The housing industry will always be a part of society no matter how bad it gets. The simple truth is that everyone needs a place to live and residential single-family homes provide the best places for people to dwell. Keep reading to find out the modern trends for housing and residential real estate. You might be surprised by what you learn.
The Average Price of Housing and the American Consumer
According to Zillow (a housing market website), the average price of an American home is about $230,000. The average price of a home rental is $1,655. These numbers indicate that housing is affordable for most American people. Single family homes are the most common type of house on the market.
Many people are now getting their homes built but a lot of properties are sitting empty in a lot of neighborhoods. Most are waiting to be occupied. The Huffington Post reported that there are close to 19 million empty homes on the market across the nation. Many of these homes will never have families living inside of them. There will always be this many barren residential homes scattered across the nation at any given time.
Most People Live in Houses
According to Brookings.edu the average homeowner is 42-years-old and has a family. These individuals have at least 3 kids and a 3-bedroom place. American homeowners live in preexisting dwellings that been around for many years. There will always be fewer newly built homes than empty houses sitting on the market. At least 70% of American families live inside of a house. This number is expected to rise in the next few years.
The housing markets have a variety of home construction styles that fit every person’s needs. While most families only have up to 3 children; larger families are also becoming the norm as well. Many homes are being built to accommodate large families with 4 or more kids. Many people are learning more about the importance of home ownership. This will increase the rate of residential property owners in the near future. Some home buying organizations that advertise we buy houses purchase properties, so they can sell to them to families.
Housing, Communities and Neighborhoods
Housing is important to neighborhoods and communities. Housing anchors communities because they contain family units. Family units are important to the stability of communities and the local economy. They help to keep property values in good standing and they help neighborhoods to remain cohesive. Even in bad neighborhoods, family units are valuable to the local area.
When homes become abandoned within a neighborhood this brings down the property value. If too many houses on a neighborhood block remain empty, that neighborhood will begin to decline. This will happen within 3 years if abandoned homes are not filled. Poorer communities have problems with vagrants, drug sellers and users and criminals moving into abandoned homes. Abandoned homes will have to be torn down or boarded up tight to keep out unwanted people.
Neighborhoods that want to remain strong must make sure that they are protecting their area from decline. This can easily happen if a local neighborhood does not have stable families, strong neighborhoods and people committed to their community.