PROJECTForecasting State and National Trends in Household Formation and Homeownership


Project Navigation
  • Project Home
  • 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 Rhode Island, 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 Rhode Island, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 377,061 408,584 413,590 413,181 419,337 412,040
    White 345,373 351,785 339,250 316,249 298,210 266,658
    Black 11,595 14,520 18,030 21,353 24,467 26,914
    Hispanic 12,651 24,793 36,620 57,642 75,648 94,128
    Other 7,442 17,486 19,690 17,938 21,012 24,339
      Household Growth: Rhode Island Household Growth: Nationwide
    2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
    Total −0.1% 1.5% −1.7% 5.9% 6.4% 5.4%
    White −6.8% −5.7% −10.6% 0.1% 0.5% −1.3%
    Black 18.4% 14.6% 10.0% 9.9% 10.1% 8.8%
    Hispanic 57.4% 31.2% 24.4% 22.1% 19.2% 17.3%
    Other −8.9% 17.1% 15.8% 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 Rhode Island, by Age


     

    Number of Households in Rhode Island, by Age, Race, and Ethnicity
     
      Younger than 65 65 and older
    White Black Hispanic Other White Black Hispanic Other
    1990 251,582 9,765 11,826 6,576 93,791 1,830 825 866
    2000 259,837 12,700 23,163 15,371 91,948 1,820 1,630 2,115
    2010 249,210 15,660 33,760 17,120 90,040 2,370 2,860 2,570
    2020 209,723 17,449 50,780 15,299 106,525 3,904 6,862 2,638
    2030 168,552 17,922 63,103 17,227 129,659 6,545 12,545 3,785
    2040 144,249 18,729 73,880 20,467 122,409 8,184 20,249 3,872
    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 Rhode Island, 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.

    Rhode Island Homeownership Rates, by Race or Ethnicity
     
      1990 2000 2010 2020 2030 2040
    Total 59.4% 60.1% 60.7% 62.3% 62.2% 61.4%
    White 62.4% 65.1% 66.8% 70.2% 71.5% 72.5%
    Black 26.0% 30.1% 32.8% 38.4% 38.7% 33.9%
    Hispanic 21.9% 20.8% 27.2% 31.7% 36.0% 39.3%
    Other 39.3% 38.5% 42.5% 48.9% 52.2% 55.0%
    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 Rhode Island and Nationwide

    Rhode Island Homeownership Rates, by Age
     
      1990 2000 2010 2020 2030 2040
    Younger than 65 58.6% 58.4% 58.5% 58.7% 50.6% 35.9%
    65 and older 61.8% 65.4% 67.6% 69.5% 67.7% 67.0%
    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 Rhode Island 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