A new report from The Mortgage Bankers Association projected Americans would form between 13.9 and 15.9 million new households by the year 2024.
"Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households" predicted the surge in housing demand would flow from Hispanics, baby boomers and millennials.
MBA Vice President of Research and Economics Lynn Fisher suggested an improving economic picture would allow more consumers to tap a pent up demand for real estate.
"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," Fisher said. "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."
Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research, added that demographic trends are pointing to consumers entering the real estate market later in life.
"When it comes to starting new households, age 35 is the new 25, as younger Americans are spending a longer time in school and delaying major life events like getting married and having children," Woodwell said. "As millennials age and create more housing demand, these long-term social trends will mix with demographic changes and the waning hangover from the Great Recession with a net outcome of increased demand for housing."
The report projected there will be between 5.5 million and 5.7 million more Hispanic households in 2024 than there were in 2014. In addition, MBA predicted an increase of 3.4 million to 5.4 million non-Hispanic white households, 1.8 million to 1.9 million Asian households and 2.4 million African American households.
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