Another good result of all the immigrants being here. DP
By Associated Press
business.bostonherald.com: BILLERICA, Mass. - Patricia Ortiz and her husband Sebastian cut back on dining out, nights at the movies, and even opted for a civil wedding ceremony instead of a big church affair so they could afford to buy their $389,000 three-bedroom colonial.
In doing so, the Panamanian natives helped lift the nation’s slumping housing market.
With rising purchasing power, the nation’s growing number of foreign-born residents are keeping the bottom from falling out. And amid slow demand from an aging and slow-growing native population, immigrants are fueling predictions of a rebound.
Assuming Congress doesn’t impose further restrictions, immigrants - both legal and illegal - and their native-born children are forecast to provide the bulk of coming years’ growth in homebuying demand, nudging the market back up and aiding the broader economy.
U.S. household growth from 2005 through 2015 is projected to reach about 14.6 million - about 2 million greater than in 1995-2005 - primarily because of greater numbers of immigrants, according to a recent analysis by Harvard University’s Joint Center for Housing Studies. Most native-born children of immigrants are classified as minorities, and minorities’ share of new U.S. households - a key driver of housing demand - is expected to rise from a little more than two-thirds now to more than three-quarters by 2020, according to an earlier Harvard study.
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