For this one you can either measure it now and incorporate a growth rate, or measure it in 5-10 years.
Here is how I would break it down:
- US population
- # of US households
- Split by life stage (single i.e flatshare, young couples, families, empty-nesters)
- AND split by income
- Then, get a % of each that would own a primary home
- Remaining % would rent
- This is a good estimate for the total # of houses/apartments...of course, make sure to divide by 2 or 3 for the groups that share
- Then, estimate the value of the properties in #5/6/7 to get your answer
Note: Normally splitting by TWO segments is not advised. However, just segmenting by age/life stage OR income is too simplistic here in my view.
Note 2: It's easy to let this get over-complicated. Make sure you structure your math in a clear/organized way...stay as simple as possible!