The Future of Household Formation and Homeownership in Georgia

Forecasting State Homeownership Trends

Trends in household formation and homeownership have important implications for states’ housing markets and broader economies. They also reveal who has benefited from homeownership and who has been shut out of this critical wealth-building tool. To better understand the past and future of household formation and homeownership in Georgia, we look at trends by age, race, and ethnicity. Our projections, using data from decennial censuses and the American Community Survey, show what will happen over the next two decades if current policies stay the same. For more details on the methodology, see our report.

Household Formation

We look at changes in the number of households (defined as one or more people who live in a housing unit) for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine household formation trends for people younger than 65 and people ages 65 and older.

Number of Households and Household Growth

Number of Households in Georgia, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 2,365,723 3,007,220 3,585,450 3,908,638 4,369,290 4,751,733
White 1,744,044 2,021,724 2,176,340 2,190,900 2,241,256 2,219,200
Black 570,648 798,051 1,053,700 1,224,301 1,453,542 1,661,618
Hispanic 26,951 99,950 207,700 284,647 384,422 494,357
Other 24,080 87,495 147,710 208,790 290,070 376,557
  Household Growth: Georgia Household Growth: Nationwide
2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
Total 9.0% 11.8% 8.8% 5.9% 6.4% 5.4%
White 0.7% 2.3% −1.0% 0.1% 0.5% −1.3%
Black 16.2% 18.7% 14.3% 9.9% 10.1% 8.8%
Hispanic 37.0% 35.1% 28.6% 22.1% 19.2% 17.3%
Other 41.4% 38.9% 29.8% 20.9% 20.0% 18.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Number of Households in Georgia, by Age


 

Number of Households in Georgia, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
1990 1,403,871 477,764 25,230 23,267 340,173 92,884 1,721 813
2000 1,621,634 696,082 96,568 81,313 400,090 101,969 3,382 6,182
2010 1,676,410 912,570 198,330 134,630 499,930 141,130 9,370 13,080
2020 1,523,273 981,631 259,881 180,888 667,628 242,670 24,766 27,901
2030 1,408,893 1,072,926 332,011 240,204 832,362 380,617 52,411 49,865
2040 1,338,891 1,176,552 398,422 296,161 880,309 485,066 95,935 80,396
Number of Households in the United States, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
2000 60,344,232 9,972,344 8,293,773 4,728,999 18,748,904 1,835,658 928,629 627,564
2020 55,784,880 11,872,258 14,733,722 7,456,779 26,591,297 3,379,648 2,550,232 1,616,708
2040 48,524,107 13,051,680 19,825,205 10,817,807 33,236,589 5,553,598 6,026,735 3,088,951

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020 and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Household Racial and Ethnic Composition, by Age, in Georgia, and Nationwide

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeownership

We look at changes in homeownership for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine trends in the number of homeowners and renters younger than 65 and people 65 and older.

Georgia Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 65.0% 67.5% 65.7% 64.7% 63.5% 62.1%
White 71.8% 76.1% 75.5% 76.6% 75.9% 74.9%
Black 46.0% 50.8% 50.3% 47.6% 48.0% 48.2%
Hispanic 40.2% 37.7% 44.4% 49.7% 50.0% 49.7%
Other 50.8% 54.6% 60.4% 61.0% 63.0% 64.4%
National Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 65.3% 66.2% 65.1% 64.7% 63.6% 62.2%
White 70.1% 72.4% 72.2% 73.0% 72.5% 71.4%
Black 45.2% 46.3% 44.3% 41.9% 41.1% 40.6%
Hispanic 43.3% 45.7% 47.3% 49.0% 50.2% 51.3%
Other 53.7% 53.0% 56.3% 58.1% 57.9% 57.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeowners and Renters, by Age, in Georgia and Nationwide

Georgia Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 62.3% 64.9% 62.5% 59.5% 57.2% 55.6%
65 and older 76.9% 80.1% 79.7% 80.7% 78.2% 75.6%
National Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 62.3% 63.0% 61.6% 59.5% 57.5% 56.5%
65 and older 75.8% 78.1% 77.5% 78.4% 76.0% 73.0%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.

Millions of Owners and Renters in Georgia and Nationwide, by Age

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.