On The Market

You Have Until 2031: What Happens When Population Goes Negative?

22 snips
Feb 26, 2026
A deep dive into how a looming population decline could reshape U.S. housing demand and prices. Short-term immigration shifts and falling birth rates get examined as immediate pressure points. Markets with aging populations and immigration‑driven metros are flagged as most exposed. Lessons from Japan, Germany, and Italy are compared to U.S. prospects.
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INSIGHT

U.S. Housing Faces A Multi-Million Unit Shortage

  • The U.S. currently has a large housing supply deficit—Meyer estimates ~3–4 million units short.
  • He reconciles NAHB (1.2M) and NAR (5.5M) estimates and notes annual additions (~1.6M) still often trail household formation.
INSIGHT

Fertility Rate Far Below Replacement

  • U.S. fertility has fallen well below replacement with a 2024 TFR at 1.6 children per woman.
  • Meyer notes a long-term 22% decline since 2007 and government forecasts that stabilize around 1.67–1.7, not near replacement.
INSIGHT

Immigration Spike Reversed And Now Falling

  • Recent immigration surged 2020–2025 but has reversed with net migration possibly negative in 2025.
  • Meyer cites 11+ million arrivals 2020–25 and a decline from 53.3M to 51.9M immigrants in six months of 2025.
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