help from my parents.

I had checked the boxes and followed the appropriate steps in life. But despite all of that, I was met with rejection after rejection from sellers.

For a while, I couldn't see the light at the end of the tunnel and thought I would be stuck in my parents' house forever. But after a year of searching, my offer was finally accepted on the third home I bid on.

My condo is an investment in my future

I live in a one-bedroom, one-bathroom condo with a den, and my HOA fees are about $1,000 a month.

I have a 30-year mortgage with an interest rate of around 5%, and my mortgage payment is about $2,500.

The unit is smaller than if I were a DINK — someone in a dual-income household with no kids — but I think it's the perfect size for me.

The condo has a work-from-home space and enough room to entertain, plus a stunning, unobstructed sunset view.

I renovated everything except the floors, so I now have a brand-new bathroom and kitchen. My dad, who works in construction, helped with the renovations (and is always on speed dial for anything I can't handle myself).

I'm not sure how long I'll stay here, but I hope it's for a while. Maybe one day, I'll find a partner, and we'll buy a home together, and turn this place into an investment property.

I specifically wanted to live in a condo because didn't want to deal with yard work and, as a single woman, I felt it would be safer.

My building has concierge services, security, and a gated garage. The ground floor also has shops, cafés, gyms, and other stores.

When I lived with my parents, I was in a very suburban, family-oriented area where I had to drive everywhere — even just to get to the supermarket. There were no cafés or anything nearby. It wasn't the lifestyle I wanted.

Now, my place is very central, with easy highway access to anywhere I need to go in about 10 minutes. The neighborhood has a downtown vibe, is walkable, and offers plenty to do.

Buying a home alone was the right decision

Owning a home as a single woman is like a roller coaster — there are ups and downs.

Though I live comfortably, If I get laid off, break a leg, or face an emergency, I'm on my own. I always joke to my friends, "It's just me and this mortgage."

Still, I'm glad I didn't wait until I was in a relationship or married to buy a home. Owning a home with someone you're not committed to can get tricky, especially if you break up. There's no prenup and if you disagree about selling, that can get messy.

I enjoy owning alone because I can selfishly make decisions without having to compromise. I get to decorate my home however I like —and have the entire closet to myself.

Looking back, it was the right time for my parents and me to branch off and live our lives — me as a single woman in my 30s, and my parents as empty nesters.

We all have different paces and lifestyles now, but occasionally, I do miss living with them. It was nice hanging out, having my laundry done, or enjoying one of their home-cooked meals.

I love them to pieces, and I'm truly grateful for their support and encouragement.

• Zillow analyzed millions of listings to find key words and phrases being mentioned more.
• It identified five trends it predicts homebuyers will keep clamoring for in 2025.
• Interest in vintage-inspired interiors and electric-vehicle chargers, for example, is booming.

The American home is having an identity crisis.

Many newly constructed homes are smaller, with fewer hallways and shrinking backyards — yet they are significantly more expensive than just a decade ago.

As homebuilding trends evolve, buyers and homeowners are also reimagining what they want from their living spaces.

By analyzing hundreds of home features and design styles from millions of for-sale listings in 2024, Zillow has identified the top emerging home trends for the year ahead.

Zillow found that in response to higher living costs and growing concerns about the climate crisis, buyers will want homes that are eco-friendly, resilient to climate disasters, and equipped with smart home technology.

"Technology has empowered homeowners to live more sustainably and affordably, which is increasingly important to prospective buyers," said Amanda Pendleton, Zillow's home trends expert. She added that homeowners and buyers are simultaneously "looking to the past" to give their homes character, even in "the most high-tech environments."

According to Zillow, here are five home trends to watch in 2025, from solar-powered energy systems to vintage-inspired interiors.

1. Buyers want homes that protect them during natural disasters

The climate crisis is driving a rise in extreme weather events including hurricanes, wildfires, and tornadoes across the US.

The increasing frequency and intensity of these storms have encouraged people to seek homes that offer enhanced safety during natural disasters — that are hurricane-resistant, for example. Homes like that may reduce the risk of costly repairs.

Zillow found that mentions of flood barriers in for-sale listings have increased by 22% since 2023, while references to water catchment systems have risen by 19%. The use of the term seismic retrofitting — the modification of structures to enhance their earthquake resistance — is up 20%. Drought-resistant turf yards also appear in listings 14% more frequently than last year.

2. People want to live in eco-friendly homes

Homebuyers don't just want a house — they want one equipped with smart, eco-friendly technology that helps reduce their carbon footprint.

Zillow found that the fastest-growing sought-after feature this year is whole-home batteries. These systems, often paired with solar panels, store excess energy for use during cloudy days or power outages. Mentions of this feature in for-sale listings have increased by 62% compared to last year.

Buyers are also showing greater interest in electric vehicle (EV) chargers, which have appeared in 34% more Zillow listings compared to 2023, and induction cooktops, up 5% from last year.

3. People are on the hunt for "cozy" homes that offer comfort and solace in stressful times.

Zillow found that as the pandemic-era dip in home prices fades, so too does some buyers' preference for larger living spaces.

In search of greater affordability, many are now gravitating toward cozier homes that may also be more budget-friendly.

As a result, mentions of "cozy" — sometimes a euphemism for "small" — in for-sale listings have increased by 35% compared to last year.

6. Buyers are looking for spa vibes at home.

According to Zillow, as homeowners prioritize mental and physical well-being, "wellness design" is emerging as a major trend in homes.

Data from the company shows that the share of for-sale listings featuring wellness-focused amenities has increased by 16% compared to last year.

One such feature gaining traction with buyers is the wet room, a waterproof space that combines a shower and bathtub into one seamless area, often without a shower curtain or glass divider.

Popular in Europe and Asia for years, Zillow predicts wet rooms may make their way into more American homes.

5. Homebuyers are embracing a vintage aesthetic.

Young homebuyers will reject the minimalist styles favored by older generations and embrace vintage interior designs featuring antique furniture, floral patterns, and tapestries.

Zillow's data highlights a growing interest in nostalgia-driven design, with mentions appearing in 14% more for-sale listings compared to 2023. Similarly, references to "vintage" have increased by 9%. The company also found that bibliophilic decor and home libraries are gaining popularity, with mentions rising by 22% in listings.

It's not just the "I Love Lucy" set that homebuyers want to channel — many will also aim for "The Gilded Age."

Zillow found that mentions of Victorian-era sculleries — hidden back kitchens used for meal prep and entertaining —have increased by 8% in for-sale listings this year compared to last.

• Kenzie Wallace, 27, moved from California to Spain after she graduated from college in 2018.
• She loves the culture, safety, opportunities to travel, and relative affordability.
• She hadn't originally planned to move abroad, but now she doesn't plan to return to the US.

This as-told-to essay is based on a conversation with Kenzie Wallace, a 27-year-old from San Diego who moved to Spain in 2018. The conversation has been edited for length and clarity.

I graduated from the University of California, Santa Barbara, a year early. I had no idea what I wanted to do with my life, but I knew I wasn't ready to settle down and get a job.

I was thinking about what was next — what would I do for myself?

The most obvious option was a master's teaching credential program. I started doing everything one does for that: preparing for the GRE, volunteering, and working with a professor who was a mentor of mine.

One day, the professor asked me, "Why do you want to do this program?" I don't remember what I said to him, but whatever it was, it wasn't convincing.

He told me, "You've studied Spanish before and are good at it. Why not take those skills, go abroad, and teach English in a Spanish-speaking country while you try to figure out your life?"

I had never thought about moving to Spain until that conversation. After doing some research, about a month later, I found a teaching English program in Madrid and decided, "I'm going to do that."

At first, I thought I would stay in Spain for a year and then return to the US and get a job. But about three days after moving to Madrid, I knew I had finally found my place.

I took a leap of faith moving to Spain

I was 20 — just a week shy of my 21st birthday — when I boarded the plane to Spain in 2018.

I was lucky that my parents supported most of my way through university, so I wasn't coming to Spain with a lot of student loans or debt. I also worked at Starbucks during college and had about $12,000 in savings.

Still, I didn't know anyone and wasn't exactly sure what I was getting myself into.

I moved to the country on an English teaching visa through Spain's language assistant program. The program contracts native English speakers to work in public schools, teaching English immersion classes.

I had applied before arriving in the country, secured a part-time teaching job that earned me about $1,000 a month, and was assigned to a school. For my first two weeks in Madrid, I stayed with a host family

When those two weeks were up, I had to figure out housing on my own.

I had to figure out life in Spain on my own

Eventually, I found an apartment on real-estate website Idealista for €530 ($557) in a shared flat with six other Spanish girls. I was the only one who spoke English.

If it weren't for that first apartment, I would never have felt truly connected to Spain.

Though I made friends — American friends through mutual connections, Facebook groups, and colleagues I worked with at my school — it was my roommates who showed me what Spain was truly like.

You can learn about a country and how to speak its language from a book, but it's not the same as putting yourself out there.

I fell in love with Madrid

After my first year in Madrid, I decided to stay another year, which eventually turned into, "I'm just going to stay for as long as I can."

I realized I had my whole life ahead of me to get a master's or a job, but I wouldn't have this opportunity forever.

Spanish people are really friendly and inviting, and the country's proximity to other European countries makes me feel like the world is at my fingertips.

I liked the person I was becoming in Spain. I felt more independent, resourceful, and stronger. l knew that my future was all up to me, and that I could carve my own path.

It felt incredibly freeing and I wanted to keep moving in that direction.

I made a life for myself in Madrid

I've been working at Business and Language College Spain, or BLC Spain, since May of 2023.

I have working rights now through a partnership visa, so I no longer have to worry about the restrictions of an English teaching visa.

At my job, I work with international students coming to Spain, helping them navigate the things I once had to figure out on my own.

Most students don't know how to find housing, open a bank account, or get a phone number. It's rewarding to guide them through those processes.

I have a Spanish partner. We've been together for four years, and almost a year ago, we bought a two-bedroom apartment in Madrid for €240,000 ($252,295). It's located in the eastern part of the city.

The apartment is 77 square meters (about 829 square feet), which is a big improvement since we previously rented a one-bedroom place. We wanted to be able to have guests and set up an office.

Our apartment isn't extravagant, but it's a great starter home, and we're really happy there.

Our neighborhood is great because even though it's a little outside the city center, it's very well-connected. We're also on a major street with many bars, restaurants, and shops. It's definitely less central than we were before, but we like the neighborhood vibe.

Living in Spain has some downsides

My biggest complaint about Spain is the lack of organization and efficiency.

It's tough when you're trying to renew your visa or worrying that your paperwork won't be processed in time. However, it's been a good growth experience for me.

I've been in Spain for so long that I no longer see everything through fresh, rose-colored glasses.

Inflation is a big problem worldwide, and Madrid is much less affordable now than it was seven years ago.

I do think some of the blame is placed on digital nomads — people who come here with high salaries, which drives up rent prices and affects locals who are on lower Spanish salaries.

While I don't know what the future holds, I still feel like Madrid is a place where expats are welcome.

I don't plan to move back to the US

There are a few major reasons I don't plan on moving back to the States.

One is the sense of safety. In Madrid, violent crime rates are very low. I can walk around at 3 a.m. without worrying about my safety. It's a comforting feeling that I've come to take for granted.

Another major factor is the cost of living.

The lifestyle I envision for my future just feels more feasible in Spain. Not including my partner's half of everything, my cost of living is probably about €750 euros a month ($788).

Spain would be an excellent place to raise a family, which I hope to do one day. Education is much more affordable, with schooling free from the age of three. Healthcare is also public and free.

Overall, I think my quality of life in Spain is much greater than what I've ever experienced in the States.

I miss my family, but we've grown closer since I moved to Spain. Over the past four years, I've made more of an effort to meet up with them. We get together once a year.

I don't feel like I've missed out on living back home. My 20s have been amazing. I finally feel surrounded by people who understand me, share similar values and interests, and have the same vibe.

When I got to Madrid, something just clicked. I wouldn't change any of it at all.

• In 2017, three older women built and moved into a compound near San Antonio.
• Its residents are two sisters and their longtime friend, who liken themselves to the Golden Girls.
• They share meals, split bills, and — most importantly — care for one another as they age.

After Christina Guerra and her sister Michelle Douthitt lost their husbands within months of each other in 2012, they decided to turn their grief into an opportunity for a fresh start.

Together with their longtime friend Muriel Lanford, the women chose an unconventional path: They sold their homes and used the money they made to purchase five acres of land in Fair Oaks Ranch, a small town just 30 minutes north of San Antonio, for $175,000. Their goal was to build a compound where they could grow old together.

"A lot of people gave us strange looks when we talked about our plan," Guerra, a 68-year-old retired agent with the Texas Alcoholic Beverage Commission, told Business Insider. "I guess they thought we would implode."

But despite the doubters, the trio — who liken themselves to the strong-willed, sharp-witted women of the iconic television series "The Golden Girls" — forged ahead with their plans.

They enlisted Felix Ziga, the owner of San Antonio-based Ziga Architecture Studio, to bring the vision to life. Ziga teamed up with his friend Jimmy Sikkink, owner of Triple R Custom Homes, to design and build their one-of-a-kind compound.

In 2017, the trio moved into their compound, which they call Tierra de Dios, or "Land of God." The compound includes a 2,378-square-foot main house, which has a private wing for each sister, and a separate 1,902-square-foot home for Lanford.

The project cost about $1.2 million, including the land purchase, which the women split equally.

However, for these friends — who share meals and split utility bills — the sense of security and community they've gained is truly priceless.

"I used to work in the ER, and we saw countless elderly patients who had fallen at home, only to be found days later because their children couldn't check in. I remember thinking, 'Oh my gosh, I hope that's not going to be me,'" Lanford, a 68-year-old retired nurse, said. "Now, I have peace of mind. If someone doesn't hear from me for a couple of days, I know they'll be asking, 'Are you OK?'"

Take a look inside the compound and read on to see how they make their experiment in communal living work.

The three women took out a mortgage together and used it to build the compound.

Instead of forming an LLC or corporation, the three women opted for a general partnership, making them equal co-owners of the compound.

One of their biggest challenges was convincing the bank to approve a loan with all three names on it.

"You'd think it would be straightforward, but the bankers were confused," Guerra said. "They couldn't wrap their heads around the idea that it was three people, not a couple or an individual."

In the end, the women secured a mortgage for the home. To protect their individual investments, each has a will that outlines how their share of the property will be distributed in the event of their passing.

The women sold their homes to buy land and finance the compound's construction.

Each woman earned at least $200,000 selling their Texas homes, and they used the proceeds to equally split the $175,000 cost of the lot.

The property, formerly a dairy farm, sits in a floodplain, which gave them leverage to negotiate down the original asking price of $195,000.

The trio hired a local architect who understood their vision for communal yet independent living.

The women were committed to supporting a local business owner when selecting an architect and homebuilder for their project.

"We didn't mind paying a little extra if it meant working with a high-quality small business rather than a big-box company," Guerra said.

The Tierra de Dios compound was Ziga's first project of its kind.

Though Ziga had never taken on a project like this before, he had read about communal living and aging in place.

Ziga's wife, Adriana, an interior designer with the studio, said the entire process was an exciting adventure.

The entire project took 12 months to complete, including permitting.

Having so many stakeholders involved meant carefully weighing the pros and cons of each decision and coming to a consensus, Ziga said.

"They had their own meetings, separate from ours, to get on the same page about what they wanted. Then we'd incorporate their decisions into the design," he said.

Ziga likened the process to designing for institutions like churches, where there's often a building committee and multiple voices to consider.

Ziga designed spacious, custom homes tailored to the women's needs.

The total gross square footage of the compound, including garages, porches, and patios, is about 7,954 square feet.

That includes a 12-foot observation tower, which offers stunning views of the area's lush woodland.

Ziga integrated the natural landscape of the property into his design.

Considering the land's natural topography, Ziga positioned the far end of the guest-house home, where Lanford lives, on a nine-foot foundation.

"This served a triple purpose of keeping the finished floor elevation outside the floodplain, keeping everything on one level, and giving Muriel the treehouse vibe she was going for," he said.

The women live in separate sections of the compound.

The main house features an open living, dining, and kitchen area, along with three bedrooms and three bathrooms — one for each sister and a guest room that can be used for caregivers in the future.

Each of the sister's bedrooms has a private patio. The house also has a small front porch, a large rear porch, a laundry room, a mudroom, a craft room, and a two-car garage.

The guest house has two bedrooms, two bathrooms, and an open-plan living, dining, and kitchen space. Lanford wanted an open loft concept, with her bedroom, bathroom, office, and workout area all in one large space.

This part of the compound also has a small front porch, a large rear porch, a laundry room, a mudroom, and a two-car garage.

Each of the women had specific requirements for her individual space.

Lanford, a nature lover, wanted her part of the compound filled with windows so that she could easily connect with the outdoors.

In contrast, Guerra, who is sensitive to light, requested a meditation room and a bedroom with a sliding door outfitted with blackout shades for nighttime.

Meanwhile, Douthitt asked for a doggie door so her pup could come and go freely.

"I think the trickiest part was coordinating the wants and needs of all three of them," Ziga said. "In a traditional custom home with a husband and wife, one person usually defers to the other. But with this project, there were three people to consider."

Each woman's wing also has some of the same features.

Accessibility was a key design theme for the compound, as the women intend to age in place.

The home features minimal steps inside and out and a gently graded walkway between the driveway and front door. Both front porches are level with the main floor.

The homes do not have carpet, and light switches are lower than usual for ease of use. The bedroom closets and the laundry and pantry rooms are spacious enough for wheelchair access.

The bathrooms are also designed with ample space for wheelchairs, and have grab bars and shower benches installed for safe and comfortable bathing.

Communal spaces were just as important to the women as their private ones.

It was crucial for the women to feel connected, but also to have moments of privacy when needed, Ziga said.

"The challenge was creating a design that honored community and personal space," he added.

To achieve this, he designed each bedroom with its own private patio and yard, providing a sense of visual seclusion.

When the women want to come together, they can gather in communal spaces like the "oasis" — an outdoor area of the home where they keep their bird and squirrel feeders — or the shared nature overlook.

The overlook is a two-story outdoor patio located between the two houses.

The large rear porches are connected at the same level, with the first level of the overlook having a covered patio feel and the second level featuring the lookout tower.

The overlook is a favorite spot for the women. There, they enjoy looking for wildlife and watching sunsets and sunrises through the towering oak trees around their home.

Ziga also designed the overlook with accessibility in mind. If mobility becomes a concern as the homeowners age, an exterior lift can be added for easy access to the view.

Each woman plays her own unique role in the home.

Lanford is the master gardener — though Douthitt loves to help — and she's also the handyman of the home, even making minor roof repairs when needed.

"She puts together a maintenance list for everything — like how we maintain our septic tank and soft water system. She handles all of that daily," Douthitt, 62, a volunteer with a human trafficking organization, said.

Lanford also manages the compound's split finances and pays the bills. "I'm a bit of a numbers nerd," she admits.

As the designated bargain hunter, Guerra negotiates and shops around for the best deals for the compound. "I'm the one who argues, debates, and tries to find better prices," she said.

When she's not working with local appraisers to ensure the compound's property taxes don't increase, she occasionally cooks for the women.

The women split the compound's utility and other bills.

Regardless of their individual roles, they split the home's bills evenly.

Each person pays about $30 a month for water, and their electricity bill tops out at $100 per person during the peak months of August and September.

Living with a sibling be difficult, even when you're older.

"I'm the youngest, and living with my oldest sister has had its challenges, but that's family issues," Douthitt said. "The benefits far exceed anything, and I don't feel like it's a sacrifice."

The compound is a designated butterfly sanctuary and a wildlife habitat.

"We are a Monarch butterfly way station," Guerra said. "That wouldn't be the case if we didn't live here, so that's pretty cool."

They also care for other wildlife that visit the compound. Their oasis features bird feeders, squirrel feeders, and tubs of water for the animals.

"Michelle loves to name the creatures that come by to get fed and hydrated, so she knows them all personally," Guerra added.

Guerra, the only one with grandkids, loves having them visit the compound.

"The youngest, who's nine, was especially excited," she said. "He was so proud because he brought four of his best friends for an adventure out here, and they talked about it for days afterward."

The women have enjoyed living together and building a community.

A major factor in the women's decision to pursue communal living was the transformation in their own lives and the changing nature of the neighborhoods they had lived in for decades.

"The old neighborhood I lived in was very close-knit," Lanford, who is divorced, explained. "I had a lot of close friends there, but I was the last person standing. The neighborhood was changing, and what I missed most was my community."

At Tierra de Dios, the women have found the sense of community they were missing, spending time together and supporting each other during times of need.

"It was the ideal situation during COVID," Guerra said. "We cooked together, streamed movies together, and played games together. We didn't really feel the lockdown as much because, for the most part, we enjoyed being here and had each other for company."