Home Equity Lending Market Size to grow by USD 45.14 billion between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Home Equity Lending Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 45.14 billion, at a CAGR of 4.6% during the forecast period. The housing sector in India has experienced significant growth due to several factors, including population growth, the increasing preference for nuclear families, and the shift towards remote work brought about by the COVID-19 pandemic. This has led to an increased demand for larger homes, particularly in urban areas. According to recent estimates, there is currently a shortage of 10 million housing units in India's urban regions, and this number is projected to reach 25 million by 2030. To meet this demand, there has been a surge in home equity lending, enabling more individuals to invest in property and secure affordable housing solutions. This trend is expected to continue as the need for both residential and commercial infrastructure continues to expand.
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In the global home equity lending market, North America holds a substantial position in 2022, driven by the substantial increase in home values. This trend presents a noteworthy growth opportunity for banks and credit unions, with home equity loans and lines of credit becoming increasingly popular. In Canada, homeowners are utilizing their properties as collateral, fueled by escalating real estate values and fewer regulatory constraints. The seasonally adjusted balance of Home Equity Lines of Credit (HELOC) in Canada reached USD 128 billion in February 2022, representing a 1% increase. Residential mortgages account for 74% of Canadian household debt, while lines of credit comprise 16%, and credit cards account for 4%. These financial instruments significantly contribute to net worth.
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