Certainly, if you listen to the Mortgage Bankers Association, there will be a surge. The MBA believes that between 13.9 and 15.0 million households will be formed by 2024, making the next decade one of the strongest in housing in U.S. history.
MBA’s researchers conclude that the housing demand surge will be driven by Hispanics, Baby Boomers and Millennials.
Household growth will include, by race – 5.5 to 5.7 million more Hispanic households in 2024 than in 2014; 3.4 to 5.0 million more non-Hispanic White households; 1.8 to 1.9 million more Asian households; 2.4 million more Black households; and 730,000 to 890,000 more “other” households.
Growth will be driven by Baby Boomers with 12.3 to 12.9 million more households age 60 and over in 2024 than there are today. Millennials will also be key in raising the ranks of households age 18 to 44 by 4.1 million to 5.1 million.
“Household formation has been depressed in recent years by a long, jobless recovery and by a lull in the growth of the working age population,” MBA’s Vice President of Research and Economics, Lynn Fisher, told HousingWire.com. “Improving employment markets will build on major demographic trends – including the maturing of Baby Boomers, Hispanics and Millennials – to create strong growth in both owner and rental housing markets over the next decade.”
We’re certainly prepared for the demand at First International Title. We look forward to serving you!