Foreign-born households are on the rise, and that trend will continue in the coming years as more and more immigrants become renters and homeowners. According to the Mortgage Bankers’ Association (MBA) Research Institute for Housing America (RIHA), 2.8 million immigrants will own homes by 2020 and “foreign-born ownership demand” will continue to rise and even dominate in some states as well. By 2020, immigrants nationwide are expected to account for 32.2 percent of growth in all households, including 35.7 percent growth in homeowners and 26.4 percent growth in renter households.
The number of foreign-born homeowners in the United States has increased each decade since 1990, and immigrants represent about 13 percent of the U.S. population at this time. California and New York posted the largest growth in immigrant homeowners with 82.2 percent growth and 65.1 percent growth, respectively. Interestingly, the study did not distinguish between legal and illegal immigrants.
Do you think that this is a positive trend? Is it good news for housing?