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Real estate outlook: Buying a home in 2024
Is 2024 a good time to buy a house? New York City real estate expert and agent Frances Katzen explains.
Historically high mortgage rates and skyrocketing home prices in the United States have driven countless potential homebuyers to rethink their game plan.
Many have become priced out of the housing market, and are either staying in their current home or continue renting.
Some good news for renters is the national average apartment size is beginning to increase.
RELATED: Renters aren't moving: 1 in 6 live in same home for 10 years or more, report says
A report from RentCafe found larger living spaces are making a comeback after a decade-long shrink. The average U.S. apartment size now is 916 square feet – up by 27 square feet from 2023.
More two- and three-bedroom apartments became available as well, which helped drive up the nation’s average apartment size, RentCafe said.
Cities with the smallest new apartments
FILE - An apartment building with rental units stands in Manhattan building on April 11, 2024 in New York City. (Photo by Spencer Platt/Getty Images)
RentCafe’s analysis found these five cities to have the smallest new apartment sizes:
- Seattle, WA
- Portland, OR
- Queens, NY
- Brooklyn, NY
- Detroit, MI
RELATED: These US cities now among world's most 'impossibly unaffordable,' report says
Cities with the largest new apartments
RentCafe’s analysis found these five cities to have the largest new apartment sizes:
- Gainesville, FL
- Tallahassee, FL
- Baton Rouge, LA
- Knoxville, TN
- Marietta, GA
This story was reported from Detroit.