The Harvard University Joint Center for Housing Studies recently released a report which shows some of the most notable trends sweeping the housing market including rent increase and millennials leaving the nest. CBS News cites nine trends that will reshape the housing market.
One of the trends that stand out is the formation of households, with 1.3 million households being formed in 2015:
During the recession and the sluggish recovery, many millennials returned to their childhood homes or lived with roommates, a trend that limited household formation. But as the largest generation in U.S. history, millennials are reaching an age when more of them will move out on their own. Millennial household formation is expected to average more than 2 million annually over the next several years, a surge that will likely further raise demand for rental units.