It’s election year, and Americans are calling for their elected officials to make changes — particularly in housing. Last year, 2015, was the best year for real estate in nearly a decade, thanks to sustained job growth, improving inventory conditions, and a pent-up demand for housing, a trend which is only expected to increase in 2016. And with this increased demand for new housing comes a demand to politicians stepping up to the stage this election year. Americans are calling for changes to the housing market in America.
New homes, old homes, renovated homes… they’re all in such demand that builders, who have been under producing in the past few years, are scrambling to pick up the slack. It’s no mystery why the demand is growing — the economy is on the rise, and Americans are looking not just for a place to live, but a place to grow, thrive, and flourish. Houses, after all, aren’t just houses. Home ownership is the foundation of the American Dream, a gateway to a higher quality of life, to happiness and good health, to prosperity through safety and stability.
Affordability and Demand Aren’t Aligned
The demand for available homes and new construction is on the rise in America, but that doesn’t mean everyone who wants to purchase a home can afford to do so. In fact, working families in every state — roughly 11 million people — spend more than half their monthly income on housing. Americans nationwide quest to realize the Dream through purchasing homes, but affordability of homes prohibits many from living comfortably. Thus, this 2016 election year, Americans are calling for change from their elected government officials.
Americans want their elected officials to do more about the affordability of housing. In fact, a recent study showed that over 75% of polled Americans, both Democrat and Republican, want to see officials in Washing make housing a priority. Up to 50% of voters stated that they’d be more likely to vote for a politician with a specific housing plan in place.
Effects on Real Estate
As the market continues to climb and the demand for housing grows greater, more and more Americans are considering purchasing homes rather than renting. With these dramatic increases in sales numbers, as well as a continued call for improvements in government policy, change is surely on the horizon.
Erie, PA Real Estate
Considering buying a home in Erie, PA? Now is the time! The market is on the rise, the economy is stable, and new construction is increasing to offer beautiful modern housing options. Search for your home in Erie, or read helpful buyers’ resources to get started. Contact Marsha Marsh Real Estate Services with any questions or to schedule a showing.