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Housing Market Destiny Foretold by Demographics

Monday, November 16, 2015

While we have all been sitting around waiting for millennials to take the homeowner plunge we have apparently overlooked that both they and their parents are poised (relative to prevailing sentiment) to make an impact on other aspects of the housing market.

The 2014 Census data put the largest single age group of younger Americans at 23 followed by those 22 and 24, each group containing around 4.5 million people. As the prime age for buying a home is 31 we can expect that in six to eight years this demographic bulge will increase home sales and mortgage originations. Although it must be noted that the older members of this millennial generation have not flocked to homebuying in the numbers of their predecessors.

 

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