Home prices grew at a double-digit annual clip for the better part of two years spanning the second half of 2020 through 2022, a notable burst following a growing streak that spanned back to 2012. As mortgage rates climbed, home price growth flatlined, actually declining on an annual basis in early 2023 before an early-year dip in mortgage rates spurred enough buyer demand to reignite competition for still-limited inventory. Home prices began to climb again, and while they did not reach a new monthly peak, on average for the year we expect that the 2023 median home price will slightly exceed the 2022 annual median.
Nevertheless, even during the brief period when prices eased, using a mortgage to buy a home remained expensive. Since May 2022, purchasing the typical for-sale home listing at the prevailing rate for a 30-year fixed-rate mortgage with a 20% down payment meant forking over a quarter or more of the typical household paycheck. In fact, in October 2023, it required 39% of the typical household income and this share is expected to average 36.7% for the full calendar year in 2023. This figure has typically ranged around 21%, so it is well above historical average. We expect that the return to pricing in line with financing costs will begin in 2024, and home prices, mortgage rates, and income growth will each contribute to the improvement. Home prices are expected to ease slightly, dropping less than 2% for the year on average. Combined with lower mortgage rates and income growth this will improve the home purchase mortgage payment share relative to median income to an average 34.9% in 2024, with the share slipping under 30% by the end of the year.
After soaring during the pandemic, existing home sales were weighed down in the latter half of 2022 as mortgage rates took off, climbing from just over 3% at the start of the year to a peak of more than 7% in the fourth quarter. The reprieve in mortgage rates in early 2023, when they dipped to around 6%, brought some life to home sales, but the renewed climb of mortgage rates has again exerted significant pressure on home sales that is exacerbated by the fact that a greater than usual number of households bought homes over the past few years, and despite stories of pandemic purchase regret , for the most part, these homeowners continue to be happy in their homes.
This is consistent with what visitors to Realtor.com report when asked why they are not planning to sell their homes. The number one reason homeowners aren’t trying to sell is that they just don’t need to; concern about losing an existing low-rate mortgage is the top financial concern cited. Our current projection is for 2023 home sales to tally just over 4 million, a dip of 19% over the 2022 5 million total.
With many of the same forces at play heading into 2024, the housing chill will continue, with sales expected to remain essentially unchanged at just over 4 million. Although mortgage rates are expected to ease throughout the course of the year, the continuation of high costs will mean that existing homeowners will have a very high threshold for deciding to move, with many likely choosing to stay in place. Moves of necessity–for job changes, family situation changes, and downsizing to a more affordable market–are likely to drive home sales in 2024.
Even before the pandemic, housing inventory was on a long, slow downward trajectory. Insufficient building meant that the supply of houses did not keep up with household formation and left little slack in the housing market. Both homeowner and rental vacancy remain below historic averages . In contrast with the existing home market, which remains sluggish, builders have been catching up, with construction remaining near pre-pandemic highs for single-family and hitting record levels for multi-family .
Despite this, the lack of excess capacity in housing has been painfully obvious in the for-sale home market. The number of existing homes on the market has dwindled. With home sales activity to continue at a relatively low pace, the number of unsold homes on the market is also expected to remain low. Although mortgage rates are expected to begin to ease, they are expected to exceed 6.5% for the calendar year. This means that the lock-in effect, in which the gap between market mortgage rates and the mortgage rates existing homeowners enjoy on their outstanding mortgage, will remain a factor. Roughly two-thirds of outstanding mortgages have a rate under 4% and more than 90% have a rate less than 6%.
After almost a full year of double-digit rent growth between mid-2021 and mid-2022, the rental market has finally cooled down, as evidenced by the year-over-year decline that started in May 2023 . In 2024, we expect the rental market will closely resemble the dynamics witnessed in 2023, as the tug of war between supply and demand results in a mild annual decline of -0.2% in the median asking rent.
New multi-family supply will continue to be a key element shaping the 2024 rental market. In the third quarter of 2023, the annual pace of newly completed multi-family homes stood at 385,000 units. Although absorption rates remained elevated in the second quarter, especially at lower price points, the rental vacancy rate ticked up to 6.6% in the third quarter. This uptick in rental vacancy suggests the recent supply has outpaced demand, but context is important. After recent gains, the rental vacancy rate is on par with its level right before the onset of the pandemic in early 2020, still below its 7.2% average from the 2013 to 2019 period. Looking ahead, the strong construction pipeline– which hit a record high for units under construction this summer –is expected to continue fueling rental supply growth in 2024 pushing rental vacancy back toward its long-run average.
While the surge in new multi-family supply gives renters options, the sheer number of renters will minimize the potential price impact. The median asking rent in 2024 is expected to drop only slightly below its 2023 level. Renting is expected to continue to be a more budget friendly option than buying in the vast majority of markets, even though home prices and mortgage rates are both expected to dip, helping pull the purchase market down slightly from record unaffordability.
Young adult renters who lack the benefit of historically high home equity to tap into for a home purchase will continue to find the housing market challenging. Specifically, as many Millennials age past first-time home buying age and more Gen Z approach these years, the current housing landscape is likely to keep these households in the rental market for a longer period as they work to save up more money for the growing down payment needed to buy a first home. This trend is expected to sustain robust demand for rental properties. Consequently, we anticipate that rental markets favored by young adults , a list which includes a mix of affordable areas and tech-heavy job markets in the South, Midwest, and West, will be rental markets to watch in 2024.
What will the market be like for homebuyers, especially first-time homebuyers.
First-time homebuyers will continue to face a challenging housing market in 2024, but there are some green shoots. The record-high share of income required to purchase the median priced home is expected to begin to decline as mortgage rates ease, home prices soften, and incomes grow. In 2023 we expect that for the year as a whole, the monthly cost of financing the typical for-sale home will average more than $2,240, a nearly 20% increase over the mortgage payment in 2022, and roughly double the typical payment for buyers in 2020. This amounted to a whopping nearly 37% of the typical household income. In 2024 as modest price declines take hold and mortgage rates dip, the typical purchase cost is expected to slip just under $2,200 which would amount to nearly 35% of income. While far higher than historically average, this is a significant first step in a buyer-friendly direction.
Homebuyers can prepare for this year’s housing market by getting financially ready. Buyers can use a home affordability calculator , like this one at Realtor.com to translate their income and savings into a home price range. And shoppers can pressure test the results by using a mortgage calculator to consider different down payment, price, and loan scenarios to see how their monthly costs would be impacted. Working with a lender can help potential buyers explore different loan products such as FHA or VA loans that may offer lower mortgage interest rates or more flexible credit criteria.
Although prices are anticipated to fall in 2024, housing costs remain high, and a down payment can be a big obstacle for buyers. Recent research shows that the typical down payment on a home reached a record high of $30,000 . To make it easier to cobble together a down payment, shoppers can access information about down payment assistance options at Realtor.com/fairhousing and in the monthly payment section of home listing pages. Furthermore, home shoppers can explore loan products geared toward helping families access homeownership by enabling down payments as low as 3.5% in the case of FHA loans and 0% in the case of VA loans .
Home sellers are likely to face more competition from builders than from other sellers in 2024. Because builders are continuing to maintain supply and increasingly adapting to market conditions, they are increasingly focused on lower-priced homes and willing to make price adjustments when needed. As a result, potential sellers will want to consider the landscape for new construction housing in their markets and any implications for pricing and marketing before listing their home for sale.
In 2024, renting is expected to continue to be a more cost-effective option than buying in the short term even though we anticipate the advantage for renting to diminish as home prices and mortgage rates decline.
However, for those considering the pursuit of long-term equity through homeownership, it’s essential to not only stay alert about market trends but also to carefully consider the intended duration of residence in their next home. When home prices rise rapidly, like they did during the pandemic, the higher cost of purchasing a home may break even with the cost of renting in as little as 3 years. Generally, it takes longer to reach the breakeven point, typically within a 5 to 7-year timeframe. Importantly, when home prices are falling and rents are also declining, as is expected to be the case in 2024, it can take longer to recoup some of the higher costs of buying a home. Individuals using Realtor.com’s Rent vs. Buy Calculator can thoroughly evaluate the costs and benefits associated with renting versus buying over time and how many years current market trends suggest it will take before buying is the better financial decision. This comprehensive tool can provide insights tailored to a household’s specific rent versus buying decision and empowers consumers to consider not only the optimal choice for the current month but also how the trade-offs evolve over several years.
All real estate is local and while the national trends are instructive, what matters most is what’s expected in your local market.
Akron, OH | 3.2% | 3.2% |
Albany-Schenectady-Troy, NY | 1.1% | 3.7% |
Albuquerque, NM | -4.1% | 5.2% |
Allentown-Bethlehem et al, PA-NJ | 2.2% | 5.0% |
Atlanta-Sandy Springs et al, GA | -15.8% | 0.4% |
Augusta-Richmond County, GA-SC | 5.8% | 1.8% |
Austin-Round Rock, TX | -11.7% | -12.2% |
Bakersfield, CA | 13.4% | 2.3% |
Baltimore-Columbia-Towson, MD | -3.1% | 4.6% |
Baton Rouge, LA | -20.4% | -5.6% |
Birmingham-Hoover, AL | -4.9% | -1.5% |
Boise City, ID | -3.2% | -3.4% |
Boston-Cambridge-Newton, MA-NH | -0.6% | -0.6% |
Bridgeport-Stamford-Norwalk, CT | -1.3% | 7.2% |
Buffalo-Cheektowaga et al, NY | 8.3% | 3.9% |
Cape Coral-Fort Myers, FL | -3.7% | -2.9% |
Charleston-North Charleston, SC | -13.2% | 3.7% |
Charlotte-Concord et al, NC-SC | -22.4% | -0.9% |
Chattanooga, TN-GA | -3.6% | 2.0% |
Chicago et al, IL-IN-WI | -9.2% | 1.1% |
Cincinnati, OH-KY-IN | -3.9% | 4.1% |
Cleveland-Elyria, OH | -1.2% | 2.8% |
Colorado Springs, CO | -11.5% | -1.7% |
Columbia, SC | -12.3% | -1.8% |
Columbus, OH | -1.7% | 2.2% |
Dallas-Fort Worth-Arlington, TX | -12.9% | -8.4% |
Dayton-Kettering, OH | -2.9% | 4.8% |
Deltona-Daytona Beach et al, FL | -3.7% | -3.1% |
Denver-Aurora-Lakewood, CO | -15.3% | -5.1% |
Des Moines-West Des Moines, IA | -5.6% | 9.9% |
Detroit-Warren-Dearborn, MI | -6.7% | 10.9% |
Durham-Chapel Hill, NC | -1.5% | 5.8% |
El Paso, TX | 6.3% | 4.6% |
Fresno, CA | -6.0% | -0.3% |
Grand Rapids-Wyoming, MI | 6.1% | 7.2% |
Greensboro-High Point, NC | -1.2% | 3.3% |
Greenville-Anderson-Mauldin, SC | -12.4% | 1.0% |
Harrisburg-Carlisle, PA | 5.6% | 5.1% |
Hartford-West Hartford et al, CT | 3.1% | 9.1% |
Houston-The Woodlands et al, TX | -9.7% | -4.5% |
Indianapolis-Carmel-Anderson, IN | -7.6% | 6.1% |
Jacksonville, FL | -5.8% | -0.5% |
Kansas City, MO-KS | 5.4% | -1.2% |
Knoxville, TN | -5.9% | 7.2% |
Lakeland-Winter Haven, FL | 2.9% | -3.5% |
Lansing-East Lansing, MI | 1.2% | 6.2% |
Las Vegas-Henderson-Paradise, NV | 11.1% | -2.3% |
Little Rock et al, AR | 0.4% | 3.1% |
Los Angeles-Long Beach et al, CA | 9.2% | 3.5% |
Louisville et al, KY-IN | 9.1% | 1.2% |
Madison, WI | 3.9% | -1.5% |
McAllen-Edinburg-Mission, TX | -0.6% | 1.6% |
Memphis, TN-MS-AR | -10.8% | -4.1% |
Miami-Fort Lauderdale et al, FL | 3.8% | 5.0% |
Milwaukee-Waukesha et al, WI | 0.2% | 1.1% |
Minneapolis et al, MN-WI | -2.4% | -0.9% |
Nashville-Davidson et al, TN | -11.4% | -4.8% |
New Haven-Milford, CT | 3.5% | 3.5% |
New Orleans-Metairie, LA | -1.1% | 3.1% |
New York-Newark et al, NY-NJ-PA | -10.8% | 3.0% |
North Port-Sarasota et al, FL | 1.3% | -4.9% |
Ogden-Clearfield, UT | -15.1% | -3.8% |
Oklahoma City, OK | 1.9% | 1.6% |
Omaha-Council Bluffs, NE-IA | 1.1% | 4.5% |
Orlando-Kissimmee-Sanford, FL | 3.7% | 2.2% |
Oxnard-Thousand Oaks-Ventura, CA | 18.0% | 3.3% |
Palm Bay-Melbourne et al, FL | -6.1% | 2.3% |
Philadelphia et al, PA-NJ-DE-MD | -13.4% | 3.8% |
Phoenix-Mesa-Scottsdale, AZ | 4.4% | -4.3% |
Pittsburgh, PA | -8.5% | 6.9% |
Portland-South Portland, ME | 8.0% | -1.9% |
Portland-Vancouver et al, OR-WA | -25.6% | -7.4% |
Providence-Warwick, RI-MA | 3.9% | 3.1% |
Raleigh, NC | -17.0% | 3.6% |
Richmond, VA | -11.6% | 3.3% |
Riverside et al, CA | 13.8% | 2.0% |
Rochester, NY | 6.2% | 10.4% |
Sacramento–Roseville et al, CA | 10.3% | -1.3% |
Salt Lake City, UT | -10.2% | -4.1% |
San Antonio-New Braunfels, TX | -10.1% | -9.4% |
San Diego-Carlsbad, CA | 11.0% | 5.4% |
San Francisco-Oakland et al, CA | -0.8% | -5.2% |
San Jose-Sunnyvale et al, CA | -18.5% | 3.1% |
Scranton–Wilkes-Barre et al, PA | 5.5% | 6.3% |
Seattle-Tacoma-Bellevue, WA | 3.9% | -1.0% |
Spokane-Spokane Valley, WA | 3.6% | -10.2% |
Springfield, MA | 10.5% | 4.2% |
St. Louis, MO-IL | -2.3% | -11.7% |
Stockton-Lodi, CA | -5.8% | -3.7% |
Syracuse, NY | 3.4% | 6.4% |
Tampa-St. Petersburg et al, FL | -5.3% | 1.2% |
Toledo, OH | 14.0% | 8.3% |
Tucson, AZ | 2.3% | -1.8% |
Tulsa, OK | -1.4% | 2.8% |
Urban Honolulu, HI | -8.9% | -1.9% |
Virginia Beach et al, VA-NC | 0.3% | 5.3% |
Washington et al, DC-VA-MD-WV | -0.8% | 2.6% |
Wichita, KS | -6.2% | 2.3% |
Winston-Salem, NC | -8.0% | 0.3% |
Worcester, MA-CT | 9.1% | 4.8% |
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June 6, 2024 by Isa Ferrall-Wolf and Joyce McLaren, NREL
A new NREL tool helps states, cities, community organizations, and solar developers identify equitable solar energy deployment opportunities.
Originating from a need identified by multistakeholder teams of the Solar Energy Innovation Network (SEIN), the Screening Tool for Equitable Adoption and Deployment of Solar (STEADy Solar) helps identify specific locations where distributed-scale solar photovoltaic (PV) projects may be economically beneficial, allowing stakeholders to focus resources and deploy solar more equitably.
The STEADy Solar dataset is available in the NREL data catalog as a spreadsheet tool that combines:
The STEADy Solar User Guide provides details about the dataset and contains static state-level maps that visualize the dataset.
The STEADy Solar database is a result of technical assistance provided to teams of stakeholders participating in SEIN Round 3. One of those teams, which included the organizations RE-volv , Interfaith Power and Light , and Green the Church , aimed to increase equitable solar adoption for Black, indigenous, and people of color-led houses of worship. NREL developed the STEADy Solar dataset to help the team identify communities in the United States on which to focus their efforts.
The Inflation Reduction Act of 2022—which you can learn more about on the U.S. Department of Energy (DOE) website —provided $369B for investments in domestic energy production, promoting clean energy, and established the Solar Investment Tax Credit bonus adders for equitable clean energy deployment. STEADy Solar can help stakeholders understand where private funds or local government funding or programs can leverage this federal Investment Tax Credit or direct-pay benefits and fulfill opportunities for solar deployment.
The STEADy Solar dataset and User Guide can help decision makers at all levels by:
Access the webinar recording with demo on how to use the STEADy dataset.
SEIN staff help new stakeholders apply the solutions that were developed during previous rounds of the program to their own contexts. Contact Isa Ferrall-Wolf or Joyce McLaren .
Additionally, the National Community Solar Partnership provides no-cost assistance to stakeholders that are developing community solar projects.
To apply for help using STEADy Solar to deploy community solar, access the DOE National Community Solar Partnership webpage or contact Community Solar .
Interested in learning more about SEIN? Subscribe to our mailing list .
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Learn what market research analysts do, how to become one and what skills and qualifications are required for this career. Find out the salary, outlook and work environment of market research analysts in various industries.
Learn what market research analysts do, how to become one, and what skills and tools they use. Find out the job outlook, salary, and benefits of this high-demand role.
Learn what market research analysts do, what skills they need, and how to get started in this high-demand field. Find out the benefits, challenges, and career paths of market research analysts in India.
Market Research Analysts made a median salary of $68,230 in 2022. The best-paid 25% made $99,000 that year, while the lowest-paid 25% made $49,980. See Full Salary Details ».
1. Receive higher education in a related field. Many employers require market research analysts to have at least a bachelor's degree in an area such as marketing. A marketing degree helps potential marketing research analysts learn about marketing principles, consumer behavior patterns, macroeconomics and business communications.
Market research analysts employ a variety of techniques, including surveys, interviews, focus groups, and statistical analysis, to gather relevant data. By evaluating market trends and consumer behavior, they provide valuable insights to businesses, enabling them to understand their target audience better and anticipate changes in demand.
3,973 Market research analyst jobs in United States. VDC Research Group, Inc. 3.4. Senior Market Research Analyst. Southborough, MA. Easy Apply. BA/BS degree in a related field (e.g. statistics, marketing, market research, business management, or a technology discipline); MA or MBA degree are a plus.…. 10d.
Market research analysis is a vital tool that helps businesses gather and interpret data to make informed decisions, mitigate risks, identify opportunities for growth, and stay competitive in their respective markets. It plays a pivotal role in shaping business strategies and ensuring that resources are allocated effectively to achieve business ...
Market research analysts can generally expect to complete these tasks: Study and predict marketing and sales trends. Collect data about consumers, competitors, and market conditions. Interpret data and communicate findings. Evaluate how well marketing strategies work. Set pricing based on evidence.
The median annual wage for market research analysts was $63,920 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $37,570, and the highest 10 percent earned more than $128,320.
Market Research Analyst: This is the primary role of a market research analyst where they collect and analyze data to identify market trends, consumer behavior, and competitive landscape. They design surveys, conduct interviews, and use statistical techniques to interpret the data and generate actionable insights for decision-making.
3,821 Market research analyst jobs in United States. BA/BS degree in a related field (e.g. statistics, marketing, market research, business management, or a technology discipline); MA or MBA degree are a plus.…. Bachelor's degree in finance, accounting, business, or related field. Proficiency in Microsoft Office Suite and real estate software ...
By embracing a growth mindset, research analysts can stay abreast of market conditions and economic trends influencing their marketing strategies. Collaboration. Because the job intersects with so many other business sectors, teamwork is vital to being a market research analyst. Technological proficiency.
Research Operations Analyst. State of Montana. Hybrid work in Montana. $30.99 - $32.05 an hour. Full-time. Day shift. Minimum of one year of professional work experience demonstrating the ability to perform statistical research and develop written reports based on the research. Today ·.
The Market Research Analyst will research, compile, and analyze information on products and market conditions to identify potential new markets, sales opportunities, and the most effective methods ...
The US Bureau of Labor Statistics states that the average salary for a market research analyst specifically is $68,230, with a job outlook of 13 percent growth, which is much higher than average . Additional average salaries based on specialization include the following: Financial research analyst: $79,808. Market research analyst: $69,780
A Market Research Analyst collects and analyzes data on consumers, competitors, and the marketplace. They provide insights and recommendations to support decision-making, identify market trends, and improve competitiveness. Strong analytical skills, knowledge of statistical packages, and excellent communication are essential.
Market Research Analyst Salary. Salaries can vary depending upon employer and industry. Those who work in the publishing industry tend to be the highest paid, but only marginally over those in company management. Median Annual Salary: $65,810. Top 10% Annual Salary: More than $127,410. Bottom 10% Annual Salary: Less than $33,80.
Market research is the process of assessing the viability of a new good or service through research conducted directly with the consumer which allows a company to ...
Organize your research into sections that make sense to you, but try to include ones for your purpose, target market and competition. These are the main elements your research should include: An ...
Market research analysts—sometimes called market researchers—help companies develop or maintain a competitive edge by finding and delivering data-backed insights into potential markets, competitors, and even customer behaviour. They're an integral part of a company's overall marketing strategy and are in demand across multiple industries.
The average organization using gen AI is doing so in two functions, most often in marketing and sales and in product and service development—two functions in which previous research determined that gen AI adoption could generate the most value 3 "The economic potential of generative AI: The next productivity frontier," McKinsey, June 14 ...
The second release of 1Q24 U.S. GDP (Gross Domestic Product) did not bring very material revisions. GDP growth was revised down from 1.6% to 1.3% in the first quarter. This was partly explained by a downward revision to consumer spending, from 2.5% to 2.0%. However, we got confirmation that services spending was still strong at 3.9%.
Market research analysts—sometimes called market researchers—help companies develop or maintain a competitive edge by finding and delivering data-backed insights into potential markets, competitors, and even customer behaviour. They're an integral part of a company's overall marketing strategy and are in demand across multiple industries.
In 2024 as modest price declines take hold and mortgage rates dip, the typical purchase cost is expected to slip just under $2,200 which would amount to nearly 35% of income. While far higher than ...
June 12, 2024. Accenture plc ( NYSE:ACN - Get Free Report) was down 2.7% during mid-day trading on Wednesday after Wedbush lowered their price target on the stock from $400.00 to $350.00. Wedbush currently has an outperform rating on the stock. Accenture traded as low as $286.16 and last traded at $286.26. Approximately 2,003,169 shares traded ...
» Solar Research » Solar Market Research and Analysis » Screening Tool for Equitable Adoption and Deployment of Solar Screening Tool for Equitable Adoption and Deployment of Solar. June 6, 2024 by Isa Ferrall-Wolf and Joyce McLaren, NREL. A new NREL tool helps states, cities, community organizations, and solar developers identify equitable ...
You'll find data analysts in the criminal justice, fashion, food, technology, business, environment, and public sectors—among many others. People who perform data analysis might have other titles, such as: Medical and health care analyst. Market research analyst. Business analyst. Business intelligence analyst. Operations research analyst