The Importance Of Urbanization In America

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The need for affordable housing is rising more than ever as the world population crosses 7 billion and is forecasted to reach 9 billion by 2030 (World Population Clock). Urban growth, urban migration, and rapid urbanization are among factors that boosts the need for affordable housing. “Urban growth rates are highest in the developing world, absorbing an average of 5 million new urban residents per month, and thus account for the largest portion of urban population growth on the globe” (Rizvi, 2016). Global urbanization was 51% in 2010, and by 2030 it is likely to reach 61%. Major metropolitan areas in developing countries will be absorbing 95% of the overall urban population growths in the country (Rizvi, 2016) .Asia, Africa, the Middle East are facing the challenges of rapid urbanization and urban migration. “The current population OIC estimate for China is 1.4 billion, with India next at 1.29 billion. India with a higher population growth rate is likely to pass China in terms of population by 2030 and will become the number one country in terms of population. The population growth rate in Asian countries is more than the world average growth rate of 1.13% p.a ; in countries like India, Pakistan, Afghanistan it is close to twice the global average” (Rizvi, 2016). Urban migration and growth is embedded in the demand for affordable housing. Al Matar (2015) identifies several reasons behind skyrocketing rents in cosmopolitan cities such as Moscow, London, Singapore, Hong

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