According to the Q3 Zillow Home Price Expectations Survey, markets in Middle America will gain popularity due to job growth that will lead people to return to this area and leave the coasts. Zillowstaffer Cory Hopkins takes a look at the results of this survey which asked a panel of 113 economic and real estate experts across the country their home value predictions through 2020.
Since the recovery, people have moved to the coasts, where home values have increased due to hot job markets. But more than half of the experts surveyed (56%) believe that this trend will reverse itself:
Of those experts who said the trend was likely to reverse, a majority (56 percent) said job growth in the middle of the country – driven by companies looking for cheaper alternatives to the coasts in which to expand – would eventually lure residents back to the Heartland. Similarly, almost a quarter (24 percent) said Americans would migrate inland in search of more affordable housing.