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Affordable Workforce Housing Forecasts For 2023 – Mark R Graham

Affordable Workforce Housing Forecasts For 2023 - Mark R Graham

Gone are the days when finding a quality place to live near work was an unattainable dream – the rise of workforce housing has been driving affordability and accessibility for many years now, and due to continued demand, forecasts show that this trend is sure to continue in 2023. For those searching for a safe, secure, and affordable home, understanding what’s on the horizon can be highly beneficial. This blog post by Mark R Graham will provide an overview of what industry experts are predicting regarding workforce housing trends in 2023, along with helpful tips so you can get ahead of the game!

Mark R Graham Lists Affordable Workforce Housing Forecasts For 2023

According to Mark R Graham, the current housing market is ever-evolving, and it’s important to stay up to date with the most accurate forecasts for affordable workforce housing in the coming year. For 2023, there are three main variables that will play a major role in determining the availability of affordable workforce housing: population growth, job market expansion, and economic trends.

Population Growth: According to data from the US Census Bureau, population growth is expected to remain consistent through 2023 at an annual rate of 0.7%. This means that demand for affordable workforce housing is likely to increase as more people move into communities. In addition, areas with higher levels of migration usually experience a greater strain on their housing markets which could lead to a shortage of available units over the next several years.

Job Market Expansion: The job market is expected to continue growing in 2023, increasing the demand for affordable housing across many metropolitan areas. Many of these jobs will be in cities where the cost of living is high, and they require workers who can afford to live locally. According to a recent report from the National Association of Realtors, the job market is forecasted to grow at an average rate of 1.5% annually over the course of 2023 which will only add fuel to existing housing markets.

Economic Trends: The overall economic outlook for 2023 remains uncertain due to a variety of factors, such as trade tensions and political instability around the world. Despite this uncertainty, it’s expected, as per Mark R Graham, that mortgage rates will remain low, which is good news for those looking to purchase affordable workforce housing. In addition, lenders are becoming more willing to offer mortgages with lower down payments and flexible terms in order to make purchasing a home more accessible across all income levels.

Mark R Graham’s Concluding Thoughts

Overall, the forecast for affordable workforce housing looks positive for 2023. According to Mark R Graham, the population growth rate of 0.7%, job market expansion of 1.5%, and economic stability, thanks to low mortgage rates, should ensure that there is plenty of available options when it comes to obtaining an affordable place to live. Additionally, an estimated 3.2 million new jobs and 4 million new homes are expected to become available by the end of next year, which provides added assurance in regards to giving people access to the housing they need.