Desire to Own a Home

By June 24, 2016 No Comments

According to the Harvard University Joint Center for Housing Studies, Americans still want to own their own home.   The question is will they be able to afford it.   The cost of a secondary education is having a tremendous impact on the economy and purchasing a new home.   In addition, rents continue to rise, limiting the amount one can save for a down payment on a home.  There were 1.3 million new households formed in 2015.   This is back to the pace seen prior to the down turn.  Many millenials moved back home or lived with a roommate, thus not creating a new household.   Millenials, who make up the largest demographic, are now reaching an age where they will be moving out and creating a new household. It is expected that the new household formation number will be closer to 2 million over the next few years.  This is why projection for new construction is very high.  Housing will be needed to handle these new households.