Housing Trends Moving in the Right Direction!
Multiple demographic trends are expected to make a positive impact on housing. Here are the relevant statistics1:
Between 13.9 – 15.9 million new households will be formed by 2024 (the next decade will be one of the strongest housing markets in US history)
Baby Boomers will drive growth (12.3 – 12.9 million more households will be of ages 60 and over by 2024)
There will be 5.5 – 5.7 million more Hispanic households
The home ownership rate will rebound to between 65-66
1Mortgage Banking Association’s “Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households,” reference info.