Before the end of the decade, millennials or the echo boomer generation are expected to make up between 75 percent and 80 percent of all home owners under the age of 65, according to new data from the Bipartisan Policy Center. This age group is about 62 million strong, and while they’ve been relatively late to enter the housing market, that is expected to change.
As millennials increase their earning power and financial security, many from this generation are expected to enter into the housing market for the first time. The Bipartisan Policy Center predicts that this generation will likely turn to less expensive properties that are currently vacant, scooping up homes and helping to lift home prices nationwide.
By 2030, the national home ownership rate is predicted to rise up to 60 percent. The baby boomer generation is expected to help with that too, according to the report. As boomers approach retirement age, they likely will become more interested in relocating, according to the report.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/03/04/watch-for-growing-real-estate-customer-base
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