Between 2010 and 2020, immigrants are projected to make up about one-third of the growth among all households, according to a new report from the Mortgage Bankers Association’s Research Institute for Housing America. Specifically, the report projects that between 2010 and 2020, immigrants will account for 32.2% of growth among all households.
They’ll make up 35.7% of the growth in owner households and 26.4% of the growth in renter households. What’s behind these statistics? “Rising numbers of foreign-born households are driven by the continued increases in homeownership rates achieved as immigrants settle longer in the United States,” said Dowell Myers, a demographer at the University of Southern California and co-author of the report. Foreign-born owners constituted about 14% of the 117 million households in the U.S. in 2010, according to the report. That share is forecast to rise to almost 16% of 130 million households in 2020, according to the report. The report concludes that foreign-born homeowners are expected to continue as a significant source of new housing demand. Indeed, since 2007 the number of immigrants in the U.S. has increased more than 2 million to reach above 40 million in 2011, according to a January report from the Pew Research Center.
Chosen excerpts by Job Market Monitor