Demand For Homes Likely To Remain High
The ebb and flow of the housing market is hard to predict. Unforeseen events, like the COVID-19 pandemic, can come along and ruin all of the experts' projections and forecasts. However, there are also times when a forecast is based on data that is hard to deny.
For example, a recent analysis found Americans are forming households at a lower rate than they did before the Great Recession. That means, younger Americans are living with their parents or roommates longer than they did in years past.
In fact, according to the analysis, if the rate of household formation remained at pre-crash levels, there would be an additional 5.7 million households today. In other words, there are a lot of Americans who'd like a home of their own but haven't yet been able to buy one.
Combined with the number of Americans reaching, or now at, peak home buying age, the data makes a strong case that there will be pent-up interest fueling home buyer demand in the years to come, regardless of world events or market conditions.