Affordable housing refers to housing units for people with less than the median household income. Its primary purpose is to offer safe, reasonable, and cheap housing to individuals who need help obtaining adequate accommodation due to financial restrictions.
Sizing and Forecast
The affordable housing market size has grown strongly in recent years. It will grow from $54.26 billion in 2023 to $57.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to government subsidies and programs, low-interest rates, population growth, urbanization, community development initiatives.
The affordable housing market size is expected to see strong growth in the next few years. It will grow to $71.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to policy reforms, climate resilience, flexible financing models, focus on inclusionary zoning, employer-sponsored housing. Major trends in the forecast period include public-private partnerships, technology and innovation, tiny homes and micro-apartments, smart and sustainable affordable housing, mixed-use developments.
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Segmentation & Regional Insights
The affordable housing market covered in this report is segmented –
1) By Providers: Private Builders, Government, Public-private Partnership
2) By Size of Unit: Upto 400 square feet, 400-800 square feet, Above 800 square feet
3) By Location: Urban, Rural
4) By Income Categories: Economically Weaker Sections (EWS), Middle Income Group (MIG), Lower Income Group (LIG)
5) By Population: Slum Population, Non-slum population
North America was the largest region in the affordable housing market in 2023. The regions covered in the affordable housing 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 easy availability of home loans significantly contributes to the growth of the affordable housing market going forward. Home loans refer to a sum that a person borrows from a financial entity, like a housing finance business, to build a home, renovate an existing one, or purchase a new or used home. Home loans give financial support to people or families, allowing them to acquire or construct homes at a low cost, boosting homeownership, and solving housing affordability issues. For instance, in May 2023, according to the Federal Reserve Bank of New York, a US-based bank of the Federal Reserve responsible for implementing monetary policy, total household debt increased by $148 billion (0.9%) to $17.05 trillion in the first quarter of 2023, where its balances are presently $2.9 trillion. Therefore, the easy availability of home loans is driving the growth of the affordable housing market.
Key Industry Players
Major companies operating in the affordable housing market report are Skanska AB, The Related Group, KEC International Limited, L&T Construction, Volunteers of America, Shapoorji Pallonji & Company Private Limited, The Beacon Communities LLC, McCormack Baron Salazar, Prestige Group, The Michaels Organization, Amrapali Group, Pinnacle Housing Group, National Church Residences, BRIDGE Housing Corporation, Shriram Properties Ltd., Dominium, Herman & Kittle Properties Inc., Jonathan Rose Companies LLC, Provident Housing Limited, The Community Builders Inc., AHC Inc., TWG Development, Tata Realty And Infrastructure Limited, The Richman Group, LDG Development LLC, Signature Global Limited, NRP Group, Dantes Partners, XRBIA Developers Limited, Mercy Housing Inc.
The affordable housing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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