J.P. Morgan Strategist Projects Demographic Demand for 320,000 New Homes a Year

The 'haunted' housing market's real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly

Kelly estimates the U.S. now needs just 320,000 new homes a year, down from about 1 million, as immigration enforcement slows population growth.

J.P. Morgan Strategist Projects Demographic Demand for 320,000 New Homes a Year

David Kelly bases the estimate on annual U.S. population growth of 800,000 people and an average household size of about 2.5.

Housing’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly

“The housing market is haunted,” according to David Kelly, the chief global strategist at J.P. Morgan Asset Management. He lists the ghosts in his widely read Oct. 26 research note: more than a decade of too-easy money, tariffs, and immigration policies that raise the cost of building homes while limiting the number of people who […]

The ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly

“The housing market is haunted,” according to David Kelly, the chief global strategist at J.P. Morgan Asset Management. He lists the ghosts in his widely read Oct. 26 research note: more than a decade of too-easy money, tariffs, and immigration policies that raise the cost of building homes while…