High Expectations Fueling Confidence Of Homeowners And Renters

Housing confidence is at five-year high levels in Atlanta, Boston, Chicago, Miami, New York, St. Louis, and Washington DC. Year-over-year, homeowner confidence improved the most in Atlanta and diminished the most in Seattle, while renter confidence grew the most in Boston and receded the most in Las Vegas.

 Members of the Gen Z and millennial generations have bolstered nationwide housing confidence during the past year. Among those who rent a home, eight in ten are confident or somewhat confident that they will be able to afford homeownership someday; two-thirds of them expect to buy a home within five years; six in ten believe that buying a home is the best long-term investment a person can make and that owning a home provides more freedom than renting one. 

 The Tax Cuts and Jobs Act of 2017 has elevated homeownership affordability concerns for about one in four households nationwide, but it appears to have had little or no impact on long-term expectations for home values, including those of residents who live in metropolitan areas with higher-priced properties. Consumers expect home values in their local real estate market will increase by an average of 6.1 percent in the coming 12 months, and by an average of 31.1 percent over the next decade.

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