Housing Demand Expected To Surge In Next 10 Years
In what could be a huge boon to apartment owners, the Mortgage Bankers Association (MBA) expects 13.9 million to 15.9 million more households will be formed by 2024.
The demand will come from a number of places, according to CoStar’s wrap-up of the MBA’s study “Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households”
“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 the maturing of Baby Boomers, Hispanics, and Millennials—to create strong growth in both owner and rental housing markets over the next decade. “
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