Press release
Affordable Housing Market Statistics, Emerging Trends, Key Drivers And Forecast To 2033
Affordable Housing Market Overview
As per the report, 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 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%.
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Easy Access To Home Loans Propels Growth In The Affordable Housing Market
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.
Appfolio Inc. Leads Affordable Housing Market With Artificial Intelligence (AI)-Powered Solutions For Enhanced Property Management
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 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
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Major companies operating in the affordable housing market report are Skanska AB, The Related Group, KEC International Limited, L&T Construction, Volunteers of America, Shapoorji Pallonji & Company Private Limited, The Beacon Communities LLC, McCormack Baron Salazar, Prestige Group, The Michaels Organization, Amrapali Group, Pinnacle Housing Group, National Church Residences, BRIDGE Housing Corporation, Shriram Properties Ltd., Dominium, Herman & Kittle Properties Inc., Jonathan Rose Companies LLC, Provident Housing Limited, The Community Builders Inc., AHC Inc., TWG Development, Tata Realty And Infrastructure Limited, The Richman Group, LDG Development LLC, Signature Global Limited, NRP Group, Dantes Partners, XRBIA Developers Limited, Mercy Housing Inc.
Contents of the report:
1. Executive Summary
2. Affordable Housing Market Report Structure
3. Affordable Housing Market Trends And Strategies
4. Affordable Housing Market - Macro Economic Scenario
5. Affordable Housing Market Size And Growth
…..
27. Affordable Housing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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