Housing Market Trends Report: Winter 2016

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Key Takeaways

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2016 will be all about housing affordability, pushing people outside city centers to the suburbs.

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National home values still lag 6.8% below their pre-recession peak.

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Current renters spend roughly 30% of their household incomes on housing; home buyers spend about 15%.

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Even with less money down and a higher interest rate, rental costs are remarkably higher than homeownership costs.

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Millennials have conservative views of homeownership, but high rents are giving them incentive to buy.

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The question isn’t “Why don’t millennials want to buy a home?” It’s “When and what can they afford to buy?”