Overview and Scope
Household lending refers the act of loaning money to purchase a home or household. The debtor pays back the borrowed funds and interest according to the loan repayment plan. Household lending can aid in raising the budget for a home purchase using the loan amount provided.
Sizing and Forecast
The household lending market size has grown strongly in recent years. It will grow from $4594.53 billion in 2023 to $5051.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to interest rates and monetary policy, economic conditions and employment trends, government policies and housing programs, consumer confidence and spending habits, credit market conditions and risk appetite..
The household lending market size is expected to see rapid growth in the next few years. It will grow to $7485.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to demographic trends and population dynamics, societal shifts in financial behavior, global economic factors and trade dynamics, innovations in loan products and structures.. Major trends in the forecast period include use of alternative credit scoring models, shift towards securitization of household loans, implementation of open banking, focus on responsible and ethical lending practices, integration of blockchain technology..
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Segmentation & Regional Insights
The household lending market covered in this report is segmented –
1) By Types: Fixed Rate Loans, Home Equity Line of Credit
2) By Service Providers: Banks, Online, Credit Union, Other Service Providers
3) By Source: Mortgage and Credit Union, Commercial Banks, Other Sources
4) By Interest Rate: Fixed-rate Mortgage Loan, Adjustable-rate Mortgage Loan
North America was the largest region in the household lending market in 2023. The regions covered in the household lending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The huge spike in housing costs is expected to propel the growth of the household lending market in the coming future. Housing costs is rent and mortgage costs (principal repayment and mortgage interest), or a measure that is more inclusive and takes into account the costs of obligatory services and charges, routine maintenance and repairs, taxes, and utility bills. The increased housing costs limit an individual’s capacity to buy a house by full cash payment and motivate them to apply for a loan. So, the increasing housing costs is boosting the household lending market. For instance, in November 2022, according to the Federal Housing Finance Agency, a US-based autonomous federal body established as the Federal Housing Finance Board’s regulatory substitute, in the United States between the third quarters of 2021 and 2022, the price of homes increased by 12.4%. In contrast to the second quarter of 2022, home prices increased by 0.1 percent. Therefore, the huge spike in housing costs is driving the household lending market.
Key Industry Players
Major companies operating in the household lending market are focusing on increasing investment in home lending business. The home lending business involves providing loans or mortgages to individuals or entities to purchase residential properties. For example, in October 2023, Wells Fargo, an American multinational financial services company, created a more focused Home Lending business aimed at serving bank customers, as well as individuals and families in minority communities to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus. Notably, the company is exiting the Correspondent business and plans to reduce the size of its Servicing portfolio. These plans continue the work the company has advanced over the past three years to simplify this business.
The household lending market report table of contents includes:
1. Executive Summary
2. Household Lending Market Characteristics
3. Household Lending Market Trends And Strategies
4. Household Lending Market – Macro Economic Scenario
5. Global Household Lending Market Size and Growth
….
31. Global Household Lending Market Competitive Benchmarking
32. Global Household Lending Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Household Lending Market
34. Household Lending Market Future Outlook and Potential Analysis
35. Appendix
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