Lack of Affordable Options Leads Buyers to SuburbsBy
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Millennials want to buy, but they are waiting longer than previous generations says Zillow.
SEATTLE—Deteriorating housing affordability will drive 2016 housing trends. That is according to the latest report from locally based Zillow.
A lack of affordable homes near city centers will push new and first-time homebuyers to suburbs that feel like walkable, amenity-rich mini-cities, the report says. Rising rents will force more young renters to wait longer before buying a home.
“And the looming threat of rising mortgage interest rates will slowly erode some of the terrific mortgage affordability the market has enjoyed for the past few years,” the report says…
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