More apartment dwellers are likely to stay put as single-family home affordability declines.
Higher home prices, longer construction times, and an expected rise in interest rates will price some prospective home buyers from the market this year despite economic growth at the highest rate since 1984 and a continued improvement in the labor market, predicted National Association of Home Builders Chief Economist Robert Dietz predicted late last week.
Rising material costs and supply shortages along with expected increases in mortgage rates are expected to keep a growing number of potentially prospective home buyers in multi-family rentals.
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