While Massachusetts grew 7.3% from 2010- 2020 and has continued to add residents in the last few years, there are signs that the population growth in the state will slow considerably over the next decade. In fact, standard population projections indicate a population decline of 0.4% from 2025-2035 due to diminishing international immigration and continued loss of residents to other states. However, this does not mean that housing demand will decline over that period. Baby Boomers and Silent Generation households are projected to decline by approximately 391,000 as their occupants move away, pass away, or move to other housing situations. Over the same period, Millennial, and Gen Z residents—many native to Massachusetts—are projected to form about 493,000 new households. As a result, an additional 73,000 homes are needed to accommodate demographic demand in a no-growth scenario.
Housing demand will grow even if the population doesn't.