Housing Market Poised for Largest Expansion Next 10 Years
Demographic and economic changes are forecasted to create 15.9 million additional households by 2024
Aug. 27, 2015
A study from the Mortgage Business Association projects a 10-year housing surge on the horizon, the NAR reports.
By 2024, forecasters say 15.9 million additional households will be on board, meaning that there will be an average of 1.6 million new households per year. The bulk of the growth will be from increases in the number of households headed by those age 60 and older and households headed by age 45 and younger, the report says.
The report also notes that “an aging population should gradually increase demand for homeownership, partially offsetting the influence of a more racially and ethnically diverse population on homeownership rates.”
