The housing market for 2022, group of experts predict that annual home prices will increase 5.7% and inflation will rise 4%. Slower growth in home prices, decelerating inflation. and multiple interest rate hikes by the Federal Reserve could contribute to a more housing market in the new year. National Association of Realtors chief economist Lawrence Yun and a survey of 20 leading economist.
However, the Biden administrationsBuild Back Better planoffers several programs that have the potential to increase housing access for all. The bill provides $10 billion in down payment assistance for first-generation home buyers, $24 billion for housing choice voucher rental assistance, and $15 billion for the Housing Trust Fund to build and preserve over 150,000 affordable homes for low-income households. Our programs are about unlocking possibilities, said Richardson. Support is needed most for housing in low- to moderate-income communities.
Commercial experts offered their predictions for 2022:
- Multifamily: Rents will likely continue to increase, though part of that accounts for a continued correction from the declines in 2020. Rental units, like single-family homes, are in short supply, and ramping up construction could alleviate some of the strain.
- Industrial: Despite a drop in cap rates, industrial will continue to thrive, with retailers leasing more warehouse space to hold inventory and manufacturers increasing production in the U.S.
- Hotels and lodging: Hotels will continue to struggle with a labor shortage that is affecting capacity. The industry needs to get out the message that hotel jobs are steady, provide good pay, and offer upward mobility.
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