Housing forecasts for 2016

Global SourcesUpdated on 2023/12/01

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Zillow expects higher buyer preference for suburban homes as US housing costs increase faster than income.

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Online real estate database company Zillow predicts that US homeowners are more likely to purchase homes in suburbs due to a lack of housing affordability for 2016.

In the late eighties, 52 percent of home buyers are married. Now, the average age of buyers is three years older than those in the eighties.

Zillow also expects that low-income Americans would be unable to purchase even the cheapest homes available on the market, as home value is increasing faster than income. Rents will continue to soar, and would probably reach the highest median rates ever.

Those residing in thriving coastal markets would be moving farther from the city hub. Walkable suburbs with ample amenities would be among the hot spots for 2016.

Certain markets such as Idaho and Utah are expected to be popular due to population growth and home value growth.

The Zillow Home Price Expectations Survey estimated that home value growth would increase by 3.5 percent in 2016.


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