Connect with us

Buzz

Here’s what the US housing supply could look like by 2028

Editor

Published

on

[ad_1]







Photo: Robert Clark

Although a new study by the Harvard Joint Center for Housing Studies (JCHS) downgraded the number of new US households expected to form over the next decade, homebuilders still have a long way to go to adequately meet tomorrow’s demand.

“Even based on these lower projections, this new projection for 2018-2028 demand would still exceed the rate of housing production as of 2018,” reads the study.

According to the new JCHS projections, the number of US households will grow by 12.2 million between 2018 and 2028, and then 9.6 million between 2028 and 2038.

These projections were downgraded from the JCHS’s 2016 estimates, which called for 13.6 million households between 2015 and 2025 and then 11 million for 2025 through 2035.

New construction levels dropped off sharply following the housing collapse 10 years ago, staying well below historic norms. To date, there have been few, if any, signs that the severe national housing shortage is going to end any time soon.

“Household growth must be accommodated either by the addition of a new housing unit, the absorption of an existing vacant unit, the subdivision of an existing home into multiple housing units, or the conversion of a non-residential structure into a home,” reads the report.

National housing stock grew a modest 0.4 percent year-over-year in November 2018, following nearly four years of annual declines, according to the listing site Zillow. Inventory grew slightly on an annual basis for the two months prior to November.

Aaron Terrazas, Zillow senior economist, called November’s modest gains “a step in the right direction” but was quick to add that “there’s a long march to go” before supply even comes close to adequately meeting demand.

Despite the downgrade, JCHS says that the driving factors behind household growth remain mostly unaltered.

Millennial, minority and single-person households are projected to see “significant” growth over the next 10 to 20 years. In fact, the number of Hispanic households is projected to account for 37 percent of total growth between 2018 and 2028.

Over the next decade, the JCHS predicts that household growth will grow by nearly three million for Millennials between 35 and 44 years old. Single-person households (4.6 million) and married-without children (3.8 million) households will also see significant growth.

Meantime, Millennials, who have been largely absent from the housing market, are beginning to age into their “prime homebuying years.” They will be looking to put down roots and start families in a home that they own instead of rent.

Currently, just over one-third of American adults under 35 years old own a home, but Millennial homebuyers contributed the most to overall homeownership growth in the third quarter of 2018.

And while expert predictions for the US housing market have largely called for an overall cooling as price growth slows nationwide, the lack of new inventory looks likely to remain a thorn in the side of the market in 2019.

But the real problem with dwindling supply may be a shortage of skilled laborers.

Over the last four to five years, many building slowdowns have been caused by a worsening labor shortage. Currently, there are over 270,000 unfilled construction jobs nationwide.

“The housing market could grow faster if there were more workers,” Robert Dietz, National Association of Home Builders chief economist, recently told Livabl.

[ad_2]

Source link

قالب وردپرس

Buzz

5 DIY Home Improvements for the COVID-19 Lockdown

Editor

Published

on

By

The global coronavirus pandemic has forced millions of people around the world, to spend more time in their homes this year than they have spent in a long time. As people sit around day after day within the confines of their home, it becomes easier to notice all the areas of the house that need some work. Fortunately, everyone can now afford the extra free time to do the home renovation project they’ve been putting off for years.

Due to the on-going global health crisis, you may not be able to hire any help for your home improvement project; this means that whatever new project you plan to do around the house, whether it’s repainting the home, or installing floor heating systems, you would have to do it yourself.

Here are some do-it-yourself that you may like to try out.

Upgrade to Smart Home Appliances

It’s 2020, what better year to embrace the future by installing a range of high-tech devices that make life extra easy. For instance, with a smart thermostat, your home’s heating and cooling system can go off on their own when not needed, keeping your electricity bills lower. Other appliances that you can make smart include your lighting, home security, music and more.

Clean out your Garage

Homeserve suggests a garage cleanout as a great home improvement project for this season because cleaning out your garage provides some fresh air, the heavy lifting provides some workout and you feel an enormous sense of accomplishment when it’s done.  What’s more, the day would be far spent by the time you’re done with this project. Cleaning out your garage would require you to sweep out any dirt or debris, and get rid of other useless items that may have been stored there for a long time.

Start a Repainting Project

There’s always room for a fresh coat of paint to make everywhere look more alive, so grab a paintbrush and add some extra character to your home. The good news is that you don’t even have to go out for the paint, you can have it shipped directly to your door. Southlandremodeling suggests that if you had 2019 palette or older in your home, now is the time to embrace the latest colour hues of 2020, that show off a more contemporary style and make your home look more sophisticated.

 Build a Patio

Now is the time where every family would enjoy having a paver patio or an outdoor deck, somewhere to sit and get some fresh air when you’re tired of being cooped up inside all day. First you have to ensure that your home has enough space for a patio and that you have enough skills to handle a hammer and other tools for simple construction.

Next you order your needed materials online and get started. There is a great sense of satisfaction that comes with being able to create an outdoor space that your family can enjoy while being stuck at home.

Install some floor heating systems

Installation of floor heating systems is one of the best home improvement projects that one can get. Many people prefer to hire professionals to do these kinds of installation but if you are up for it, it’s not impossible to do this on a DIY project and get a valuable addition to your home for about half the cost.

Finally

There is no reason to continue holding out on your dream DIY home renovation projects, especially now that you have all the time in the world due to the COVID-19 stay-at-home order. Now is the perfect time to transform your home all by yourself!

Continue Reading

Buzz

13 Montreal Apartments For Rent That Have Breathtaking Outdoor Spaces

Editor

Published

on

By

With Quebec’s moving day just around the corner, many people are starting to look for a new property to rent. And, now that Montreal real estate activity is back in action, you can start trying to find the perfect space again. And, if you ask me, an apartment that comes with outdoor space is a must when living in the city.

From balconies to shared rooftop spaces, we’re all looking for a place where we can be outdoors. 

Now, more than ever, fresh air is something that we’re all craving. And, with summer coming faster than we think, finding a place with access to the outside is on so many of our checklists. 

Luckily for you, we at MTL Blog have made your job very easy and have gone through listings throughout the city to showcase some of the best rentals, all of which have outdoor spaces. 

Some of these properties offer private balconies while others have surreal rooftops you get access to. Regardless of which one you fall in love with, you’ll be sure to have a summer to remember living in any apartment on this list. 

Get ready for moving day because after looking at these properties, you’re going to be ready to pack your belongings.

Continue Reading

Buzz

Montreal real-estate market hit hard by pandemic

Editor

Published

on

By

Like many industries affected by the COVID-19 pandemic, the red-hot Montreal real-estate market has suddenly chilled.

After 61 consecutive months of increases, the Montreal Census Metropolitan Area reported a 68-per-cent decrease in residential sales transactions in April 2020 compared with the year-earlier period, according to the Quebec Professional Association of Real Estate Brokers.

The most recent residential real-estate market statistics for the Montreal area showed 1,890 residential sales transactions were concluded last month. Those figures are based on the real-estate brokers’ Centris provincial database.

Montreal has been hit harder than other Canadian cities by the pandemic, and the drop in sales was seen in all six main areas of the Montreal CMA.

The drop in sales applied to all three property categories. Single-family home sales fell 68 per cent (1,048 transactions): plex sales dropped 67 per cent (161 transactions); and condominium sales tumbled 69 per cent (675 transactions).

Despite the drop in sales, real-estate prices rose in the CMA. The median price of single-family homes increased by nine per cent to reach $360,000, while the median price of condominiums climbed 12 per cent to $289,900.

Compared with April 2019, the median price of plexes (two to five dwellings) increased 10 per cent to $595,000.

Continue Reading

Chat

Trending