Housing Industry Trends And The Recovery Of U.S. Real Estate

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The economic crash in 2008 proved to be a challenge for U.S. real estate. It had taken several years before the industry experienced a resurgence. While it hasn't fully recovered yet, a new generation of individuals that have different spending habits and capacity are becoming reliable investors. Here are some housing industry trends that will shape the real estate industry this year:

The move away from urban cores

Urban cores such as New York, Washington, Boston, and Chicago are known to be crowded areas. More people are deciding to move out of these cities into lesser crowded areas like Philadelphia or Portland. However, this also means that those who are staying in the congested cities might get the chance to truly have a place they can call their own.

'Surban' development properties

"Surban" is the new buzzword for residential-business hybrid properties. These places provide housing for families, spaces for business and retail, and other amenities that allow for communities to thrive. These spaces also have the comfort of living in a suburban setting while providing work opportunities such as in an urban area.

Millennial and Gen Z homeowners

Image source: Realtybiznews.com

These generations have witnessed challenging times such as the recession, war on terror, several terror attacks, and the influx of personal technologies. These events have given them a unique view on homeownership. Others meanwhile aren't too keen on buying their first home while they're in their 20s or 30s, they might welcome the idea if they have someone to share the property with. As for the others, it's either they go big or go home. They might just take advantage of the price cut just because they have the spending power.

The real estate industry in the U.S. looks hopeful. There are lots of aspects to be sorted out, but with new investors and new buyers coming in, the trials brought by the recession seems to be a thing of the past.

Renaissance Property Associates President Kimberly Dey is active in the business communities of Hawaii and Long Island. An entrepreneur, she has made significant contributions to the business communities of Hawaii and Long Island. For more information, visit this page.