2016 Predictions for Housing Market

2015 was a recovery year in the housing market, and 2016 is predicted to be a year of affordability. Since inner cities are becoming more expensive every year, first-time buyers and young people will be forced to look in the suburbs. They will want to live in a community that’s amenity rich, and often resembling that of a city where they can walk most places. These are mini cities that look like a regular city.

Here are the predictions for 2016 according to Zillow.com

  1. The median age of buyers buying their first home will be a new record. On average, buyers are already three years older than they were in the 80’s.
  2. Because home values are rising, most of the low-income Americans won’t be able to buy a home. The poorest American’s won’t be able to buy a home.
  3. They are predicting rents to soar, and be the highest median price ever.
  4. A lot of people will be moving to the suburbs, changing them into hot popular spots. They will change into looking more like inner cities with everything in walking distance.
  5. We are expecting home prices to rise a solid 3.5%. 

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