Habib forecasts mortgage rates to close the year in the low 6% range, with home price appreciation projected between 4% to 4.5%. HousingWire estimates that rates will stay between 5.75% and 7.25%, while home prices will appreciate by 3.5%. Habib warns of a housing shortage, noting that 1.9 million homes are needed annually, but only 1.37 million are built. With demographic shifts and 19 million new households expected, Gen X is anticipated to significantly increase home ownership over the next decade, making housing a sound investment despite current economic uncertainties.
You need 1.9 million homes a year. How much are we building? Currently, 1.37 million homes. It's not an anomaly... there is a shortage of homes.
Habib predicts that mortgage rates will end the year in the low 6% range, while home price appreciation is expected to be between 4% and 4.5%.
With 19 million new households expected in the next decade, the homebuying majority will shift from Baby Boomers to Gen X, increasing home ownership.
If you believe the laws of economics, when supply outweighs demand, prices tend to rise. Therefore, housing is a good investment over time.
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