Jul 01

Minorities to Drive Household Growth

Minorities to Drive Household Growth

Minorities to Drive Household Growth. Image courtesy of David Castillo Dominici/ FreeDigitalPhotos.net

Minorities to Drive Household Growth. Image courtesy of David Castillo Dominici/ FreeDigitalPhotos.net

Minorities are projected to make up nearly half of first-time home buyers by 2025, and account for more than one-third of U.S. households by then, according to a study by the Joint Center for Housing Studies of Harvard University.

The Joint Center is expecting the number of households to rise overall in the next decade. It projects an increase of between 11.6 million to 13.2 million new households by 2025. Overall, 36 percent of households will be headed by minorities by 2025, according to the study, which would be up from 31.6 percent in 2013.

The age composition of households is expected to change in the next decade too, the study notes. The number of households aged 65 and older is expected to rise by 10.7 million by 2025, due to the aging baby boomer generation. Also, as members of the millennial generation enter their 30s, the study’s researchers predict they will drive household growth by 2.7 million over the next decade.

Source: “Minorities Seen Driving U.S. Household Growth: Study,” Reuters (June 26, 2014)

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