The Future of the Housing Industry - Homebuyers of the Future: Millennials and Baby Boomers 2015, 2020, 2025
2015 by in Current
This is the first in a series of six Factoids exploring the future of the Housing Industry. The housing market has picked up steam over the last two years in terms of both existing home sales and new housing starts and a shift in the demographics of available homebuyers should spur more growth in the next 10 to 20 years.
This year, the Millennials are expected to surpass the Baby Boomers and become the largest living generation. The Millennials are generally defined as children of the Baby Boomers born between the early 1980’s and the early 2000’s. The oldest Millennials are entering their 30s and the youngest still pre-teen. Over the next 10 to 20 years, Millennials will pour into the housing and apartment markets and many of the Baby Boomers (currently ages 51 to 69) will be downsizing to smaller homes, single-family retirement communities, or group housing.
The population will grow and change over the next ten years with the surge of Millennials and the skyrocketing of Baby Boomers in the over 65 age group. Boomer growth over 65 will total 37.8% - increasing at a rate of 3.3% a year from 2015 to 2025.
The next factoid of this series will show in further detail the projected pouring of Millennials into home buying age groups over the next decade.
Source: U.S. Census Bureau, Projections of the Population of the U.S