The Business Research Company’s Affordable Housing Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Affordable Housing Global Market Report 2023 evaluates affordable housing market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global affordable housing sector is poised for substantial expansion, with projections indicating a noteworthy increase in its market value. Specifically, it is estimated to ascend from $51.05 billion in 2022 to a significant $54.26 billion in 2023, reflecting a compound annual growth rate (CAGR) of 6.3%. However, it is essential to consider the broader global context, which has been marked by the profound impact of the Russia-Ukraine conflict on the world economy.
The conflict between Russia and Ukraine has reverberated globally, thwarting hopes for a swift economic recovery in the wake of the COVID-19 pandemic. It has precipitated a series of economic sanctions imposed on various nations, leading to a substantial uptick in commodity prices and creating pervasive disruptions in the global supply chain. The ripple effect of these events has translated into inflationary pressures impacting the pricing dynamics of both goods and services, thereby casting a shadow over many global markets.
Despite these challenges, the affordable housing market remains a robust arena for growth. Forecasts indicate that it is set to attain a valuation of $67.17 billion by 2027, underpinned by a commendable CAGR of 5.5%. A pivotal factor contributing to this continued growth trajectory is the ready availability of home loans.
Home loans represent a financial instrument whereby individuals secure funds from reputable financial institutions, such as housing finance corporations, for purposes ranging from home construction and renovation to the acquisition of new or pre-owned residences. The intrinsic value of home loans lies in their capacity to furnish much-needed financial support to individuals and families, enabling them to attain or improve their living spaces at a cost-effective rate. This, in turn, has the dual effect of promoting greater homeownership rates and addressing the pressing issue of housing affordability.
A case in point, as of May 2023, data from the Federal Reserve Bank of New York reveals that total household debt in the United States surged by $148 billion, a 0.9% increase, culminating in a staggering total of $17.05 trillion during the first quarter of the year. Impressively, this amount exceeds 2019 figures by $2.9 trillion. This trend underscores the pivotal role played by the accessible nature of home loans in fostering the expansion of the affordable housing market. It facilitates the realization of homeownership aspirations, even in the face of complex economic dynamics, making affordable housing a compelling and enduring growth story.
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The affordable housing market segments in the report are:
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
The table of contents in TBRC’s affordable housing market report includes:
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