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 Mortgage Bankers Association’s Research Institute for Housing America study.
The number of foreign-born home owners will continues to grow 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; then by 2.4 million from 2000 to 2010.
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. California will be a top demand state!
The study makes projections to the year 2020 on the growth of U.S. home owner households headed by immigrants. Please review and provide your comments.
More at source: “Housing demand to grow as new immigrants arrive,” HousingWire (March 5, 2013)