In 2024, economic results will likely remain mixed. While a total collapse is unlikely and a recession may be avoidable, some Americans will still struggle to make ends meet in the face of relatively high rates and higher-than-ideal inflation. Here are LendingTree's predictions for the state of housing, jobs and the economy in 2024.
Potential economic positives in 2024:
- The housing market likely won’t crash this year
- Inflation will likely come down
- Across the board, rates should level off, if not eventually fall
- Wage growth will continue to outpace inflation
- We may avoid a recession
Potential economic negatives in 2024:
- The housing market will remain prohibitively expensive for many
- Home sellers could face challenges
- Savings will stay depressed
- Total debt will stay high
You can find our full 2024 housing and economic predictions here: https://www.lendingtree.com/home/mortgage/housing-economy-expectations-study/
LendingTree's Senior Economist, Jacob Channel, added:
"Like any year, 2024 will doubtlessly be harder for some than it is for others. Those who are struggling should remember that the sooner they ask for help and the more proactive they are about trying to get their finances in check, the better off they’ll be. No matter how bad things may seem, burying your head in the sand and hoping that problems go away on their own is usually nothing more than a recipe for disaster."
