The Future of Household Formation and Homeownership in Mississippi

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 Mississippi, 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 Mississippi, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 907,938 1,046,130 1,115,740 1,118,810 1,141,221 1,132,086
White 620,343 684,933 693,870 659,218 638,878 601,465
Black 278,052 337,914 382,390 407,041 434,634 445,087
Hispanic 4,509 9,690 20,100 28,420 37,672 49,077
Other 5,034 13,593 19,380 24,132 30,037 36,457
  Household Growth: Mississippi Household Growth: Nationwide
2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
Total 0.3% 2.0% −0.8% 5.9% 6.4% 5.4%
White −5.0% −3.1% −5.9% 0.1% 0.5% −1.3%
Black 6.4% 6.8% 2.4% 9.9% 10.1% 8.8%
Hispanic 41.4% 32.6% 30.3% 22.1% 19.2% 17.3%
Other 24.5% 24.5% 21.4% 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 Mississippi, by Age


 

Number of Households in Mississippi, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
1990 463,326 212,274 3,864 4,509 157,017 65,778 645 525
2000 517,479 277,529 8,689 11,741 167,454 60,385 1,001 1,852
2010 510,570 317,710 18,400 16,770 183,300 64,680 1,700 2,610
2020 440,451 315,572 24,805 19,487 218,767 91,469 3,615 4,644
2030 387,197 305,015 32,480 23,057 251,681 129,620 5,192 6,980
2040 353,341 294,345 39,434 27,922 248,124 150,742 9,643 8,535
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 Mississippi, 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.

Mississippi Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 71.5% 72.4% 69.6% 68.3% 67.5% 66.9%
White 76.8% 78.8% 77.9% 78.9% 78.0% 77.0%
Black 60.2% 60.6% 56.7% 53.2% 53.8% 54.3%
Hispanic 57.2% 45.7% 41.5% 49.7% 59.5% 68.1%
Other 50.0% 59.6% 59.7% 55.4% 53.0% 51.5%
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 Mississippi and Nationwide

Mississippi Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 68.0% 69.1% 65.7% 61.7% 60.2% 61.1%
65 and older 81.8% 83.9% 83.3% 85.0% 81.3% 76.8%
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 Mississippi 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.