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RealEstate.v2

Dataset card Data Studio Files
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[ { "role": "user", "content": "The global economy faced extraordinary challenges in 2025. Tariffs rose to levels we haven’t seen in nearly a century. Immigration limits tightened labor markets. Geopolitical tensions flared in multiple regions. And policymakers everywhere seemed locked in a constant debate ov...
[ { "role": "user", "content": "From Resilience to Optimism Looking ahead to 2026, the tone is shifting—from resilience to optimism. Policy uncertainty is easing. Central banks have started to lower rates. The cost of debt is coming down. Inflation has moderated in most economies. Capital is flowing aggressiv...
[ { "role": "user", "content": "Labor Market • GDP growth outperformed expectations in 2025 and is on pace to register a respectable 1.9%." }, { "role": "assistant", "content": "In 2026, we expect similar growth of 1.7%." } ]
[ { "role": "user", "content": "• The AI boom is now contributing to growth in a meaningful way via capital investments in data centers, computing equipment, and a surging stock market. We estimate that more than half of the GDP growth in 2025 is attributed to AI-related investments. GDP Growth • Inflation re...
[ { "role": "user", "content": "• Upside risks cannot be discounted either. The AI boom is generating new outlets for investors and occupiers to capitalize on. Moreover, the potential for a real productivity boom could positively impact the macroeconomy and benefit most CRE asset types. Risks & CRE 2026 ECONO...
[ { "role": "user", "content": "• On the plus side, office-using employment has turned positive and will contribute to employment gains going forward. Average hourly earnings are also outpacing consumer inflation, allowing for modest gains in real income. 7 ECONOMY CPI, Y/Y % Fed Target , Tariffs are Inflatio...
[ { "role": "user", "content": "9 U.S. Economic Policy Tariffs Trade policy took center stage in 2025 and continues to be a headwind to economic growth. This is driven by both the taxation impacts of tariffs and the uncertainty surrounding the path forward, including ongoing Supreme Court deliberations on the...
[ { "role": "user", "content": "Federal Reserve Policy shifts have made the Federal Reserve’s job of assessing progress toward its dual mandate of full employment and 2% inflation more challenging. Since first cutting rates in September 2024, the Fed has cumulatively lowered its policy rate by 150 basis point...
[ { "role": "user", "content": "What to Watch Each of these sources of policy uncertainty will not magically go away, but we believe policy will become less disruptive in 2026 for several reasons: 1) Tariffs are causing a temporary price-level increase, after which inflation will normalize as supply chains ad...
[ { "role": "user", "content": "• The 10-year Treasury yield has remained within a 4.0–4.3% range for the past three months, and our baseline expects it to stay toward the upper end of this range over the next two years, influenced by competing forces—upward pressures such as inflation and deficits and modest...
[ { "role": "user", "content": "16 Light Is Growing Brighter Now The light at the end of the tunnel for office leasing is growing brighter with each passing quarter. In Q3, half of U.S. markets posted overall positive net absorption, with Class A space experiencing two consecutive quarters of sustained demand...
[ { "role": "user", "content": "Sentiment Matters Leasing and the capital markets do not operate in isolation, and improved sentiment on either side will reinforce the other. Both are moving in the right direction, albeit gradually. According to the Q3 2025 Cushman & Wakefield office brokerage survey, more ma...
[ { "role": "user", "content": "Supply (msf) Demand (msf) Vacancy, % (RHS) Cushman & Wakefield Baseline Forecast – Industrial Source: Upside Surprise Industrial demand surprised to the upside in Q3 2025 with its strongest quarter in over a year, totaling 45 msf and bringing the YTD totals in line with the sam...
[ { "role": "user", "content": "Development Ramping Down The development pipeline will peak in 2025 and the pipeline ahead suggests below-trend deliveries through 2028. From we forecast that 230 msf will be brought to market per year, which is half the average rate from . Build-to-suit deliveries are rising i...
[ { "role": "user", "content": "E-commerce the Mainstay Although consumer spending is under pressure, e-commerce continues to capture a growing share of retail sales, which is a plus for warehouse demand. E-commerce as a share of retail sales (excluding gas, autos, and restaurants) is nearly 30% now and risin...
[ { "role": "user", "content": "Occupancy > Rent Rent growth is softening as most apartment owners adopt defensive leasing strategies focused on preserving occupancy rather than growing rents. Much of that weakness is concentrated on new leases, while renewal rents remain comparatively resilient. With the sup...
[ { "role": "user", "content": "Q1 Severely delinquent credit cards, % of total (LHS) Consumer confidence index, 100=1985 (RHS) Source: Conference Board, Federal Reserve Board of Governors, Moody’s Analytics The ‘K-shaped’ Economy The concept of a “K-shaped” economy has become a central narrative for consumer...
[ { "role": "user", "content": "Retail tenants largely followed through on expansion plans for 2025 despite macro headwinds, but the brunt of tariff impacts may ding profit margins as tariffs pass through and spending becomes more fragmented. Industry forecasts project holiday retail sales to moderate from 20...
[ { "role": "user", "content": "Built-To-Rent Demand remains strong due to unaffordable homeownership and demographic trends, while supply is easing—setting the stage for a healthy recovery in occupancy and rent growth." }, { "role": "assistant", "content": "• Focus on the long term: Prioritize re...
[ { "role": "user", "content": "• Follow the people: Target markets with strong population growth, high concentrations of prime-age workforce, as well as desirable locations for retirees, as these dynamics drive CRE demand and long-term growth. • Capitalize on supply constraints: Trophy office vacancy is tigh...
[ { "role": "user", "content": "The Future of CRE in 2025 U.S. Research Report A year ago, economists debated the chances of a mild recession in 2024 and speculated on when the Fed would begin cutting rates — many anticipated it would happen early in the year. However, the U.S. economy was notably resilient t...
[ { "role": "user", "content": "in 2025 Inflation to Bottom in 2025: Because the recent slowdown in the core PCE deflator indicates a loss of momentum, inflation may not fully return to the Fed’s 2% target in 2025. Moreover, economists caution that President-elect Trump’s planned immigration restrictions and ...
[ { "role": "user", "content": "Consumers have maintained spending habits despite recent economic headwinds, fueled by a combination of savings from prior fiscal stimulus measures, ongoing improvements in job market conditions, and a wealth effect from rising 401k and home values." }, { "role": "assis...
[ { "role": "user", "content": "Labor Force to Tighten: With the unemployment rate steady at just over 4% and an aging Baby Boomer workforce edging into retirement, president-elect Trump’s proposed immigration curbs could further strain an already tight labor market. Labor-intensive industries like constructi...
[ { "role": "user", "content": "According to Placer.ai, office visits are still 34% below pre-pandemic levels. However, return-to- office mandates from companies like Amazon and Goldman Sachs have gradually boosted occupancy rates. While net absorption turned positive for the first time in two years during th...
[ { "role": "user", "content": "Insurance Challenges Persist: Commercial property insurance costs are projected to rise another 80% by 2030, according to a recent Deloitte study, a significant challenge for property owners. Insurers are becoming increasingly selective, often imposing stringent requirements, s...
[ { "role": "user", "content": "Vacancy: The office vacancy rate hit a record high of 17.7% in 2024 and is projected to rise another 100 basis points, to near 19% by the end of 2025. However, the pace of vacancy growth is expected to slow by 2026 as certain markets begin to recover and the pipeline of new con...
[ { "role": "user", "content": "Demand: Net absorption is anticipated to stay flat over the near term as the nation’s uneven recovery unfolds." }, { "role": "assistant", "content": "Demand will likely stagnate in the first half of the year as companies cautiously evaluate economic conditions and f...
[ { "role": "user", "content": "in 2025 Smaller Warehouses, Bigger Opportunities: Warehouse developers will position themselves for the next development cycle, with a growing number of construction starts expected by late 2025 in markets where supply and demand balance has returned. Although elevated construc...
[ { "role": "user", "content": "Nearshoring & Reshoring to Continue: In the wake of the pandemic, U.S.-China trade tensions, and high inflation, supply chains have been reorganized, leading to a surge in nearshoring to Mexico and reshoring of advanced manufacturing to the United States. Expected to continue i...
[ { "role": "user", "content": "Demand: After nine consecutive quarters from late 2020 to 2022 when net absorption exceeded 100 million SF per quarter, demand has slowed, averaging 38 million SF per quarter in 2024. A recent increase in leasing activity and lease proposals is expected to boost net absorption ...
[ { "role": "user", "content": "“Balance is expected to return to the U.S. industrial market in 2025, with vacancy rates peaking as new supply and tenant demand reach equilibrium and rent growth stabilizes. While some markets are already ahead of the curve, others will follow suit in the coming year as the ma...
[ { "role": "user", "content": "Prioritization of Value: Consumers are becoming increasingly selective, driven by financial concerns continuing into 2025. Forty-seven percent feel pessimistic about finances, while record-high credit card debt and soaring interest rates are driving more deliberate spending." ...
[ { "role": "user", "content": "Vacancy: Vacancy rates are forecast to remain steady throughout 2025, demonstrating the market’s resilience. Less new retail construction is balancing supply with consistent demand. However, in specific segments, particularly freestanding retail locations, vacancy rates may ris...
[ { "role": "user", "content": "Demand: Demand for retail space is expected to remain strong because of the ongoing need for strategic physical locations. Net absorption may decline slightly but is still likely to stay positive for both malls and shopping centers. This dip reflects the reduced number of new r...
[ { "role": "user", "content": "EXECUTIVE SUMMARY EXECUTIVE SUMMARY 1 JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY HOUSING RECOVERY SCORECARD By many measures, the US housing market has recovered sub- stantially from the crash. According to CoreLogic estimates, nominal home prices were back within 6...
[ { "role": "user", "content": "RENTAL MARKET STRENGTH The rental market continues to drive the housing recovery, with over 36 percent of US households opting to rent in 2015—the largest share since the late 1960s. Indeed, the number of renters increased by 9 million over the past decade, the largest 10-year ...
[ { "role": "user", "content": "Housing cost burdens also expose renters to the risk of eviction, with all its damaging impacts on household finances, employ- ment prospects, and school performance. Meanwhile, about renters had been threatened with eviction in the previous three months, with nearly eight out ...
[ { "role": "user", "content": "HOUSING MARKETS 7 JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY After a mixed year in 2014, the national housing recovery gained traction in 2015. Residential construction continued to climb as single-family starts revived. On the multifamily side, all key construction...
[ { "role": "user", "content": "GROWING INCOMES BUT GROWING INEQUALITY Low incomes also prevent young adults from living on their own, so the recent pickup in income growth is good news for housing demand. With employment rising for the 67th consecu- tive month in April 2016, job growth has slowly translated ...
[ { "role": "user", "content": "The persistent decline reflects the lack of growth in the number of homeowner households at a time of robust growth in the number of renter households. According to the Housing Vacancy Survey, the number of renter households hit 42.6 million last year, an increase of 1.4 millio...
[ { "role": "user", "content": "A DECADE OF BROAD-BASED DEMAND As measured by the Housing Vacancy Survey, the number of renter households soared by nearly 9 million from 2005 to 2015—the largest increase over any 10-year period on record. Moreover, 2015 marked the largest single-year jump in net new renter ho...
[ { "role": "user", "content": "HOUSING CHALLENGES 31 JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY PREVALENCE OF COST BURDENS After three consecutive years of declines, the total number of housing cost-burdened households (paying more than 30 per- cent of income for housing) ticked up to 39.8 millio...
[ { "role": "user", "content": "But even after seven consecutive years of growth, new residen- tial construction in 2016 was well below the 1.4–1.5 million unit annual rates averaged in the 1980s and 1990s. In fact, coming on the heels of the most prolonged and pronounced downturn since the Great Depression, ...
[ { "role": "user", "content": "Millennials will thus continue to fuel the growing diversity of neighborhoods across the country. In 1990, nearly one-half (47 percent) of the nation’s census tracts were more than 90 percent white. By 2015, that share was down to one-fifth. Meanwhile, the share of majority-min...
[ { "role": "user", "content": "The magnitude of growth in older households will place new demands on the housing stock. Millions of homeowners will face the challenge of keeping their homes safe and accessible as they age. However, many may not have the resources to retrofit their homes with universal design...
[ { "role": "user", "content": "Many property owners have taken advantage of years of strong financials to make improvements deferred during the downturn. The National Apartment Association (NAA) reports that capital spending per unit increased 13 percent annually from 2010 to 2015 in real terms. Community-wi...
[ { "role": "user", "content": "Homeownership rates among young adults today are even lower than in 1988, and the share of cost-burdened renters is significantly higher. Soaring housing costs are largely to blame, with the national median rent rising 20 percent faster than overall inflation in 1990– 2016 and ...
[ { "role": "user", "content": "Relatively low headship rates among millennials also contribute to lower projected household growth. Despite the recent pickup in incomes, adults under age 35 are still not forming households at rates as high as previous generations at that age. This suggests that other forces ...
[ { "role": "user", "content": "DEMAND SHIFT FROM RENTING TO OWNING After a decade of soaring rental demand, US households are edging their way back into the homebuyer market. Growth in the number of renter households slowed from annually on average in 2005–2015 to just in 2015–2017, while the number of owner...
[ { "role": "user", "content": "THE OUTLOOK By many metrics, the housing market is on sound footing. With the economy near full employment, household incomes are increasing and boosting housing demand. On the supply side, a decade of his- torically low single-family construction has left room for expansion of...
[ { "role": "user", "content": "3 DEMOGRAPHIC DRIVERS 13 JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY MILLENNIALS PROPPING UP HOUSEHOLD GROWTH The latest Census Bureau data point to moderate household growth in 2017. The Housing Vacancy Survey, the most consistent source of estimates, puts the incre...
[ { "role": "user", "content": "Even so, millennials are not forming households at the same rates as past generations at the same ages. In fact, household headship rates among young adults are still declining, albeit more slowly than after the recession. Indeed, 26 percent of adults aged 25–34 were living wit...
[ { "role": "user", "content": "1 / EXECUTIVE SUMMARY 1 JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY CONTINUING SHORTFALL IN SUPPLY Just as the recent housing downturn was longer and deeper than any other since the Great Depression, the residential construction rebound has been slower. Since reachin...
[ { "role": "user", "content": "2 / HOUSING MARKETS 7 JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY Housing markets lost steam at the end of 2018 as interest rates rose and new construction, home sales, and price appreciation all slowed. But even as rates came back down in early 2019 and helped to st...
[ { "role": "user", "content": "THE HOUSING AFFORDABILITY BARRIER Although down across the country, household formation rates for young adults have fallen the most in the nation’s highest-cost mar­ kets. Between 2006 and 2017, headship rates for 25–29 year olds—the age group hardest hit by the Great Recession...
[ { "role": "user", "content": "JCHS projections suggest that, at current homeownership rates, population growth alone will add about 8.0 million households to the ranks of homeowners in 2018–2028." }, { "role": "assistant", "content": "Over the decade, the aging of the baby-boom generation is exp...
[ { "role": "user", "content": "5 / RENTAL HOUSING 25 JOINT CENTER FOR HOUSING STUDIES OF HARVARD UNIVERSITY MODEST DECREASE IN RENTER HOUSEHOLDS All three major annual household surveys show a decline in renter households, although the size of the decrease varies. By the Current Population Survey’s measure, ...
[ { "role": "user", "content": "Rising property prices have not slowed transactions, however. Real Capital Analytics reports 9 percent year-over-year growth in apart­ ment transaction volumes in the fourth quarter of 2018, following a slight dip in 2017. The mid- and high-rise segment led in deal vol­ ume wit...
[ { "role": "user", "content": "For lowest-income renter households, however, conditions have barely improved since 2011. More than four-fifths of households with incomes under $25,000 were at least moderately cost burdened in 2019, including 62 percent paying more than half their incomes for housing. The eco...
[ { "role": "user", "content": "As a result, people of color have far higher cost-burden rates and far lower homeownership rates than white households, and account for a disproportionately large share of the home­ less population. In 2019, some 43 percent of Black, 40 percent of Hispanic, and 32 percent of As...
[ { "role": "user", "content": "Moreover, lending standards have tightened. With all the uncer­ tainty in the economy, the Mortgage Bankers Association Mortgage Credit Availability Index declined by 34 percent from February to September this year, dipping to its lowest levels since 2014. This The housing affo...
[ { "role": "user", "content": "SHARP DECLINE AND REBOUND IN HOME SALES Sales of existing homes were steady in the first quarter of 2020, on par with the first quarter of 2019. Once the economy began to shut down in response to the pandemic, however, year-over-year sales plunged 17 percent in April and 27 per...
[ { "role": "user", "content": "ELEVATED PRICE-TO-INCOME RATIOS Rising home prices relative to household incomes can impede access to homeownership, particularly for low- and moderate-income households. In 2019, the median sales price of existing single-family homes continued to rise faster than the median ho...
[ { "role": "user", "content": "Meanwhile, the number of married couples without young chil­ dren living at home grew by 1.8 million, or another 32 percent of all household growth. Households age 65 and over accounted for nearly all of the increase in these households." }, { "role": "assistant", "...
[ { "role": "user", "content": "21 J O I N T C E N T E R F O R H O U S I N G S T U D I E S O F H A R V A R D U N I V E R S I T Y HOMEOWNERSHIP RATE EDGING UP The US homeownership rate began 2020 with some momentum. The Housing Vacancy Survey reported a national rate of 64.6 percent for 2019, up slightly from ...
[ { "role": "user", "content": "According to an Urban Institute analysis, the majority of the nation’s nearly 5 million owners of manufactured homes were excluded from federal foreclosure protections because their homes were titled as personal property rather than real estate. Many of these owners are in need...
[ { "role": "user", "content": "But even as overall rental demand slowed in recent years, American Community Survey data indicate that the number and share of higher-income renters were on the rise. Some 7.9 million renter households were added between the homeownership peak in 2004 and 2019, bringing the tot...
[ { "role": "user", "content": "MODERATING GROWTH OF MULTIFAMILY CONSTRUCTION Multifamily construction fluctuated wildly this year before settling back to a more sustainable pace in late summer. After reaching a 30-year high of units in 2019, starts of multifamily buildings with at least five apartments jumpe...
[ { "role": "user", "content": "SOARING PRICES AMID HIGH DEMAND AND TIGHT SUPPLY Home sales bounced back quickly from a mid-2020 pause. Following a 26 percent drop in May, sales of existing homes were up 20 percent year over year on average from September 2020 through February 2021. Sales of new single-family...
[ { "role": "user", "content": "According to the FHFA Purchase-Only House Price Index, nominal home prices in the first quarter of 2021 increased by at least 10 percent in 85 of the 100 metro areas and divisions tracked by the index, up from just 5 markets the year prior. In 99 of those markets, the pace of t...
[ { "role": "user", "content": "Meanwhile, home prices and rents have diverged sharply. Zillow reports that typical home values rose 9.1 percent nationally in January 2021, up from 3.7 percent a year earlier. At the same time, rent growth slowed from 2.9 percent to just 1.2 percent. This diver­ gence is wides...
[ { "role": "user", "content": "CHANGES IN RESIDENTIAL MOBILITY Early in the lockdown, most households chose to stay put. Renewals of rental leases thus hit record highs in April 2020, while existing home sales were down 27 percent in May from a year earlier. As the months wore on, however, the pace of reside...
[ { "role": "user", "content": "to the count, with drug overdoses reaching a record high in May 2020. Meanwhile, the US fertility rate declined 4 percent last year, resulting in the fewest births since 1979. The Brookings Institution estimates that the number of births in 2021 will also be below normal due to...
[ { "role": "user", "content": "So far, though, household growth measures do not reflect the impacts of slowing population growth for several reasons. First of all, the overall aging of the population continues to have a large positive impact on household growth because the likelihood of heading a household i...
[ { "role": "user", "content": "T H E S T A T E O F T H E N A T I O N ’ S H O U S I N G DIVERGING TRENDS IN RENTAL SUBMARKETS Much of the overall increase in vacancy rates reflects conditions in prime urban markets, particularly at the high end. Vacancy rates in other urban markets rose more modestly, from 6....
[ { "role": "user", "content": "T H E S T A T E O F T H E N A T I O N ’ S H O U S I N G 2 0 2 2 2 Rents for single-family homes rose even faster than those for apartments, pushed up by increasing demand for more living space among households able to work remotely. According to CoreLogic data, single-family re...
[ { "role": "user", "content": "T H E S T A T E O F T H E N A T I O N ’ S H O U S I N G 2 0 2 2 6 prices and rents. Even so, new construction adds supply primarily at the upper end of the market. In just the past two years, the share of new homes that sold for at least increased from a third of all homes to m...
[ { "role": "user", "content": "T H E S T A T E O F T H E N A T I O N ’ S H O U S I N G PERSISTENT STRENGTH OF HOUSEHOLD GROWTH Although no reliable annual estimates for 2020 or 2021 are available, the latest Housing Vacancy Survey data indicate that some 3.2 million households were added between the first qu...
[ { "role": "user", "content": "T H E S T A T E O F T H E N A T I O N ’ S H O U S I N G Households of color are also more likely to have expe­ rienced recent income losses. According to Household Pulse Survey data for early percent of Hispanic households reported lost employment income within the previous fou...
[ { "role": "user", "content": "In the longer term, housing demand is set to decline dramatically with the slowdown in population growth and the changing age structure of the population. Over the next decade, millennials will move out of the prime household formation years and be replaced by the small­ er Gen...
[ { "role": "user", "content": "The low rates for delinquencies and foreclosures so far attest to the effectiveness of federal interventions that helped millions of homeowners weather the economic disruptions brought on by the pandemic. According to Black Knight, of all borrowers that were ever in for­ bearan...
[ { "role": "user", "content": "ARPA also includes ongoing support for affordable housing and homelessness services through the Coronavirus State and Local Fiscal Recovery Funds pro­ gram. The National Council of State Housing Agencies estimates that 24 states applied these allocations to affordable housing i...
[ { "role": "user", "content": "EXPANDING THE MARKET-RATE SUPPLY The national housing shortage is not just in affordable homes. According to Freddie Mac estimates, the short­ fall in market-rate housing both for sale and for rent amounts to some 3.8 million units. Although the federal government has limited p...
[ { "role": "user", "content": "01 Housing markets continue to cool even as homeowners and renters face higher costs. On the for-sale side, home sales and construction levels are declining, as is the pace of home price appreciation, while rental markets are experiencing sharply reduced rent growth and rising ...
[ { "role": "user", "content": "02 H O U S I N G M A R K E T S After reaching record highs during the pandemic, home price and rent growth have fallen through early 2023 as interest rates rose sharply, affordability worsened, and housing demand softened. In the for-sale market, significantly fewer homes sold ...
[ { "role": "user", "content": "Persistent Shortage of For-Sale Housing Contributes to Declining Home Sales The number of homes available for sale remained near historic lows in early 2023, driven by a decade-long slowdown in the construction of single-family housing that preceded the pandemic, the growing po...
[ { "role": "user", "content": "Rising Rental Vacancies New leasing traffic plunged in the second half of 2022, according to data from RealPage, leading to the first drop in annual apartment demand since 2009 despite high retention rates. Leasing then ticked up only slightly in early 2023, as the professional...
[ { "role": "user", "content": "03 D E M O G R A P H I C D R I V E R S Household growth remained high in 2022, driven largely by a surge in millennial household formation pent up since the Great Recession. However, the drivers of household growth are now likely receding, leaving record-low levels of populatio...
[ { "role": "user", "content": "Historically Low Population Growth Population growth is the primary long-term driver of household growth and remains historically low. Overall, the US population grew by 1.26 million people in 2022, or just 0.38 percent. While this represents a slight uptick from previous years...
[ { "role": "user", "content": "05 A drop-off in demand is cooling the formerly heated rental markets. Rental vacancy rates are climbing from historic lows, and rent growth is slowing from last year’s all-time high. Nonetheless, rents are still rising, the supply of low-rent units is falling, and new construc...
[ { "role": "user", "content": "Increasingly, the federal government has turned to tenant-based assistance in the form of Housing Choice Vouchers, which typically cover the difference between 30 percent of a household’s income and their rent, up to a local fair market rent. However, the program’s regulatory r...
[ { "role": "user", "content": "As federal pandemic housing assistance programs wind down, state and local governments are turning to general fiscal recovery funds to meet ongoing housing needs. With longer spending timelines and more potential uses, $14.2 billion of state and local fiscal recovery funds were...
[ { "role": "user", "content": "Homeowner cost burdens are also on the rise, driven by growing taxes and insurance costs. For renters, the number with cost burdens has hit an all-time high as rents have escalated. While single-family construction is accelerating and a surge of new multifamily rental units is ...
[ { "role": "user", "content": "Further pressuring the housing markets are the nation’s shifting demographics. Housing demand will remain strong in the near term, fueled by the immigration surge, household formations among Gen Zers, and the large millennial generation’s shifting housing needs." }, { "...
[ { "role": "user", "content": "02 H O U S I N G M A R K E T S Rising home prices, elevated interest rates, and a limited supply of homes for sale have forced many potential homebuyers out of the market. Existing home sales fell to a near three-decade low in 2023. By contrast, rental vacancy rates are rising ...
[ { "role": "user", "content": "These units command higher asking rents in part because of the rising costs of land, building materials, and labor, and also because of where they are built and the amenities they increasingly offer. According to the NAHB Home Building Geography Index, 68 percent of new multifa...
[ { "role": "user", "content": "03 D E M O G R A P H I C D R I V E R S Housing demand remains robust, driven by young adults forming new households, strong home- ownership demand from millennials and Gen Xers, and the baby boom generation lifting up the number of older adult households. Immigration surged in ...
[ { "role": "user", "content": "In the longer term, however, younger generations may be unable to form households fast enough to outpace baby boomers’ rising mortality rates. Instead, the decline in the natural population growth rate may accelerate, as projected by both the CBO and the Another Race Black Hisp...
[ { "role": "user", "content": "05 R E N TA L H O U S I N G Rental affordability is the worst on record. The number of renters with cost burdens has hit an all-time high, and the stock of low-rent units has continued to fall." }, { "role": "assistant", "content": "Though a rush of new supply has h...