The American economy has gone through a serious recovery over the last several years, and today it's finally finding itself back on fairly solid ground. However, it can still improve – and based on recent data, it's expected to increase significantly over 2015.
The most recent information expects increases in home sales of around 6% for the next year, and that number is thanks to numerous things including recent changes to lending requirements that lower the required down payment for a home and that decrease the credit score limit to as low as 620 in some cases. Factor in government backed loans like FHA loans, and it becomes clear that those in the market for a home have more options than ever before at their disposal. Certain areas are expected to grow quicker than others, too. Some areas, such as Florida, are expected to continue to struggle due to the huge number of options on the market. But other markets are predicted to be incredibly strong. According to recent data, the top ten housing markets for 2015 are, in no particular order:
Reviewing the list, you'll start to notice a few key things that stand out about these locations. For starters, they have some of the strongest economies in the country. Austin and Dallas are major industrial, technological, and business hubs and the average salaries there are very strong. The same goes for most of the rest of the list as well.
Another major thing that impacts the growth of these markets for 2015 is the rise of young people in the housing market. Currently, home ownership rate for adults under the age of 35 is just 35%. That's a huge drop from a peak of 43% in 2005. However, thanks to the resurgence of the economy, the younger population in the country have started to experience increased employment and solid pay. This combines with affordable home prices and flexible lending options, which in turn has led to better opportunities for home ownership.
When considering the list above, you'll see that several of the locations are very popular with young people and are known for their 'hip' reputation and solid downtown scene. As a result, it makes sense that young people are impacting the top housing markets of the upcoming year.
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