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Thursday, March 15, 2012

Seniors, Young Adults Will Influence Housing




A report released by the Bipartisan Policy Center, “Demographic Challenges and Opportunities for U.S. Housing Markets, that over the next two decades, the aging baby boomer generation will swell the nation’s senior population by 30 million. That demographic shift will likely help increase the supply of housing, since people over age 65 typically release much more housing than they absorb. The Echo Boom generation includes nearly 65 million people born between 1981 and 1995. NAR’s analysis illustrates the potential impact of economic and housing policy on this generation’s demand for homes as they come of age.
“The Northeast and Midwest are most likely to see a large number of older home owners selling their homes to younger home owners as the baby boomers age,” says NAR Chief Economist Lawrence Yun. “This increased supply could mean additional buying opportunities for Echo Boomers. That generation will absorb 75-80 percent of the available inventory of owner-occupied housing by 2020.” 

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