While housing construction will continue to contribute to economic growth there is likely to be less demand for new housing and new construction of single family homes. Instead, the markets focus will likely be more on rehabilitation of older stock housing and increasing the number of rental housing units. Affecting market conditions are economic and demographic factors, New Hampshire for example lost 35000 jobs during the great recession and still have 1.5 percent fewer jobs then it did in December 2007. Two thirds of the jobs created post recession pay below average wages. Also demand for home ownership remains low, As younger generations are less likely to form households and purchase a home. And while home prices have fallen the price of rental housing has increased. Currently almost half of renters are paying more than thirty percent of their income on rent. Not suprisingly, low income families in particular are over paying for their housing.
Posted on: Sun, 17 Aug 2014 05:33:22 +0000
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