spring flowers blossom on 11th street in Hoboken NJ

Real Estate Investments

Real estate remains a primary avenue for wealth accumulation in the U.S., as homeowners boast an average net worth 35 times higher than that of renters. Time and time again, it’s proven that prudent real estate investments appreciate over time.

Presently, the national real estate market feels akin to a prolonged winter, with prospective buyers holding out for lower rates. Over the past 36 months, there has been a substantial $100,000 increase in the median home price (refer to local market data here), driven by heightened demand and restricted supply. Many buyers are currently waiting in the wings due to current mortgage rates, which they consider too high to buy. The rates are influenced by economic data and various risk factors, including the noteworthy statistic that 39% of millennials carry student debt, limiting their spending capacity. The lower rates we’ve experienced recently have stimulated spending outside of housing, impacting savings, especially among millennials.

Data from KW Reunion, in February 2024

The charts below show national housing and economic data from Keller Williams Family Reunion in February. Home prices are above trend, rates are currently down from 2023 peak levels, and overall personal savings rates are down, which impacts spending.

The Rakela Team
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