Dive Brief:
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Demand for housing over the next decade will be stronger than almost any other time in U.S. history, the Mortgage Bankers Association predicted this week.
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Analysts there predicted that Americans will form between 13.9 million and 15.9 million new households by 2024.
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An MBA research paper called "Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households," showed that Hispanics, baby boomers and millennials will drive the housing surge.
Dive Insight:
The MBA predicted that of the various groups, baby boomers will lead the pack. By 2024, the report said, Americans older than 60 will head up to 12.9 million more households than they do today.
Still, the millennial presence in the housing market will grow substantially over the next decade, according to the research. Households whose occupants are age 18 to 44 will increase by up to 5.1 million.
The boom in demand will come after years of lower-than-normal household formation, depressed by low unemployment and what MBA economist Lynn Fisher called "a lull in the growth of the working-age population."
But as baby boomers, millennials and Hispanics age and the job market continues to improve, they will continue to form new households and bolster the demand for both for-sale and rental homes, she said in a press release.
