Housing Trends 2019
Did You Know? [video_popup url=”” text=”none”]
According to Realtor® Magazine the emerging trends for housing in 2019 are still closely tied to affordability and finances. But who lives in those homes and the amenities in the home is changing.
There is still a lack of affordable housing inventory. Millennials strapped with education debt and Hispanics an important group that is buying real estate, both are doing so with less purchasing power than the average buyer. Millennials have 19 percent less buying power and Hispanics have 12% less.
Repeat buyers are older. The average age of repeat buyers is 55. In 1981 the average age was 36. First time buyers age is fairly constant at 32, but the marital status has changed to include 18 percent single women and 16% unmarried couples.
Parenthood is down. Care for pets and aging parents is up. Birthrates are down with 2.4 births per woman. In the 1960’s that figure was 4.7. The percentage of home buyers in the U.S. with children is 34%. Housing for pets and multigenerational family living is an upward trending statistic.
Ownership in one home is getting longer. The length of ownership in a specific home averaged 6 years in 2008. Today it is averaging 9 to 10 years.
Buyers want staged homes. Referred to as the TV effect, staging is becoming increasingly important as buyers watch and expect the results they see on the many shows currently televised.
Home ownership is still the American Dream. Nine out of ten currently non-homeowners still view baseball, apple pie and owning a home the American Dream.