The number of households in the nation will have increased substantially -- by 25 million -- between 2015 and 2035, the Joint Center for Housing Studies of Harvard University predicts in a research report.
Between 2015 and 2025, 13.6 million households will be added to the housing stock, and this will expand by another 11.5 million households between 2025 and 2035, according to the JCHS.
Millennials under age 30 and minority households are projected to be the main drivers of this household growth trend in the coming decades, said Dan McCue, senior research associate. Millennials will form 23 million net new households between 2015 and 2025, and 72 percent of the household growth overall is expected to be non-white. At the same time, aging baby boomers "will bring the number of senior households up to unprecedented heights," he said.
"Together, these forces will reshape housing demand over the next two decades," McCue added.
Demand for new housing between 2015 and 2025 could range from 16.0 to 18.2 million units.
"While this estimate is well above most recent rates of new unit completions and mobile home placements, it is consistent with historic averages for past 10-year periods," McCue said.
As a result, the levels of construction and residential building the nation has seen during the past five years are likely to continue, the JCHS said.