Understanding immigration and domestic migration trends is crucial for finding affordable housing. New households formed primarily by renters are driving demand for multifamily housing units.
The 2022-23 immigration surge added about 6 million people, tripling past growth rates. This has led to significant new household formations and heightened housing demand.
While immigration may normalize by 2025, domestic migration remains vital for housing development, particularly in metro areas with robust job markets.
Homebuyers and renters should note where new homes are being constructed, as it is essential to find affordable housing options in fast-growing regions.
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