Housing Market Predictions for the Next 5 Years Promise Lots of Surprises
U.S. News & World Report article warns, “Fasten your seatbelt: The housing market is in for a bumpy five-year ride.”
...the pandemic break gave many Americans a glimpse of what life could be like without the stresses of juggling demanding careers and supporting families around lengthy commutes.”
WASHINGTON, D.C., UNITED STATES, April 14, 2023/EINPresswire.com/ -- A 5-year housing market forecast for the United States published by U.S. News & World Report and produced by contributor MetroIntelligence predicts continued uncertainty in the years ahead due to a unique combination of unknown variables. The data is provided from several authoritative sources, including the U.S. News Housing Market Index, an interactive platform providing a data-driven overview of the housing market nationwide. — Patrick S. Duffy, Real Estate Economist
“Over the next five years, look for several important trends accelerated by the COVID-19 pandemic to begin having lasting impacts on real estate and land use, many of which will impact the demand and supply in regional housing markets,” writes Patrick S. Duffy, chief economist for MetroIntelligence in the report. “Whether due to emerging technologies, changing demographics, the state of local job markets or the rise of remote work, the list of the hottest housing markets in 2027 may look a bit different from 2023's hottest housing markets.”
Among the key findings:
• After initial declines and adjustments, national housing prices and rents will mostly track inflation and wage increases, but there could be considerable differences between regions.
• Remote/hybrid work and education could challenge the housing market status quo and threaten urban finances.
• The traditional single-family home will become rarer in core urban markets.
• More new single-family homes will be built in HOAs.
Other major trends covered in the report include the costs and consequences of climate change rising in importance, the total cost of ownership (including insurance premiums) becoming a key metric, more buyers joining with friends and family members to purchase homes, a national housing shortage through the end of the 2020s and changes in the way homes are built, including 3D printing.
The forecast assumes a shallow recession at the end of 2023 and inflation that is brought under control by 2024, which could boost home affordability if mortgage rates decline.
The entire report can be viewed at https://realestate.usnews.com/real-estate/housing-market-index/articles/housing-market-predictions-for-the-next-5-years.
About MetroIntelligence:
MetroIntelligence is an economics consulting firm focused on land use, and also provides public relations and corporate communications services to clients working in homebuilding, real estate development, finance and sales. Company founder and real estate economist Patrick S. Duffy began contributing to U.S. News & World Report in 2022, focusing on economics and other trends related to the housing market as well as analyzing their recently unveiled Housing Market Index. For more information on MetroIntelligence, visit https://www.metrointel.com.
About the U.S. News Housing Market Index:
The U.S. News Housing Market Index leverages IBM Watson® Natural Language Understanding – and the recently acquired Housing Tides Index from EnergyLogic – to help enable U.S. News to interpret and synthesize large volumes of housing data for easy viewing. The computing power supporting this platform allows users to find tailored data results for different regions and time periods, allowing them to make informed decisions about housing. The index also includes a tool providing forecasts on building permits for the top 50+ U.S. markets, while a robust sentiment analysis feature interprets 500 media pieces related to housing each month. For more information on the U.S. News Housing Market Interface, visit https://realestate.usnews.com/housing-market-index/interface.
Sean McNerney
MetroIntelligence
+1 562-246-6070
smcnerney@metrointel.com
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