MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News
80
January 2024
F I N A L T H O U G H T S
"escalation of rental costs"
Rob Barber, CEO at ATTOM, discussing how rents are outpacing home prices in more than half
the nation—despite rent prices remaining more affordable than owning—making buying and renting
a challenge for most Americans.
"affordability remains strained"
Daryl Fairweather, Chief Economist at Redfin, highlighting the affordability challenges Gen Zers
face during the homebuying process and how homeownership rates have stagnated.
"supply-constrained"
Doug Duncan, SVP and Chief Economist at Fannie Mae, detailing how affordability changes are
going to affect housing demand, with the millennial generation driving much of it, and that rising
rates further slowed price growth in Q4.
"ready to downsize"
Sheharyar Bokhari, Senior Economist at Redfin, revealing that many empty-nest households—
those headed by baby boomers whose children have left home—are looking to downsize to smaller
homes or condos as they don't need as much space. But housing demand continues to outpace
supply, leaving them with even fewer options to choose from.
"generational tug-of-war"
Jon Bostock, CEO of Leaf Home, talking about the "death grip" baby boomers have on the
housing market, stalling many millennials' homeownership plans. But he predicts that boomers will
eventually face aging-in-place difficulties, with millennials projected to face homes in need of major
upgrades, posing financial challenges for both cohorts.
FINAL THOUGHTS
In this month's Final Thoughts, experts talk about generational homeownership
trends, sentiment, and the state of rental and housing markets, including price growth
predictions, the current demand vs. supply crisis, and what's to come in 2024.
