As we continue to look out at the world and understand the trends that are impacting relocation, we saw that Harvard recently released it's "The State of the Nation's Housing 2018" report which realtor.com has compiled in to three key trends:
- Immigrants will increase the demand for housing
- Millennials are staying put
- Homeownership by African Americans is lagging behind
This video also provides insights from the report and from a panel group commenting on different aspects of the report.
Some additional takeaways:
- The West and the Southeast, including Washington, Oregon, Florida, Georgia and South Carolina are some of the only places that are seeing an influx of new residents moving in
- Millennials seem to be headed to Colorado, Georgia, Maine, Minnesota, New Hampshire, Oregon, Texas and Washington
- Residents are moving out of high-cost states such as California, New York and Illinois
This is the 30th Anniversary in this series so this year's report included their usual look at current trends but also reflections on how things have changed over the decades.
What defines the American housing market, circa 2018? Let's see: a lack of available homes for rent and sale, rising prices due to that lack of supply, and diminishing affordability, particularly for low-income Americans and first-time buyers. Sound familiar? The biggest difference between this year and the previous one is that these problems have only gotten worse, according to "The State of the Nation's Housing 2018," a comprehensive annual report produced by the Joint Center for Housing Studies of Harvard University.