Renters often face the decision of continuing in their current housing situation or buying their first home. While rental prices have increased over the past 20 years, there is good news on the horizon in these predictions for renters.

While prices peaked in July 2015, the growth rate in what renters pay has slowed since then. Although prices are not likely to fall, the slower rate makes rental homes more affordable. However, in several hot markets, especially on the west coast, rental prices are likely to continue to rise faster than other locations in the United States.

While home ownership is currently near the historic low, the number of homeowners is expected to grow as millennials begin to start their families. Getting married or having children typically triggers couples to consider home ownership. Recent surveys show millennials to believe ownership is a key to the American Dream.

In the next few years, you can expect some population shifts. While millennials are likely to drive the growth of the suburbs, older generations are embracing the walk able neighborhood concept of urban areas. Thus, the suburbs will see growth in younger homeowners while urban populations grow older.

While home ownership is currently near the historic low, the number of homeowners is expected to grow as millennials begin to start their families. Getting married or having children typically triggers couples to consider home ownership. Recent surveys show millennials to believe ownership is a key to the American Dream.

If you take the plunge to buy a home, you will find newly constructed homes are more expensive. This is explained by higher demand, a shrinking workforce and increased wages. These issues lead builders to focus on more expensive homes to maximize profits and reduces the number of new, entry-level homes.