Global Affordable Housing Market Growth 2024, Forecast To 2033
8 Mar, 2024
The affordable housing market (4) experienced robust growth, climbing from $54.26 billion in 2023 to $57.62 billion in 2024, with a CAGR of 6.2%. Factors such as government subsidies and urbanization drove this growth. Future growth is projected to reach $71.13 billion by 2028, with a CAGR of 5.4%, fueled by policy reforms and innovative trends like smart and sustainable affordable housing.
Global Affordable Housing Market Key Driver
Easy access to home loans greatly fuels the affordable housing market, empowering individuals to purchase, build, or renovate homes at lower costs. In May 2023, US household debt soared by $148 billion, reaching $17.05 trillion, indicating a $2.9 trillion balance. This accessibility drives market growth, addressing housing affordability concerns effectively.
Get A Free Sample Of The Global Affordable Housing Market ReportGlobal Affordable Housing Market Segments
The affordable housing market covered in this report is segmented –
1) Providers:Private Builders, Government, Public-private Partnership
2) Size of Unit:Upto 400 square feet, 400-800 square feet, Above 800 square feet
3) Location:Urban, Rural
4) Income Categories:Economically Weaker Sections (EWS), Middle Income Group (MIG), Lower Income Group (LIG)
5) Population:Slum Population, Non-slum population
By Geography: The countries covered in the affordable housing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the affordable housing market in 2023. The regions covered in the affordable housing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Affordable Housing Industry Players
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.
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Affordable Housing Market Overview
Affordable housing refers to housing units for people with less than the median household income. Its primary purpose is to offer safe, reasonable, and cheap housing to individuals who need help obtaining adequate accommodation due to financial restrictions.