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Housing demand shifts as U.S. fertility and living patterns change
Experts on a Walker & Dunlop webcast pointed to a lower replacement rate, fewer married households, and more work-from-home setups reshaping where people want to live and what they rent or buy.
Housing executives say the U.S. housing market is being reshaped by demographic shifts, including a falling replacement rate and changes in how people live and work, according to commentary shared on Walker & Dunlop's Walker Webcast. The panel highlighted that one-third of adults under 35 live with their parents, the U.S. fertility rate reached a record low in 2024, and only 47% of households are married-couple households. They also cited a shift toward remote work, noting that about four times as many people work from home today compared with before 2020. PulteGroup CEO Ryan Marshall said housing growth ultimately depends on population growth and that PulteGroup focuses on where population is going, and where jobs are going, because people follow jobs. He added that the post-pandemic environment delivered exceptional prices and margins, but that some fast-growing markets are now seeing a pullback. Marshall said Denver, Austin and Phoenix, which saw rapid growth and price increases, are experiencing what he described as a fallout, while less prominent markets such as Columbus, Ohio, Minneapolis and Indianapolis have been performing better overall. Cortland CEO Steven DeFrancis also argued that multifamily outcomes vary by location, saying coastal markets have held up better because of migration patterns and that places may lose population without immigration until people move in.