Boomers Driving Market
As with so many other things, it seems that the Baby Boomers are the driving force behind the housing market.
OLDER AMERICANS LEAD U.S. FOR HOUSEHOLD FORMATION
For all the talk of millennials’ importance to the future health of the U.S. housing market, the baby boomers appear poised to have the biggest impact on demand for housing.
Citing figures from the U.S. Census Bureau, the National Association of Realtors says that the 65-74 age group added 860,000 new households in the first half of 2015 when compared with the first half of 2014. The 55-64 bracket had the second-largest gains, with 391,000 additional households, followed by those age 75-plus at 264,000.
Millennial household formation was more of a mixed bag. While the 25-34 age group gained 159,000 new households, 20-24-year-olds lost 85,000. NAR’s post notes that between 1980 and 2013, the share of 25-29-year-olds living with their parents increased from 10 percent to 25 percent.
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