The Future of Household Formation and Homeownership in Nevada

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 Nevada, 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 Nevada, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 464,355 751,435 1,006,220 1,179,505 1,382,515 1,567,864
White 388,427 550,656 643,640 667,728 687,161 682,452
Black 25,443 47,834 79,000 107,354 148,561 195,358
Hispanic 33,969 98,596 185,380 266,420 364,849 466,192
Other 16,516 54,349 98,200 138,003 181,944 223,862
  Household Growth: Nevada Household Growth: Nationwide
2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
Total 17.2% 17.2% 13.4% 5.9% 6.4% 5.4%
White 3.7% 2.9% −0.7% 0.1% 0.5% −1.3%
Black 35.9% 38.4% 31.5% 9.9% 10.1% 8.8%
Hispanic 43.7% 36.9% 27.8% 22.1% 19.2% 17.3%
Other 40.5% 31.8% 23.0% 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 Nevada, by Age


 

Number of Households in Nevada, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
1990 310,297 22,482 31,365 14,897 78,130 2,961 2,604 1,619
2000 427,995 41,665 92,295 48,125 122,661 6,169 6,301 6,224
2010 482,150 66,310 171,300 84,130 161,490 12,690 14,080 14,070
2020 443,429 86,495 235,750 108,633 224,299 20,859 30,670 29,370
2030 407,311 115,521 305,536 133,513 279,850 33,040 59,313 48,430
2040 390,875 153,758 368,130 159,917 291,577 41,599 98,063 63,946
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 Nevada, 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.

Nevada Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 54.8% 60.9% 58.8% 58.3% 58.5% 58.5%
White 57.8% 66.0% 65.4% 66.6% 67.4% 67.4%
Black 32.5% 40.1% 35.1% 28.8% 29.7% 31.4%
Hispanic 39.0% 45.6% 46.6% 48.1% 51.5% 54.6%
Other 52.6% 54.7% 57.6% 60.5% 62.6% 63.3%
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 Nevada and Nationwide

Nevada Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 52.0% 57.7% 54.8% 52.7% 53.0% 54.7%
65 and older 67.2% 74.6% 74.6% 74.1% 71.0% 66.9%
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 Nevada 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.