Despite complications from the health crisis, sales of single-family homes are increasing as buyers adapt to new procedures, reported Marcus & Millichap. A greater appreciation for larger living spaces, population migration and historically low mortgage rates are bolstering demand. Not everyone can afford to own a home, however, sustaining the multifamily sector’s long-term outlook.
As the single-family housing market adapts to both positive and negative trends, the main pillars of multifamily demand remain intact. The shifting of lifestyle sentiments and lower mortgage rates must contend with the notable financial costs of homeownership and the limited number of single-family houses at lower price points. Many younger and single individuals with limited financial resources will remain renters for some time. The multifamily sector was also undersupplied going into the health crisis, especially among the more affordable class C segment. Substantial job losses may still l