Dive summary:
- From 2000 to 2010, immigrants to the U.S. helped fuel the market for housing, a study finds, and they will continue to buy beyond their percentage of the population through 2020.
- Immigrants make up about 13% of the U.S. population, but they were 39% of the group that became new homeowners in that first decade, and the study by demographers at the University of Southern California says they will account for 36% of the growth from 2010 to 2020.
- To illustrate how big the effect and benefit to the housing market were, immigrants made up 82% of the growth in homeowners in California and 65% of the growth in New York in 2000-2010.
From the article:
Of the Hispanics who arrived in the U.S. during the 1980s, homeownership jumped from 15% in 1990 to 53% in 2010, and is projected to reach 61% in 2020, the report said. ...