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Higher Incomes Lead to an Improved Housing Market

According to a recent article by Realtor Mag, an improving economy appears to be leading towards a better housing market. The article explains that while income is lower than in 2007, from 2012 to 2013, there was a 1.1 percent increase in income.

As young adults continue to see an increase in salary, analysts seem hopeful that home ownership among this group will grab the market soon, the article says.

In addition, the article says that “the rate of housing cost burdens among young owner-occupants continues to fall… fewer than one in four young home owners spent more than 30 percent of household income on housing expenses.”

This means that young adults are living within their means and living in housing that aligns best with their incomes.

Use this information to your stores advantage. Find ways to collaborate with professional realtors and contractors in your area. Remind them of your home improvement store and offerings for new homeowners they may work with. Encourage new home owners to come to your store for all their DIY needs.

To read more, click here.

About Renee Changnon

Renee Changnon
Renee Changnon is the retail outreach coordinator for NRHA. She meets with retailers in their stores and at industry events and introduces them to the services NRHA provides. Renee previously worked as a member of the NRHA communications team. She earned a degree in visual journalism from Illinois State University, where she served as the features editor for the school newspaper. After college, she implemented marketing and promotions initiatives at Jimmy John’s franchise locations across the country. She enjoys exploring books with her book club, Netflix marathons and hosting goat yoga at her apartment complex. Renee Changnon 317-275-9442 rchangnon@nrha.org

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