Most Americans like where they live, rating both their homes and neighborhoods favorably. Home opinions can be impacted by housing quality, having adequate space, amenities and cost.
Open Houses
While COVID-19 has clearly accelerated the demand for homes, the benefits of homeownership are not shared by all. Price increases as a result of a competitive market are putting homes out of reach for lower-earning households.
A combination of strong demand, low inventory of existing homes, and constraints on new construction due to labor and supply shortages have sent prices sharply upward.
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Supply constraints have driven up housing prices—often a leading indicator for rents—and renters are now feeling the effects. The result of these conditions has been a gradual increase in the rate of wage growth accompanied by a sharp increase in rental prices.
While they have also had lower homeownership rates than older generations of the same age, millennial home buying is picking up steam. Home demand has surged during the COVID-19 pandemic, and many aging millennials are now in a better position to buy a home.
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