Factoids

The Future of the Housing Industry: Projected Populations of Millennials by Age Groups Years 2015 and 2025

August 21, 2015  by in General   

This is the second 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 Factoid shows both the age groups of the current Millennial population and what age groups the Millennials will be in 2025. In 2015 the highest population of Millennials falls into Age Group 20 to 24 with 22.7 million people, while Age Group 24 to 29 is only slightly smaller at 22.5 million. Millennials are just starting to age into their home buying years with 21.7 million in Age Group 30 to 34.

Over the next decade, the youngest of the Millennials will be leaving college and entering the rent/housing market and the oldest will be in their early 40s and often upgrading housing. Age Group 30 to 34 (mainly first time home buyers) is projected to increase 12.9 percent - from 21.6 million to 24.5 million, while the population of 25 to 29 year olds (prime renting age) shows a slight growth of 2.8 percent. Ages 35 to 39 and 40 to 44 are expected to increase 15.9 percent and 10.5 percent as the older Millennials age into a traditional period of housing upgrades.

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