Report: Pay Attention to the Echo Boomers
The echo boomers — those born between the late 1970s and early 1990s — are expected to help drive a housing market recovery in the coming years, according to a new report by Harvard University’s Joint Center for Housing Studies.
Already, this generation is outpacing the number of baby boomers who at the same age were home owners. Studies show that about 900,000 households are made up of echo-boomer home owners, which compares to 500,000 baby boomers who owned homes at the same point in their lives.
About 31 percent of echo boomers have already made a recent home purchase, according to data from the National Association of REALTORS®.
That number is expected to grow, according to housing analysts. About 5 million echo boomers turn 21 every year. According to KCM, a market and real estate commentator, echo boomers will likely add 1 million new households per year over the next decade.