Significant reports show that in the next few decades, the senior population will reach extraordinary heights. However, many people already know that 10,000 baby boomers turning 65 every day is nothing new.
Harvard University’s Joint Center for Housing Studies (JCHS) reports a new revelation; by 2035 the senior population aged 65 and older will signify one third of U.S homeowners.
JCHS conducts a yearly study that takes a snapshot of the housing market in the U.S. During the second quarter of 2018, the analysts mentioned many ways the senior population will largely influence the market for many decades to come.
Presently, Seniors 65-and-older, equate to about one fourth of households in the U.S, a significant increase in 10 years of analysis. With an increase of 7 million senior households during that period; analysts further expect to see this growth to grow as one in three senior households by 2035.
“The aging of the U.S. population has also boosted the number of older households because the baby-boom generation is so much larger than the preceding generation,” the JCHS recognized.
The growth of senior homeownership since 1987 appears to be unrelenting. This trend is proving to be a challenge for millennials who are trying to buy homes and who are starting families much later in life.
According to the findings from JCHS, younger generations are moving and buying less and the senior generations are staying in their homes instead of downsizing. This shift puts the U.S on a path to experience different housing demands, challenges, and stress over the next two decades.
As millennials are waiting to be more secure and set before purchasing a home or starting a family, this move may prove to be a set back for them. Only time will tell if the millennials can keep up as the retiring baby boomer generation continues rise.
Marc has 36 years in financial services and 6 years in teaching.
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