According to Harvard University's Joint Center for Housing Studies, 16 million new housing units will be needed within the next decade to meet population growth and shifting demands.
Household growth, which has dropped drastically in recent years will need to reverse its trend to meet the forcasted spike in demand. With inventories of new homes at historic lows, a turnaround in demand could quickly result in tighter markets.
The need for greater housing is based on the report projecting demand for 1 million new homes per year to meet population growth in the coming decade. The report predicts a surge in smaller homes , estimated that 3.8 million baby boomers will be looking to downsize in the next decade. Immigration growth and the need to replace existing homes and demand for second homes will continue to rise concluding that 16 million new housing units will be needed over the next decade.
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