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It is nearing census season here in the United States. Every decade, the United States government puts together a report with details about every single person in the country. This includes citizens, legal residents, and illegal residents. The government then puts together population demographic and trending reports that tell you everything you could imagine about people living in the US. You can see these reports at census.gov.
Other countries have similar systems. In the UK, government projections show that the population in England will rise from about 51 million today to over 60 million in 2031. In the US, the population grew 8% between 2000 and 2008. That is over 22 million people. The 2010 census is projected to show continued population growth.
What does that mean to us? The average person will need a place to live. More people means more houses are needed. The simple “what it means” is that houses will have to be build, mortgages will be needed, and banks will make loans.
However, there is another segment where people stand to benefit. Not all people live in a single family house or a condo. Many Americans rent. In Minnesota, 75% of homes are owner occupied, leaving 25% as renters. In New York, on the other hand, only 55% of homes are owner occupied.
Jobless rates today are impacting those numbers. Many of the bad mortgages in the last year or so have been in owner occupied situations. People have to give up their home ownership and move into a rental. Property developers and investors have the opportunity to profit from this situation by owning rental properties with an increasing demand.
It is also important, though, to look at an often forgotten group of people. 3.5 million people in the United States, about 1% of the population, experiences homelessness at some point in any given year. Be sure to remember those in need even in tough times. If the economy is treating you bad, imagine how some people are doing. If you are able, support a local homelessness charity like the Colorado Coalition for the Homeless in my neck of the wood. Everyone deserves a home.
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