Working from home became more prevalent at the start of the pandemic and many businesses found it more economical than bringing employees back into brick and mortar locations. With people spending more time at home, the value of homeownership was boosted.
Although the rate at which home appreciation is rising will likely slow from it's recent record pace, it is expected to continue to rise through the coming years.
Housing prices tend to rise with inflation and as you know, we've seen increasing inflation recently. Additionally, inflation generally makes debt more expensive for buyers but a rising rate environment makes real estate a well-performing investment. That mixed with the low supply of houses on the market has a significant effect on demand.
As families spend more time at home, there's an increasing growth in suburban areas. However, don't count urban areas out just yet! Many are finding larger apartments in the city more available than larger homes in the suburbs!
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