In order to figure out predictions for the next upcoming years, we must be able to analyze the current housing market.
The current housing market features a cooldown that has seen a decrease in sales. Not only are sales decreasing, but, prices are increasing in various locations.
Although we can only make predictions, these predictions tend to be accurate. According to Chicago Agent Magazine, the housing market is far more diverse than it was years ago. This is a great thing and reflects the amazing changes over the last few decades.
The housing market will continue to decrease and slow down
In the next few years, many Economist and analysts predict that the housing market will continue to decrease because of employment, income, and quality of life. There is a current slow down and it is not predicted to stop anytime soon. In the years 2020, 2022 and 2025, the prices of these houses will continue to increase. The reasoning for all of this is that there are more houses than there are buyers which influences competition between sellers.
Why is this happening?
Lots of young adults stepping into this world for the first time are opting out of buying houses and instead of looking for roommates to rent out Apartments. With the increase in students going to college and the national debt increasing, it is not rare or strange to hear about the lack of house buyers. The current baby boomer generation is slowly disappearing and dying off, leaving behind Generation X and millennial.
Young adults are not buying homes
This younger generation is not ready to own a house and pay a mortgage. They are currently focused on studying and building a family, over time.
There are also various types of housing that have increased in popularity over a few years. Some of these examples include Airbnb, hotels, couch-surfing, and more.