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 Michigan, 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 Michigan, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 3,415,992 3,784,629 3,872,330 4,024,982 4,175,245 4,208,974
    White 2,881,725 3,090,795 3,095,180 3,132,594 3,159,192 3,079,446
    Black 437,296 488,773 519,880 547,427 559,130 553,973
    Hispanic 50,243 82,542 114,730 155,721 203,682 253,696
    Other 46,728 122,519 142,540 189,239 253,240 321,859
      Household Growth: Michigan Household Growth: Nationwide
    2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
    Total 3.9% 3.7% 0.8% 5.9% 6.4% 5.4%
    White 1.2% 0.8% −2.5% 0.1% 0.5% −1.3%
    Black 5.3% 2.1% −0.9% 9.9% 10.1% 8.8%
    Hispanic 35.7% 30.8% 24.6% 22.1% 19.2% 17.3%
    Other 32.8% 33.8% 27.1% 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 Michigan, by Age


     

    Number of Households in Michigan, by Age, Race, and Ethnicity
     
      Younger than 65 65 and older
    White Black Hispanic Other White Black Hispanic Other
    1990 2,234,690 358,668 45,591 43,167 647,035 78,628 4,652 3,561
    2000 2,389,826 404,222 75,293 112,148 700,969 84,551 7,249 10,371
    2010 2,314,150 424,220 102,950 126,110 781,030 95,660 11,780 16,430
    2020 2,139,794 417,271 136,056 162,802 992,800 130,156 19,665 26,437
    2030 1,934,611 396,099 172,169 212,904 1,224,581 163,032 31,514 40,336
    2040 1,850,782 375,868 207,432 265,023 1,228,665 178,105 46,263 56,836
    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 Michigan, 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.

    Michigan Homeownership Rates, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 71.0% 73.8% 72.1% 71.8% 71.3% 70.6%
    White 75.1% 78.7% 78.0% 78.6% 78.5% 78.1%
    Black 47.8% 50.8% 45.0% 40.1% 39.6% 38.9%
    Hispanic 56.1% 54.7% 56.2% 60.1% 60.3% 60.8%
    Other 52.2% 54.9% 57.3% 60.9% 60.5% 60.9%
    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 Michigan and Nationwide

    Michigan Homeownership Rates, by Age
     
      1990 2000 2010 2020 2030 2040
    Younger than 65 69.0% 71.9% 69.2% 67.6% 66.6% 66.5%
    65 and older 78.3% 81.0% 81.7% 81.9% 80.1% 77.9%
    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 Michigan 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