After several years of stagnation, the U.S. housing market in 2014 revived due to the enthusiasm of new immigrants for home purchases. U.S. investment immigration surprisingly became the "lifeline" of the U.S. economy, and this momentum continued into 2015. At the beginning of 2015, authoritative media such as The Atlantic and Bloomberg Businessweek published articles praising the future of the "immigrant economy." In the future they envisioned, new immigrants will be the most reliable backbone of the recovery of the U.S. housing market.
After the financial crisis of 2008, the weak U.S. housing market left locals lamenting the shattered "American Dream." However, with the rise of U.S. investment immigration in recent years, many new immigrants have purchased homes in the U.S., providing a turning point for American real estate. A survey by the U.S. Housing Research Institute in 2014 showed that by the third quarter of that year, the homeownership rate of American households was only 65.3%, the lowest level in 17 years, while the homeownership rate of immigrant families rose significantly from 49.8% in 2000 to 64.4% in 2014.
For new immigrants, settling down and thriving in the U.S. is an opportunity to change their life trajectory. For an America eager for economic revitalization, this burgeoning demand for home purchases signifies a greater vision—hope for the U.S. housing market to find a way to survive adversity. Economists began to envision that if the growing demand for housing from immigrants could continue until 2020, the U.S. economy would prosper again.
"Immigrants are the drivers of the U.S. economy; they have revitalized the real estate industry. Now, there are even more immigrant homeowners than locals," said Chris Herbert, director of the Joint Center for Housing Studies at Harvard University, to Bloomberg Businessweek. "No one knows which towns will absorb new immigrants significantly in the coming years; it depends on the future direction of government policy."
"Any adjustments to immigration policy will affect the housing market," said Lawrence Yun, chief economist of the National Association of Realtors, to the website "Business Insider." "As more people come to the U.S., the market will release greater demand."
Optimists believe that new immigrants have driven the development of the U.S. housing market, and their second generation will continue to warm it in the future. A research report from Harvard University indicates that over the past 20 years, the homeownership rate of second-generation immigrants under 30 has risen rapidly. In the near future, this growth will be even more significant.
As a leading institution in U.S. investment immigration, WorldWay Immigration provides professional and attentive services that permeate every detail of the investor's immigration process to the U.S. When clients first arrive in the U.S., the WorldWay customer service center will provide comprehensive assistance for settling down, including arranging airport pick-up for the first entry; assisting with bank account opening procedures; assisting in applying for a Social Security card; assisting in hotel bookings; assisting in purchasing flight tickets to the U.S.; assisting in contacting driving schools and providing information on the driving test; assisting in contacting moving services; assisting in contacting real estate agents, and assisting in renting or purchasing a home, among other related matters. For more information, please call: 400-138-2929.
