Housing, inflation, interest rates and more: What to expect in the 2024 economy

In 2024, the economy is expected to be much different than in 2020. On the global scale, demand for goods and services has been recovering as the world rebuilds after the 2020 pandemic. Prices are expected to increase gradually in the coming years, but economic growth will likely remain close to current levels, barring any unexpected events.

In terms of housing, many experts expect that prices will continue to rise. That (together with lower interest rates) could make it easier for people to buy homes. However, some worry that higher prices will increase inequality and limit access to housing for those with lower incomes.

Inflation is expected to remain moderate, hovering around 2%, despite the Fed’s quantitative easing measures. Interest rates, on the other hand, are expected to stay low until the labor market and inflation stabilize.

Finally, employment is likely to continue to improve with more jobs being added. As more jobs come online, wages should also start to increase, providing a boost to consumer spending and investment. Though the economy is showing signs of recovery, the labor market will remain fragile until the pandemic is brought under control.