PRELIMINARY CENSUS REPORT – HOUSING DESTINED TO REBOUND
The 2010 Census Report has been released and the numbers are interesting. The population of the US grew from 281 million in 2000 to 308.1 million in 2010. While overall growth was 9.7% this is significantly below the 13.2% growth from 1990 – 2000. Locally, Florida saw its population grow from nearly 16 million in 2000 to 18.1 million in 2010, gaining two Congressional seats in the process. The percentage gain however was eye opening as the 17.2% gain is the lowest percentage increase in more than a century. Growth from 1990 – 2000 was 29.2%. The population growth came at the expense of the North and Northeast as population shifts to the Sun Belt and the West continued a trend that began in the last 50 years.
One of many factors in the census is the growth among younger people as a segment of the population that is relocating to the warmer climates. This suggests an increased demand for houses. At an average of 2.4 persons per household, for example, Florida’s growth will require an estimated 1,667,000 houses that need to be available. At some point, we will have to start building again, and as an earlier Cup of Joe pointed out, escalating construction costs along with this increased demand will tend to cause the prices of existing houses to rise as well.
This may well be the very best time to buy.