This was a great article I read in my REALTOR® website. I thought I’d share it..
I had no idea what an “Echo Boomer” is, but there are approximately 62 million of them in the U.S. Also called “millennials”, echo boomers are currently ages 17-31. According to the National Association of Realtors®, younger home buyers – ages 18-34 – represent 31% of recent home buyers.
Economists at NAR, University of Washington and Florida State have studied and illustrated homeownership from a generational standpoint. Demographic trends are at both ends. The demand for affordable and accessible housing will increase as the 65 and over population grows. At the same time, seniors leave their homes for assisted living and other arrangements thus adding to the supply. But because of their sheer size, Ech Boomers will impact housing over the next two decades. Because they are struggling in the current economic crisis and it is thought that the demand for rental housing is likely to climb in the near term.
Given all the data, however, it appears that the millennial generation is likely to only delay home ownership of three to five years, and not a long-term trend away from homeownership itself.
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