In their white paper entitled Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households, the Mortgage Bankers Association (MBA) said they anticipate robust growth in housing demand over the next 10 years. By 2024, the MBA’s study findings project between 13.9 and 15.9 million additional households will be formed. Based on data analysis of various demographic-specific household formation rates, historical averages, and economic and societal trends, the report showed the largest demand for housing will come from Baby Boomers, Hispanics and Millennials.
Lynn Fisher, the MBA’s Vice President of Research and Economics stated, “Improving employment markets will build on major demographic trends – including maturing of Baby Boomers, Hispanics and Millennials – to create strong growth in both owner and rental housing markets of the next decade.”
To read the full article and access a link to the MBA’s white paper, visit http://bit.ly/1EWPzj7.