Housing affordability has declined significantly in recent years. The deterioration in price-to-income ratio has been a key factor, as home prices have risen 53% since 2019, while median household income has risen only 24%. This has notably decreased the share of first-time home buyers in the market, which dropped to 21% in 2025 from 44% in 1981. Over that same time frame, the median age for first-time buyers reached a record high of 40 in 2025 from 29 in 1981.
Why continuity, vertical integration, and specification trust matter more than disruption in building industrial valve brands that endure across generations
After a three-year slump, multifamily property sales rebounded in 2025, increasing 15%, as fresh supply came on to the market. This turnaround was broad-based with 80% of metros seeing an increase in sales compared to only 20% of metros in 2024.
The trend for older home owners to age-in-place has positively contributed to the growth in the remodeling market. The RMI survey showed that 56% of remodelers are involved in home modification work relating to aging-in-place and that 96% of remodelers said that most or some of their consumers are familiar with the aging-in-place concept.
The commercial HVAC industry has entered a transformative era. As sustainability goals and regulatory requirements shape the market, building owners and contractors have the opportunity to lead the charge toward more efficient, future-forward solutions.