Posted by IGN on September 29, 2018 01:37:06Home buyers, sellers and renters will all have to be ready to move in in the coming years.
In the meantime, the most popular places to live in the United States will be changing.
That means that it’s time to get your head around the big changes in the next couple of years.
Here are some key places that will change the face of the US market.
The big winner will be renters, according to a recent report from real estate brokerage Cushman & Sun.
That report, which surveyed 1,000 consumers, found that people are looking for a home in more than ever before.
The trend extends across all income levels, and for a lot of people it’s a good thing.
“We found that renters are more willing to pay for the new house they want than owners, which is probably good news for the overall affordability of the market,” said Cushmans report director Chris Buell.
“There are going to be new homes for renters.”
The report also showed that millennials are moving in droves to buy homes, and this trend is expected to continue.
According to the survey, millennials have an average age of 35, a median income of $61,500, and an average monthly rent of $1,095.
Renters, on the other hand, are just over 30 and a median household income of about $63,500.
As you can see from the chart above, the demographics of both groups are changing, which means that homebuyers are likely to see an increase in demand for their properties.
Meanwhile, renters are likely seeing an increase as the price of a home is on the rise.
“Renters have historically had a hard time finding a good deal,” said Buello.
“But with the economy improving, they’re getting a lot more motivated to buy a home.”
In addition, millennials are also looking for homes in major metropolitan areas, which are going up in value.
According a recent survey from Trulia, millennials in the metro areas with the highest median household incomes are going for homes that are $2 million or more, while millennials in smaller metro areas are looking to save for a house that is $500,000 or more.
While this is an important trend for renters, it’s also good news to homebuyer, who will be able to keep the same lifestyle.
“In the last few years, there’s been a lot pressure on homebuyors to make the move to the suburbs,” said Trulia president Chris Lydon.
“It makes sense for the younger generation to want to be a part of that, and that’s good news.”
The trends are similar for buyers, with older buyers seeing an increasing demand for homes.
“The younger generation is moving into a lot less expensive areas, and younger buyers are buying for less money,” said Lydons report director, Brian Griesemer.
“So if you want to make that move, you’ve got to get a house for under $2M, but that’s not always a bad thing.”
The new homes that will be offered in the market will be very different than the ones you see in the movies.
“A lot of the newer houses are going be built to withstand earthquakes,” said Griesemers report director.
“Some of the older houses are designed for people who like to be outdoors and walk the dog.”
While there’s no word on the exact number of new homes being built, there is a big demand for them.
“More than 50% of all homes are now being built to accommodate seniors,” said Chris Lymons.
“They want to live closer to nature and nature lovers and want to enjoy the outdoors, and they’re also looking to have a home that’s more energy efficient.”
This article originally appeared on IGN.