Changes are coming to the housing market in the wake of 2020 so far, and this infographic helps outline precisely what those changes are. The first part explains the statistics of the market, and there’s information on inventory and what that means for millennials today.
On the rise are mortgage rates, predicted to increase by 3.88% before next year. Although this may not be great news, there is good news in the rise of single-family housing at 6.0%. This 1.8% decrease paired with the increase in single-family homes means that millennials are moving towards homeownership. Finally, they tell us that the homeownership rate is currently 64.6%.
Right now, 50% of home purchases are by millennials because of the increase in affordability. The graphic also explains here that Gen X and Boomers are holding onto their homes, which decreases the number of homes on the market. As it stands, there is currently more demand than supply. They also added a section on the myths and truths to debunk all of the misinformation you may have heard.
If this infographic peaks your attention, take a look here to learn more about the current housing market.