Homeownership to Surge?
It’s hard to believe but 2015 is wrapping up. The hot housing season is beginning to dwindle as we prepare for colder months, school starting up, and holidays just a couple calendar page flips away.
So far this year we have seen a steady improvement in the housing market. Rates were reasonably low although they started to tick upwards as the months progressed. We also saw the rate of homeownership increase giving rise to the belief that the economy will continue improving.
This has us thinking: How are the next five years shaping up? According to HousingWire
, more than half of Americans plan to buy a home within the next five years. Forbes
claims 42% of millennials will be buying a home during this same timeframe and approximately 2.2 million “boomerang” homebuyers are anticipated to reenter the market says credit.com
So what we are expecting is a rush into the market from first time homebuyers, young buyers, and those who may have suffered with the crash but are now ready and financially stable once again to invest.
Looking at these numbers, that’s a lot of homebuying. If these numbers hold true in the next five years, there could be a rather impressive surge in homeownership. Now whether this holds up is yet to be seen but as rates and home values level out, these next five years could be just what our economy and the industry needs to regain footing and a positive reputation.