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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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