Seniors and Young Adults Will Influence U.S. Housing Markets
Aging baby boomers and their echo boomer children will significantly impact trends in the nation’s housing market over the next 20 years. In a new report released by the Bipartisan Policy Center, “Demographic Challenges and Opportunities for U.S. Housing Markets,” researchers at the National Association of Realtors®, The Urban Institute, and the University of Southern California analyze key demographic trends and their likely influence on housing and homeownership in the United States.
The Baby Boomer Generation Welcomed in West Palm Beach Area
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.
Northeast and Midwest Residents Decide on The South Florida Area to Live
“The Northeast and Midwest are most likely to see a large number of older homeowners selling their homes to younger homeowners as the baby boomers age,” said 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.”
Palm Beach County Real Estate Is A Great Place for Young and Elderly Homeowners
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 housing as they come of age.
“Housing, jobs and the economy are inextricably connected,” said Yun. “A strong recovery with favorable housing market conditions would encourage substantial growth in echo boomer households, which would help absorb the current vacant inventory and stabilize conditions for residential construction.
South Florida Homes and Condominiums Deals
Under a reasonable ‘middle’ recovery scenario, approximately 12 million new households will be formed over the next decade, requiring construction of up to 15 million new housing units.”
Buying a Home in West Palm Beach Florida
NAR President Moe Veissi noted that current market trends favor would-be homeowners of all ages. “As the supply of rental housing continues to fall, rents are increasing,” said Veissi, broker-owner of Veissi & Associates Inc., in Miami. “At the same time, affordability for homeowners is at a record high. For buyers who qualify and are ready to assume the responsibilities of owning a home, opportunity is knocking.”
West Palm Beach Homes and Palm Beach Island Condominiums
Anybody taking into consideration an investment in Florida Real Estate should take into account the south east portion of Palm Beach County. Specifically consider West Palm Beach Homes and Delray Beach Condominiums. It appears The People from the North are heading there. The West Palm Beach area has stunning weather, and the retail and restaurants sector is booming. There are plenty of sources for Florida Homeowners Insurance in the vicinity also.
Seniors and Young Buyers Buying a Condo in Florida
West Palm Beach and South Florida has homes and condos with tranquil views. Many are seated on a golf Course or situated near a course. West Palm Beach homes have suburbs with privacy, some with horse property and others with gorgeous waterfront views.
