Report: Net Household Growth for 20 Years Mostly Minorities
Urban Institute: Virtually all household growth (new households minus leaving households) over the next 20 years will be either Hispanic, Black or Asian.
NEW YORK – According to a recent report from the Urban Institute, virtually all of the household growth (new households minus departing households) in the United States expected over the next two decades will come from “minority householders.”
Between 2020 and 2040, the U.S. will see 16.1 million new net households created, and the vast majority will be either Hispanic, Black or Asian.
Hispanic households are expected to increase by 8.6 million, while Blacks will add another 3.3 million households. “Other races,” mostly Asian, will add 4.8 million more.
On the other hand, white households will decline by 600,000.
White households have the highest homeownership “headship” rates at present, but the report noted that nonwhite groups make up an increasing share of the population.
Overall, however, the Urban Institute forecasts that the household growth rate will slow down in the next 20 years. Household growth averaged about 12.4 million units per decade from 1990 to 2010, but it’s expected to slow to a rate of 8.5 million from 2020 to 2030, and 7.6 million from 2030 to 2040.
Source: Realty Biz News (01/25/2021) Wheatley, Mike
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