Top 5 Real Estate Trends

No matter the industry, there are always different trends that come and go. What are the trends this year for real estate? Well, here are five pretty popular trends that are current!
Cities that are considered “second tier” are becoming more and more popular for people to move to! These cities include Austin, Nashville, San Antonio, Portland and Raleigh-Durham. This is largely in part to them having a lower cost of living, being a “current” and “hip” city and having more sophisticated realtors.
Millennials have been moving to the suburbs. This demographic, for the most part, has been putting off having kids longer than most generations. However, soon many will become parents and fuel a boom, especially around the Hartford, Milwaukee and Pittsburgh area. These areas have seen a large job growth.
Because the market has been recovering, this has also led to job growth, and in effect this has helped to strengthen the commercial sector. The average square foot by worker is decreasing, going from 253 square feet to 138 square feet. Existing office space is predicted to be redeveloped and the rise in co-working is predicted to take off.
New and different housing options are taking off. The rates of home ownership has dropped from 70% to about 63.5%. This has been seen in all age group, and thus this has led to an increase in rental housing and people are more willing to experiment with micro housing. This is majorly due to an affordability issue, the market to own a house is just too expensive for most people to afford.
Parking lots may be getting a make over soon due to the fact that many young people are going without cars, and instead have begun to use public transportation, bikes or are car pooling. Many urban planners are wondering if it’s a good idea to convert parking lots into downtown real estate.
Those were some brief real estate trends that are current as of now. Keep researching, as these trends are sure to change with the times!

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