The United State real estate has made a drastic change. We used to be the country that rented properties, we are now the country that owns our own properties. In the 1900s seventy five percent of Americans lived in rental homes. Over one hundred years later sixty eight percent of people now own their own place.
Benefits of Home Buying
There are many positive financial impacts that have helped up the percentage of home owners over home renters. Other then the tax benefits you will receive from buying over renting, if you buy a home and live in it from four to seven years then you have saved twenty percent to forty percent in rent you would have paid out. The real estate business holds nine million of America’s jobs out there. Fifteen percent of American’s growth came from housing accounts.
The increase of household formations have driven a residential housing recovery that has added somewhere between 1.7% and 3.2% to the GDP growth over the next five years or so. The biggest real estate purchase over the last year was in California and was a eight thousand nine hundred and thirteen square foot property sold for $117,500,000. They expect a nine percent increase of real estate in the year 2022.
Current Concerns and Risks in Housing Market
There are still a few concerns in the real estate market. Such as Eleven percent of homes are still standing vacant today. There is a $380 billion dollar distressed property market. The figures in the distressed housing market as went down to 4.7 million in April. That is the very first time in five years the market has dropped that significantly.
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Advertising is a big deal in the real estate game. Real estate holds the highest amount paid out in online advertising coming in at $13 billion. Over the last year over half of the $13 billion dollars was spent on online media advertising. The average buyers that use online realtors only spend 2.2 weeks finding their home where traditional realtors may take up to six weeks.
165,000 companies generated $170 billion in revenue in operating residential brokers and management fields. Thirty percent of all the industry is made up of the fifty largest real estate companies. Twenty five thousand commercial real estate companies generated $30 billion in revenue. Forty five percent of the industry’s revenue came from brokerage services. 35% makes up leasing and 15% makes up property management. Blackstone group spends $100 million a week in buying homes.
Commercial Real Estate
Today’s commercial real estate in the United States is worth about $5,000,000,000,000.There is thirty three billion square feet of rental space, four billion square feet in office space, 4.4 million hotel rooms, 9.5 billion square feet in shopping centers or malls, and thirteen billion square feet in industrial properties.