Attitudes toward housing have swung since the outcome of the election, with consumers expressing opposing expectations of the market to come, according to Trulia’s recently released 2017 Housing Outlook Report. Post-election, the report shows, Republicans felt positive toward the market next year, anticipating better buying conditions; Democrats, however, felt less positive.
“While it’s still too soon to tell how President-Elect Trump’s surprising presidential victory will affect the housing market, Republicans are feeling a renewed sense of confidence about all things housing in 2017, while Democrats are feeling down,” says Trulia Chief Economist Ralph McLaughlin. “If these contrasts lead to noticeable changes in housing market activity, we think they’ll help close the geographic divide in home price appreciation.
“Gradually rising inventory in supply-constrained markets may cause homes to be more affordable, but supply is only half of the story,” McLaughlin says. “The combination of a healthy economy and new policies under the Trump Administration could boost demand, driving up the pace of appreciation yet again.”
The outcome of the election has also impacted the value of the American Dream of homeownership. According to the report, the proportion of Americans who perceive homeownership as a necessary component of the American Dream dropped 3 percentage points to 72 percent—a dip most pronounced among millennials, even though many reported planning to buy a home by 2018, at the earliest.
Trulia’s report, in addition, ranked the top housing markets of 2017, weighing Republican households, as well as affordability and employment opportunity, as factors:
- Jacksonville, Fla.
- Cape Coral-Fort Meyers, Fla.
- Deltona-Daytona Beach-Ormond Beach, Fla.
- Grand Rapids, Mich.
- Tampa-St. Petersburg, Fla.
- Colorado Springs, Colo.
- Charleston, S.C.
- San Antonio, Texas
- Phoenix, Ariz.
- North Port-Sarasota-Bradenton, Fla.
Source: Trulia
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