According to the McIlwain report, there are 4 major U.S. demographic waves to watch in the new decade:
1- Aging Baby boomers (58 to 68)- Many will keep working out of necessity or by choice. Some will be forced to stay in their suburban homes until values recover before obtaining a home loan. Those who are able to move will not choose traditional retirement locations or senior housing, opting instead for more mixed age living environments they cater to their active lifestyles. Suburban town centers with a walkable urban feel is appealing.
2-Younger Baby Boomers (50 to 54 years old), now in or entering their prime earning years- Because the recession has left many younger baby boomers with flat incomes and less home equity, their ability to purchase second homes and home loans will be greatly diminished, curbing prospects in general for the second home market. However, like their older counterparts, they will be drawn to more connected, compactly designed communities when they are able to switch houses.
3-Generation Y- This tech savvy generation has a population of 86 million, more than the baby boomers. Gen Y-ers place high value on community; on places (either virtual or actual) to gather and share information, ideas and opinions. As they enter the housing market & look for home loans, they will be far less interested in homeownership than their parents were when they were young adults. Despite having smaller incomes, Gen Y will gravitate toward walkable, closed in communities, choosing isolated housing on outer edges only as a last resort because it is the most affordable. Green "net zero" homes powered exclusively by alternative energy will have strong appeal to this group.
4-Immigrants-Already 40 million strong, the total population of legal and illegal immigrants in the U.S. has an even greater impact when the children and grand children are included as a factor. The tendency of immigrants to cluster, and to live in multi generational households, suggests that they would prefer larger homes and home loans, if the homes were in neighborhoods with a strong sense of community.
Buying a Home?
Text CHECKLIST to 79564 for your digital Home Buying Checklist
Suzi Boyle | Idaho Home Loans | FHA Home Loan | VA Home Loan | USDA Home Loan | Jumbo Home Loan
Suzi Boyle 1880 S Cobalt Point Way, Meridian, ID 83642
Idaho FHA, VA, USDA, Conventional, Jumbo and Investor Mortgage loans in Idaho.
Idaho Mortgage. Home Purchases, Refinance & More. We are the Idaho Mortgage experts.
Comments(0)