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 New Mexico, 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 New Mexico, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 540,381 677,676 791,380 802,833 809,218 785,816
    White 317,556 362,777 392,270 358,657 323,051 272,281
    Black 9,288 11,490 14,570 17,657 19,197 20,440
    Hispanic 177,192 243,602 313,380 348,967 382,692 403,936
    Other 36,345 59,807 71,160 77,553 84,278 89,160
      Household Growth: New Mexico Household Growth: Nationwide
    2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
    Total 1.4% 0.8% −2.9% 5.9% 6.4% 5.4%
    White −8.6% −9.9% −15.7% 0.1% 0.5% −1.3%
    Black 21.2% 8.7% 6.5% 9.9% 10.1% 8.8%
    Hispanic 11.4% 9.7% 5.6% 22.1% 19.2% 17.3%
    Other 9.0% 8.7% 5.8% 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 New Mexico, by Age


     

    Number of Households in New Mexico, by Age, Race, and Ethnicity
     
      Younger than 65 65 and older
    White Black Hispanic Other White Black Hispanic Other
    1990 242,814 7,986 149,880 31,335 74,742 1,302 27,312 5,010
    2000 272,073 9,601 202,688 51,253 90,704 1,889 40,914 8,554
    2010 280,250 12,100 259,300 59,400 112,020 2,470 54,080 11,760
    2020 218,044 13,946 268,398 60,370 140,612 3,710 80,570 17,183
    2030 162,983 13,638 271,486 60,835 160,068 5,560 111,205 23,444
    2040 130,530 15,769 283,924 63,156 141,751 4,671 120,012 26,004
    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 New Mexico, 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.

    New Mexico Homeownership Rates, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 67.4% 70.0% 68.5% 67.6% 67.0% 66.1%
    White 68.2% 71.9% 72.1% 73.6% 74.5% 74.1%
    Black 41.1% 45.4% 45.4% 36.1% 35.7% 34.6%
    Hispanic 67.5% 69.4% 66.2% 64.7% 63.5% 63.0%
    Other 67.4% 66.1% 63.3% 60.1% 61.4% 62.7%
    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 New Mexico and Nationwide

    New Mexico Homeownership Rates, by Age
     
      1990 2000 2010 2020 2030 2040
    Younger than 65 64.0% 66.6% 64.5% 61.2% 59.3% 60.2%
    65 and older 81.0% 82.9% 82.0% 82.4% 80.1% 76.1%
    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 New Mexico 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