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 Indiana, 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 Indiana, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 2,064,244 2,336,516 2,502,130 2,654,435 2,818,134 2,921,472
    White 1,874,295 2,053,569 2,123,440 2,166,955 2,201,190 2,165,586
    Black 147,571 183,491 218,160 252,279 295,895 338,416
    Hispanic 26,522 54,814 99,160 142,048 187,274 236,825
    Other 15,856 44,642 61,370 93,154 133,776 180,645
      Household Growth: Indiana Household Growth: Nationwide
    2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
    Total 6.1% 6.2% 3.7% 5.9% 6.4% 5.4%
    White 2.0% 1.6% −1.6% 0.1% 0.5% −1.3%
    Black 15.6% 17.3% 14.4% 9.9% 10.1% 8.8%
    Hispanic 43.3% 31.8% 26.5% 22.1% 19.2% 17.3%
    Other 51.8% 43.6% 35.0% 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 Indiana, by Age


     

    Number of Households in Indiana, by Age, Race, and Ethnicity
     
      Younger than 65 65 and older
    White Black Hispanic Other White Black Hispanic Other
    1990 1,444,387 120,920 24,021 14,564 429,908 26,651 2,501 1,292
    2000 1,594,243 152,199 50,454 40,539 459,326 31,292 4,360 4,103
    2010 1,624,080 183,640 91,960 55,410 499,360 34,520 7,200 5,960
    2020 1,525,968 200,865 127,295 81,405 640,987 51,413 14,753 11,750
    2030 1,406,747 227,775 159,814 114,868 794,442 68,120 27,460 18,908
    2040 1,350,899 261,454 195,858 154,309 814,687 76,962 40,967 26,337
    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 Indiana, 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.

    Indiana Homeownership Rates, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 70.2% 71.4% 69.9% 69.6% 69.0% 68.0%
    White 72.5% 74.8% 74.2% 75.1% 75.2% 74.8%
    Black 46.2% 45.3% 40.6% 35.8% 35.6% 36.1%
    Hispanic 55.1% 48.5% 52.2% 56.3% 58.1% 58.8%
    Other 48.5% 49.8% 51.1% 52.7% 55.6% 58.5%
    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 Indiana and Nationwide

    Indiana Homeownership Rates, by Age
     
      1990 2000 2010 2020 2030 2040
    Younger than 65 67.9% 69.3% 66.9% 65.5% 64.7% 64.3%
    65 and older 78.3% 79.2% 80.5% 80.6% 78.0% 75.7%
    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 Indiana 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