If US President-elect Donald Trump implements plans to deport large numbers of immigrants, the construction workforce is likely to be hit hard. according to property experts, Zillo.
New buyers are already set to enter the United States housing market in 2017, but a shortage of workers will almost certainly put pressure on the industry. Property Prices are predicted to rise 3.6 on average, though renting is likely to become more affordable. An increasing number of Americans are happy to drive to work from affordable suburbs for.
Millennials will play a significant role in increasing the home-ownership rate. Almost half of all buyers in 2016 were first-time buyers. So called millennials made up over half of this group of buyers.
Here are some of Zillow’s predictions for the 2017 US housing market:
- Cities will focus on denser development of smaller homes close to public transit and urban centres.
- More millennials will become home-owners, driving up the home-ownership rate. Millennials are also more racially diverse, so more home-owners will be people of colour, reflecting the changing demographics of the United States.
- Rental affordability will improve as incomes rise and growth in rents slows.
- Buyers of new homes will have to spend more as builders cover the cost of rising construction wages, driven even higher in 2017 by continued labour shortages, which could be worsened by tougher immigration policies under President-elect Trump.Home values will grow 3.6 per cent in 2017, according to more than 100 economic and housing experts surveyed in the latest Zillow Home Price Expectations Survey. National home values have risen 4.8 per cent so far in 2016.
Zillow is a leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge and connecting them with the best local professionals. Launched in 2006, Zillow is owned and operated by Zillow Group and is head-quartered in Seattle.