Simply stated, household income translates into purchasing power for those buying a home. A quick look at income growth trends in the Midwest suggests stronger purchasing power in the year ahead. Income growth expectations are strong for major Midwest markets, with 2017 projections exceeding annual growth percentages seen over the past decade. All of the major Midwest markets, with Minneapolis as the only outlier, exceed the national household income growth projection of 3.4% in 2017. The Midwest markets range from 2.4% to 5.3% in annual income growth in 2017.
These statistics bode well for both the resale and new home markets.
