In what it projects would be one of the strongest housing markets in U.S. history, the Mortgage Bankers Association (MBA) expects between 13.9 million and 15.9 million of additional households will be formed by 2024.
The MBA report, titled "Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households," finds that surge in household formation, and expected related housing demand, will be driven largely by hispanics, baby boomers and millennials.
"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," said Lynn Fisher, MBA's vice president of research and economics. "(However,) 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 over the next decade."
Read more...Housing Demand Expected to Surge Over Next 10 Years According to MBA Report - CoStar Group