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CoreLogic Report: Rental Market Will Benefit from Decline in First-Time Home Affordability
Key findings in the CoreLogic February MarketPulse report include:
- A review of trough-to-current changes in home prices among states reveals that one-fifth of all states grew faster from their respective troughs than the nation overall. Seven of the top 10 states among this group are located in the western part of the country. Although these states were the hardest hit during the housing crisis, they are now making a strong recovery.
- Examining the projections of a "shock" decline in affordability in 2014, CoreLogic analysis shows that while affordability can vary substantially by market, it's important to look at how it affects existing versus new homebuyers. First-time homebuyers' affordability is affected more significantly than existing homeowners, with rising rates and increasing prices causing a greater decline in affordability for those just entering homeownership. Even so, affordability for first-time homebuyers and existing homeowners remains well above the levels of the early 2000s.
- The single-family rental market will likely continue to be an attractive or necessary option for many households, as constraints on credit as well as housing affordability prevents many from moving into homeownership. A specific review of the Los Angeles market serves as an illustrative example of the single-family rental market and shows that the increase in former owner-occupied homes converted into rental units is satisfying the increase in demand for rental housing.
MarketPulse article content consists of a selection of recently published CoreLogic research, analytics and commentary. To view additional content, please visit the Insights Blog: http://cl.internal.cvic.com/corelogic/url.php?cin=1x2b1x1z1z2a2fblog.
For a full copy of the CoreLogic February MarketPulse report, including a complete set of data and charts, visit http://cl.internal.cvic.com/corelogic/url.php?cin=1x2b1x1z1z2a2fresearch/the-market-pulse/marketpulse_2014-february.pdf.