In real estate, it’s not enough to keep your eye on the ball; you have to anticipate where the ball is heading. Demographics dictate that the U.S. population will continue to rise, creating new households and a greater need for housing. According to the Joint Center for Housing Studies at Harvard University, population trends will restore vitality to the housing market as the nation emerges from the current remission.
The chief reason is the presence of the millions of Echo Boomers. Together with the immigration to the United States, Echo Boomers are expected to raise housing demand for the next decade and beyond.
Who Are the Echo Boomers?
The Echo Boom generation, also known as Generation Y or the Millennial Generation, are the children of the Baby Boomers. Now the nation’s largest demographic group, Echo Boomers are entering the peak years for forming their households.
The massive size of the Echo Boom generation “will give a powerful boost to long-run housing demand,” according to the Harvard study. Household growth is expected to increase by more than 1.25 million annually over the next decade.
As the Echo Boomers join the Baby Boom generation as active participants in the housing industry, we will see the market reinvigorated with opportunity and validating the purchase of a home as a lucrative investment.
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