According to a new report published by Allied Market Research, titled, “Affordable Housing Market,” The affordable housing market size was valued at $52.2 billion in 2021, and is estimated to reach $84.7 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031. Affordable housing is defined as housing that is sufficiently adequate in terms of standard and location for lower or middle income households and does not cost so much that a household is unlikely to be able to meet other basic necessities on a long-term basis.
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Affordable housing are referred to housing units that are affordable by that section of society whose income is below the median household income. The market for affordable housing is driven by a growing middle class and increasing workforce. This has led to a significant increase in migrant movements, especially in Tier 1 cities. These immigrants move in search of employment and educational opportunities. This is expected to facilitate market expansion in the expected time frame.
This type of housing can include rental housing, subsidized housing, and housing with lower down payments. The demand for affordable housing has been increasing over the past few years, as more people are unable to afford the rising cost of housing in many parts of the country.
The demand is especially high in cities and urban areas where housing prices have been increasing significantly faster than incomes. Rising housing costs have put a strain on lower-income households, who have been unable to keep up and are now faced with the prospect of being priced out of the market. In response to this increasing demand, governments have been looking for ways to support the sector.
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In the United States, the Obama administration launched a number of initiatives, including the Low-Income Housing Tax Credit program and the National Housing Trust Fund. These initiatives have been designed to increase the supply of affordable housing and make it more accessible to lower-income households. The increasing demand for affordable housing has attracted the attention of developers and investors, who are looking to capitalize on the growing sector.
In particular, investors have been attracted to the fact that there is a guaranteed demand for the product, as well as the fact that there are government initiatives in place to support the sector. As a result, the affordable housing market has seen significant growth in recent years. Looking ahead, the affordable housing market is expected to continue to grow in the coming years. The demand for affordable housing is expected to remain high, as rising housing costs continue to put a strain on lower-income households.