Tuesday, August 25, 2015

Mortgage Bankers Predict New Wave of Home Ownership by 2024


Lynn Fisher
WASHINGTON, DC -- By 2024, the U.S. will create between 14 million and 16 million new households, according to the Mortgage Bankers Association.  Of those, as many as 13 million will be owners and as few as three million will be renters.

The MBA predicts over the next decade, Americans will emerge from their childhood bedrooms or rental apartments and start becoming homeowners again.

The MBA says home ownership has plunged to its lowest level in half a century. But over the next decade the country will see a surge in new household formation, with many of those families choosing to own rather than rent.

The MBA says that as many as 1.3 million additional owner households will be created each year. That is a significant pickup from the recession, when the number of owner households has been basically flat.

“It’s a huge amount of housing demand any which way you cut this,” said Lynn Fisher, MBA’s vice president of research and economics.

The MBA says the homeownership rate rose from less than 64% in the late 1980s to more than 69% in the mid-2000s before dropping to below 64% again in 2015.

The MBA says if current homeownership rates by age and race persist, the report’s authors expect the homeownership rate to grow modestly to 64.8%. If those rates of homeownership by group revert to higher long-term trends, they expect the homeownership rate to rebound to 66.5%.

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