The affordable housing market size has grown strongly in recent years. It will grow from $54.26 billion in 2023 to $57.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth witnessed in the historical period can be credited to factors such as government subsidies and programs, low-interest rates, population growth, urbanization, and community development initiatives.
The affordable housing market size is expected to see strong growth in the next few years. It will grow to $71.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be ascribed to policy reforms, emphasis on climate resilience, adoption of flexible financing models, focus on inclusionary zoning, and the emergence of employer-sponsored housing. Major trends expected in the forecast period encompass public-private partnerships, advancements in technology and innovation, the rise of tiny homes and micro-apartments, the promotion of smart and sustainable affordable housing, and the development of mixed-use projects.
The ready availability of home loans is set to be a significant contributor to the continued growth of the affordable housing market. Home loans, which involve borrowing a sum from a financial entity, such as a housing finance company, for purposes such as home construction, renovation, or the purchase of new or existing homes, plays a crucial role in providing financial assistance to individuals or families. This support enables them to acquire or build homes at a reduced cost, fostering increased homeownership and addressing challenges related to housing affordability. As of May 2023, data from the Federal Reserve Bank of New York indicates that total household debt rose by $148 billion (0.9%) to reach $17.05 trillion in the first quarter of 2023, with mortgage balances constituting $2.9 trillion. Therefore, the ease of access to home loans remains a driving force behind the growth of the affordable housing market.
The projected increase in population growth is anticipated to drive the expansion of the affordable housing market. Population, representing the total number of individuals residing in a specific geographical area or region at a given time, is a crucial demographic factor used to quantify the size of communities, cities, countries, or other defined areas. With a growing population, the demand for affordable housing rises, addressing the varied housing needs of diverse income groups and contributing to the development of sustainable communities with adequate infrastructure. For example, as of January 2022, data from the United States Department of Commerce indicates that the population in the US reached 332,403,650 in 2022, reflecting a 0.21% increase from 2021. Thus, the upward trajectory in population growth plays a pivotal role in propelling the growth of the affordable housing market.
Technological advancements stand out as a prominent trend gaining traction in the affordable housing market. Leading companies in the affordable housing sector are dedicated to crafting innovative and technologically sophisticated solutions to fortify their market position. For instance, in June 2023, AppFolio Inc., a US-based software company specializing in real estate management solutions, unveiled a suite of AI-powered capabilities and affordable housing solutions. These groundbreaking artificial intelligence features will be seamlessly integrated into affordable housing solutions, empowering property managers to elevate resident experiences. Tailored to meet the specific needs of clients overseeing affordable housing properties or units, this new solution encompasses compliance management, streamlining procedures, and integrating accounting operations for both conventional and affordable housing units on a unified platform.
Major players in the affordable housing market are directing their efforts toward introducing cutting-edge solutions, such as ventures, to gain a competitive advantage. Ventures involve investments in prop-tech, construction technology, and other solutions that enhance the development, management, and sustainability of affordable housing projects. For instance, in May 2022, Fairstead Affordable LLC, a US-based real estate development company, launched Fairstead Ventures. This initiative in technology solutions for affordable housing aims to invest in and deploy innovative startups focused on decarbonization, energy and water conservation, and overall sustainability.
In September 2022, Savills Investment Management, a UK-based real estate investment company, completed the acquisition of Simply Affordable Homes for an undisclosed amount. This strategic move expands Savills’ presence in the affordable housing market, equipping them to address the housing challenges in the UK. Simply Affordable Homes, a UK-based developer of affordable housing, now becomes part of Savills' portfolio.
Major companies operating in the affordable housing market report are 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.
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. 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.
The primary contributors to affordable housing include private builders, government initiatives, and collaborations between public and private entities. Private builders encompass individuals or entities responsible for the financial and legal aspects of planning, developing, constructing, maintaining, and operating a housing project. These units vary in size, spanning categories such as up to 400 square feet, 400–800 square feet, and above 800 square feet. Affordable housing is developed in both urban and rural settings, catering to diverse income groups, including economically weaker sections (EWS), middle-income groups (MIG), and lower-income groups (LIP), addressing the needs of both slum and non-slum populations.
The affordable housing market research report is one of a series of new reports that provides affordable housing market statistics, including affordable housing industry global market size, regional shares, competitors with a affordable housing market share, detailed affordable housing market segments, market trends and opportunities, and any further data you may need to thrive in the affordable housing industry. This affordable housing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The affordable housing market consists of revenues earned by entities providing housing services such as eviction prevention services, supportive care housing, transitional housing, property management, and financial assistance. The market value includes the value of related goods sold by the service provider or included within the service offering. The affordable housing market also consists of sales of microunits, accessory dwelling units, mobile homes, and single-resident occupancy (SRO). Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The affordable housing market size is expected to see strong growth in the next few years. It will grow to $71.13 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be ascribed to policy reforms, emphasis on climate resilience, adoption of flexible financing models, focus on inclusionary zoning, and the emergence of employer-sponsored housing. Major trends expected in the forecast period encompass public-private partnerships, advancements in technology and innovation, the rise of tiny homes and micro-apartments, the promotion of smart and sustainable affordable housing, and the development of mixed-use projects.
The ready availability of home loans is set to be a significant contributor to the continued growth of the affordable housing market. Home loans, which involve borrowing a sum from a financial entity, such as a housing finance company, for purposes such as home construction, renovation, or the purchase of new or existing homes, plays a crucial role in providing financial assistance to individuals or families. This support enables them to acquire or build homes at a reduced cost, fostering increased homeownership and addressing challenges related to housing affordability. As of May 2023, data from the Federal Reserve Bank of New York indicates that total household debt rose by $148 billion (0.9%) to reach $17.05 trillion in the first quarter of 2023, with mortgage balances constituting $2.9 trillion. Therefore, the ease of access to home loans remains a driving force behind the growth of the affordable housing market.
The projected increase in population growth is anticipated to drive the expansion of the affordable housing market. Population, representing the total number of individuals residing in a specific geographical area or region at a given time, is a crucial demographic factor used to quantify the size of communities, cities, countries, or other defined areas. With a growing population, the demand for affordable housing rises, addressing the varied housing needs of diverse income groups and contributing to the development of sustainable communities with adequate infrastructure. For example, as of January 2022, data from the United States Department of Commerce indicates that the population in the US reached 332,403,650 in 2022, reflecting a 0.21% increase from 2021. Thus, the upward trajectory in population growth plays a pivotal role in propelling the growth of the affordable housing market.
Technological advancements stand out as a prominent trend gaining traction in the affordable housing market. Leading companies in the affordable housing sector are dedicated to crafting innovative and technologically sophisticated solutions to fortify their market position. For instance, in June 2023, AppFolio Inc., a US-based software company specializing in real estate management solutions, unveiled a suite of AI-powered capabilities and affordable housing solutions. These groundbreaking artificial intelligence features will be seamlessly integrated into affordable housing solutions, empowering property managers to elevate resident experiences. Tailored to meet the specific needs of clients overseeing affordable housing properties or units, this new solution encompasses compliance management, streamlining procedures, and integrating accounting operations for both conventional and affordable housing units on a unified platform.
Major players in the affordable housing market are directing their efforts toward introducing cutting-edge solutions, such as ventures, to gain a competitive advantage. Ventures involve investments in prop-tech, construction technology, and other solutions that enhance the development, management, and sustainability of affordable housing projects. For instance, in May 2022, Fairstead Affordable LLC, a US-based real estate development company, launched Fairstead Ventures. This initiative in technology solutions for affordable housing aims to invest in and deploy innovative startups focused on decarbonization, energy and water conservation, and overall sustainability.
In September 2022, Savills Investment Management, a UK-based real estate investment company, completed the acquisition of Simply Affordable Homes for an undisclosed amount. This strategic move expands Savills’ presence in the affordable housing market, equipping them to address the housing challenges in the UK. Simply Affordable Homes, a UK-based developer of affordable housing, now becomes part of Savills' portfolio.
Major companies operating in the affordable housing market report are 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.
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. 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.
The primary contributors to affordable housing include private builders, government initiatives, and collaborations between public and private entities. Private builders encompass individuals or entities responsible for the financial and legal aspects of planning, developing, constructing, maintaining, and operating a housing project. These units vary in size, spanning categories such as up to 400 square feet, 400–800 square feet, and above 800 square feet. Affordable housing is developed in both urban and rural settings, catering to diverse income groups, including economically weaker sections (EWS), middle-income groups (MIG), and lower-income groups (LIP), addressing the needs of both slum and non-slum populations.
The affordable housing market research report is one of a series of new reports that provides affordable housing market statistics, including affordable housing industry global market size, regional shares, competitors with a affordable housing market share, detailed affordable housing market segments, market trends and opportunities, and any further data you may need to thrive in the affordable housing industry. This affordable housing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The affordable housing market consists of revenues earned by entities providing housing services such as eviction prevention services, supportive care housing, transitional housing, property management, and financial assistance. The market value includes the value of related goods sold by the service provider or included within the service offering. The affordable housing market also consists of sales of microunits, accessory dwelling units, mobile homes, and single-resident occupancy (SRO). Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Affordable Housing Market Characteristics3. Affordable Housing Market Trends and Strategies32. Global Affordable Housing Market Competitive Benchmarking33. Global Affordable Housing Market Competitive Dashboard34. Key Mergers and Acquisitions in the Affordable Housing Market
4. Affordable Housing Market - Macro Economic Scenario
5. Global Affordable Housing Market Size and Growth
6. Affordable Housing Market Segmentation
7. Affordable Housing Market Regional and Country Analysis
8. Asia-Pacific Affordable Housing Market
9. China Affordable Housing Market
10. India Affordable Housing Market
11. Japan Affordable Housing Market
12. Australia Affordable Housing Market
13. Indonesia Affordable Housing Market
14. South Korea Affordable Housing Market
15. Western Europe Affordable Housing Market
16. UK Affordable Housing Market
17. Germany Affordable Housing Market
18. France Affordable Housing Market
19. Italy Affordable Housing Market
20. Spain Affordable Housing Market
21. Eastern Europe Affordable Housing Market
22. Russia Affordable Housing Market
23. North America Affordable Housing Market
24. USA Affordable Housing Market
25. Canada Affordable Housing Market
26. South America Affordable Housing Market
27. Brazil Affordable Housing Market
28. Middle East Affordable Housing Market
29. Africa Affordable Housing Market
30. Affordable Housing Market Competitive Landscape and Company Profiles
31. Affordable Housing Market Other Major and Innovative Companies
35. Affordable Housing Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Affordable Housing Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on affordable housing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for affordable housing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Providers: Private Builders; Government; Public-private Partnership
2) By Size of Unit: Up to 400 square feet; 400-800 square feet; Above 800 square feet
3) By Location: Urban; Rural
4) By Income Categories: Economically Weaker Sections (EWS); Middle Income Group (MIG); Lower Income Group (LIG)
5) By Population: Slum Population; Non-slum population
Key Companies Mentioned: Skanska AB; The Related Group; KEC International Limited; L&T Construction; Volunteers of America
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 57.62 Billion |
| Forecasted Market Value ( USD | $ 71.13 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
