The Urban Institute released a report last week with some interesting news for household and homeownership growth. The report showed homeownership rates are likely to fall in the next two decades, with the exception of the Hispanic homeownership rate which will rise to above 50% and plateau for most of the next decade. Every other ethnic demographic is expected to see percentage declines as the overall population continues to get older. While percentages will decline, the total number of homeowners will increase. The report says that “the net growth in the number of homeowners between 2020-2040 will come from people of color, especially Hispanics”. The UI estimates that from 2020-2040, there will be a net gain of 6.9 million homeowners. Hispanic homeowners will grow by 4.8 million, Black homeowners will increase by 1.2 million homeowners, other races (mostly Asian) will grow by 2.7 million homeowners, and the total number of non-Hispanic white homeowners will drop by 1.8 million. I encourage you to read the executive summary and full report here. There will be lots of job security in the housing industry for agents and corporations that hire and market intelligently to Hispanic consumers. I hate to say it, but I told you so!
By definition, unintended consequences are the results of an action different from what was expected or planned. They are often referenced in relation to changes in policies. I have heard the term used for years, primarily related to government policies. Still, I didn’t realize until recently that much has been written on the subject, and most experts believe that there are three categories of unintended consequences:
I once read that sports are a universal language. Regardless of ethnicity or what language you speak, almost everyone speaks sports. No place has that been more evident than the Olympics, where every four years, we are moved by images of athletic rivals from around the world shaking hands and embracing each other in moving displays of sportsmanship.
Happy Easter! The blog will resume on April 7, 2024.