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How many more houses will be needed by 2025? Latin America is the second most urbanized region in the world after North America and the most urbanized region in the developing world. Some 80 percent of the population now lives in cities, according to “Room for Development: Housing Markets in Latin America and the Caribbean,” the latest edition of the IDB’s flagship publication Devel- opment in the Americas.
Housing demand in the region will spike in the near future because of a fast-growing urban population and the smaller size of households. The number of people living in the region’s 198 biggest cities will jump 21 percent to 315 million by 2025 while the size of the average household is expected to drop 18 percent, from 3.8 people per household in 2007 to 3.1 by 2025.
The figure illustrates the size of demand for some of the region’s major cities.