Minorities drive household growth, study says
In this Thursday, Jan. 9, 2014, photo, a for sale sign hangs in front of a house in Mount Lebanon, Pa. The National Association of Realtors reports on existing-home sales in January on Friday, Feb. 21, 2014. (AP Photo/Gene J. Puskar)
Photo by AP
Minorities will account for more than one-third of America's households by 2025 and make up nearly half of first-time homebuyers, according to a study released on Thursday.
The Joint Center for Housing Studies of Harvard University estimated the number of households — which is slightly more than 122 million — will increase by 11.6 million to 13.2 million over 2015-25.
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 will depend on mortgage availability, given the limited incomes of many minorities.
The age composition of households is due to change. With the aging of the baby boomer generation, the number of households age 65 and older is likely to increase by 10.7 million by 2025, the study said.
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