Grand Rapids ranks as No. 1 residential market 'to watch' in US
Grand Rapids has a lot to look forward to in terms of residential real estate in 2016.
A report released today by Trulia, a real estate listing website, names the Grand Rapids-Wyoming market as the No. 1 market “to watch” in 2016.
The report is based on a survey of more than 2,000 Americans about housing hopes and fears and also includes online search results. It also includes work by Trulia’s housing economist, Ralph McLaughlin.
The report says the Grand Rapids market tops the ranking, because it’s relatively affordable, No. 14, and has job growth, No. 22 in the past year.
1. Grand Rapids-Wyoming
2. Charleston, S.C.
3. Austin, Texas
4. Baton Rouge, La.
5. San Antonio, Texas
6. Colorado Springs, Colo.
7. Columbia, S.C.
8. Riverside-San Bernardino, Calif.
9. Las Vegas
10. Tacoma, Wash.
Residential real estate market
The report says the American Dream of owning a home continues a resurgence.
The people who hope to own a home is up 1 percent since last year, with 80 percent of 18-34-year-olds wanting to own a home.
Americans do believe it will be harder to get a mortgage next year, but more than one-third of millenials expect to buy a home by 2018.
Trulia also makes several predictions in the report, including that the West and Northeast housing markets will cool as a combined Southern and Midwest “Bargain Belt” will boom.
Renters likely will see relief as multi-family construction continues to rise.
Buying, however, will remain a “better deal,” except in some California markets.