Home ownership and rental demand may both get an uptick as a large number of immigrants are expected to enter the United States and call it home by 2020, according to a new study sponsored by the Mortgage Bankers Association’s Research Institute for Housing America.
The study makes projections to the year 2020 on the growth of U.S. home owner households headed by immigrants.
The number of foreign-born home owners continues to grow bigger each decade, according to the report. For example, the number of foreign-born home owners rose 800,000 from 1980 to 1990; by 2.1 million from 1990 to 2000; and then by 2.4 million from 2000 to 2010.
For the 2010 to 2020 period, researchers project that number to rise 2.8 million.
The home ownership rate has particularly grown among the Hispanic immigrant population. In 1990, Hispanic immigrants had a 15 percent home ownership rate, which grew to nearly 53 percent in 2010. By 2020, Hispanics’ home ownership rate is expected to rise above 61 percent, according to researchers.
The states with the greatest demand from the foreign-born on home ownership are California and New York.
“As the housing market continues its recovery, it is important to understand the demographic trends which are likely to impact housing demand in the years ahead,” says Michael Fratantoni, RIHA’s executive director. “This study provides information for lenders, builders, and policymakers regarding the future shape of housing demand, which the authors clearly show will be substantially impacted by the housing choices of foreign-born households, whether they are renters or home owners.”
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/03/06/report-immigrants-help-shape-future-housing-demand
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