A recent report has indicated that the total overall value of the housing stock in the United States came in at $2 trillion last year, which is a 6.5% increase from the previous year.
In terms of the state of Texas, the quickest growth was seen in the Dallas-Fort Worth area, where total home sales last year came in at $517.8 billion. This total is an increase of 12.3% from 2016’s total. This figure is also the third-highest on the list, as renters paid approximately $11.8 billion, which is a 2.4% increase from last year.
Last year, renters across the entire country paid approximately$485.6 billion, which is $4.9 billion more than they paid back in 2016. Reports indicate, however, that the total amount that was spent actually grew at perhaps the slowest overall pace recently due to more and more tenants transitioning into ownership from renting. Furthermore, across the country, new rental supply was found to have slowed down rent growth itself.
As it pertains to the coming years, it’s expected that the recent changes to federal tax laws enacted by Congress and signed into law by Donald Trump that have generally made homeownership more attractive financially, dynamics that increase both rents and home values aren’t likely to change this year.
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