Following the 2008 crash, Millennials had opted out of buying houses. With economic instability, high unemployment rates, and mortgage regulations, many were unable to purchase starter homes. However, with the upswing of the market, millennials are finally starting to enter the real estate market. Many of these millennials are making up for lost time and skipping starter homes entirely. They are opting for forever homes instead. [Read more…]
An annual study published by Business Insider ranks every state economy in the United States. This year, Providence Business News reports that Rhode Island has jumped from number 33 to number 9 on the list. This major jump is the result of sound economic policies across the state that have led to a turnaround after the recession. [Read more…]
According to the Wall Street Journal, for the first time in 13 years homeownership is up. After the housing market crash nearly a decade ago, this increase in homeownership shows that the market is finally starting to recover. It also shows that the federal government programs to boost ownership worked and the market is back on track. As a result, in 2017, homeownership went from 63.4% in 2016, to 63.9%, a .5% increase over the year. The last time homeownership increased over a year was between the years 2003 and 2004. [Read more…]
Providence, Rhode Island has seen strong home prices in the recent years as well as outstanding appreciation rates while enjoying an improving economy. Appreciation rates within the Providence area continue to track above the national average, and the equity gains, while at the national average, have recovered across most communities from the Great Recession. Real estate price increases are stable and for the most part sustainable. We continue to see a multitude of new buyers as the economy grows along with continued low-interest rates keeping affordable mortgage payments for all types of buyers looking for their next home. [Read more…]
Owning a home has always been synonymous with the American dream. However, many potential homebuyers feel that it is drifting further and further from their grasp.
In Providence, mortgage applications have begun to rise. 80% of millennials are saying that their biggest obstacle to obtaining home ownership is the cost that is involved. Being able to afford a house is the only thing holding them back from achieving their dream. [Read more…]