PROJECTForecasting State and National Trends in Household Formation and Homeownership


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  • The Future of Household Formation and Homeownership in Wyoming
  • The Future of Household Formation and Homeownership in Wisconsin
  • The Future of Household Formation and Homeownership in West Virginia
  • The Future of Household Formation and Homeownership in Washington
  • The Future of Household Formation and Homeownership in Virginia
  • The Future of Household Formation and Homeownership in Vermont
  • The Future of Household Formation and Homeownership in Utah
  • The Future of Household Formation and Homeownership in Texas
  • The Future of Household Formation and Homeownership in Tennessee
  • The Future of Household Formation and Homeownership in South Dakota
  • The Future of Household Formation and Homeownership in South Carolina
  • The Future of Household Formation and Homeownership in Rhode Island
  • The Future of Household Formation and Homeownership in Pennsylvania
  • The Future of Household Formation and Homeownership in Oregon
  • The Future of Household Formation and Homeownership in Oklahoma
  • The Future of Household Formation and Homeownership in Ohio
  • The Future of Household Formation and Homeownership in North Dakota
  • The Future of Household Formation and Homeownership in North Carolina
  • The Future of Household Formation and Homeownership in New York
  • The Future of Household Formation and Homeownership in New Mexico
  • The Future of Household Formation and Homeownership in New Jersey
  • The Future of Household Formation and Homeownership in New Hampshire
  • The Future of Household Formation and Homeownership in Nevada
  • The Future of Household Formation and Homeownership in Nebraska
  • The Future of Household Formation and Homeownership in Montana
  • The Future of Household Formation and Homeownership in Missouri
  • The Future of Household Formation and Homeownership in Mississippi
  • The Future of Household Formation and Homeownership in Minnesota
  • The Future of Household Formation and Homeownership in Michigan
  • The Future of Household Formation and Homeownership in Massachusetts
  • The Future of Household Formation and Homeownership in Maryland
  • The Future of Household Formation and Homeownership in Maine
  • The Future of Household Formation and Homeownership in Louisiana
  • The Future of Household Formation and Homeownership in Kentucky
  • The Future of Household Formation and Homeownership in Kansas
  • The Future of Household Formation and Homeownership in Iowa
  • The Future of Household Formation and Homeownership in Indiana
  • The Future of Household Formation and Homeownership in Illinois
  • The Future of Household Formation and Homeownership in Idaho
  • The Future of Household Formation and Homeownership in Hawaii
  • The Future of Household Formation and Homeownership in Georgia
  • The Future of Household Formation and Homeownership in Florida
  • The Future of Household Formation and Homeownership in District of Columbia
  • The Future of Household Formation and Homeownership in Delaware
  • The Future of Household Formation and Homeownership in Connecticut
  • The Future of Household Formation and Homeownership in Colorado
  • The Future of Household Formation and Homeownership in California
  • The Future of Household Formation and Homeownership in Arkansas
  • The Future of Household Formation and Homeownership in Arizona
  • The Future of Household Formation and Homeownership in Alaska

  • 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 Illinois, 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 Illinois, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 4,193,520 4,590,873 4,836,870 4,906,048 4,853,274 4,628,244
    White 3,347,094 3,412,524 3,422,830 3,276,002 3,049,915 2,704,171
    Black 541,467 617,743 660,180 681,137 674,151 633,797
    Hispanic 218,220 368,976 507,180 627,554 733,768 819,667
    Other 86,739 191,630 246,680 321,355 395,439 470,609
      Household Growth: Illinois Household Growth: Nationwide
    2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
    Total 1.4% −1.1% −4.6% 5.9% 6.4% 5.4%
    White −4.3% −6.9% −11.3% 0.1% 0.5% −1.3%
    Black 3.2% −1.0% −6.0% 9.9% 10.1% 8.8%
    Hispanic 23.7% 16.9% 11.7% 22.1% 19.2% 17.3%
    Other 30.3% 23.1% 19.0% 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 Illinois, by Age


     

    Number of Households in Illinois, by Age, Race, and Ethnicity
     
      Younger than 65 65 and older
    White Black Hispanic Other White Black Hispanic Other
    1990 2,513,313 444,477 204,969 79,980 833,781 96,990 13,251 6,759
    2000 2,585,584 509,271 343,755 173,455 826,940 108,472 25,221 18,175
    2010 2,571,770 534,140 466,340 217,000 851,060 126,040 40,840 29,680
    2020 2,267,413 512,334 549,002 270,735 1,008,589 168,803 78,551 50,620
    2030 1,853,413 459,449 601,825 324,176 1,196,502 214,702 131,943 71,264
    2040 1,574,416 411,632 622,612 378,182 1,129,754 222,166 197,055 92,427
    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 Illinois, 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.

    Illinois Homeownership Rates, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 64.3% 67.3% 67.5% 66.6% 66.1% 65.4%
    White 70.5% 74.7% 75.4% 75.3% 75.0% 74.1%
    Black 38.0% 42.3% 40.9% 38.2% 38.1% 38.5%
    Hispanic 39.4% 48.6% 52.6% 55.8% 58.6% 60.8%
    Other 51.4% 52.0% 59.2% 58.4% 59.0% 59.5%
    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 Illinois and Nationwide

    Illinois Homeownership Rates, by Age
     
      1990 2000 2010 2020 2030 2040
    Younger than 65 61.6% 64.6% 64.5% 62.0% 61.1% 60.5%
    65 and older 73.3% 77.1% 78.3% 79.0% 76.3% 74.3%
    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 Illinois 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.

    Research Areas Housing finance
    Policy Centers Housing Finance Policy Center