Housing strength foreseen

Immigrants, minorities and women will reshape future housing demand and help make the next 10 years another strong housing decade, according to a report released Monday by Harvard University’s Joint Center for Housing Studies.

In its annual State of the Nation’s Housing report for 2004, the center said higher interest rates and employment rates will affect housing in the short term, but long-term prospects will rely on demographic trends, including continued growth in immigrant, minority and women-headed households.

Foreign-born householders already have added significantly to housing growth. Between 1998 and 2000, they bought about 8% of new homes and 11% of existing homes sold. In 2001, they made up 12% of first-time buyers.

Minorities, who accounted for only 14% of homeowners in 1991, were responsible for about 40% of the growth in homeowners over the next decade. And, between 1980 and 2000, the number of households headed by unmarried women increased by almost 10 million.

The center projected overall household growth from 2005 to 2015 will be 10% higher than previously projected -- bringing the total increase to more than 13 million households.