Immigrants will help US housing market to grow
A new report prepared by Mortgage Bankers Association suggests that between 2010 and 2020 immigrants will account for 36% of the home buyers and 26% of the home rentals market. The report is called Immigrant Contributions to Housing Demand in the United States: A Comparison of Recent Decades and Projections to 2020 for the States and Nation. It says that ‘immigrants are an important and growing source of demand (for housing) that has bolstered housing markets in recent decades’. The main point of the report is that immigrants are important players in the US real estate market especially in places such as New York and California were immigrants traditionally settle. In the decade between 2000 and 2010 the immigrants were responsible for the 80 of the growth of the New York housing market and 60% of the growth in California. In addition to that immigrants played major role in property market of another six states too – Illinois, New Jersey, Pennsylvania, Massachusetts, Ohio and Michigan.
The report predicts that demand from immigrants will hold up in those states and will be responsible for the majority of the growth in six states between 2010 and 2020; New York, California, New Jersey, Massachusetts, Connecticut and Michigan. Nevertheless there are a lot of immigrants who will buy homes in other states such as New York, California, New Jersey, Massachusetts, Connecticut and Michigan. But the report writers say that, between 2000 and 2010, immigrants began to buy houses in significant numbers in states that were not previously popular with immigrants. For example, they were responsible for 34.1% of the increase in house sales in Georgia and 24.8% in North Carolina. The report says it expects this demand to level off but remain significant between 2010 and 2020.