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Around 16 million new U.S. households – many of them diverse – are expected to emerge over the next decade, bringing credit unions and banks big mortgage lending opportunities, industry experts said.

“We need to remember the low rates of household growth we have seen in the last five years have not been usual,” Mortgage Bankers Association Vice President of Research and Economics Lynn Fisher said in an interview about the expected growth wave.

The Great Recession slowed new household growth and expanded existing households’ sizes because fewer jobs prevented young people from moving out of family homes, Fisher explained. It also forced families to move in together due to foreclosure or to save money, she added.

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