The past 15 months have been anything but normal. As the country slowly returns to a pre-COVID way of life, a new question arises, ‘What will the housing market look like in a post-COVID world?’ Let’s examine a few aspects of the housing market and what we could expect moving forward.
The mortgage payment quiz could save you thousands.
Generation Z—those born between 1995 and 2010, so between 9-24 years old today—represent a larger share of the population than Millennials, with their cohort of some 68 million vouching for a quarter of the U.S. population. By 2020, Gen Z will account for 40% of all consumers in the U.S.*
Gen Zers have some strong ideas about where they want to live, too. The most important feature of their homebuying process is being close to their place of work, with 71% ranking it the most important factor. Next, proximity to friends and family trails behind at 52%. Crime rate forms part of their consideration, with 46.3% listing it as a homebuying factor.
A condo is a great option for many homebuyers. They can be more affordable and require less maintenance than single-family homes. However, the condo financing process can be very difficult for the prospective homebuyer.
To help strengthen revitalizing communities, the Department of Housing and Urban Development created the Good Neighbor Next Door (GNND) program. The program offers a 50% discount on the purchase price of a home—with a low down payment of $100 for FHA loans—to members of society who have dedicated their lives to community betterment.
There was a time when social media was simply a fun way to stay in touch with your friends or share nonsensical videos on the internet. That time is over.
What comes to mind when you think of a Millennial? Most likely, it’s probably something along the lines of a smartphone-obsessed young adult complaining that city homeownership is out of reach—between mouthfuls of $20 avocado toast at brunch.