Recent consumer behaviors have pinpointed some distinct housing trends in 4 demographic groups that could have a lasting impact on the American housing market.
1) As baby boomers continue to stay in the work force and delay retirement, this increases the likelihood that they will hold off on downsizing to retirement properties, keeping their suburban homes until the market stabilizes a bit.
2) In years past, the baby boomers were able to own second homes but this trend seems to be slowing down. The 46-54 age bracket is now less able to afford the cost of a second residence than they were a few years ago.
3) High housing costs have also hindered the ability for many members of Generation Y to own their own homes. Instead, statistics show that this demographic is likely to keep renting for the next few years while searching for affordable housing. These buyers also place much less emphasis on suburban properties, and instead are more interested in affordable, walkable neighborhoods that are close to the city.
4) Some studies show that immigrants are also looking for homes in strong, close knit neighborhoods with plenty of space for extended families.
Overall, it appears that the suburbs are losing their luster while people find more satisfaction in more urban areas.
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