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one thing i see no statistics on is whether the fact that the baby boomer generation's children are noW becoming of age to want a home...
from what i see very few baby boomers only had 1 child so it seems to me the next generation should be even bigger then the baby boomers in
population ...
parents sell a home and 2 children buy 2 homes .
i dont see anything though showing this as a factor to put extra demand on home prices in the near future.
The number of births is over 4 million annually. The rate of births is 2.1 which is high enough for the US to have it's population grow organically. Then add to that immigration of about 1 million annually, with illegal immigration estimated at about 1/2 of that number annually.
When you factor in the deaths annually, the estimate for family formation is well over 1 million annually. The current new housing unit build rate is less than half that number. The over build in housing was something like 6-7 million units, so it will be several years of status quo before supply is normalized.
Last edited by FLBob; 02-01-2009 at 05:04 AM..
Reason: double checked past research
one thing i see no statistics on is whether the fact that the baby boomer generation's children are noW becoming of age to want a home...
from what i see very few baby boomers only had 1 child so it seems to me the next generation should be even bigger then the baby boomers in
population ...
parents sell a home and 2 children buy 2 homes .
i dont see anything though showing this as a factor to put extra demand on home prices in the near future.
WHY?
The babyboomer generation kids kids are the ones responsible for this mess. They already have the homes they can't afford or refuse to pay for.
im not really sure what age group shows the most defaults but if its true they are the largest group then it may be possible many already have entered the market...i know my kids are just starting now
just googled it.. 1/3 of foreclosures are 50 and over... the next group is 35-44..... not quite sure what that means in terms of who caused it but we have tons of baby boomer kids just entering their mid and early 20's just starting out.....
also saw this but not sure what it means in the long run
- 23.3 of Americans under the age of 25 own a home; 40.2 percent of people aged 25 to 29 are homeowners; and 56.6 percent of people aged 35 to 39 own a home. — U.S. Census Bureau, Q3 2003
Last edited by mathjak107; 02-01-2009 at 06:23 AM..
The babyboomer generation kids kids are the ones responsible for this mess. They already have the homes they can't afford or refuse to pay for.
The oldest of us would have been born in the early 1980's, when our country began to get leveraged up, and would have been high school or college age at the time of the housing peak.
here's an article from 2005, while the housing bubble was inflating, about the children of the baby boomers. in regards to their spending:
Quote:
The oldest are barely out of college, and the youngest are still in grade school.
And whether you call them "echo boomers," "Generation Y" or "millennials," they already make up nearly a third of the U.S. population, and already spend $170 billion a year of their own and their parents' money.
Almost none of it is spent on boring things like mortgages and medication, and the world is falling all over itself trying to sell them things.
one thing i see no statistics on is whether the fact that the baby boomer generation's children are noW becoming of age to want a home...
As others have pointed out, there's a pretty big variation in age. My parents are baby boomers and I'm in my 30's.
Quote:
from what i see very few baby boomers only had 1 child so it seems to me the next generation should be even bigger then the baby boomers in
population ...
parents sell a home and 2 children buy 2 homes .
Not necessarily. Maybe I'm wrong here, but I'm guessing that most single family homes are bought by couples. It doesn't work out to one home per person, rather one home per couple (on average).
Quote:
i dont see anything though showing this as a factor to put extra demand on home prices in the near future.
WHY?
Affordability is probably a key factor. And now with the crisis, lets hope those that can't afford to buy, don't.
good point, 2 children become 2couples when they shack up but the baby boomer parents were 1 couple,,and the kids grew into 2 couples as it looks like 2.3 kids is the norm... wonder who has .3 of a kid. but it seems if there are more kids there would be more couples...(we would hope)
as well as now you got the 2 sets of parents living in a home as well as 2 sets of kids living in their homes.....
this is making my hair hurt
Last edited by mathjak107; 02-01-2009 at 09:21 AM..
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