The Joint Center for Housing Studies of Harvard University
estimated the number of households, which currently stands at
slightly more than 122 million, will increase by between 11.6
million and 13.2 million over 2015-2025.
In 2025, 36 percent of households will be headed by minorities,
the study said, up from about 31.6 percent in 2013.
Of those, nearly half will be in the 25-34 age bracket that
dominates the first-time buyer market. The study cautioned,
however, that the numbers depend importantly on mortgage
availability, given the limited incomes of many minorities.
The age composition of households is also due to change. With
the aging of the baby boomer generation, the number of
households aged 65 and older is likely to increase by 10.7
million by 2025, the study said.
At the same time, the forecasts project a shift into
homeownership from so-called millennials - young adults
currently in their 20s - many of whom have chosen to live with
their parents even though they are employed. Their decision to
stay home since the U.S. housing bubble burst is one factor
cited for the nation's 18-year-low homeownership rate.
As they enter their 30s, the study predicts members of this
generation will increasingly strike out on their own, increasing
households by 2.7 million over the next decade. Rising student
debt could delay the shift, however, the study warned.
(Reporting by Moriah Costa; Editing by Tom Brown)
[© 2014 Thomson Reuters. All rights
Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.