If 20Mn is correct, there will always be some with enough wherewithal to move from renter to owner as soon as they’re legal. 20 Mn is a lot of renters. If 5% of them could manage the jump we’d be giving citizenship to the most industrious of the bunch and potentially thwarting a housing bust at the same time.
Or maybe not.
5% of 20 million is 1 million. Assuming they all bought a new home with 20% down - they still would not wipe away the current overhang of unsold real estate.
Regards,
Lurking’