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The National Association of REALTORS® has just analyzed population numbers provided by the U.S. Census Bureau, and in total, they bode well for future home sales.
Here they are at a glance:
- The United States is adding one person every 13 seconds.
- The largest growth is expected to be in 1) California; 2) Texas; 3) New York).
- The rate of U.S. births is one every eight seconds, which is the highest birthrate in more than 40 years.
- The rate of international migration to the United States is one every 30 seconds.
As a result, the nation’s population in 2007 grew by about 3 million people, from about 300 million to 303 million.
By contrast, Russia’s population is shrinking by 700,000 to 800,000 citizens a year, and in Europe and in Japan, the number of workers is expected to decline by 14% and 18% respectively by 2030, according to U.S. Census projections.
Economists view population growth as critical to household formation, and, by extension, home ownership. “With a population increase of 3 million, household formation typically expands by up to 1.5 million,” said NAR Chief Economist Lawrence Yun.
It has not grown as expected as given the current economic client, many people have doubled up or moved home. However, this indicates that as the U.S. economy strengthens, the demand for housing should increase. |
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