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Housing demand expected to continue, remain high

Millions of would-be homeowners that lost out during the Great Recession are anticipated to produce a continued boost in housing demand over the next several years. Paired with a swath of Gen Z’s approaching home-buying age, housing sales are expected to remain hot.

Record-setting high demand for housing isn’t expected to let up any time soon.

A leftover effect from the Great Recession, many Millennials that lost out at the chance to become homeowners are anticipated to join Gen Z’s in the search for a home, which will keep demand in the market hot.

There are 5.7 million “missing” households since household formation rates dropped during and after the Great Recession, reports Zillow.

The large number represents American adults who have yet to move out on their own or with a partner into a house.

Household formation rates rose in 2018 and 2019 to begin to chip away at this deficit as more home supply and a strong economy eased downward pressures from the previous decade. However, the current recession will likely reverse many of those gains.

As the market catches up from the 2007-2009 housing crash and Gen Z’s approach home-buying age, the millions of “missing” households are likely to boost housing demand for at least the next several years as many look to get into their first home.