Categories: Business & Finance

Household Lending Market Size, Share, Trends Analysis, And Forecast To 2033 | Bank of America Corporation, JPMorgan Chase & Co., Pentagon Federal Credit Union, Discover Financial Services Inc., Federal Deposit Insurance Corporation

The Household Lending by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Household Lending, The household lending market size has grown strongly in recent years. It will grow from $4594.53 billion in 2023 to $5051.46 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to interest rates and monetary policy, economic conditions and employment trends, government policies and housing programs, consumer confidence and spending habits, credit market conditions and risk appetite.

The household lending market size is expected to see rapid growth in the next few years. It will grow to $7485.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to demographic trends and population dynamics, societal shifts in financial behavior, global economic factors and trade dynamics, innovations in loan products and structures.. Major trends in the forecast period include use of alternative credit scoring models, shift towards securitization of household loans, implementation of open banking, focus on responsible and ethical lending practices, integration of blockchain technology.

The huge spike in housing costs is expected to propel the growth of the household lending market in the coming future. Housing costs is rent and mortgage costs (principal repayment and mortgage interest), or a measure that is more inclusive and takes into account the costs of obligatory services and charges, routine maintenance and repairs, taxes, and utility bills. The increased housing costs limit an individual’s capacity to buy a house by full cash payment and motivate them to apply for a loan. So, the increasing housing costs is boosting the household lending market. For instance, in November 2022, according to the Federal Housing Finance Agency, a US-based autonomous federal body established as the Federal Housing Finance Board’s regulatory substitute, in the United States between the third quarters of 2021 and 2022, the price of homes increased by 12.4%. In contrast to the second quarter of 2022, home prices increased by 0.1 percent. Therefore, the huge spike in housing costs is driving the household lending market.

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The household lending market covered in this report is segmented –
1) Household Lending Market By Types: Fixed Rate Loans, Home Equity Line of Credit
2) Household Lending Market By Service Providers: Banks, Online, Credit Union, Other Service Providers
3) Household Lending Market By Source: Mortgage and Credit Union, Commercial Banks, Other Sources
4) Household Lending Market By Interest Rate: Fixed-rate Mortgage Loan, Adjustable-rate Mortgage Loan

Top Major Players

Bank of America Corporation

JPMorgan Chase & Co.

Pentagon Federal Credit Union

Discover Financial Services Inc.

Federal Deposit Insurance Corporation

Technological advancements are the key trends gaining popularity in the household lending market. Major companies operating in the household lending market are focused on developing innovative technologies to strengthen their position in the market. For instance, in October 2021, Roostify, a US-based developer of a digital lending platform for home loans, launched the ‘first of many’ APIs (application programming interface) on its existing lending platform developed to automate data extraction from documents and document validation in the financing process. Roostify Document Intelligence (RDI) Service, the company’s newest technology, will employ AI (artificial intelligence) to identify, validate, and extract data from documents connected to mortgages. Users can receive automatic feedback from the technology when they upload documents that are wrong or ineligible, and errors can be flagged before it causes a data input problem. As an API, this one may be integrated into any step of the lending process and serve a wide range of use cases that can take advantage of the automated identification and extraction of data from the mortgage document collection.

The household lending market report table of contents includes:

1. Executive Summary

2. Household Lending Market Characteristics

3. Household Lending Market Trends And Strategies

4. Household Lending Market – Macro Economic Scenario

5. Global Household Lending Market Size and Growth

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31. Global Household Lending Market Competitive Benchmarking

32. Global Household Lending Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Household Lending Market

34. Household Lending Market Future Outlook and Potential Analysis

35. Appendix