Migration

According to October’s Monthly Housing Market Trends Report from Realtor.com, data showed nationwide inventory of active listings grew 33.5% year-over-year to a two-year high.

As inflation continues to affect Americans nationwide, the Young American Renter Survey from Grubb Properties revealed it is also the main financial concern for young renters, influencing their decision to draw back from buying a home.

”The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp CoreLogic’s Interim Lead, Deputy Chief Economist.

“With a recession looming and household expenses high, many people can’t afford to buy a home in an expensive area and/or want to save money in case of an emergency, which makes relocating somewhere more affordable an attractive option,” said Redfin Economics Research Lead Chen Zhao.

A new study from LendingTree found that mobile homes are much less expensive than single-family homes, offering homebuyers a cheaper alternative in purchasing. However, data revealed that mobile homes appreciated in value almost as quickly as single-family homes nationwide from 2016 to 2021.