The Affordable Housing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Affordable Housing Global Market Report 2024, 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.
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.
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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
Technological advancements are the key trend gaining popularity in the affordable housing market. Major companies operating in the affordable housing market focus on developing innovative and technologically advanced affordable housing solutions to strengthen their market presence. For instance, in June 2023, AppFolio Inc., a US-based software company specializing in real estate management solutions, introduced a host of AI-powered capabilities and affordable housing solutions. The company will integrate these innovative artificial intelligence capabilities into affordable housing solutions to empower property managers to enhance resident experiences. This new affordable housing solution is designed to meet the specific requirements of clients that manage affordable housing properties or units in their portfolio. It includes managing compliance, expediting procedures, and integrating accounting operations for conventional and affordable housing units on a single platform.
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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A market that has come into its own over the last few years is affordable housing and the government's Pradhan Mantri Awas Yojna scheme has contributed as well.
