US Economy News Today: Housing May Get More Expensive If Renters and Home Owners Are To Be Believed
Homebuyers, Renters See Housing Costs Rise Higher in 2024
53 minutes ago
Both homebuyers and renters are bracing for more inflation in the real estate market this year, reversing some of their optimism from last year that housing prices could slow.
In its 2024 housing survey, the New York Federal Reserve found consumers expect home prices to grow by 5.1% in the year ahead, the second-highest reading in the annual report that is part of the bank’s Survey of Consumer Expectations. Renters expect even more of a hike, with survey respondents pointing to a 9.7% annual rise in rent prices, coming after last year’s survey showed both renters and homeowners expected prices to cool.
-Terry Lane