Harvard Study Asserts 16 Million New Homes Needed in Ten Years

Realtor Mag, the National Association of Realtors (NAR) publication, says Harvard University’s Joint Center for Housing Studies, in its latest annual “State of the Nation’s Housing” summary, cites population growth and shifting demand driving the need for more homes.  Household growth averaged 1.2 million each year from 2000-2007, then dropped to 500,000 in 2007-2010 as young adults put off home ownership, stalling the demand for new home construction.  The report states demand for one million housing units a year will come from population growth, boomers downsizing into smaller homes, immigration growth and the desire for second homes.  “With inventories of new homes at historic lows, a turnaround in demand could quickly result in tighter markets,” the report notes.  “Over the longer term, the number of younger households is set to rise sharply, supporting growth in the population that fuels growth in both new renters and first-time buyers.  The path of the economy and evolution of the mortgage market will determine when and if this increased demand materializes.”

 

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