housing trends

Reasons for a Down Housing Market by 2020

Reasons for a Down Housing Market by 2020

These should be happy times for the housing industry. The market is booming, with more people working at higher pay, and with the large millennial generation reaching prime home buying age.

Home prices haven't declined nationally, at least based on the most commonly followed indexes. However, their rate of growth has declined, and more and more home sellers are finding they need to reduce asking prices to discover a buyer.

Given how fundamental housing is to the wider economy -- it is the largest driver of both wealth and indebtedness for the majority of households, and its changes have regularly been significant factors in past booms and busts -- this recession is not something to be taken lightly for anybody hoping the good times will last.

An Infographic About Millennials

An Infographic About Millennials

Millennials suffer a lot of bashing, especially from property managers and landlords. Why? Well, they have the lowest percentage of home ownership, one of the highest percentages of rentership, and of course, the highest percentage of “living with the parents” versus every other generation.

One of the more startling figures in the below infographic is that average rent prices have gone from $500 in 2000 to $954 in 2018. That is almost double in less than 2 decades. The struggle is real, but the good news is that Millennials are hopeful for a brighter future.

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