According to the CarolinaMLS if you owned a home in the Greater Charlotte area in 2016 the price of your home rose 5.7% on average. All twenty major cities that are tracked by the Federal Housing Financing Agency rose in 2016 with Portland having the largest increase in median sale price at 12.32%. The south atlantic region of the United States was third in gain nationally at 7.1%. These are definitely good signs for probably your largest investment.
If you didn’t own your home home, well then the US Census bureau estimates that your rent probably went up 11% (south region of US) to an average rent of $846. All for good reason, home ownership in the US is now at 63.5% of households as of 2016 down from its peak of 69% in 2004. More renters…..higher rents.
So is there room for home prices to continue to climb even as homeownership seems to be down? Ask the millennials….as the trend of shared everything and a shared economy continues the prospects may not look as good, however as families are formed and babies are born those who study demographic trends point to a move to the suburbs and/or homeownership for this large portion of our population.
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Source: globalpropertyguide.com, carolinarealtors.com