US Housing Market 2022 - Housing Nightmare Continues, as Rent Prices Soars and Home Prices Rise

US Housing Market 2022 - Housing Nightmare Continues, as Rent Prices Soars and Home Prices Rise
Everybody speaking recently, "Should You Buy a House in 2022 or WAIT?"
Mortgage Interest rates are rising!!!
No inventory of homes on the market!!!
Bidding wars on most homes!!!
So, let’s say you have decided to wait and maybe extend your lease or are either looking for a rental.
I have news for you guys finding a rental is not going to be easy, and apparently, it is becoming not affordable.
According to a recent report, the median rent in the country’s 50 most significant metropolitan areas soared 16.7% annually to hit a new high of $1,827 in April. In fact, that price point is the highest in the US since we began tracking rental prices.
If price growth rates continue at about the same level, median national rents will break $2,000 per month sometime this summer.
What are the reasons for the increase in the rent prices?
1. Pandemic slowdowns in construction especially big rental buildings…..
2. The rising home prices and mortgage rates - prevent people from buying because they can’t afford it, so most renters end up extending their leases.
3. Investors buy high, so they rent for high
4. Even if buyers can afford to buy with the high prices and high mortgage rates, there is nothing on the market for them to buy.
From January through April this year, rents nationally are up by a total of 2.5 percent, compared to 3.9 percent growth in the first four months of 2021. Over the same months of 2018 and 2019, rents grew by 1.9 percent and 1.6 percent, respectively.
The growth in the median rent price for the past 4 months went up 2.5%, which is much higher than 2018 and 2019, which had 1.9% and 1.6% increases.
Also, remember that rental prices always go up during the summer and cool down in the winter.
Florida continues to lead the way as the top three metros in year-over-year rent growth continue to be Miami, at 51.3%, Orlando, at 32.9%, and Tampa, at 27.8%.
Miami led us with an increase of 51.3% year over year in median rent price.
Orlando is second with a 32.9% increase year over year, and Tampa is 3rd with a 27.8% increase year over year.
There are some signs that the surging rental market will level off. With more rentals coming online and price cuts being seen on for-sale listings that are moving less rapidly than during the post-pandemic peak, it’s possible rents will cool down as well.
I don’t really see that happening, especially not this summer, maybe after the summer.
The reason is many buyers, and renters need to be in before school starts. There is no inventory on the market for sale, so I predict that more potential renters will be on the market for rent during this season, combined with the lack of inventory for rent, which will push rent prices up.
Ron Cohen Realtor
📱 Call or Text us: 201-240-2991
🌐 Website: roncohen.kw.com/
📨 Email: [e-mail]
📅 Free Real Estate Consultation (Zoom Call)
#housingmarket #housingbubble #housingcrash
.
.
.
Keywords:
housing market
housing market crash
housing crash
housing market 2022 forecast
housing bubble
housing market 2022
housing market crash 2022
housing market update
us housing market
rising interest rates
2022 housing market
housing market bubble
housing market forecast 2022
will the us housing market crash?
us housing market forecast 2022
will the us housing market crash in 2022?
buying a house in 2022
housing crisis
real estate crash
housing market collapse

[@roncohenrealtor5702]

If you find value in this video - please SUBSCRIBE to our channel:
👉 czcams.com/channels/yVb0Fd-ygpijPHqmQMMhKQ.html