Grand Rapids is No. 1 housing market 'poised for growth' in US
Grand Rapids has been ranked as the No. 1 housing market in the nation "to watch" in the nation.
Trulia, a home shopping marketplace, released today its annual “American Dream” report, which looks at consumer sentiment on housing for the following year.
Among the findings is Trulia’s ranking of the “Top 10 housing markets poised for growth.”
According to the report, “Grand Rapids tops our list, because it has seen strong and recent employment growth (ranked 11th), has a relatively low vacancy rate and a high share of households under 35 (ranked 16th and 17th, respectively).”
To create the ranking, Trulia said it ranked the top 100 markets based on five key metrics: strong job growth over the past year; low vacancy rates; high starter-home affordability; more inbound home searches on Trulia than outbound; and a large share of the adult population under age 35.
“Top 10 housing markets poised for growth”
1. Grand Rapids
2. Nashville, Tennessee
3. Raleigh, North Carolina
4. El Paso, Texas
5. San Antonio
6. Fort Worth, Texas
7. Austin, Texas
8. Columbus, Ohio
9. Madison, Wisconsin
The Trulia report also revealed that 25 percent of survey respondents think 2018 will be a better year to buy a home than 2017, which is the same portion as those who believe it will be worse.
Americans are more enthusiastic about selling in 2018. Thirty-one percent think 2018 will be a better year for selling a home, up from 14 percent in 2017.
Natural disasters have become a bigger concern for homeowners. Thirty-nine percent of Americans said they are more concerned about the potential threat of natural disasters to their homes. In the South, which has been threatened by floods and hurricanes, that number is 43 percent.
Seventy-three percent of millenials said they consider homeownership part of the “American Dream,” but 65 percent said they won’t be able to buy until 2020. Sixty-six percent gave saving for a down payment as their primary obstacle to homeownership, and 47 percent said rising home prices are keeping them out of the market.