Housing Facts, Data, and Trends

Pay very close attention to this information.   You can increase your business by understanding how this information is playing out in your local market.  This is a great way to either strengthen or increase your Realtor partnerships.  Develop some joint marketing campaigns and programs that specifically target the consumers that are affected by the current market.

 

  • Across the nation, just 39 percent of renters make enough money to afford a house payment in their area. On average, 45 percent of the renters living in any given metro area can afford the monthly payment on a median-priced home where they live—less than half the renters in any city. While renters are hurting everywhere, the pain varies widely from metro to metro, and even from neighborhood to neighborhood.

(Door Hangers, Homebuyer seminars, Radio, Social Media)

  • Nationwide, most households living in metros (59 percent) can afford housing payments on a median-priced home for their area. Low-interest rates and Federal Housing Administration home-purchase mortgages have bolstered homeownership rates in recent years.

(Target areas, Consumer alert: Rising interest rates, FHA program education)

  • “A one percentage point hike in mortgage interest rates would raise the typical monthly payments on a median-priced home by about $130, reducing the share of households able to afford homeownership in their respective metros from 59.0 percent to 55.7 percent—a decline of 3.3 million households,” reads the Harvard report.

(Purchase power, Incentive, and Urgency)

  • Household growth is rising, but the share of millennials living in their parents’ home also rose. In 2015, 35.6 percent of 25- to 34-year-olds lived with their parents.

(College partnerships and social media)

  • By 2035, millennials are projected to head 49.8 million households, compared with the 16 million households they headed in 2015.

(College partnerships and social media)

  • Families with children make up 39 percent of renters, up from 32 percent in 2005. Between 2005 and 2016, the increase in these renters made up 22 percent of renter household growth.

(School systems and # of bedrooms is important)

  • By 2035, the number of households over age 65 is projected to rise to 79 million, compared with 31 million in 2015.

(Can you say, “REVERSE!”)