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Significant Rise In Housing Demand Over The Coming Decade
A recent study by the Mortgage Bankers Association shows that the economic & demographic changes in the U.S. Housing market will increase an additional 13.9 to 15.9 million households in the next 8 years. Millennials, baby boomers and Hispanics will be key in creating one of the largest building booms in history.
Impact on housing by demographics will include: an increase of 20 million more baby boomers than exist today, eighteen more more people age 18 – 44 (while generation X is being replaced by the bigger group of millennials) and there will be four million less people that are age 45 - 59 ( as boomers are replaced by the smaller population of Generation X).
The growth in the housing market in the U.S. could be the strongest ever seen by Realtors if this study proves accurate.