by Spencer Marona, Managing Director
CoStar recently reported that the Mortgage Bankers Association (MBA) expects between 13.9 million and 15.9 million of additional households will be formed by 2024, projecting one of the strongest housing markets in U.S. history.
The MBA report, titled "Housing Demand: Demographics and the Numbers Behind the Coming Multi-Million Increase in Households," finds that surge in household formation, and expected related housing demand, will be driven largely by Hispanics, Baby Boomers and Millennial.
The implications multifamily industry are significant, according to the MBA. Some include:
- U.S. population expected to grow by 24 million over the next 10 years, increasing the demand for all types of housing
- 2.6 million additional renter-occupied households in 2024
- Baby Boomers will be a large portion of that growth with 3 million more renter households in 2024
- Millennials are expected to be a total of 2.7 million additional renter households.
More information can be found in CoStar's recently published article.