While I try to remain neutral and not choose one side or the other, I felt that it was necessary to share some information from a very interesting article from Scotsman Guide. The article focuses on the fact that the immigration policy of each presidential candidate will have a very different outcome on the future demand for housing.
Now, I don’t need to spell out what each candidate is saying since you have already heard it many times, but I want to share a few quotes from this article:
Joseph Nery, President of the National Association of Hispanic Real Estate Professionals (NAHREP)
“The estimated 11 million Hispanic undocumented residents could have a huge impact on housing. About 3 million are potential homeowners, who could fuel as much as $500 billion in real estate transactions over five years.”
Mark Zandi, the Chief Economist for Moody’s
“The Key difference between the two candidates – which is very important for housing – is immigration policy.
Housing is driven by households – population growth, household-formation growth – so Clinton’s immigration policy is very pro-housing. Trump’s immigration policy is very negative for housing.”
Immigrants have always played an important role in the housing market. Here is one more quote from another expert (without making comments about the current candidates):
Daniel McCue, Senior Research Associate for Harvard University’s Joint Center for Housing Studies
Foreign-born residents have formed, on average, about 450,000 households per year between 1994-2015, which represents roughly a third of all household formations each year, as estimated by the Joint Center for Housing Studies.
“If [the foreign born] are responsible for a third of all housing demand overall, that is going to have an impact.”
It does not matter which candidate wins; Either one of them is going to have an impact on the housing market, the economy of the U.S., and our pockets as real estate professionals.